Document and Entity Information
Document and Entity Information - $ / shares | Jul. 31, 2017 | Jun. 30, 2017 |
Registrant Name | 1st Franklin Financial Corporation | |
Registrant CIK | 38,723 | |
SEC Form | 10-Q | |
Period End date | Jun. 30, 2017 | |
Fiscal Year End | --12-31 | |
Trading Symbol | ffc | |
Filer Category | Smaller Reporting Company | |
Current with reporting | Yes | |
Voluntary filer | No | |
Well-known Seasoned Issuer | No | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Voting Common Stock | ||
Number of common stock shares outstanding | 1,700 | |
Entity Listing, Par Value Per Share | $ 100 | |
Nonvoting Common Stock | ||
Number of common stock shares outstanding | 168,300 | |
Entity Listing, Par Value Per Share | $ 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Financial Position (Unaudited) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 | |
Cash and Cash Equivalents | $ 71,590,548 | $ 58,440,667 | |
Restricted Cash | 2,136,144 | 2,671,957 | |
LOANS: | |||
Direct Cash Loans | 452,458,653 | 474,557,932 | |
Real Estate Loans | 25,367,075 | 24,609,094 | |
Sales Finance Contracts | 31,445,172 | 30,961,811 | |
Loans, Total | 509,270,900 | 530,128,837 | |
Unearned Finance Charges | 57,984,465 | 60,850,936 | |
Unearned Insurance Premiums and Commissions | 33,667,438 | 37,593,775 | |
Allowance for Loan Losses | 47,000,000 | 48,500,000 | |
Net Loans | 370,618,997 | 383,184,126 | |
INVESTMENT SECURITIES: | |||
Available for Sale, at fair value | 191,401,694 | 167,190,644 | |
Held to Maturity, at amortized cost | 8,977,972 | 12,003,446 | |
EQUITY METHOD INVESTMENTS | 26,347,323 | 26,201,949 | |
Other Assets | 26,888,937 | 24,291,925 | |
ASSETS, Total | 697,961,615 | 673,984,714 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
Senior Debt | 423,931,074 | 409,791,648 | |
Accrued Expenses and Other Liabilities | 17,873,563 | 17,606,851 | |
Subordinated Debt | 34,068,768 | 34,847,845 | |
LIABILITIES, Total | 475,873,405 | 462,246,344 | |
COMMITMENTS AND CONTINGENCIES | [1] | ||
STOCKHOLDERS' EQUITY: | |||
Preferred Stock, Value, Issued | 0 | 0 | |
Accumulated Other Comprehensive Income | 2,203,205 | (1,002,183) | |
Retained Earnings | 219,715,005 | 212,570,553 | |
Stockholders' Equity, Total | 222,088,210 | 211,738,370 | |
LIABILITIES AND STOCKHOLDERS' EQUITY, TOTAL | 697,961,615 | 673,984,714 | |
Voting Common Stock | |||
STOCKHOLDERS' EQUITY: | |||
Common Stock, Value, Issued | $ 170,000 | $ 170,000 | |
[1] | See note 6. |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Financial Position (Unaudited) - Parenthetical - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 |
Preferred Stock, Par or Stated Value Per Share | $ 100 | $ 100 |
Preferred Stock, Shares Authorized | 6,000 | 6,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Voting Common Stock | ||
Common Stock, Par or Stated Value Per Share | $ 100 | $ 100 |
Common Stock, Shares Authorized | 2,000 | 2,000 |
Common Stock, Shares, Issued | 1,700 | |
Common Stock, Shares, Outstanding | 1,700 | |
Nonvoting Common Stock | ||
Common Stock, Par or Stated Value Per Share | $ 0 | $ 0 |
Common Stock, Shares Authorized | 198,000 | 198,000 |
Common Stock, Shares, Issued | 168,300 | |
Common Stock, Shares, Outstanding | 168,300 |
Condensed Consolidated Stateme4
Condensed Consolidated Statements of Income and Retained Earnings (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Interest Income | $ 38,017,886 | $ 37,757,878 | $ 78,449,142 | $ 78,114,937 |
Interest Expense | 3,200,799 | 3,425,822 | 6,320,479 | 6,904,894 |
NET INTEREST INCOME | 34,817,087 | 34,332,056 | 72,128,663 | 71,210,043 |
Provision for loan losses | 6,987,117 | 11,272,680 | 16,664,852 | 22,451,680 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 27,829,970 | 23,059,376 | 55,463,811 | 48,758,363 |
NET INSURANCE INCOME | ||||
Premiums and Commissions | 10,157,923 | 11,478,249 | 21,261,251 | 24,158,590 |
Insurance Claims and Expenses | 2,409,283 | 2,830,733 | 5,131,072 | 5,631,985 |
Insurance Services Revenue | 7,748,640 | 8,647,516 | 16,130,179 | 18,526,605 |
OTHER REVENUE | 1,123,653 | 1,434,958 | 2,164,884 | 1,986,594 |
OTHER OPERATING EXPENSES: | ||||
Personnel Expense | 20,226,917 | 18,138,892 | 40,461,890 | 36,185,920 |
Occupancy Expense | 4,062,206 | 3,575,912 | 7,927,917 | 7,029,538 |
Other Expense | 7,331,184 | 7,003,870 | 15,603,849 | 14,191,887 |
Operating Expenses, Total | 31,620,307 | 28,718,674 | 63,993,656 | 57,407,345 |
INCOME BEFORE INCOME TAXES | 5,081,956 | 4,423,176 | 9,765,218 | 11,864,217 |
Provision for Income Taxes | 1,206,958 | 1,274,302 | 2,459,391 | 2,745,797 |
Net Income (Loss) | 3,874,998 | 3,148,874 | 7,305,827 | 9,118,420 |
RETAINED EARNINGS, Beginning of Period | 215,439,000 | 223,379,048 | 212,570,553 | 220,177,382 |
Distributions on Common Stock | (401,007) | 5,882,550 | 161,375 | 8,650,430 |
RETAINED EARNINGS, End of Period | $ 219,715,005 | $ 220,645,372 | $ 219,715,005 | $ 220,645,372 |
BASIC EARNINGS PER SHARE: | ||||
Shares Outstanding | 170,000 | 170,000 | 170,000 | 170,000 |
Earnings per share | $ 22.79 | $ 18.52 | $ 42.98 | $ 53.64 |
Voting Common Stock | ||||
BASIC EARNINGS PER SHARE: | ||||
Shares Outstanding | 1,700 | 1,700 | 1,700 | 1,700 |
Nonvoting Common Stock | ||||
BASIC EARNINGS PER SHARE: | ||||
Shares Outstanding | 168,300 | 168,300 | 168,300 | 168,300 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Details | |||||
Net Income (Loss) | $ 3,874,998 | $ 3,148,874 | $ 7,305,827 | $ 9,118,420 | |
Other Comprehensive Income (Loss): | |||||
Unrealized gains (losses) during period | 3,879,219 | 3,634,390 | 4,826,168 | 5,420,412 | |
Income tax (provision) benefit | (1,298,982) | (1,239,124) | (1,619,897) | (2,226,472) | |
Net unrealized (losses) gains | 2,580,237 | 2,395,266 | 3,206,271 | 3,193,940 | |
Reclassification of (gains)/losses to Net Income (Loss) | [1] | 883 | 525 | 883 | 525 |
Total Other Comprehensive Income (Loss) | 2,579,354 | 2,394,741 | 3,205,388 | 3,193,415 | |
Total Comprehensive Income | $ 6,454,352 | $ 5,543,615 | $ 10,511,215 | $ 12,311,835 | |
[1] | Reclassified $1,338 to other operating expenses and $455 to provision for income taxes on the Condensed Consolidated Statements of Income and Retained Earnings (Unaudited) during the three- and six-month periods ended June 30, 2017.</p> <p style='margin:0in;margin-bottom:.0001pt;'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;'> Reclassified $795 to other operating expenses and $270 to provision for income taxes on the Condensed Consolidated Statements of Income and Retained Earnings (Unaudited) during the three- and six-month periods ended June 30, 2016. |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income (Loss) | $ 7,305,827 | $ 9,118,420 |
Adjustments to reconcile Net Income (Loss) to net cash provided by operating activities: | ||
Provision for loan losses | 16,664,852 | 22,451,680 |
Depreciation and amortization | 2,003,684 | 1,760,312 |
Other | 176,171 | 320,937 |
Decrease (increase) in miscellaneous other assets | (1,968,026) | 991,546 |
Decrease in other liablities | (878,223) | (6,309,122) |
Net Cash Provided by (Used in) Operating Activities | 22,684,404 | 27,757,605 |
Provision for prepaid income taxes | (474,507) | (434,782) |
Earnings in equity method investment | (145,374) | (141,386) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Loans originated or purchased | (186,259,402) | (165,131,637) |
Loan payments | 182,159,679 | 174,564,048 |
Increase (decrease) in restricted cash | 535,813 | 6,671,489 |
Purchases of marketable debt securities | (21,942,772) | (21,015,433) |
Redemptions of marketable debt securities | 5,385,000 | 7,360,000 |
Fixed asset additions, net | (2,611,815) | (4,669,808) |
Net Cash Provided by (Used in) Investing Activities | (22,733,497) | (2,221,341) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net increase (decrease) in senior demand notes outstanding | 2,313,387 | (4,666,391) |
Advances on credit line | 277,163 | 266,185 |
Payments on credit line | (277,163) | (266,185) |
Commercial paper issued | 25,986,079 | 31,794,845 |
Commercial paper redeemed | (14,160,040) | (14,533,881) |
Subordinated debt securities issued | 3,849,846 | 3,469,847 |
Subordinated debt securities redeemed | (4,628,923) | (3,754,922) |
Dividends / Distributions | (161,375) | (8,650,430) |
Net Cash Provided by (Used in) Financing Activities | 13,198,974 | 3,659,068 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 13,149,881 | 29,195,332 |
CASH AND CASH EQUIVALENTS, beginning | 58,440,667 | 51,449,417 |
CASH AND CASH EQUIVALENTS, ending | 71,590,548 | 80,644,749 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Cash paid during the period for Interest | 6,318,881 | 6,934,461 |
Cash paid during the period for Taxes | $ 3,304,000 | $ 3,617,000 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2017 | |
Notes | |
Note 1 - Basis of Presentation | Note 1 Basis of Presentation The accompanying unaudited condensed consolidated financial statements of 1 st In the opinion of Management of the Company, the accompanying unaudited condensed consolidated financial statements contain all normal recurring adjustments necessary to present fairly the Company's consolidated financial position as of June 30, 2017 and December 31, 2016, and its consolidated results of operations and comprehensive income for the three and six-month periods ended June 30, 2017 and 2016 and its consolidated cash flows for the six months ended June 30, 2017 and 2016. While certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (GAAP) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission, the Company believes that the disclosures herein are adequate to make the information presented not misleading. The Companys financial condition and results of operations as of and for the three- and six-month periods ended June 30, 2017 are not necessarily indicative of the results to be expected for the full fiscal year or any other future period. The preparation of financial statements in accordance with GAAP requires Management to make estimates and assumptions that affect the reported amount of assets and liabilities at and as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. The computation of earnings per share is self-evident from the accompanying Condensed Consolidated Statements of Income and Retained Earnings (Unaudited). The Company has no dilutive securities outstanding. Recent Accounting Pronouncements: In March 2017, the Financial Accounting Standards Board (FASB) issued ASU 2017-08, Receivables Nonrefundable Fees and Other Costs (Topic 310-20), Premium Amortization on Purchased Callable Debt Securities |
Note 2 - Allowance For Loan Los
Note 2 - Allowance For Loan Losses | 6 Months Ended |
Jun. 30, 2017 | |
Notes | |
Note 2 - Allowance For Loan Losses | Note 2 Allowance for Loan Losses The allowance for loan losses is based on Management's evaluation of the inherent risks and changes in the composition of the Company's loan portfolio. Managements approach to estimating and evaluating the allowance for loan losses is on a total portfolio level based on historical loss trends, bankruptcy trends, the level of receivables at the balance sheet date, payment patterns and economic conditions primarily including, but not limited to, unemployment levels and gasoline prices. Historical loss trends are tracked on an on-going basis. The trend analysis includes statistical analysis of the correlation between loan date and charge off date, charge off statistics by the total loan portfolio, and charge off statistics by branch, division and state. Delinquency and bankruptcy filing trends are also tracked. If trends indicate an adjustment to the allowance for loan losses is warranted, Management will make what it considers to be appropriate adjustments. The level of receivables at the balance sheet date is reviewed and adjustments to the allowance for loan losses are made if Management determines increases or decreases in the level of receivables warrants an adjustment. The Company uses monthly unemployment statistics, and various other monthly or periodic economic statistics, published by departments of the U.S. government and other economic statistics providers to determine the economic component of the allowance for loan losses. Such allowance is, in the opinion of Management, sufficiently adequate for probable losses in the current loan portfolio. As the estimates used in determining the loan loss reserve are influenced by outside factors, such as consumer payment patterns and general economic conditions, there is uncertainty inherent in these estimates. Actual results could vary based on future changes in significant assumptions. Management does not disaggregate the Companys loan portfolio by loan class when evaluating loan performance. The total portfolio is evaluated for credit losses based on contractual delinquency and other economic conditions. The Company classifies delinquent accounts at the end of each month according to the number of installments past due at that time, based on the then-existing terms of the contract. Accounts are classified in delinquency categories based on the number of days past due. When three installments are past due, Management classifies the account as being 60-89 days past due; when four or more installments are past due, Management classifies the account as being 90 days or more past due. When a loan becomes five installments past due, it is charged off unless Management directs that it be retained as an active loan. In making this charge off evaluation, Management considers factors such as pending insurance, bankruptcy status and other indicators of collectability. In addition, no installment is counted as being past due if at least 80% of the contractual payment has been paid. In connection with any bankruptcy court-initiated repayment plan and as allowed by state regulatory authorities, the Company effectively resets the delinquency rating of each account to coincide with the court initiated repayment plan. The amount charged off is the unpaid balance less the unearned finance charges and the unearned insurance premiums, if applicable. When a loan becomes 60 days or more past due based on its original terms, it is placed in nonaccrual status. At such time, the accrual of any additional finance charges is discontinued. Finance charges are then only recognized to the extent there is a loan payment received or when the account qualifies for return to accrual status. Nonaccrual loans return to accrual status when the loan becomes less than 60 days past due. There were no loans 60 days or more past due and still accruing interest at June 30, 2017 or December 31, 2016. The Companys principal balances on non-accrual loans by loan class as of June 30, 2017 and December 31, 2016 are as follows: Loan Class June 30, 2017 December 31, 2016 Consumer Loans $ 21,048,013 $ 24,658,842 Real Estate Loans 1,426,915 1,374,941 Sales Finance Contracts 905,264 1,036,697 Total $ 23,380,192 $ 27,070,480 An age analysis of principal balances on past due loans, segregated by loan class, as of June 30, 2017 and December 31, 2016 follows: June 30, 2017 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Loans Consumer Loans $ 13,932,749 $ 7,872,743 $ 16,505,269 $ 38,310,761 Real Estate Loans 540,953 350,637 1,425,771 2,317,361 Sales Finance Contracts 641,079 385,828 788,534 1,815,441 Total $ 15,114,781 $ 8,609,208 $ 18,719,574 $ 42,443,563 December 31, 2016 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Loans 6 Consumer Loans $ 16,447,739 $ 9,233,306 $ 17,290,149 $ 42,971,194 Real Estate Loans 902,437 304,578 1,225,805 2,432,820 Sales Finance Contracts 714,202 443,464 814,561 1,972,227 Total $ 18,064,378 $ 9,981,348 $ 19,330,515 $ 47,376,241 In addition to the delinquency rating analysis, the ratio of bankrupt accounts to the total loan portfolio is also used as a credit quality indicator. The ratio of bankrupt accounts outstanding to total principal loan balances outstanding at June 30, 2017 and December 31, 2016 was 2.60% and 2.37%, respectively. Nearly our entire loan portfolio consists of small homogeneous consumer loans (of the product types set forth in the table below). June 30, 2017 Principal Balance % Portfolio 6 Months Net Charge Offs % Net Charge Offs Consumer Loans $ 452,294,349 88.9 % $ 17,533,017 96.5 Real Estate Loans 24,856,273 4.9 12,290 .1 Sales Finance Contracts 31,528,712 6.2 619,545 3.4 Total $ 508,679,334 100.0 % $ 18,164,852 100.0 % June 30, 2016 Principal Balance % Portfolio 6 Months Net Charge Offs ( Recoveries % Net Charge Offs Consumer Loans $ 447,818,672 89.4 % $ 19,114,687 96.8 Real Estate Loans 22,360,620 4.4 (5,480) - Sales Finance Contracts 30,982,347 6.2 642,473 3.2 Total $ 501,161,639 100.0 % $ 19,751,680 100.0 % Sales finance contracts are similar to consumer loans in nature of loan product, terms, customer base to whom these products are marketed, factors contributing to risk of loss and historical payment performance, and together with consumer loans, represented approximately 95% and 96% of principal balances outstanding in Companys loan portfolio at June 30, 2017 and 2016, respectively. As a result of these similarities, which have resulted in similar historical performance, consumer loans and sales finance contracts represent substantially all loan losses. Real estate loans and related losses have historically been insignificant, and, as a result, we do not stratify the loan portfolio for purposes of determining and evaluating our loan loss allowance. Due to the composition of the loan portfolio, the Company determines and monitors the allowance for loan losses on a collectively evaluated, single portfolio segment basis. Therefore, a roll forward of the allowance for loan loss activity at the portfolio segment level is the same as at the total portfolio level. We have not acquired any impaired loans with deteriorating quality during any period reported. The following table provides additional information on our allowance for loan losses based on a collective evaluation: Three Months Ended Six Months Ended June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 Allowance for Credit Losses: Beginning Balance $ 48,500,000 $ 34,500,000 $ 48,500,000 $ 33,500,000 Provision for Loan Losses 6,987,117 11,272,680 16,664,852 22,451,680 Charge-offs (11,865,974) (12,325,334) (25,493,199) (25,428,484) Recoveries 3,378,857 2,752,654 7,328,347 5,676,804 Ending Balance $ 47,000,000 $ 36,200,000 $ 47,000,000 $ 36,200,000 Ending balance; collectively evaluated for impairment $ 47,000,000 $ 36,200,000 $ 47,000,000 $ 36,200,000 Ending balance $ 508,679,334 $ 501,161,639 $ 508,679,334 $ 501,161,639 Ending balance; collectively evaluated for impairment $ 508,679,334 $ 501,161,639 $ 508,679,334 $ 501,161,639 Troubled Debt Restructings ("TDRs") represent loans on which the original terms have been modified as a result of the following conditions: (i) the restructuring constitutes a concession and (ii) the borrower is experiencing financial difficulties. Loan modifications by the Company involve payment alterations, interest rate concessions and/ or reductions in the amount owed by the borrower. The following table presents a summary of loans that were restructured during the three months ended June 30, 2017. Number Of Loans Pre-Modification Recorded Investment Post-Modification Recorded Investment Consumer Loans 3,465 $ 8,028,911 $ 7,738,871 Real Estate Loans 6 41,979 41,833 Sales Finance Contracts 102 260,108 246,752 Total 3,573 $ 8,330,998 $ 8,027,456 The following table presents a summary of loans that were restructured during the three months ended June 30, 2016. Number Of Loans Pre-Modification Recorded Investment Post-Modification Recorded Investment Consumer Loans 2,797 $ 5,669,352 $ 5,443,901 Real Estate Loans 4 37,071 37,071 Sales Finance Contracts 86 196,502 179,493 Total 2,887 $ 5,902,925 $ 5,660,465 The following table presents a summary of loans that were restructured during the six months ended June 30, 2017. Number Of Loans Pre-Modification Recorded Investment Post-Modification Recorded Investment Consumer Loans 7,376 $ 16,608,443 $ 15,936,952 Real Estate Loans 14 110,889 109,807 Sales Finance Contracts 231 595,675 572,656 Total 7,621 $ 17,315,007 $ 16,619,415 The following table presents a summary of loans that were restructured during the six months ended June 30, 2016. Number Of Loans Pre-Modification Recorded Investment Post-Modification Recorded Investment Consumer Loans 5,254 $ 10,486,236 $ 9,976,972 Real Estate Loans 15 156,745 156,746 Sales Finance Contracts 186 396,701 366,078 Total 5,455 $ 11,039,682 $ 10,499,796 TDRs that occurred during the previous twelve months and subsequently defaulted during the three months ended June 30, 2017 are listed below. Number Of Loans Pre-Modification Recorded Investment Consumer Loans 1,371 $ 2,054,030 Real Estate Loans - - Sales Finance Contracts 36 60,659 Total 1,407 $ 2,114,689 TDRs that occurred during the twelve months ended June 30, 2016 and subsequently defaulted during the three months ended June 30, 2016 are listed below. Number Of Loans Pre-Modification Recorded Investment Consumer Loans 1,186 $ 1,635,616 Real Estate Loans 1 1,358 Sales Finance Contracts 39 73,366 Total 1,226 $ 1,710,340 TDRs that occurred during the previous twelve months and subsequently defaulted during the six months ended June 30, 2017 are listed below. Number Of Loans Pre-Modification Recorded Investment Consumer Loans 2,470 $ 3,616,911 Real Estate Loans - - Sales Finance Contracts 65 111,240 Total 2,535 $ 3,728,151 TDRs that occurred during the twelve months ended June 30, 2016 and subsequently defaulted during the six months ended June 30, 2016 are listed below. Number Of Loans Pre-Modification Recorded Investment Consumer Loans 1,911 $ 2,728,640 Real Estate Loans 1 1,358 Sales Finance Contracts 75 125,229 Total 1,987 $ 2,855,227 The level of TDRs, including those which have experienced a subsequent default, is considered in the determination of an appropriate level of allowance of loan losses. |
Note 3 - Investment Securities
Note 3 - Investment Securities | 6 Months Ended |
Jun. 30, 2017 | |
Notes | |
Note 3 - Investment Securities | Note 3 Investment Securities Debt securities available-for-sale are carried at estimated fair value. Debt securities designated as "Held to Maturity" are carried at amortized cost based on Management's intent and ability to hold such securities to maturity. The amortized cost and estimated fair values of these debt securities were as follows: As of June 30, 2017 As of December 31, 2016 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Available-for-Sale: Obligations of states and political subdivisions $ 178,120,224 $ 180,969,682 $ 168,713,137 $ 166,799,531 Mutual funds 9,979,133 10,020,268 Corporate securities 130,316 411,744 130,316 391,113 $ 188,229,673 $ 191,401,694 $ 168,843,453 $ 167,190,644 Held to Maturity: Obligations of states and political subdivisions $ 8,977,972 $ 8,901,932 $ 12,003,446 $ 11,933,827 Gross unrealized losses on investment securities totaled $2,827,553 and $5,254,993 at June 30, 2017 and December 31, 2016, respectively. The following table provides an analysis of investment securities in an unrealized loss position for which other-than-temporary impairments have not been recognized as of June 30, 2017 and December 31, 2016: Less than 12 Months 12 Months or Longer Total June 30, 2017 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Available for Sale: Obligations of states and political subdivisions 41,254,087 $(1,934,500) 7,646,039 $ (674,483) $ 48,900,126 $(2,608,983) Mutual funds .......................... 2,439,856 (82,885 - - 2,439,856 (82,885 43,693,943 (2,017,385 7,646,039 (674,483 51,339,982 (2,691,868 Held to Maturity: Obligations of states and political subdivisions 1,678,808 (17,018) 2,583,509 (118,667 4,262,317 (135,685 Overall Total ............................... $ 45,372,751 $(2,034,403 $ 10,229,548 $ (793,150 $55,602,299 $ (2,827,553 Less than 12 Months 12 Months or Longer Total December 31, 2016 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Available for Sale: Obligations of states and political subdivisions 72,316,572 $(5,071,255) 871,317 (32,533) 73,187,889 $(5,103,788) Held to Maturity: Obligations of states and political subdivisions 2,191,448 (24,323) 3,099,489 (126,882) 5,290,937 (151,205) Overall Total ............................... $ 74,508,020 $(5,095,578) $ 3,970,806 $ (159,415 $ 78,478,826 $(5,254,993) The previous two tables represent 73 and 107 investments held by the Company at June 30, 2017 and December 31, 2016, respectively, the majority of which are rated A or higher by Standard & Poors. The unrealized losses on the Companys investments listed in the above table were primarily the result of interest rate and market fluctuations. Based on the credit ratings of these investments, along with the consideration of whether the Company has the intent to sell or will be more likely than not required to sell the applicable investment before recovery of amortized cost basis, the Company does not consider the impairment of any of these investments to be other-than-temporary at June 30, 2017 or December 31, 2016. The Companys insurance subsidiaries internally designate certain investments as restricted to cover their policy reserves and loss reserves. Funds are held in separate trusts for the benefit of each insurance subsidiary at U.S. Bank National Association ("US Bank"). US Bank serves as trustee under trust agreements with the Company's property and casualty insurance company subsidiary, as grantor, and the non-affiliated insurance companies (who underwrite the policies), as beneficiaries. At June 30, 2017, these trust accounts held $27.5 million in available-for-sale investment securities at market value and $4.0 million in held-to-maturity investment securities at amortized cost. US Bank also serves as trustee under trust agreements with the Company's life insurance subsidiary, as grantor, and non-affiliated insurance companies (who underwrite the policies), as beneficiaries. At June 30, 2017, these trust accounts held $10.4 million in available-for-sale investment securities at market value and $1.5 million in held-to-maturity investment securities at amortized cost. The amounts required to be in each Trust change as required reserves change. All earnings on assets in the trusts are remitted to the Company's insurance subsidiaries. |
Note 4 - Fair Value
Note 4 - Fair Value | 6 Months Ended |
Jun. 30, 2017 | |
Notes | |
Note 4 - Fair Value | Note 4 Fair Value Under Accounting Standards Codification No. 820 ("ASC No. 820"), fair value is the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy is used in selecting inputs used to determine the fair value of an asset or liability, with the highest priority given to Level 1, as these are the most transparent or reliable. A financial instruments level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurements. Level 1 - Quoted prices for identical instruments in active markets. Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. Level 3 - Valuations derived from valuation techniques in which one or more significant inputs are unobservable. The following methods and assumptions are used by the Company in estimating fair values of its financial instruments: Cash and Cash Equivalents: Cash includes cash on hand and with banks. Cash equivalents are short-term highly liquid investments with original maturities of three months or less. The carrying value of cash and cash equivalents approximates fair value due to the relatively short period of time between origination of the instruments and their expected realization. The estimate of the fair value of cash and cash equivalents is classified as a Level 1 financial asset. Loans: The carrying value of the Companys direct cash loans and sales finance contracts approximates the fair value since the estimated life, assuming prepayments, is short-term in nature. The fair value of the Companys real estate loans approximate the carrying value since the interest rate charged by the Company approximates market rate. The estimate of fair value of loans is classified as a Level 3 financial asset. Marketable Debt Securities: The Company values Level 2 securities using various observable market inputs obtained from a pricing service. The pricing service prepares evaluations of fair value for our Level 2 securities using proprietary valuation models based on techniques such as multi-dimensional relational models, and series of matrices that use observable market inputs. The fair value measurements and disclosures guidance defines observable market inputs as the assumptions market participants would use in pricing the asset developed on market data obtained from sources independent of the Company. The extent of the use of each observable market input for a security depends on the type of security and the market conditions at the balance sheet date. Depending on the security, the priority of the use of observable market inputs may change as some observable market inputs may not be relevant or additional inputs may be necessary. The Company uses the following observable market inputs (standard inputs), listed in the approximate order of priority, in the pricing evaluation of Level 2 securities: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data including market research data. State, municipalities and political subdivisions securities are priced by our pricing service using material event notices and new issue data inputs in addition to the standard inputs. See additional information, including the table below, regarding fair value under ASC No. 820, and the fair value measurement of available-for-sale marketable debt securities. Equity Method Investment: The fair value of the equity method investment is estimated based on the Company's allocable share of the investee net asset as of the reporting date. Senior Debt Securities: The carrying value of the Companys senior debt securities approximates fair value due to the relatively short period of time between the origination of the instruments and their expected repayment. The estimate of fair value of senior debt securities is classified as a Level 2 financial liability. Subordinated Debt Securities: The carrying value of the Companys variable rate subordinated debt securities approximates fair value due to the re-pricing frequency of the securities. The estimate of fair value of subordinated debt securities is classified as a Level 2 financial liability. The Company is responsible for the valuation process and as part of this process may use data from outside sources in establishing fair value. The Company performs due diligence to understand the inputs and how the data was calculated or derived. The Company employs a market approach in the valuation of its obligations of states, political subdivisions and municipal revenue bonds that are available-for-sale. These investments are valued on the basis of current market quotations provided by independent pricing services selected by Management based on the advice of an investment manager. To determine the value of a particular investment, these independent pricing services may use certain information with respect to market transactions in such investment or comparable investments, various relationships observed in the market between investments, quotations from dealers, and pricing metrics and calculated yield measures based on valuation methodologies commonly employed in the market for such investments. Quoted prices are subject to our internal price verification procedures. We validate prices received using a variety of methods including, but not limited, to comparison to other pricing services or corroboration of pricing by reference to independent market data such as a secondary broker. There was no change in this methodology during any period reported. Assets measured at fair value as of June 30, 2017 and December 31, 2016 were available-for-sale investment securities which are summarized below: Fair Value Measurements at Reporting Date Using Quoted Prices In Active Significant Markets for Other Significant Identical Observable Unobservable June 30, Assets Inputs Inputs Description 2017 (Level 1) (Level 2) (Level 3) Corporate securities $ 411,744 411,744 Mutual funds 10,020,268 10,020,268 Obligations of states and political subdivisions 180,969,68 180,969,682 Total 191,401,694 10,432,012 180,969,682 Fair Value Measurements at Reporting Date Using Quoted Prices In Active Significant Markets for Other Significant Identical Observable Unobservable December 31, Assets Inputs Inputs Description 2016 (Level 1) (Level 2) (Level 3) Corporate securities 391,113 391,113 Obligations of states and political subdivisions 166,799,531 166,799,531 Total 167,190,644 391,113 166,799,531 |
Note 5 - Equity Method Investme
Note 5 - Equity Method Investment | 6 Months Ended |
Jun. 30, 2017 | |
Notes | |
Note 5 - Equity Method Investment | Note 5 Equity Method Investment The Company has one investment in Meritage Capital, Centennial Absolute Return Fund, L.P. (the "Fund") accounted for using the equity method of accounting. The carrying value of this investment was $26.3 million and $26.2 million as of June 30, 2017 and December 31, 2016, respectively. The Company lost $.1 million from this investment during the three-month period ended June 30, 2017 compared to earnings of $.4 million during the same period a year ago. During the six-month periods ended June 30, 2017 and 2016, the Company earned $.1 million each period. The income was recorded in Other Revenue on the Company's Unaudited Condensed Consolidated Statements of Income and Retained Earnings. With at least 60 days notice, the Company has the ability to redeem its investment in the Fund at the end of any calendar quarter. The Company has no investment commitments to the Fund. Condensed financial statement information of the equity method investment is as follows: June 30, 2017 December 31, 2016 Company's equity method investment $ 26,347,323 $ 26,201,949 Partnership assets $ 129,305,042 $ 128,721,905 Partnership liabilities $ 148,737 $ 258,881 Partnership net income $ 1,208,528(a) $ 6,583,183(b) (b) Represents 12 months of net income. |
Note 6 - Commitments and Contin
Note 6 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
Notes | |
Note 6 - Commitments and Contingencies | Note 6 Commitments and Contingencies The Company is, and expects in the future to be, involved in various legal proceedings incidental to its business from time to time. Management makes provisions in its financial statements for legal, regulatory, and other contingencies when, in the opinion of Management, a loss is probable and reasonably estimable. At June 30, 2017, no such known proceedings or amounts, individually or in the aggregate, were expected to have a material impact on the Company or its financial condition or results of operations. |
Note 7 - Income Taxes
Note 7 - Income Taxes | 6 Months Ended |
Jun. 30, 2017 | |
Notes | |
Note 7 - Income Taxes | Note 7 Income Taxes Effective income tax rates were 24% and 25% during the three- and six-month periods ended June 30, 2017, respectively compared to 29% and 23% and during each of the same periods during 2016. The Company has elected to be, and is, treated as an S corporation for income tax reporting purposes. Taxable income or loss of an S corporation is passed through to, and included in the individual tax returns, of the shareholders of the Company, rather than being taxed at the corporate level. Notwithstanding this election, income taxes are reported for, and paid by, the Company's insurance subsidiaries, as they are not allowed by law to be treated as S corporations, as well as for the Company in Louisiana, which does not recognize S corporation status. The tax rates of the Companys insurance subsidiaries are below statutory rates due to investments in tax exempt bonds held by the Companys insurance subsidiaries. Tax rates increased during the current year periods due to a higher earnings in the insurance subsidiaries. |
Note 8 - Credit Agreement
Note 8 - Credit Agreement | 6 Months Ended |
Jun. 30, 2017 | |
Notes | |
Note 8 - Credit Agreement | Note 8 Credit Agreement Effective September 11, 2009, the Company entered into a credit facility with Wells Fargo Preferred Capital, Inc. The credit agreement provides for borrowings of up to $100.0 million or 70% of the Company's net finance receivables (as defined in the credit agreement), whichever is less and has a maturity date of September 11, 2019. Available borrowings under the credit agreement were $100.0 million at June 30, 2017 and December 31, 2016, at an interest rate of 4.21% and 4.00%, respectively. The credit agreement contains covenants customary for financing transactions of this type. At June 30, 2017, the Company was in compliance with all covenants. |
Note 9 - Related Party Transact
Note 9 - Related Party Transactions | 6 Months Ended |
Jun. 30, 2017 | |
Notes | |
Note 9 - Related Party Transactions | Note 9 Related Party Transactions The Company engages from time to time in transactions with related parties. Please refer to the disclosure contained in Note 11 Related Party Transactions in the Notes to Consolidated Financial Statements in the Companys Annual Report on Form 10-K as of and for the year ended December 31, 2016 for additional information on such transactions. |
Note 10 - Segment Financial Inf
Note 10 - Segment Financial Information | 6 Months Ended |
Jun. 30, 2017 | |
Notes | |
Note 10 - Segment Financial Information | Note 10 Segment Financial Information The Company discloses segment information in accordance with FASB ASC 280. FASB ASC 280 requires companies to determine segments based on how management makes decisions about allocating resources to segments and measuring their performance. Prior to 2017, the Company had five operating divisions which comprised its operations: Division I through Division V. Each division consisted of a number of branch offices that were aggregated based on vice president responsibility and geographic location. Division I consisted of offices located in South Carolina. Offices in North Georgia comprised Division II. Division III consisted of offices in South Georgia. Division IV represented our Alabama and Tennessee offices, and our offices in Louisiana and Mississippi encompassed Division V. Beginning in 2017, the Company separated Division IV into two separate Divisions, creating Division VII under a newly appointed vice president. Alabama now comprises Division IV and Tennessee comprises Division VII. The following division financial data has been retrospectively presented to give effect to the current structure. The change in reporting structure had no impact on the previously reported consolidated results. Accounting policies of each of the divisions are the same as those for the Company as a whole. Performance is measured based on objectives set at the beginning of each year and include various factors such as division profit, growth in earning assets and delinquency and loan loss management. All division revenues result from transactions with third parties. The Company does not allocate income taxes or corporate headquarter expenses to the divisions. The following table summarizes revenues, profit and assets by each of the Company's divisions. Also in accordance therewith, a reconciliation to consolidated net income is provided. Division Division Division Division Division Division I II III IV V VII Total (in thousands) Division Revenues: 3 Months ended 6/30/2017 $ 5,937 $ 11,174 $ 11,060 $ 7,899 $ 7,532 $ 3,056 $ 46,658 3 Months ended 6/30/2016 $ 6,695 $ 11,376 $ 10,693 $ 8,038 $ 8,346 $ 2,124 $ 47,272 6 Months ended 6/30/2017 $ 12,291 $ 23,648 $ 23,153 $ 15.680 $ 15,688 $ 5,550 $ 96,010 6 Months ended 6/30/2016 $ 13,937 $ 23,612 $ 22,035 $ 16,458 $ 17,526 $ 4,320 $ 97,888 Division Profit: 3 Months ended 6/30/2017 $ 1,327 $ 3,485 $ 3,863 $ 2,662 $ 1,522 $ 283 $ 13,142 3 Months ended 6/30/2016 $ 1,454 $ 4,554 $ 4,470 $ 3,058 $ 1,924 $ 214 $ 15,674 6 Months ended 6/30/2017 $ 3,265 $ 7,813 $ 9,233 $ 5,371 $ 3,337 $ 486 $ 29,505 6 Months ended 6/30/2016 $ 3,416 $ 9,813 $ 9,359 $ 6,536 $ 4,485 $ 610 $ 34,219 6/30/2017 $ 54,504 $ 104,969 $ 100,963 $ 84,597 $ 70,421 $ 29,232 $ 444,686 12/31/2016 $ 56,284 $ 110,568 $ 106,951 $ 85,140 $ 74,532 $ 25,764 $ 459,239 3 Months Ended 6/30/2017 (in Thousands) 3 Months Ended 6/30/2016 (in Thousands) 6 Months Ended 6/30/2017 (in Thousands) 6 Months Ended 6/30/2016 (in Thousands) Reconciliation of Profit: Profit per division $ 13,142 $ 15,674 $ 29,505 $ 34,219 Corporate earnings not allocated 2,641 3,399 5,865 6,373 Corporate expenses not allocated (10,701) (14,650) (25,605) (28,728) Income taxes not allocated (1,207) (1,275) (2,459) (2,746) Net income $ 3,875 $ 3,148 $ 7,306 $ 9,118 |
Note 1 - Basis of Presentation_
Note 1 - Basis of Presentation: Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Policies | |
Recent Accounting Pronouncements: | Recent Accounting Pronouncements: In March 2017, the Financial Accounting Standards Board (FASB) issued ASU 2017-08, Receivables Nonrefundable Fees and Other Costs (Topic 310-20), Premium Amortization on Purchased Callable Debt Securities |
Note 2 - Allowance For Loan L18
Note 2 - Allowance For Loan Losses: Loans Receivable, Nonaccrual status policy (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Policies | |
Loans Receivable, Nonaccrual status policy | When a loan becomes 60 days or more past due based on its original terms, it is placed in nonaccrual status. At such time, the accrual of any additional finance charges is discontinued. Finance charges are then only recognized to the extent there is a loan payment received or when the account qualifies for return to accrual status. Nonaccrual loans return to accrual status when the loan becomes less than 60 days past due. |
Note 2 - Allowance For Loan L19
Note 2 - Allowance For Loan Losses: Schedule of Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Tables/Schedules | |
Schedule of Allowance for Loan Losses | Loan Class June 30, 2017 December 31, 2016 Consumer Loans $ 21,048,013 $ 24,658,842 Real Estate Loans 1,426,915 1,374,941 Sales Finance Contracts 905,264 1,036,697 Total $ 23,380,192 $ 27,070,480 |
Note 2 - Allowance For Loan L20
Note 2 - Allowance For Loan Losses: Past Due Financing Receivables (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Tables/Schedules | |
Past Due Financing Receivables | June 30, 2017 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Loans Consumer Loans $ 13,932,749 $ 7,872,743 $ 16,505,269 $ 38,310,761 Real Estate Loans 540,953 350,637 1,425,771 2,317,361 Sales Finance Contracts 641,079 385,828 788,534 1,815,441 Total $ 15,114,781 $ 8,609,208 $ 18,719,574 $ 42,443,563 December 31, 2016 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Loans 6 Consumer Loans $ 16,447,739 $ 9,233,306 $ 17,290,149 $ 42,971,194 Real Estate Loans 902,437 304,578 1,225,805 2,432,820 Sales Finance Contracts 714,202 443,464 814,561 1,972,227 Total $ 18,064,378 $ 9,981,348 $ 19,330,515 $ 47,376,241 |
Note 2 - Allowance For Loan L21
Note 2 - Allowance For Loan Losses: Schedule of Loans and Financing Receivable (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Tables/Schedules | |
Schedule of Loans and Financing Receivable | June 30, 2017 Principal Balance % Portfolio 6 Months Net Charge Offs % Net Charge Offs Consumer Loans $ 452,294,349 88.9 % $ 17,533,017 96.5 Real Estate Loans 24,856,273 4.9 12,290 .1 Sales Finance Contracts 31,528,712 6.2 619,545 3.4 Total $ 508,679,334 100.0 % $ 18,164,852 100.0 % June 30, 2016 Principal Balance % Portfolio 6 Months Net Charge Offs ( Recoveries % Net Charge Offs Consumer Loans $ 447,818,672 89.4 % $ 19,114,687 96.8 Real Estate Loans 22,360,620 4.4 (5,480) - Sales Finance Contracts 30,982,347 6.2 642,473 3.2 Total $ 501,161,639 100.0 % $ 19,751,680 100.0 % |
Note 2 - Allowance For Loan L22
Note 2 - Allowance For Loan Losses: Allowance for Credit Losses on Financing Receivables (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Tables/Schedules | |
Allowance for Credit Losses on Financing Receivables | Three Months Ended Six Months Ended June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 Allowance for Credit Losses: Beginning Balance $ 48,500,000 $ 34,500,000 $ 48,500,000 $ 33,500,000 Provision for Loan Losses 6,987,117 11,272,680 16,664,852 22,451,680 Charge-offs (11,865,974) (12,325,334) (25,493,199) (25,428,484) Recoveries 3,378,857 2,752,654 7,328,347 5,676,804 Ending Balance $ 47,000,000 $ 36,200,000 $ 47,000,000 $ 36,200,000 Ending balance; collectively evaluated for impairment $ 47,000,000 $ 36,200,000 $ 47,000,000 $ 36,200,000 Ending balance $ 508,679,334 $ 501,161,639 $ 508,679,334 $ 501,161,639 Ending balance; collectively evaluated for impairment $ 508,679,334 $ 501,161,639 $ 508,679,334 $ 501,161,639 |
Note 2 - Allowance For Loan L23
Note 2 - Allowance For Loan Losses: Troubled Debt Restructurings on Financing Receivables (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Tables/Schedules | |
Troubled Debt Restructurings on Financing Receivables | Number Of Loans Pre-Modification Recorded Investment Post-Modification Recorded Investment Consumer Loans 3,465 $ 8,028,911 $ 7,738,871 Real Estate Loans 6 41,979 41,833 Sales Finance Contracts 102 260,108 246,752 Total 3,573 $ 8,330,998 $ 8,027,456 The following table presents a summary of loans that were restructured during the three months ended June 30, 2016. Number Of Loans Pre-Modification Recorded Investment Post-Modification Recorded Investment Consumer Loans 2,797 $ 5,669,352 $ 5,443,901 Real Estate Loans 4 37,071 37,071 Sales Finance Contracts 86 196,502 179,493 Total 2,887 $ 5,902,925 $ 5,660,465 The following table presents a summary of loans that were restructured during the six months ended June 30, 2017. Number Of Loans Pre-Modification Recorded Investment Post-Modification Recorded Investment Consumer Loans 7,376 $ 16,608,443 $ 15,936,952 Real Estate Loans 14 110,889 109,807 Sales Finance Contracts 231 595,675 572,656 Total 7,621 $ 17,315,007 $ 16,619,415 The following table presents a summary of loans that were restructured during the six months ended June 30, 2016. Number Of Loans Pre-Modification Recorded Investment Post-Modification Recorded Investment Consumer Loans 5,254 $ 10,486,236 $ 9,976,972 Real Estate Loans 15 156,745 156,746 Sales Finance Contracts 186 396,701 366,078 Total 5,455 $ 11,039,682 $ 10,499,796 TDRs that occurred during the previous twelve months and subsequently defaulted during the three months ended June 30, 2017 are listed below. Number Of Loans Pre-Modification Recorded Investment Consumer Loans 1,371 $ 2,054,030 Real Estate Loans - - Sales Finance Contracts 36 60,659 Total 1,407 $ 2,114,689 TDRs that occurred during the twelve months ended June 30, 2016 and subsequently defaulted during the three months ended June 30, 2016 are listed below. Number Of Loans Pre-Modification Recorded Investment Consumer Loans 1,186 $ 1,635,616 Real Estate Loans 1 1,358 Sales Finance Contracts 39 73,366 Total 1,226 $ 1,710,340 TDRs that occurred during the previous twelve months and subsequently defaulted during the six months ended June 30, 2017 are listed below. Number Of Loans Pre-Modification Recorded Investment Consumer Loans 2,470 $ 3,616,911 Real Estate Loans - - Sales Finance Contracts 65 111,240 Total 2,535 $ 3,728,151 TDRs that occurred during the twelve months ended June 30, 2016 and subsequently defaulted during the six months ended June 30, 2016 are listed below. Number Of Loans Pre-Modification Recorded Investment Consumer Loans 1,911 $ 2,728,640 Real Estate Loans 1 1,358 Sales Finance Contracts 75 125,229 Total 1,987 $ 2,855,227 |
Note 3 - Investment Securities_
Note 3 - Investment Securities: Schedule of amortized cost and estimated fair values of debt securities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Tables/Schedules | |
Schedule of amortized cost and estimated fair values of debt securities | As of June 30, 2017 As of December 31, 2016 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Available-for-Sale: Obligations of states and political subdivisions $ 178,120,224 $ 180,969,682 $ 168,713,137 $ 166,799,531 Mutual funds 9,979,133 10,020,268 Corporate securities 130,316 411,744 130,316 391,113 $ 188,229,673 $ 191,401,694 $ 168,843,453 $ 167,190,644 Held to Maturity: Obligations of states and political subdivisions $ 8,977,972 $ 8,901,932 $ 12,003,446 $ 11,933,827 |
Note 3 - Investment Securitie25
Note 3 - Investment Securities: Schedule of Investment Securities Fair Value and Unrealized Losses (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Tables/Schedules | |
Schedule of Investment Securities Fair Value and Unrealized Losses | Less than 12 Months 12 Months or Longer Total June 30, 2017 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Available for Sale: Obligations of states and political subdivisions 41,254,087 $(1,934,500) 7,646,039 $ (674,483) $ 48,900,126 $(2,608,983) Mutual funds .......................... 2,439,856 (82,885 - - 2,439,856 (82,885 43,693,943 (2,017,385 7,646,039 (674,483 51,339,982 (2,691,868 Held to Maturity: Obligations of states and political subdivisions 1,678,808 (17,018) 2,583,509 (118,667 4,262,317 (135,685 Overall Total ............................... $ 45,372,751 $(2,034,403 $ 10,229,548 $ (793,150 $55,602,299 $ (2,827,553 Less than 12 Months 12 Months or Longer Total December 31, 2016 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Available for Sale: Obligations of states and political subdivisions 72,316,572 $(5,071,255) 871,317 (32,533) 73,187,889 $(5,103,788) Held to Maturity: Obligations of states and political subdivisions 2,191,448 (24,323) 3,099,489 (126,882) 5,290,937 (151,205) Overall Total ............................... $ 74,508,020 $(5,095,578) $ 3,970,806 $ (159,415 $ 78,478,826 $(5,254,993) |
Note 4 - Fair Value_ Fair Value
Note 4 - Fair Value: Fair Value Measurements, by Fair Value hierarchy (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Tables/Schedules | |
Fair Value Measurements, by Fair Value hierarchy | Fair Value Measurements at Reporting Date Using Quoted Prices In Active Significant Markets for Other Significant Identical Observable Unobservable June 30, Assets Inputs Inputs Description 2017 (Level 1) (Level 2) (Level 3) Corporate securities $ 411,744 411,744 Mutual funds 10,020,268 10,020,268 Obligations of states and political subdivisions 180,969,68 180,969,682 Total 191,401,694 10,432,012 180,969,682 Fair Value Measurements at Reporting Date Using Quoted Prices In Active Significant Markets for Other Significant Identical Observable Unobservable December 31, Assets Inputs Inputs Description 2016 (Level 1) (Level 2) (Level 3) Corporate securities 391,113 391,113 Obligations of states and political subdivisions 166,799,531 166,799,531 Total 167,190,644 391,113 166,799,531 |
Note 5 - Equity Method Invest27
Note 5 - Equity Method Investment: Equity Method Investments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Tables/Schedules | |
Equity Method Investments | June 30, 2017 December 31, 2016 Company's equity method investment $ 26,347,323 $ 26,201,949 Partnership assets $ 129,305,042 $ 128,721,905 Partnership liabilities $ 148,737 $ 258,881 Partnership net income $ 1,208,528(a) $ 6,583,183(b) |
Note 10 - Segment Financial I28
Note 10 - Segment Financial Information: Schedule of Segment Reporting Information, by Segment (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Tables/Schedules | |
Schedule of Segment Reporting Information, by Segment | Division Division Division Division Division Division I II III IV V VII Total (in thousands) Division Revenues: 3 Months ended 6/30/2017 $ 5,937 $ 11,174 $ 11,060 $ 7,899 $ 7,532 $ 3,056 $ 46,658 3 Months ended 6/30/2016 $ 6,695 $ 11,376 $ 10,693 $ 8,038 $ 8,346 $ 2,124 $ 47,272 6 Months ended 6/30/2017 $ 12,291 $ 23,648 $ 23,153 $ 15.680 $ 15,688 $ 5,550 $ 96,010 6 Months ended 6/30/2016 $ 13,937 $ 23,612 $ 22,035 $ 16,458 $ 17,526 $ 4,320 $ 97,888 Division Profit: 3 Months ended 6/30/2017 $ 1,327 $ 3,485 $ 3,863 $ 2,662 $ 1,522 $ 283 $ 13,142 3 Months ended 6/30/2016 $ 1,454 $ 4,554 $ 4,470 $ 3,058 $ 1,924 $ 214 $ 15,674 6 Months ended 6/30/2017 $ 3,265 $ 7,813 $ 9,233 $ 5,371 $ 3,337 $ 486 $ 29,505 6 Months ended 6/30/2016 $ 3,416 $ 9,813 $ 9,359 $ 6,536 $ 4,485 $ 610 $ 34,219 6/30/2017 $ 54,504 $ 104,969 $ 100,963 $ 84,597 $ 70,421 $ 29,232 $ 444,686 12/31/2016 $ 56,284 $ 110,568 $ 106,951 $ 85,140 $ 74,532 $ 25,764 $ 459,239 |
Note 10 - Segment Financial I29
Note 10 - Segment Financial Information: Reconciliation of Revenue from Segments to Consolidated (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Tables/Schedules | |
Reconciliation of Revenue from Segments to Consolidated | 3 Months Ended 6/30/2017 (in Thousands) 3 Months Ended 6/30/2016 (in Thousands) 6 Months Ended 6/30/2017 (in Thousands) 6 Months Ended 6/30/2016 (in Thousands) Reconciliation of Profit: Profit per division $ 13,142 $ 15,674 $ 29,505 $ 34,219 Corporate earnings not allocated 2,641 3,399 5,865 6,373 Corporate expenses not allocated (10,701) (14,650) (25,605) (28,728) Income taxes not allocated (1,207) (1,275) (2,459) (2,746) Net income $ 3,875 $ 3,148 $ 7,306 $ 9,118 |
Note 2 - Allowance For Loan L30
Note 2 - Allowance For Loan Losses (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Details | ||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | $ 0 | $ 0 |
Ratio of bankrupt accounts to total principal loan balances | 2.60% | 2.37% |
Note 2 - Allowance For Loan L31
Note 2 - Allowance For Loan Losses: Schedule of Allowance for Loan Losses (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Cosumer Loans | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 21,048,013 | $ 24,658,842 |
Real Estate Loans | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,426,915 | 1,374,941 |
Sales Finance Contracts | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 905,264 | $ 1,036,697 |
Note 2 - Allowance For Loan L32
Note 2 - Allowance For Loan Losses: Past Due Financing Receivables (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Cosumer Loans | ||
Financing Receivable, Recorded Investment, Past Due | $ 38,310,761 | $ 42,971,194 |
Real Estate Loans | ||
Financing Receivable, Recorded Investment, Past Due | 2,317,361 | 2,432,820 |
Sales Finance Contracts | ||
Financing Receivable, Recorded Investment, Past Due | 1,815,441 | 1,972,227 |
Financing Receivables, 30 to 59 Days Past Due | Cosumer Loans | ||
Financing Receivable, Recorded Investment, Past Due | 13,932,749 | 16,447,739 |
Financing Receivables, 30 to 59 Days Past Due | Real Estate Loans | ||
Financing Receivable, Recorded Investment, Past Due | 540,953 | 902,437 |
Financing Receivables, 30 to 59 Days Past Due | Sales Finance Contracts | ||
Financing Receivable, Recorded Investment, Past Due | 641,079 | 714,202 |
Financing Receivables, 60 to 89 Days Past Due | Cosumer Loans | ||
Financing Receivable, Recorded Investment, Past Due | 7,872,743 | 9,233,306 |
Financing Receivables, 60 to 89 Days Past Due | Real Estate Loans | ||
Financing Receivable, Recorded Investment, Past Due | 350,637 | 304,578 |
Financing Receivables, 60 to 89 Days Past Due | Sales Finance Contracts | ||
Financing Receivable, Recorded Investment, Past Due | 385,828 | 443,464 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Cosumer Loans | ||
Financing Receivable, Recorded Investment, Past Due | 16,505,269 | 17,290,149 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Real Estate Loans | ||
Financing Receivable, Recorded Investment, Past Due | 1,425,771 | 1,225,805 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Sales Finance Contracts | ||
Financing Receivable, Recorded Investment, Past Due | $ 788,534 | $ 814,561 |
Note 2 - Allowance For Loan L33
Note 2 - Allowance For Loan Losses: Schedule of Loans and Financing Receivable (Details) - USD ($) | Jun. 30, 2017 | Jun. 30, 2016 |
Financing Receivable, Gross | $ 508,679,334 | $ 501,161,639 |
Financing Receivable, percent of portfolio | 100.00% | 100.00% |
Financing Receivable, 3-months net charge-offs | $ 18,164,852 | $ 19,751,680 |
Financing Receivable, percent net charge-offs | 100.00% | 100.00% |
Cosumer Loans | ||
Financing Receivable, Gross | $ 452,294,349 | $ 447,818,672 |
Financing Receivable, percent of portfolio | 88.90% | 89.40% |
Financing Receivable, 3-months net charge-offs | $ 17,533,017 | $ 19,114,687 |
Financing Receivable, percent net charge-offs | 96.50% | 96.80% |
Real Estate Loans | ||
Financing Receivable, Gross | $ 24,856,273 | $ 22,360,620 |
Financing Receivable, percent of portfolio | 4.90% | 4.40% |
Financing Receivable, 3-months net charge-offs | $ 12,290 | $ (5,480) |
Financing Receivable, percent net charge-offs | 0.10% | 0.00% |
Sales Finance Contracts | ||
Financing Receivable, Gross | $ 31,528,712 | $ 30,982,347 |
Financing Receivable, percent of portfolio | 6.20% | 6.20% |
Financing Receivable, 3-months net charge-offs | $ 619,545 | $ 642,473 |
Financing Receivable, percent net charge-offs | 3.40% | 3.20% |
Note 2 - Allowance For Loan L34
Note 2 - Allowance For Loan Losses: Allowance for Credit Losses on Financing Receivables (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Details | ||||
Loans and Leases Receivable, Allowance, Beginning Balance | $ 48,500,000 | $ 34,500,000 | $ 48,500,000 | $ 33,500,000 |
Provision for Loan, Lease, and Other Losses | 6,987,117 | 11,272,680 | 16,664,852 | 22,451,680 |
Financing Receivable, Allowance for Credit Losses, Write-downs | (11,865,974) | (12,325,334) | (25,493,199) | (25,428,484) |
Financing Receivable, Allowance for Credit Losses, Recovery | 3,378,857 | 2,752,654 | 7,328,347 | 5,676,804 |
Loans and Leases Receivable, Allowance, Ending Balance | 47,000,000 | 36,200,000 | 47,000,000 | 36,200,000 |
Loans and Leases Receivable, Allowance, collectively evaluated for impairment | 47,000,000 | 36,200,000 | 47,000,000 | 36,200,000 |
Impaired Financing Receivable, Related Allowance | 508,679,334 | 501,161,639 | 508,679,334 | 501,161,639 |
Financing Receivable, Collectively Evaluated for Impairment | $ 508,679,334 | $ 501,161,639 | $ 508,679,334 | $ 501,161,639 |
Note 2 - Allowance For Loan L35
Note 2 - Allowance For Loan Losses: Troubled Debt Restructurings on Financing Receivables (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | |
Current 12 months | ||||
Financing Receivable, Modifications, Number of Contracts | 3,573 | 2,887 | 7,621 | 5,455 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 8,330,998 | $ 5,902,925 | $ 17,315,007 | $ 11,039,682 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 8,027,456 | $ 5,660,465 | $ 16,619,415 | $ 10,499,796 |
Current 12 months | Cosumer Loans | ||||
Financing Receivable, Modifications, Number of Contracts | 3,465 | 2,797 | 7,376 | 5,254 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 8,028,911 | $ 5,669,352 | $ 16,608,443 | $ 10,486,236 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 7,738,871 | $ 5,443,901 | $ 15,936,952 | $ 9,976,972 |
Current 12 months | Real Estate Loans | ||||
Financing Receivable, Modifications, Number of Contracts | 6 | 4 | 14 | 15 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 41,979 | $ 37,071 | $ 110,889 | $ 156,745 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 41,833 | $ 37,071 | $ 109,807 | $ 156,746 |
Current 12 months | Sales Finance Contracts | ||||
Financing Receivable, Modifications, Number of Contracts | 102 | 86 | 231 | 186 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 260,108 | $ 196,502 | $ 595,675 | $ 396,701 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 246,752 | $ 179,493 | $ 572,656 | $ 366,078 |
Previous 12 months | ||||
Financing Receivable, Modifications, Number of Contracts | 1,407 | 1,226 | 2,535 | 1,987 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 2,114,689 | $ 1,710,340 | $ 3,728,151 | $ 2,855,227 |
Previous 12 months | Cosumer Loans | ||||
Financing Receivable, Modifications, Number of Contracts | 1,371 | 1,186 | 2,470 | 1,911 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 2,054,030 | $ 1,635,616 | $ 3,616,911 | $ 2,728,640 |
Previous 12 months | Real Estate Loans | ||||
Financing Receivable, Modifications, Number of Contracts | 0 | 1 | 0 | 1 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 0 | $ 1,358 | $ 0 | $ 1,358 |
Previous 12 months | Sales Finance Contracts | ||||
Financing Receivable, Modifications, Number of Contracts | 36 | 39 | 65 | 75 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 60,659 | $ 73,366 | $ 111,240 | $ 125,229 |
Note 3 - Investment Securities
Note 3 - Investment Securities (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Details | ||
Basis for Valuation, Debt Securities | Debt securities available-for-sale are carried at estimated fair value. Debt securities designated as 'Held to Maturity' are carried at amortized cost based on Management's intent and ability to hold such securities to maturity. | |
Gross unrealized losses on investment securities | $ 2,827,553 | $ 5,254,993 |
Note 3 - Investment Securitie37
Note 3 - Investment Securities: Schedule of amortized cost and estimated fair values of debt securities (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Available-for-sale Securities, Amortized Cost Basis | $ 188,229,673 | $ 168,843,453 |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Fair Value | 191,401,694 | 167,190,644 |
Held to Maturity, at amortized cost | 8,977,972 | 12,003,446 |
US States and Political Subdivisions Debt Securities | ||
Available-for-sale Securities, Amortized Cost Basis | 178,120,224 | 168,713,137 |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Fair Value | 180,969,682 | 166,799,531 |
Held to Maturity, at amortized cost | 8,977,972 | 12,003,446 |
Held-to-maturity Securities, Fair Value | 8,901,932 | 11,933,827 |
Corporate Debt Securities | ||
Available-for-sale Securities, Amortized Cost Basis | 130,316 | 130,316 |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Fair Value | $ 411,744 | $ 391,113 |
Note 3 - Investment Securitie38
Note 3 - Investment Securities: Schedule of Investment Securities Fair Value and Unrealized Losses (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 45,372,751 | $ 74,508,020 |
Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (2,034,403) | (5,095,578) |
Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 10,229,548 | 3,970,806 |
Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (793,150) | (159,415) |
Securities, Continuous Unrealized Loss Position, Fair Value | 55,602,299 | 78,478,826 |
Continuous Unrealized Loss Position, Aggregate Losses | (2,827,553) | (5,254,993) |
US States and Political Subdivisions Debt Securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 41,254,087 | 72,316,572 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (1,934,500) | (5,071,255) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 7,646,039 | 871,317 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (674,483) | (32,533) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 48,900,126 | 73,187,889 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | (2,608,983) | (5,103,788) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,678,808 | 2,191,448 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (17,018) | (24,323) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 2,583,509 | 3,099,489 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (118,667) | (126,882) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 4,262,317 | 5,290,937 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Loss | $ (135,685) | $ (151,205) |
Note 4 - Fair Value_ Fair Val39
Note 4 - Fair Value: Fair Value Measurements, by Fair Value hierarchy (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Investments, Fair Value Disclosure | $ 191,401,694 | $ 167,190,644 |
Corporate Debt Securities | ||
Investments, Fair Value Disclosure | 411,744 | 391,113 |
Mutual Funds | ||
Investments, Fair Value Disclosure | 10,020,268 | |
US States and Political Subdivisions Debt Securities | ||
Investments, Fair Value Disclosure | 18,096,968 | 166,799,531 |
Fair Value, Inputs, Level 1 | ||
Investments, Fair Value Disclosure | 10,432,012 | 391,113 |
Fair Value, Inputs, Level 1 | Corporate Debt Securities | ||
Investments, Fair Value Disclosure | 411,744 | 391,113 |
Fair Value, Inputs, Level 1 | Mutual Funds | ||
Investments, Fair Value Disclosure | 10,020,268 | |
Fair Value, Inputs, Level 2 | ||
Investments, Fair Value Disclosure | 180,969,682 | 166,799,531 |
Fair Value, Inputs, Level 2 | US States and Political Subdivisions Debt Securities | ||
Investments, Fair Value Disclosure | $ 180,969,682 | $ 166,799,531 |
Note 5 - Equity Method Invest40
Note 5 - Equity Method Investment: Equity Method Investments (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 | ||
Details | ||||
EQUITY METHOD INVESTMENTS | $ 26,347,323 | $ 26,201,949 | ||
Equity Method Investment, Summarized Financial Information, Assets | 129,305,042 | 128,721,905 | ||
Equity Method Investment, Summarized Financial Information, Liabilities | 148,737 | 258,881 | ||
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | $ 1,208,528 | [1] | $ 6,583,183 | [2] |
[1] | Represents 6 months of net income | |||
[2] | Represents 12 months of net income |
Note 7 - Income Taxes (Details)
Note 7 - Income Taxes (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Details | ||||
Effective Income Tax Rate Reconciliation, Percent | 24.00% | 29.00% | 25.00% | 23.00% |
Note 8 - Credit Agreement (Deta
Note 8 - Credit Agreement (Details) - Wells Fargo Preferred Capital, Inc. - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2017 |
Line of Credit Facility, Initiation Date | Sep. 11, 2009 | ||
Line of Credit Facility, Description | the Company entered into a credit facility with Wells Fargo Preferred Capital, Inc. The credit agreement provides for borrowings of up to $100.0 million or 70% of the Company's net finance receivables (as defined in the credit agreement), whichever is less | ||
Line of Credit Facility, Borrowing Capacity, Description | The credit agreement provides for borrowings of up to $100.0 million or 70% of the Company's net finance receivables (as defined in the credit agreement), whichever is less | ||
Line of Credit Facility, Commitment maturity date | Sep. 11, 2019 | ||
Line of Credit Facility, Current Borrowing Capacity | $ 100 | $ 100 | $ 100 |
Line of Credit Facility, Interest Rate Description | 4.21% | 4.00% |
Note 10 - Segment Financial I43
Note 10 - Segment Financial Information: Schedule of Segment Reporting Information, by Segment (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Segment Reporting Information, Revenue for Reportable Segment | $ 46,658,000 | $ 47,272,000 | $ 96,010,000 | $ 97,888,000 | |
Profit (Loss) | 13,142,000 | 15,674,000 | 29,505,000 | 34,219,000 | |
Segment Reporting Information, Net Assets | 444,686,000 | 444,686,000 | $ 459,239,000 | ||
Division I | |||||
Segment Reporting Information, Revenue for Reportable Segment | 5,937,000 | 6,695,000 | 12,291,000 | 13,937,000 | |
Profit (Loss) | 1,327,000 | 1,454,000 | 3,265,000 | 3,416,000 | |
Segment Reporting Information, Net Assets | 54,504,000 | 54,504,000 | 56,284,000 | ||
Division II | |||||
Segment Reporting Information, Revenue for Reportable Segment | 11,174,000 | 11,376,000 | 23,648,000 | 23,612,000 | |
Profit (Loss) | 3,485,000 | 4,554,000 | 7,813,000 | 9,813,000 | |
Segment Reporting Information, Net Assets | 104,969,000 | 104,969,000 | 110,568,000 | ||
Division III | |||||
Segment Reporting Information, Revenue for Reportable Segment | 11,060,000 | 10,693,000 | 23,153,000 | 22,035,000 | |
Profit (Loss) | 3,863,000 | 4,470,000 | 9,233,000 | 9,359,000 | |
Segment Reporting Information, Net Assets | 100,963,000 | 100,963,000 | 106,951,000 | ||
Division IV | |||||
Segment Reporting Information, Revenue for Reportable Segment | 7,899,000 | 8,038,000 | 15,680 | 16,458,000 | |
Profit (Loss) | 2,662,000 | 3,058,000 | 5,371,000 | 6,536,000 | |
Segment Reporting Information, Net Assets | 84,597,000 | 84,597,000 | 85,140,000 | ||
Division V | |||||
Segment Reporting Information, Revenue for Reportable Segment | 7,532,000 | 8,346,000 | 15,688,000 | 17,526,000 | |
Profit (Loss) | 1,522,000 | 1,924,000 | 3,337,000 | 4,485,000 | |
Segment Reporting Information, Net Assets | 70,421,000 | 70,421,000 | 74,532,000 | ||
Division VII | |||||
Segment Reporting Information, Revenue for Reportable Segment | 3,056,000 | 2,124,000 | 5,550,000 | 4,320,000 | |
Profit (Loss) | 283,000 | $ 214,000 | 486,000 | $ 610,000 | |
Segment Reporting Information, Net Assets | $ 29,232,000 | $ 29,232,000 | $ 25,764,000 |
Note 10 - Segment Financial I44
Note 10 - Segment Financial Information: Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Details | ||||
Profit per segment | $ 13,142 | $ 15,674 | $ 29,505 | $ 34,219 |
Corporate earnings not allocated | 2,641 | 3,399 | 5,865 | 6,373 |
Corporate expenses not allocated | (10,701) | (14,650) | (25,605) | (28,728) |
Income taxes not allocated | (1,207) | (1,275) | (2,459) | (2,746) |
Net income per segments | $ 3,875 | $ 3,148 | $ 7,306 | $ 9,118 |