| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | |
|---|---|---|---|---|---|---|
Cash Flows from Operating Activities: | ||||||
Net income (loss) | ||||||
26,500 | 31,244 | 15,612 | 4,638 | 17,585 | 13,812 | |
Adjustments to reconcile net income (loss) to net cash flows from operating activities: | ||||||
Gain on acquisition of Direct Auto Insurance Company | ||||||
- | 4,578 | - | - | - | - | |
Net capital (gain) loss on investments | ||||||
14,783 | 3,974 | 2,997 | 5,681 | 823 | 1,073 | |
Deferred income tax expense (benefit) | ||||||
-1,871 | 692 | 2,067 | 82 | -378 | -105 | |
Depreciation of property and equipment | ||||||
538 | 492 | 500 | 441 | 523 | 491 | |
Amortization of intangibles | ||||||
1,711 | 3,507 | 43 | 57 | 52 | -67 | |
Distribution of employee stock ownership plan shares | ||||||
405 | 400 | 401 | - | 0 | - | |
Share-based compensation | ||||||
1,613 | 1,232 | 423 | - | 0 | - | |
Amortization of deferred policy acquisition costs | ||||||
46,188 | 31,856 | 27,750 | 20,423 | 18,621 | 16,523 | |
Deferral of policy acquisition costs | ||||||
48,721 | 35,863 | 27,667 | 20,921 | 19,825 | 17,023 | |
Net amortization of premiums and discounts on investments | ||||||
-1,146 | -1,149 | -1,368 | -894 | -616 | -475 | |
Loss on sale of property and equipment | ||||||
-37 | 11 | - | - | - | - | |
Changes in operating assets and liabilities: | ||||||
Premiums and agents' balances receivable | ||||||
2,404 | 2,806 | 3,646 | 1,947 | 2,501 | 576 | |
Reinsurance premiums payable | ||||||
170 | -428 | 389 | -498 | 382 | -74 | |
Reinsurance premiums receivable / payable | ||||||
- | - | - | - | - | -1,935 | |
Reinsurance recoverables on losses | ||||||
1,813 | -1,896 | -3,064 | 1,921 | -1,853 | 835 | |
Accrued investment income | ||||||
191 | -161 | 565 | 67 | 169 | -47 | |
Receivable from Federal Crop Insurance Corporation | ||||||
-1,939 | 5,668 | -6,260 | 2,759 | -2,304 | 3,171 | |
Income tax recoverable / payable | ||||||
-889 | 1,721 | -3,924 | 2,051 | 2,049 | 0 | |
Other assets | ||||||
109 | 1,477 | -506 | 902 | -673 | -160 | |
Unpaid losses and loss adjustment expenses | ||||||
6,129 | 264 | -13,742 | 14,290 | -5,176 | -1,553 | |
Unearned premiums | ||||||
4,509 | 5,550 | 5,817 | 3,958 | 3,592 | 2,210 | |
Accrued expenses and other liabilities | ||||||
41 | 422 | 3,052 | -565 | 1,141 | -1,769 | |
Income taxes payable | ||||||
- | - | - | - | - | 793 | |
Net cash flows from operating activities | ||||||
25,665 | 20,955 | 18,425 | 7,307 | 17,177 | 10,410 | |
Cash flows from investing activities: | ||||||
Proceeds from sales of fixed income securities | ||||||
59,649 | 61,465 | 24,584 | 21,692 | 13,698 | 23,525 | |
Proceeds from sales of equity securities | ||||||
20,174 | 23,409 | 11,125 | 9,084 | 2,821 | 2,020 | |
Purchases of fixed income securities | ||||||
92,012 | 73,871 | 100,896 | 31,188 | 37,033 | 26,334 | |
Purchases of equity securities | ||||||
17,042 | 13,557 | 25,419 | 2,624 | 3,340 | 2,017 | |
Purchases of property and equipment, net | ||||||
1,290 | 1,552 | 1,334 | 548 | 531 | 620 | |
Acquisition of Westminster American Insurance Company (cash consideration paid net of cash and cash equivalents acquired) | ||||||
- | - | - | - | - | -336 | |
Acquisition of Direct Auto Insurance Company (cash consideration paid net of cash and cash equivalents acquired) | ||||||
- | 27,485 | - | - | - | - | |
Other | ||||||
-63 | -18 | -83 | -74 | 0 | -43 | |
Net cash flows from investing activities | ||||||
-30,458 | 23,397 | -91,857 | -3,510 | -24,385 | -3,047 | |
Cash flows from financing activities: | ||||||
Purchases of treasury stock | ||||||
2,006 | 2,996 | 8,037 | - | 0 | - | |
Issuance of restricted stock awards | ||||||
- | - | 93,145 | - | 0 | - | |
Loan to employee stock ownership plan | ||||||
- | - | 2,400 | - | 0 | - | |
Issuance of restricted stock awards | ||||||
19 | - | - | - | - | - | |
Net cash flows from financing activities | ||||||
-2,025 | -2,996 | 82,708 | - | 0 | - | |
Net (decrease) increase in cash and cash equivalents | ||||||
-6,818 | 41,356 | 9,276 | - | - | - | |
Net (decrease) increase in cash and cash equivalents | ||||||
- | - | - | 3,797 | -7,208 | 7,363 | |
Non-cash item: | ||||||
Income taxes paid | ||||||
- | - | - | - | - | 4,807 | |