FEDERATED NATIONAL HOLDING COMPANY (UNAUDITED) (Tables)

12 Months Ended

Dec. 31, 2013

FEDERATED NATIONAL HOLDING COMPANY (UNAUDITED) [Abstract]

Schedule of condensed balance sheet

Condensed Balance Sheets (Unaudited)	Period Ending December 31,
ASSETS	2013			2012
	(Dollars in Thousands)
Cash and short term investments	$	2,143		$	1,494
Investments and advances to subsidiaries		105,797			61,005
Deferred income taxes receivable		1,006			4,338
Income taxes receivable		8,157			9,515
Property, plant and equipment, net		184			98
Other assets		4,446			4,069
Total assets	$	121,733		$	80,519
LIABILITIES AND SHAREHOLDERS' EQUITY
Income taxes payable		1,690			-
Dividends payable		330			-
Capital contribution payable		16,000			-
Other liabilities		238			125
Total liabilities		18,258			125
Shareholders' equity:
Common stock		110			80
Additional paid-in capital		74,086			45,378
Accumulated other comprehensive loss		(1,727	)		(1,039	)
Retained earnings		31,006			35,975
Total shareholders' equity		103,475			80,394
Total liabilities and shareholders' equity	$	121,733		$	80,519

Schedule of condensed statements of operations

Condensed Statements of Operations (Unaudited)	Years Ended December 31,
	2013		2012		2011
	(Dollars in Thousands)
Revenue:
Management fees from subsidiaries	$	1,864	$	1,228	$	1,734
Equity in income of subsidiaries		21,623		8,787		(48	)
Net investment income		136		34		31
Other income		11		476		1,345
Total revenue		23,634		10,525		3,062
Expenses:
Salaries and wages		2,022		1,853		1,775
Legal fees		113		198		54
Other expenses		2,281		1,726		2,233
Total expenses		4,416		3,777		4,062
Income (loss) before provision for income tax expense (benefit)		19,218		6,748		(1,000	)
Provision for income tax expense (benefit)		6,491		2,435		(570	)
Net income (loss)	$	12,727	$	4,313	$	(430	)

Schedule of condensed statements of cash flow

Condensed Statements of Cash Flow (Unaudited)
	Years Ended December 31,
	2013			2012			2011
	(Dollars in Thousands)
Cash flow from operating activities:
Net income (loss)	$	12,727		$	4,313		$	(430	)
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
Equity in (income) loss  of subsidiaries		(21,623	)		(8,787	)		48
Depreciation and amortization of property plant and equipment, net		33			23			7
Deferred income tax (benefit) expense		(3,332	)		(4,274	)		696
Income tax recoverable  (payable)		1,690			(78	)		78
Change in dividends payable		330			-			-
Non-cash compensation		293			188			263
Changes in operating assets and liabilities:
Property, plant and equipment		119			(138	)		73
Deferred gain on sale of assets		-			(30	)		(506	)
Other assets		377			45			(292	)
Capital contribution payable		16,000			-			-
Other liabilities		112			(18	)		(770	)
Net cash provided (used) by operating activities		6,726			(8,756	)		(833	)
Cash flow used in investing activities:
Purchases of investment securities available for sale		(44,792	)		(451	)		(846	)
Cash flow used in investing activities:		(44,792	)		(451	)		(846	)
Net cash provided in financing activities:
Dividends paid		(1,232	)		(159	)		-
Stock options exercised		858			128			-
Tax benefit related to non-cash compensation		168			100			92
Issuance of common stock		27,879			-			-
Advances from subsidiaries		11,042			8,349			668
Net cash provided in financing activities:		38,715			8,418			760
Net increase (decrease) in cash and short term investments		649			(789	)		(919	)
Cash and short term investments at beginning of year		1,494			2,283			3,202
Cash and short term investments at end of year	$	2,143		$	1,494		$	2,283