XML 20 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash Flows from Operating Activities:    
Net (loss) income $ (18,967,933) $ 2,786,170
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation, amortization and other non-cash items 3,093,372 3,399,601
Net realized investment gains (598,971) (3,646,281)
Equity in earnings of Donegal Financial Services Corporation (1,419,970) (619,565)
Changes in assets and liabilities:    
Losses and loss expenses 70,958,418 36,581,540
Unearned premiums 32,420,723 43,782,809
Premiums receivable (8,814,392) (11,588,811)
Deferred acquisition costs (4,319,511) (4,769,882)
Deferred income taxes 27,263 (481,330)
Reinsurance receivable (13,302,328) (14,146,449)
Prepaid reinsurance premiums (8,693,950) (12,681,228)
Accrued investment income (232,947) 81,101
Due to affiliate (3,826,317) 11,781,859
Reinsurance balances payable 2,273,786 1,917,069
Current income taxes (8,686,822) (2,038,231)
Accrued expenses (3,913,386) (5,810,390)
Other, net 135,249 (141,602)
Net adjustments 55,100,217 41,620,210
Net cash provided by operating activities 36,132,284 44,406,380
Cash Flows from Investing Activities:    
Purchases of fixed maturities, held to maturity (26,231,784) (30,889,730)
Purchases of fixed maturities, available for sale (49,700,116) (42,607,193)
Purchases of equity securities, available for sale (4,344,974) (6,888,091)
Maturity of fixed maturities:    
Held to maturity 7,143,696 10,695,775
Available for sale 56,797,178 42,557,614
Sales of fixed maturities, available for sale 208,817 3,373,785
Sales of equity securities, available for sale 1,819,212 10,782,859
Net purchases of property and equipment (107,440) (302,622)
Net purchases of short-term investments (736,775) (22,781,308)
Net cash used in investing activities (15,152,186) (36,058,911)
Cash Flows from Financing Activities:    
Cash dividends paid (7,780,426) (7,351,660)
Issuance of common stock 1,618,991 3,257,905
Borrowings under line of credit 1,000,000  
Net cash used in financing activities (5,161,435) (4,093,755)
Net increase in cash 15,818,663 4,253,714
Cash at beginning of period 37,833,435 24,587,214
Cash at end of period 53,652,098 28,840,928
Cash paid during period - Interest $ 557,521 616,562
Net cash paid during period - Taxes   $ 3,050,000