Condensed Financial Information of Parent Company

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information of Parent Company

18 - Condensed Financial Information of Parent Company

Condensed Balance Sheets

(in thousands)

December 31,	2019		2018
Assets
Investment in subsidiaries/affiliates (equity method)	$	489,657	$	465,030
Short-term investments		2,502		29
Cash		2,350		1,542
Property and equipment		944		928
Other		—		—
Total assets	$	495,453	$	467,529
Liabilities and Stockholders’ Equity
Liabilities
Cash dividends declared to stockholders	$	4,075	$	3,948
Borrowings under lines of credit		35,000		60,000
Other		5,362		4,711
Total liabilities		44,437		68,659
Stockholders’ equity		451,016		398,870
Total liabilities and stockholders’ equity	$	495,453	$	467,529

Condensed Statements of Income (Loss) and Comprehensive Income (Loss)

(in thousands)

Year Ended December 31,	2019		2018			2017
Statements of Income (Loss)
Revenues
Dividends from subsidiaries	$	4,000	$	11,000		$	13,000
Realized investment gains		12,378		—			—
Other		1,009		3,196			2,131
Total revenues		17,387		14,196			15,131
Expenses
Operating expenses		1,420		1,628			1,433
Interest		1,327		2,224			1,929
Total expenses		2,747		3,852			3,362
Income before income tax expense (benefit) and equity in undistributed net income (loss) of subsidiaries		14,640		10,344			11,769
Income tax expense (benefit)		636		411			(690	)
Income before equity in undistributed net income (loss) of subsidiaries		14,004		9,933			12,459
Equity in undistributed net income (loss) of subsidiaries		33,148		(42,693	)		(5,343	)
Net income (loss)	$	47,152	$	(32,760	)	$	7,116
Statements of Comprehensive Income (Loss)
Net income (loss)	$	47,152	$	(32,760	)	$	7,116
Other comprehensive income (loss), net of tax
Unrealized gain (loss) - subsidiaries		14,732		(6,625	)		46
Other comprehensive income (loss), net of tax		14,732		(6,625	)		46
Comprehensive income (loss)	$	61,884	$	(39,385	)	$	7,162

Condensed Statements of Cash Flows

(in thousands)

Year Ended December 31,	2019			2018			2017
Cash flows from operating activities:
Net income (loss)	$	47,152		$	(32,760	)	$	7,116
Adjustments:
Equity in undistributed net (income) loss of subsidiaries		(33,148	)		42,694			5,343
Realized investment gains		(12,378	)		—			—
Dividends received from DFSC		—			—			1,037
Other		490			2,531			1,011
Net adjustments		(45,036	)		45,225			7,391
Net cash provided		2,116			12,465			14,507
Cash flows from investing activities:
Net (purchases) sale of short-term investments		(2,473	)		—			1
Net purchase of property and equipment		(150	)		(106	)		(788	)
Sale of DFSC		33,923			—			—
Sale of equity securities - available for sale		20,287			—			—
Investment in subsidiaries		(18,283	)		(2,644	)		(2,992	)
Other		—			(1	)		(1	)
Net cash received (used)		33,304			(2,751	)		(3,780	)
Cash flows from financing activities:
Cash dividends paid		(16,093	)		(15,659	)		(14,821	)
Issuance of common stock		6,481			3,250			15,511
Payments on lines of credit		(25,000	)		—			(10,000	)
Borrowings under lines of credit		—			1,000			—
Net cash used		(34,612	)		(11,409	)		(9,310	)
Net change in cash		808			(1,695	)		1,417
Cash at beginning of year		1,542			3,237			1,820
Cash at end of year	$	2,350		$	1,542		$	3,237