Schedule II - Condensed Financial Information of Registrant (Parent Company Only)

12 Months Ended

Dec. 31, 2012

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

Schedule II – Condensed Financial Information of Registrant (Parent Company Only)

	2012			2011
				(as adjusted)
ASSETS
Cash and cash equivalents	$	1,112		$	3,309
Investment in subsidiaries		296,258			288,874
Deferred federal income taxes		2,112			387
Other assets		3,416			3,536
	$	302,898		$	296,106
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Revolving credit facility payable	$	1,473		$	4,050
Subordinated debt securities		56,702			56,702
Current federal income tax payable		7,047			3,017
Accounts payable and other accrued expenses		17,139			16,765
		82,361			80,534
Stockholders’ equity:
Common stock, $.18 par value, authorized 33,333,333 shares; issued 20,872,831 shares in 2012 and in 2011		3,757			3,757
Capital in excess of par value		122,475			122,487
Retained earnings		97,964			94,440
Accumulated other comprehensive income		7,899			6,446
Treasury stock (1,609,374 shares in 2012 and 2011), at cost		(11,558	)		(11,558	)
Total stockholders’ equity		220,537			215,572
Total liabilities and stockholders’ equity	$	302,898		$	296,106

	2012			2011			2010
				(as adjusted)			(as adjusted)
Investment loss, net of expenses	$	(181	)	$	(194	)	$	(119	)
Net realized gain		-			-			41
Management fee income		8,485			7,288			6,071
Other income		-			-			5
		8,304			7,094			5,998
Operating expenses		8,079			7,851			6,885
Interest expense		4,634			4,631			4,598
Amortization of intangible assets		17			42			150
		12,730			12,524			11,633
Loss before equity in undistributed earnings (loss) of subsidiaries and income tax benefit		(4,426	)		(5,430	)		(5,635	)
Income tax benefit		(1,627	)		(1,669	)		(1,608	)
Loss before equity in undistributed earnings (loss) of subsidiaries		(2,799	)		(3,761	)		(4,027	)
Equity in undistributed share of earnings (loss) in subsidiaries		6,323			(7,130	)		11,430
Net income (loss)	$	3,524		$	(10,891	)	$	7,403
Comprehensive income (loss)	$	4,977		$	(14,082	)	$	8,451

	2012			2011			2010
				(as adjusted)			(as adjusted)
Cash flows from operating activities:
Net income (loss)	$	3,524		$	(10,891	)	$	7,403
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:
Depreciation and amortization expense		113			168			223
Deferred income tax benefit		(1,725	)		(215	)		(12	)
Undistributed share of (earnings) loss of subsidiaries		(6,323	)		7,130			(11,430	)
Realized loss		-			-			(41	)
Change in current federal income tax payable (recoverable)		4,030			(4,838	)		(700	)
Change in all other liabilities		357			5,155			4,092
Change in all other assets		450			1,074			838
Net cash provided by (used in) operating activities		426			(2,417	)		373
Cash flows from investing activities:
Purchases of property and equipment		(46	)		(205	)		(28	)
Purchase of fixed maturity and equity securities		-			-			(989	)
Maturities and redemptions of investment securities		-			-			1,956
Net cash (used in) provided by investing activities		(46	)		(205	)		939
Cash flows from financing activities:
Proceeds from exercise of employee stock options		-			99			25
Purchase of treasury shares		-			(6,401	)		-
Activity under revolving credit facility, net		(2,577	)		1,250			-
Net cash (used in) provided by financing activities		(2,577	)		(5,052	)		25
(Decrease) increase in cash and cash equivalents		(2,197	)		(7,674	)		1,337
Cash and cash equivalents at beginning of year		3,309			10,983			9,646
Cash and cash equivalents at end of year	$	1,112		$	3,309		$	10,983
Supplemental cash flow information:
Interest paid	$	(4,656	)	$	(4,620	)	$	(4,594	)
Income taxes recovered (paid)	$	3,932		$	(3,383	)	$	895