XML 17 R7.htm IDEA: XBRL DOCUMENT v3.7.0.1
Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash Flows from Operating Activities:    
Net income $ 4,866 $ 4,400
Adjustments to reconcile net income to net cash provided by operating activities:    
Net realized capital gains on investments (955) (219)
Deferred income taxes, net 292
Depreciation of property and equipment 249 220
Amortization of intangibles 21 31
Amortization of deferred policy acquisition costs 11,310 10,234
Deferral of policy acquisition costs (16,494) (12,367)
Net amortization of premiums and discounts on investments 593 405
Changes in assets and liabilities which provided (used) cash:    
Premiums and agents balances receivable (48,894) (10,407)
Reinsurance premiums receivable (2,448)
Reinsurance recoverables on losses (3,200) (16,077)
Accrued investment income (547) (57)
Receivable from Federal Crop Insurance Corporation 4,264 (18,174)
Federal income tax recoverable 276 (1,528)
Other assets 912 (1,949)
Unpaid losses and loss adjustment expenses 12,987 21,779
Unearned premiums 34,749 20,871
Reinsurance payables 5,979 8,530
Accrued expenses and other liabilities 6,781 2,139
Net cash provided by operating activities 10,449 8,123
Cash flows from investing activities:    
Proceeds from sales of fixed income securities 11,712 10,968
Proceeds from sales of equity securities 2,904 368
Purchases of fixed income securities (88,151) (19,305)
Purchases of equity securities (19,252) (1,813)
Purchases of property and equipment, net (542) (261)
Other 2 74
Net cash used in investing activities (93,327) (9,969)
Cash flows from financing activities:    
Proceeds from issuance of common stock 93,145
Purchases of treasury stock (8,037)
Loan to employee stock ownership plan (2,400)
Net cash provided by financing activities 82,708
Net decrease in cash and cash equivalents (170) (1,846)
Cash and cash equivalents at beginning of period 18,318 14,521
Cash and cash equivalents at end of period $ 18,148 $ 12,675