XML 72 R66.htm IDEA: XBRL DOCUMENT v2.4.0.8
Schedule II CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
ASSETS [Abstract]      
Cash and cash equivalents $ 33,102 $ 18,951  
Investments 228,961 246,892  
Other assets 3,245 975  
Total assets 319,381 320,177  
LIABILITIES AND SHAREHOLDERS' EQUITY [Abstract]      
Deferred tax liability, net 0 7,164  
Junior subordinated debentures 41,238 41,238  
Total liabilities 218,454 214,441  
Shareholders' equity 100,927 105,736 96,277
Total liabilities and shareholders' equity 319,381 320,177  
REVENUE [Abstract]      
Other 189 147  
Total revenue 165,369 139,828  
INTEREST EXPENSE 1,898 2,632  
INCOME TAX BENEFIT (184) (646)  
Net income 11,022 4,436  
CASH FLOWS FROM OPERATING ACTIVITIES [Abstract]      
Net income 11,022 4,436  
Adjustments to reconcile net income to net cash provided by operating activities [Abstract]      
Realized investment gains, net (8,741) (1,434)  
Depreciation and amortization 600 469  
Compensation expense related to share awards 219 0  
Deferred income tax benefit (329) (97)  
Increase (decrease) in other liabilities 2,292 (1,376)  
Other, net 70 (233)  
Net cash provided by operating activities 13,020 6,115  
CASH FLOWS FROM INVESTING ACTIVITIES [Abstract]      
Proceeds from investments sold, called or matured 11,414 14,455  
Investments purchased (112,466) (44,403)  
Additions to property and equipment (1,338) (169)  
Net cash provided by (used in) investing activities 3,815 (5,638)  
CASH FLOWS FROM FINANCING ACTIVITIES [Abstract]      
Redemption of Series D preferred stock (500) 0  
Payment of dividends on Series D Preferred Stock (483) (1,015)  
Payment of dividends on common stock (423) (1,486)  
Proceeds from shares issued under stock plans 138 297  
Purchase of shares for treasury (1,416) (607)  
Net cash used in financing activities (2,684) (2,811)  
Net increase (decrease) in cash 14,151 (2,334)  
Cash and cash equivalents at beginning of year 18,951 21,285  
Cash and cash equivalents at end of year 33,102 18,951  
Supplemental disclosure [Abstract]      
Cash paid for interest 1,961 2,636  
Cash paid for income taxes 536 405  
Parent Company [Member]
     
ASSETS [Abstract]      
Cash and cash equivalents 13,936 13,306  
Investments 18,043 14,122  
Investment in subsidiaries 105,268 124,904  
Investments in unconsolidated trusts 1,238 1,238  
Income taxes receivable from subsidiaries 4,530 1,989  
Other assets 2,676 559  
Total assets 145,691 156,118  
LIABILITIES AND SHAREHOLDERS' EQUITY [Abstract]      
Deferred tax liability, net 297 7,824  
Other payables 3,229 1,320  
Junior subordinated debentures 41,238 41,238  
Total liabilities 44,764 50,382  
Shareholders' equity 100,927 105,736  
Total liabilities and shareholders' equity 145,691 156,118  
REVENUE [Abstract]      
Fee income from subsidiaries 6,271 5,605  
Distributed earnings from subsidiaries 6,646 7,350  
Other 1,330 844  
Total revenue 14,247 13,799  
GENERAL AND ADMINISTRATIVE EXPENSES 11,106 9,659  
INTEREST EXPENSE 1,898 2,632  
Earnings before tax and equity in undistributed earnings (losses) of subsidiaries 1,243 1,508  
INCOME TAX BENEFIT (4,504) [1] (1,766) [1]  
Earnings after tax but before equity in undistributed earnings (losses) of subsidiaries 5,747 3,274  
EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES, NET 5,275 1,162  
Net income 11,022 4,436  
CASH FLOWS FROM OPERATING ACTIVITIES [Abstract]      
Net income 11,022 4,436  
Adjustments to reconcile net income to net cash provided by operating activities [Abstract]      
Realized investment gains, net (644) 0  
Depreciation and amortization 117 75  
Compensation expense related to share awards 219 0  
Equity in undistributed earnings of consolidated subsidiaries (5,275) (1,162)  
(Increase) decrease in intercompany taxes (2,541) 463  
Deferred income tax benefit (329) (97)  
Increase (decrease) in other liabilities 846 (746)  
Other, net 161 (251)  
Net cash provided by operating activities 3,576 2,718  
CASH FLOWS FROM INVESTING ACTIVITIES [Abstract]      
Proceeds from investments sold, called or matured 5,568 0  
Investments purchased (4,438) 0  
Capital contribution to subsidiaries (200) (200)  
Additions to property and equipment (1,192) (166)  
Net cash provided by (used in) investing activities (262) (366)  
CASH FLOWS FROM FINANCING ACTIVITIES [Abstract]      
Redemption of Series D preferred stock (500) 0  
Payment of dividends on Series D Preferred Stock (483) (1,015)  
Payment of dividends on common stock (423) (1,486)  
Proceeds from shares issued under stock plans 138 297  
Purchase of shares for treasury (1,416) (607)  
Net cash used in financing activities (2,684) (2,811)  
Net increase (decrease) in cash 630 (459)  
Cash and cash equivalents at beginning of year 13,306 13,765  
Cash and cash equivalents at end of year 13,936 13,306  
Supplemental disclosure [Abstract]      
Cash paid for interest 1,961 2,636  
Cash paid for income taxes 536 405  
Intercompany tax settlement from subsidiaries $ 2,574 $ 2,132  
[1] Under the terms of a tax-sharing agreement, income tax provisions for the subsidiary companies are computed on a separate company basis. Accordingly, the Company’s income tax benefit results from the utilization of the Parent’s separate return loss to reduce the consolidated taxable income of the Company.