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Consolidated Statements of Changes in Shareholders’ Equity (Unaudited) - USD ($)
$ in Thousands
Common Stock
Additional Paid-in Capital
Unearned Employee Stock Ownership Plan Shares
Retained Earnings
Accumulated Other Comprehensive Loss, Net of Income Taxes
Treasury Stock
Non-Controlling Interest
Total
Balance at Dec. 31, 2022 $ 230 $ 95,671 $ (941) $ 214,121 $ (29,286) $ (28,818) $ 2,230 $ 253,207
Battle Creek demutualization
Net loss (12,332) (403) (12,735)
Impact of Westminster unrealized investment gains/losses
Other comprehensive income (loss), net of income taxes 2,300 107 2,407
Purchase of treasury stock (3,223) (3,223)
Share-based compensation 901 901
Issuance of vested award shares (822) (271) 919 (174)
Balance at Jun. 30, 2023 230 95,750 (941) 201,518 (26,986) (31,122) 1,934 240,383
Balance at Mar. 31, 2023 230 95,568 (941) 209,710 (24,848) (28,803) 2,155 253,071
Battle Creek demutualization
Net loss (8,122) (113) (8,235)
Impact of Westminster unrealized investment gains/losses
Other comprehensive income (loss), net of income taxes (2,138) (108) (2,246)
Purchase of treasury stock (2,602) (2,602)
Share-based compensation 396 396
Issuance of vested award shares (214) (70) 283 (1)
Balance at Jun. 30, 2023 230 95,750 (941) 201,518 (26,986) (31,122) 1,934 240,383
Balance at Dec. 31, 2023 230 96,294 (698) 208,376 (21,384) (35,177) 2,758 250,399
Battle Creek demutualization 3,832 (1,074) (2,758)
Net loss (9,817) (9,817)
Impact of Westminster unrealized investment gains/losses (4,380) 4,380
Other comprehensive income (loss), net of income taxes (2,114) (2,114)
Purchase of treasury stock
Share-based compensation 1,136 1,136
Issuance of vested award shares (849) (184) 879 (154)
Balance at Jun. 30, 2024 230 96,581 (698) 197,827 (20,192) (34,298) 239,450
Balance at Mar. 31, 2024 230 96,320 (698) 218,451 (23,858) (34,599) 255,846
Battle Creek demutualization
Net loss (16,236) (16,236)
Impact of Westminster unrealized investment gains/losses (4,380) 4,380
Other comprehensive income (loss), net of income taxes (714) (714)
Purchase of treasury stock
Share-based compensation 555 555
Issuance of vested award shares (294) (8) 301 (1)
Balance at Jun. 30, 2024 $ 230 $ 96,581 $ (698) $ 197,827 $ (20,192) $ (34,298) $ 239,450