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Stockholders' Equity and Restrictions
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Stockholders' Equity and Restrictions
STOCK

Our Restated and Amended Articles of Incorporation authorize the issuance of 127,000,000 shares, of which 100,000,000 shares shall be Class A common stock, 2,000,000 shares shall be Class B common stock, and 25,000,000 shall be preferred stock. Both authorized classes of common stock are equal in all respects, except (a) each share of Class A common stock is entitled to receive twice the cash dividends paid on a per share basis to the Class B common stock, if any; and (b) the holders of the Class B common stock have the exclusive right to elect a simple majority of the Board of Directors of Citizens. Citizens currently has no outstanding preferred stock or Class B common stock.

A summary of the change in the number of shares of Class A common stock and treasury stock issued is as follows:

(In thousands)Common StockTreasury
Class AStock
Balance at December 31, 2023
53,883 5,330 
Stock issued for compensation352 — 
Balance at December 31, 2024
54,235 5,330 
Stock issued for compensation391 — 
Balance at December 31, 2025
54,626 5,330 
EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share.
 
Years ended December 31,
(In thousands, except per share amounts)
20252024
Basic and diluted earnings per share:
Numerator:  
Net income
$14,591 14,912 
Net income allocated to Class A common stock
$14,591 14,912 
Denominator:
Weighted average shares of Class A outstanding - basic
50,145 49,738 
Weighted average shares of Class A outstanding - diluted
51,456 50,748 
Basic earnings per share of Class A common stock
$0.29 0.30 
Diluted earnings per share of Class A common stock
$0.28 0.29 

STATUTORY CAPITAL AND SURPLUS

The combined total of all of our domestic insurance subsidiaries' statutory capital and surplus was $24.8 million and $28.8 million for as of December 31, 2025 and 2024, respectively.

The combined total for all of our domestic insurance subsidiaries' statutory net income are shown in the table below, although these amounts are not all available as dividends to Citizens since CLOA is the only subsidiary directly owned by Citizens.  All other domestic subsidiaries are owned by CLOA. SPFIC, our property insurance subsidiary, was dissolved during 2024.
Years ended December 31,
(In thousands)
20252024
Combined statutory net income (loss):
Life insurance operations$(4,694)(9,996)
Property insurance operations— (294)
Total combined statutory net income (loss)$(4,694)(10,290)
 
Generally, the net assets of the domestic insurance subsidiaries available for transfer to their immediate parent are limited to the lesser of the subsidiary's net gain from operations during the preceding year or 10% of the subsidiary's net statutory surplus as of the end of the preceding year as determined in accordance with accounting practices prescribed or permitted by insurance regulatory authorities.  Under these practices, total surplus at December 31, 2025 was $21.7 million and net loss from operations was $5.5 million for CLOA for the year ended December 31, 2025.  Based upon these amounts, no dividend could be paid to the Company without prior regulatory approval in 2026. Payments of dividends in excess of such amounts would generally require approval by regulatory authorities.

Our domestic insurance subsidiaries have calculated their risk-based capital ("RBC") in accordance with the National Association of Insurance Commissioners' ("NAIC") Model Rule and the RBC rules as adopted by their respective states of domicile. All domestic insurance subsidiaries exceeded the minimum capital requirements at December 31, 2025. On March 27, 2024, Citizens and the Colorado Division of Insurance entered into a capital maintenance agreement that specifies that Citizens will infuse capital as needed to ensure that CLOA's RBC remains above 350%. As CLOA's RBC exceeded 350% at December 31, 2025, no capital contribution was necessary.

CICA International is a Puerto Rico domiciled company. The Insurance Code of Puerto Rico does not specifically set forth minimum capital and surplus standards, but rather requires that an insurer submit a business plan for approval to the Office of the Commissioner of Insurance ("OIC") that includes proposed minimum capital and surplus. CICA
International is required to maintain a minimum of $750,000 in capital and maintain a premium to surplus ratio of 7 to 1. CICA International's capital exceeds both of the required minimum capital and related ratio.

As of and for the years ended December 31,
(In thousands)
20252024
CICA International:
Capital and surplus
$101,470 91,513 
Net income
$9,901 18,871 
As stated above, CICA International exceeded both of the capital and surplus metrics established by the OIC. CICA International could pay up to $0.5 million in dividends during 2026 without regulatory approval.