XML 68 R4.htm IDEA: XBRL DOCUMENT v3.19.3
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenues        
Net premiums earned $ 34,220,010 $ 27,533,907 $ 95,017,178 $ 74,476,138
Ceding commission revenue 1,029,582 1,044,529 2,982,960 4,430,855
Net investment income 1,856,553 1,602,371 5,200,034 4,543,226
Net gains (losses) on investments 998,162 352,025 3,712,180 (277,835)
Other income 495,696 353,077 1,191,569 961,581
Total revenues 38,600,003 30,885,909 108,103,921 84,133,965
Expenses        
Loss and loss adjustment expenses 24,781,318 13,296,708 71,587,850 41,739,123
Commission expense 7,779,344 6,594,323 21,931,933 18,411,460
Other underwriting expenses 6,430,734 5,193,679 17,983,174 15,301,168
Other operating expenses 705,710 683,309 2,774,350 1,773,983
Depreciation and amortization 646,201 440,383 1,876,202 1,273,975
Interest expense 456,545 456,545 1,369,635 1,365,052
Total expenses 40,799,852 26,664,947 117,523,144 79,864,761
Loss (income) before taxes (2,199,849) 4,220,962 (9,419,223) 4,269,204
Income tax (benefit) expense (474,687) 287,232 (1,998,251) 296,111
Net (loss) income (1,725,162) 3,933,730 (7,420,972) 3,973,093
Other comprehensive income (loss), net of tax        
Gross change in unrealized gains (losses) on available-for-sale-securities 1,323,626 (242,453) 9,191,817 (4,591,699)
Reclassification adjustment for losses included in net income 46,841 131,978 81,636 451,877
Net change in unrealized gains (losses) 1,370,467 (110,475) 9,273,453 (4,139,822)
Income tax (expense) benefit related to items of other comprehensive income (loss) (287,798) 12,416 (1,947,424) 858,377
Other comprehensive income (loss), net of tax 1,082,669 (98,059) 7,326,029 (3,281,445)
Comprehensive income (loss) $ (642,493) $ 3,835,671 $ (94,943) $ 691,648
(Loss) Earnings per common share:        
Basic $ (0.16) $ 0.37 $ (0.69) $ 0.37
Diluted $ (0.16) $ 0.36 $ (0.69) $ 0.37
Weighted average common shares outstanding        
Basic 10,779,641 10,681,329 10,769,817 10,672,084
Diluted 10,779,641 10,791,123 10,769,817 10,780,590
Dividends declared and paid per common share $ 0.0625 $ 0.1000 $ 0.2625 $ 0.3000