XML 36 R24.htm IDEA: XBRL DOCUMENT v3.3.1.900
Schedule II CONDENSED FINANCIAL INFORMATION OF REGISTRANT
 12 Months Ended
Dec. 31, 2015
Schedule II CONDENSED FINANCIAL INFORMATION OF REGISTRANT [Abstract]  
Schedule II CONDENSED FINANCIAL INFORMATION OF REGISTRANT

CONDENSED FINANCIAL INFORMATION OF REGISTRANT

ATLANTIC AMERICAN CORPORATION
(Parent Company Only)

BALANCE SHEETS

ASSETS

December 31,
2015
2014
(In thousands)
 
 
 
 
 
 
Cash and cash equivalents
$
4,463
 
$
5,947
 
Investments
 
19,035
 
 
13,766
 
Investment in subsidiaries
 
106,675
 
 
113,509
 
Investments in unconsolidated trusts
 
1,238
 
 
1,238
 
Deferred tax asset, net
 
169
 
 
—
 
Income taxes receivable from subsidiaries
 
2,146
 
 
2,271
 
Other assets
 
4,677
 
 
5,113
 
Total assets
$
138,403
 
$
141,844
 
 
 
 
 
 
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
 
 
 
 
Deferred tax liability, net
$
—
 
$
2,055
 
Other payables
 
2,173
 
 
1,856
 
Junior subordinated debentures
 
33,738
 
 
33,738
 
 
 
 
 
 
 
Total liabilities
 
35,911
 
 
37,649
 
 
 
 
 
 
 
Shareholders’ equity
 
102,492
 
 
104,195
 
Total liabilities and shareholders’ equity
$
138,403
 
$
141,844
 

 

CONDENSED FINANCIAL INFORMATION OF REGISTRANT

ATLANTIC AMERICAN CORPORATION
(Parent Company Only)

STATEMENTS OF OPERATIONS

Year Ended December 31,
2015
2014
(In thousands)
REVENUE
 
 
 
 
 
 
Fee income from subsidiaries
$
7,449
 
$
7,469
 
Distributed earnings from subsidiaries
 
6,750
 
 
6,468
 
Other
 
571
 
 
1,622
 
Total revenue
 
14,770
 
 
15,559
 
 
 
 
 
 
 
GENERAL AND ADMINISTRATIVE EXPENSES
 
13,984
 
 
12,478
 
 
 
 
 
 
 
INTEREST EXPENSE
 
1,429
 
 
1,607
 
 
(643
)
 
1,474
 
INCOME TAX BENEFIT(1)
 
(1,514
)
 
(2,040
)
 
871
 
 
3,514
 
EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES, NET
 
3,517
 
 
916
 
NET INCOME
$
4,388
 
$
4,430
 
(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.

 

CONDENSED FINANCIAL INFORMATION OF REGISTRANT

ATLANTIC AMERICAN CORPORATION
(Parent Company Only)

STATEMENTS OF CASH FLOWS

Year Ended December 31,
2015
2014
(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
 
 
 
Net income
$
4,388
 
$
4,430
 
Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
 
 
Realized investment gains, net
 
(190
)
 
(350
)
Gain on purchase of debt securities
 
—
 
 
(750
)
Depreciation and amortization
 
673
 
 
507
 
Compensation expense related to share awards
 
365
 
 
584
 
Equity in undistributed earnings of consolidated subsidiaries
 
(3,517
)
 
(916
)
Decrease in intercompany taxes
 
125
 
 
2,259
 
Deferred income tax expense
 
304
 
 
102
 
Increase (decrease) in other liabilities
 
317
 
 
(164
)
Other, net
 
(12
)
 
4
 
Net cash provided by operating activities
 
2,453
 
 
5,706
 
 
 
 
 
 
 
CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
 
 
 
Proceeds from investments sold, called or matured
 
2,210
 
 
2,106
 
Investments purchased
 
(3,956
)
 
—
 
Capital contribution to subsidiaries
 
(200
)
 
(100
)
Additions to property and equipment
 
(230
)
 
(4,127
)
Net cash used in investing activities
 
(2,176
)
 
(2,121
)
 
 
 
 
 
 
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
 
Payment for debt securities
 
—
 
 
(6,750
)
Redemption of Series D preferred stock
 
—
 
 
(1,000
)
Payment of dividends on Series D preferred stock
 
(399
)
 
(471
)
Payment of dividends on common stock
 
(412
)
 
(834
)
Proceeds from shares issued under stock plans
 
47
 
 
84
 
Purchase of shares for treasury
 
(997
)
 
(2,603
)
Net cash used in financing activities
 
(1,761
)
 
(11,574
)
 
 
 
 
 
 
Net decrease in cash
 
(1,484
)
 
(7,989
)
Cash and cash equivalents at beginning of year
 
5,947
 
 
13,936
 
Cash and cash equivalents at end of year
$
4,463
 
$
5,947
 
 
 
 
 
 
 
Supplemental disclosure:
 
 
 
 
 
 
Cash paid for interest
$
1,424
 
$
1,649
 
Cash paid for income taxes
$
1,465
 
$
445
 
Intercompany tax settlement from subsidiaries
$
2,409
 
$
4,695