XML 37 R26.htm IDEA: XBRL DOCUMENT
v3.21.1

Schedule II CONDENSED FINANCIAL INFORMATION OF REGISTRANT | 12 Months Ended
--- | ---
Dec. 31, 2020
Schedule II CONDENSED FINANCIAL INFORMATION OF REGISTRANT [Abstract] |
Schedule II CONDENSED FINANCIAL INFORMATION OF REGISTRANT | Schedule II CONDENSED FINANCIAL INFORMATION OF REGISTRANT ATLANTIC AMERICAN CORPORATION (Parent Company Only) BALANCE SHEETS ASSETS
|  | December 31, |
|  | 2020 |  |  | 2019 |
|  | (In thousands) |
Cash and cash equivalents |  | $ | 2,090 |  |  | $ | 2,068 |
Investments |  |  | 2,598 |  |  |  | 3,267 |
Investment in subsidiaries |  |  | 172,996 |  |  |  | 142,707 |
Investments in unconsolidated trusts |  |  | 1,238 |  |  |  | 1,238 |
Income taxes receivable from subsidiaries |  |  | 1,683 |  |  |  | 2,304 |
Other assets |  |  | 4,311 |  |  |  | 5,126 |
Total assets |  | $ | 184,916 |  |  | $ | 156,710 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |
Deferred tax liability, net |  | $ | 1,765 |  |  | $ | 346 |
Other payables |  |  | 4,353 |  |  |  | 4,232 |
Junior subordinated debentures |  |  | 33,738 |  |  |  | 33,738 |
Total liabilities |  |  | 39,856 |  |  |  | 38,316 |
Shareholders’ equity |  |  | 145,060 |  |  |  | 118,394 |
Total liabilities and shareholders’ equity |  | $ | 184,916 |  |  | $ | 156,710 |
See accompanying report of independent registered public accounting firm. Schedule II CONDENSED FINANCIAL INFORMATION OF REGISTRANT ATLANTIC AMERICAN CORPORATION (Parent Company Only) STATEMENTS OF OPERATIONS
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |
|  | (In thousands) |
REVENUE |  |  |  |  |  |
Fee income from subsidiaries |  | $ | 6,745 |  |  | $ | 7,210 |
Distributed earnings from subsidiaries |  |  | 3,900 |  |  |  | 4,800 |
Unrealized gains (losses) on equity securities, net |  |  | (191 | ) |  |  | 2,976 |
Other |  |  | (784 | ) |  |  | 1,190 |
Total revenue |  |  | 9,670 |  |  |  | 16,176 |
GENERAL AND ADMINISTRATIVE EXPENSES |  |  | 11,521 |  |  |  | 11,731 |
INTEREST EXPENSE |  |  | 1,610 |  |  |  | 2,130 |
|  |  | (3,461 | ) |  |  | 2,315 |
INCOME TAX BENEFIT(1) |  |  | (3,623 | ) |  |  | (2,035 | )
|  |  | 162 |  |  |  | 4,350 |
EQUITY IN UNDISTRIBUTED EARNINGS (LOSS) OF SUBSIDIARIES, NET |  |  | 12,007 |  |  |  | (4,736 | )
NET INCOME (LOSS) |  | $ | 12,169 |  |  | $ | (386 | )
(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.
See accompanying report of independent registered public accounting firm. Schedule II CONDENSED FINANCIAL INFORMATION OF REGISTRANT ATLANTIC AMERICAN CORPORATION (Parent Company Only) STATEMENTS OF CASH FLOWS
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |
|  | (In thousands) |
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |
Net Income (loss) |  | $ | 12,169 |  |  | $ | (386 | )
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |  |  |  |  |  |  |  |
Realized investment gains, net |  |  | — |  |  |  | (1,120 | )
Unrealized losses (gains) on equity securities, net |  |  | 191 |  |  |  | (2,976 | )
Depreciation and amortization |  |  | 594 |  |  |  | 552 |
Compensation expense related to share awards |  |  | 437 |  |  |  | 353 |
Distributions received from equity method investees |  |  | — |  |  |  | 51 |
Equity in undistributed (earnings) loss of subsidiaries, net |  |  | (12,007 | ) |  |  | 4,736 |
Decrease in intercompany taxes |  |  | 622 |  |  |  | 551 |
Deferred income tax benefit |  |  | (2,446 | ) |  |  | (913 | )
Increase in accounts payable and accrued expenses |  |  | 121 |  |  |  | 2,360 |
Other, net |  |  | 917 |  |  |  | (2,314 | )
Net cash provided by operating activities |  |  | 598 |  |  |  | 894 |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |  |
Proceeds from investments sold, called or matured |  |  | — |  |  |  | 3,574 |
Investments purchased |  |  | — |  |  |  | (1,060 | )
Capital contribution to subsidiaries |  |  | — |  |  |  | (3,500 | )
Additions to property and equipment |  |  | (95 | ) |  |  | (44 | )
Net cash used in investing activities |  |  | (95 | ) |  |  | (1,030 | )
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |  |
Payment of dividends on Series D preferred stock |  |  | (399 | ) |  |  | (399 | )
Payment of dividends on common stock |  |  | — |  |  |  | (403 | )
Proceeds from shares issued under stock plans |  |  | 9 |  |  |  | 27 |
Treasury stock acquired — share repurchase authorization |  |  | — |  |  |  | (71 | )
Treasury stock acquired — net employee share-based compensation |  |  | (91 | ) |  |  | (92 | )
Net cash used in financing activities |  |  | (481 | ) |  |  | (938 | )
Net increase (decrease) in cash |  |  | 22 |  |  |  | (1,074 | )
Cash and cash equivalents at beginning of year |  |  | 2,068 |  |  |  | 3,142 |
Cash and cash equivalents at end of year |  | $ | 2,090 |  |  | $ | 2,068 |
Supplemental disclosure: |  |  |  |  |  |  |  |
Cash paid for interest |  | $ | 1,665 |  |  | $ | 2,155 |
Cash paid for income taxes |  | $ | 3,883 |  |  | $ | 1,662 |
Intercompany tax settlement from subsidiaries |  | $ | 1,798 |  |  | $ | 3,335 |

X
- References No definition available. + Details
Name: | srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | srt_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration