img208036610_0.gif

News Release

 

For Further Information:

Jessica Gulis, 248.509.9202

ir@prehld.com

 

Presurance Holdings Reports 2026 Second Quarter Financial Results

Troy, MI, August 12, 2026 – Presurance Holdings, Inc. (Nasdaq: PRHI) (“Presurance” or the “Company”) today announced results for the second quarter and six months ended June 30, 2026.

First Half 2026 Financial Highlights

•
Net income doubled to $5.2 million, or $1.66 per share, compared to $2.6 million, or $1.47 per share versus same period last year.
•
Combined ratio improved to 86.4% from 131.2%.
•
Book value is now $7.41 per share.
•
Weighted average share count stands at 3,105,236.

 

Management Comments

Brian Roney, CEO of Presurance, commented, “Over the past 21 months under new leadership, we have begun to see the benefits of a changed management approach. We materially improved our underwriting results and delivered another profitable quarter for shareholders by strengthening both underwriting and claims management. These results reinforce our belief that disciplined operations, appropriate risk selection, and careful capital management are essential to driving future performance.”

 

 

 

 

 

Presurance Holdings, Inc. Page 2

August 12, 2026

 

 

2026 Second Quarter Financial Results Overview

 

 

At and for the
Three Months Ended June 30,

 

 

At and for the
Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

%
Change

 

 

2026

 

 

2025

 

 

%
Change

 

 

 

(dollars in thousands, except share and per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross written premiums

 

$

13,070

 

 

$

21,079

 

 

 

-38.0

%

 

$

24,539

 

 

$

37,252

 

 

 

-34.1

%

Net written premiums

 

 

16,652

 

 

 

1,383

 

 

**

 

 

 

22,727

 

 

 

12,223

 

 

 

85.9

%

Net earned premiums

 

 

6,808

 

 

 

9,564

 

 

 

-28.8

%

 

 

12,733

 

 

 

19,879

 

 

 

-35.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

1,040

 

 

 

1,298

 

 

 

-19.9

%

 

 

2,150

 

 

 

2,587

 

 

 

-16.9

%

Net realized investment
gains (losses)

 

 

(87

)

 

 

(28

)

 

**

 

 

 

(101

)

 

 

(25

)

 

**

 

Change in fair value of equity securities

 

 

81

 

 

 

(65

)

 

**

 

 

 

111

 

 

 

(257

)

 

**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

 

2,536

 

 

 

2,051

 

 

 

23.6

%

 

 

5,158

 

 

 

2,573

 

 

 

100.5

%

Earnings (loss) per common share, basic and diluted

 

$

0.68

 

 

$

1.17

 

 

 

-42.4

%

 

$

1.66

 

 

$

1.47

 

 

 

12.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted operating income
(loss)*

 

 

1,322

 

 

 

(2,070

)

 

**

 

 

 

384

 

 

 

(5,754

)

 

**

 

Adjusted operating income (loss) per share,
diluted*

 

$

0.35

 

 

$

(1.19

)

 

**

 

 

$

0.12

 

 

$

(3.30

)

 

**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book value per common
share outstanding

 

$

7.41

 

 

$

16.15

 

 

 

 

 

$

7.41

 

 

$

16.15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding, basic and
diluted

 

 

3,746,114

 

 

 

1,746,125

 

 

 

 

 

 

3,105,236

 

 

 

1,746,125

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Underwriting ratios:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss ratio (1)

 

 

24.6

%

 

 

68.8

%

 

 

 

 

 

39.3

%

 

 

79.7

%

 

 

 

Expense ratio (2)

 

 

44.9

%

 

 

52.3

%

 

 

 

 

 

47.1

%

 

 

51.5

%

 

 

 

Combined ratio (3)

 

 

69.5

%

 

 

121.1

%

 

 

 

 

 

86.4

%

 

 

131.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* The "Definitions of Non-GAAP Measures" section of this release defines and reconciles data that are not based on generally accepted accounting principles.

 

** Percentage is not meaningful

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) The loss ratio is the ratio, expressed as a percentage, of net losses and loss adjustment expenses to net earned premiums.

 

(2) The expense ratio is the ratio, expressed as a percentage, of policy acquisition costs and segment operating expenses to net earned premiums.

 

(3) The combined ratio is the sum of the loss ratio and the expense ratio. A combined ratio under 100% indicates an underwriting profit. A combined ratio over 100% indicates an underwriting loss.

 

 

 

 

 

Presurance Holdings, Inc. Page 3

August 12, 2026

 

 

2026 Second Quarter Gross Written Premium

Gross written premiums declined significantly quarter over quarter, reflecting the Company’s continued focus on underwriting discipline and appropriate risk selection. The Company’s improved underwriting results demonstrate the early benefits of this strategy. Presurance has continued to reshape its underwriting portfolio toward select personal lines homeowners’ risks with attractive long-term characteristics, while moving away from previously written commercial lines risks that contributed substantially to prior losses.

Personal Lines Financial and Operational Review

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personal Lines Financial Review

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

% Change

 

 

2026

 

 

2025

 

 

% Change

 

 

 

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross written premiums

 

$

13,073

 

 

$

17,889

 

 

 

-26.9

%

 

$

24,560

 

 

$

32,015

 

 

 

-23.3

%

Net written premiums

 

 

16,632

 

 

 

1,816

 

 

*

 

 

 

22,723

 

 

 

14,259

 

 

 

59.4

%

Net earned premiums

 

 

6,703

 

 

 

9,096

 

 

 

-26.3

%

 

 

12,495

 

 

 

18,080

 

 

 

-30.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Underwriting ratios:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss ratio

 

 

60.2

%

 

 

61.2

%

 

 

 

 

 

61.1

%

 

 

73.7

%

 

 

 

Expense ratio

 

 

35.2

%

 

 

53.0

%

 

 

 

 

 

35.4

%

 

 

53.8

%

 

 

 

Combined ratio

 

 

95.4

%

 

 

114.2

%

 

 

 

 

 

96.5

%

 

 

127.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contribution to combined
   ratio from net (favorable)
   adverse prior year
   development

 

 

4.5

%

 

 

4.7

%

 

 

 

 

 

3.3

%

 

 

6.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accident year combined
   ratio

 

 

90.9

%

 

 

109.5

%

 

 

 

 

 

93.2

%

 

 

120.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continued improvement and sustained profitability in personal lines during the second quarter of 2026 further support the Company’s focus on earnings quality over scale. This strategy prioritizes business with attractive risk-adjusted returns and promotes more consistent, sustainable performance over time.

Personal lines premium represented 100% of total gross written premium for the second quarter of 2026, largely driven by Texas homeowners premium and supplemented by continuing business in select Midwestern states.

 

 

 

Presurance Holdings, Inc. Page 4

August 12, 2026

 

 

Commercial Lines Financial and Operational Review

 

 

Commercial Lines Financial Review

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

% Change

 

2026

 

 

2025

 

 

% Change

 

 

 

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross written premiums

 

$

(3

)

 

$

3,190

 

 

*

 

$

(21

)

 

$

5,237

 

 

*

 

Net written premiums

 

 

20

 

 

 

(433

)

 

*

 

 

4

 

 

 

(2,036

)

 

*

 

Net earned premiums

 

 

105

 

 

 

468

 

 

*

 

 

238

 

 

 

1,799

 

 

 

-86.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Underwriting ratios:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss ratio

 

*

 

 

 

216.4

%

 

 

 

*

 

 

 

140.0

%

 

 

 

Expense ratio

 

*

 

 

 

40.9

%

 

 

 

*

 

 

 

29.5

%

 

 

 

Combined ratio

 

*

 

 

 

257.3

%

 

 

 

*

 

 

 

169.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contribution to combined
   ratio from net (favorable)
   adverse prior year
   development

 

*

 

 

 

26.7

%

 

 

 

*

 

 

 

-27.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accident year combined
   ratio (1)

 

*

 

 

 

230.6

%

 

 

 

*

 

 

 

197.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) The accident year combined ratio is the sum of the loss ratio and the expense ratio, less changes in net ultimate loss estimates from prior accident year loss reserves. The accident year combined ratio provides management with an assessment of the specific policy year's profitability and assists management in their evaluation of product pricing levels and quality of business written.

 

* Percentage not meaningful

 

 

Commercial lines represented 0% of the Company’s total gross written premium in the second quarter of 2026, reflecting the continued runoff of legacy commercial exposures.

This planned reduction has strengthened the Company’s risk profile, lowered earnings volatility, and supported its move toward a more focused, sustainable business mix.

 

 

 

Presurance Holdings, Inc. Page 5

August 12, 2026

 

 

Combined Ratio Analysis

 

 

Three Months Ended
June 30,

 

 

 

Six Months Ended
June 30,

 

 

2026

 

 

2025

 

 

 

2026

 

 

2025

 

 

 

 

 

 

 

Underwriting ratios:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss ratio

 

 

24.6

%

 

 

68.8

%

 

 

 

39.3

%

 

 

79.7

%

 

Expense ratio

 

 

44.9

%

 

 

52.3

%

 

 

 

47.1

%

 

 

51.5

%

 

Combined ratio

 

 

69.5

%

 

 

121.1

%

 

 

 

86.4

%

 

 

131.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contribution to combined ratio from net (favorable)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

adverse prior year development

 

 

-31.0

%

 

 

5.8

%

 

 

 

-17.9

%

 

 

3.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accident year combined ratio

 

 

100.5

%

 

 

115.3

%

 

 

 

104.3

%

 

 

127.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Company reported a significantly improved overall loss ratio of 24.6% for the second quarter of 2026, compared to 68.8% in the prior-year period. The loss ratio for the quarter benefited from 31 percentage points of net favorable prior year reserve development.

Although favorable reserve development meaningfully supported the quarter’s results, the improvement also reflects the Company’s ongoing efforts to streamline its risk profile and build a sustainable, profitable underwriting portfolio.

 

Net Investment Income

Net investment income was $1.0 million for the quarter ending June 30, 2026, compared to

$1.3 million in the prior year period.

Change in Fair Value of Equity Securities

During the quarter, the Company reported a gain of $81,000 from the change in fair value of equity securities, compared to a loss of $65,000 in the prior year period.

Net Income (Loss) allocable to common shareholders

The Company reported net income allocable to common shareholders of $2.5 million, or $0.68 per share, for the second quarter of 2026.

Adjusted Operating Income (Loss)

The Company reported adjusted operating income of $1.3 million, or $0.35 per share, for the second quarter ending June 30, 2026, compared to an adjusted operating loss of $2.1 million, or $1.19 per share, for the same period in 2025. For the six months ended June 30, 2026, the Company reported adjusted operating income of $384,000, or $0.12 per share, compared to an adjusted operating loss of $5.8 million, or $3.30 per share for the same period in 2025. See Definitions of Non-GAAP Measures.

About Presurance Holdings

 

 

 

Presurance Holdings, Inc. Page 6

August 12, 2026

 

 

Presurance Holdings, Inc. is a specialty insurance property and casualty holding company with a focus on disciplined growth and long-term value creation. The Company trades on the Nasdaq Capital Market under the symbol PRHI. Additional information can be found on the Company’s website at IR.PREHLD.com.

Definitions of Non-GAAP Measures

Presurance prepares its public financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP). Statutory data is prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners' (NAIC) Accounting Practices and Procedures Manual and therefore is not reconciled to GAAP data.

We believe that investors’ understanding of the Company’s performance is enhanced by our disclosure of adjusted operating income. Our method of calculating this measure may differ from that used by other companies and therefore comparability may be limited. We define adjusted operating income (loss), a non-GAAP measure, as net income (loss) excluding: 1) net realized investment gains (losses), 2) change in fair value of equity securities, 3) Change in fair value of contingent considerations, 4) Contingent consideration bonus expense and 5) Additional accretion of warrants from Series B Preferred Stock payoff. We use adjusted operating income as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into the results of our operations and underlying business performance.

Forward-Looking Statement

This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give current expectations or forecasts of future events or our future financial or operating performance, and include the Company’s expectations regarding premiums, earnings, its capital position, expansion, and growth strategies. The forward-looking statements contained in this press release are based on management’s good-faith belief and reasonable judgment based on current information. The forward-looking statements are qualified by important factors, risks and uncertainties, many of which are beyond our control, that could cause our actual results to differ materially from those in the forward-looking statements, including those described in our form 10-K (“Item 1A Risk Factors”) filed with the SEC on March 27, 2026, and subsequent reports filed with or furnished to the SEC. Any forward-looking statement made by us in this report speaks only as of the date hereof or as of the date specified herein. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable laws or regulations.

 

 

 

Presurance Holdings, Inc. Page 7

August 12, 2026

 

 

Reconciliations of adjusted operating income (loss) and adjusted operating income (loss) per share:

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

 

(dollar in thousands, except share and per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

2,536

 

 

$

2,051

 

 

$

5,158

 

 

$

2,573

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Net realized investment gains (losses)

 

 

(87

)

 

 

(28

)

 

 

(101

)

 

 

(25

)

Change in fair value of equity securities

 

 

81

 

 

 

(65

)

 

 

111

 

 

 

(257

)

Change in fair value of contingent considerations

 

 

1,220

 

 

 

5,355

 

 

 

5,710

 

 

 

9,750

 

Contingent consideration bonus expense

 

 

-

 

 

 

(1,141

)

 

 

-

 

 

 

(1,141

)

Additional accretion of warrants from Series B Preferred Stock payoff

 

 

-

 

 

 

-

 

 

 

(946

)

 

 

-

 

Impact of fincome tax expense (benefit) from adjustments *

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Adjusted operating income (loss)

 

$

1,322

 

 

$

(2,070

)

 

$

384

 

 

$

(5,754

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares, diluted

 

 

3,746,114

 

 

 

1,746,125

 

 

 

3,105,236

 

 

 

1,746,125

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted income (loss) per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

0.68

 

 

$

1.17

 

 

$

1.66

 

 

$

1.47

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Net realized investment gains (losses)

 

 

(0.02

)

 

 

(0.02

)

 

 

(0.03

)

 

 

(0.01

)

Change in fair value of equity securities

 

 

0.02

 

 

 

(0.04

)

 

 

0.04

 

 

 

(0.15

)

Change in fair value of contingent considerations

 

 

0.33

 

 

 

3.07

 

 

 

1.84

 

 

 

5.58

 

Contingent consideration bonus expense

 

 

-

 

 

 

(0.65

)

 

 

-

 

 

 

(0.65

)

Additional accretion of warrants from Series B Preferred Stock payoff

 

 

-

 

 

 

-

 

 

 

(0.31

)

 

 

-

 

Impact of income tax expense (benefit) from adjustments *

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Adjusted operating income (loss), per share

 

$

0.35

 

 

$

(1.19

)

 

$

0.12

 

 

$

(3.30

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* The Company has recorded a full valuation allowance against its deferred tax assets as of June 30, 2026 and June 30, 2025, respectively. As a result, there were no taxable impacts to adjusted operating income (loss) from the adjustments to net income (loss) in the table above after taking into account the use of net operating losses and the change in the valuation allowance.
 


 

 

 

 

Presurance Holdings, Inc. Page 8

August 12, 2026

 

 

Presurance Holdings, Inc. and Subsidiaries

 

Condensed Consolidated Balance Sheets

 

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

June 30,

 

 

December 31,

 

 

 

2026

 

 

2025

 

Assets

 

(Unaudited)

 

 

 

 

Investment securities:

 

 

 

 

 

 

Debt securities, at fair value (amortized cost of $94,063 and $96,669,
   respectively)

 

$

85,556

 

 

$

88,305

 

Equity securities, at fair value (cost of $883 and $1,276, respectively)

 

 

995

 

 

 

1,277

 

Short-term investments, at fair value

 

 

28,389

 

 

 

24,725

 

Total investments

 

 

114,940

 

 

 

114,307

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

12,798

 

 

 

27,362

 

Premiums and agents' balances receivable, net

 

 

5,562

 

 

 

5,521

 

Reinsurance recoverables on unpaid losses

 

 

60,410

 

 

 

63,909

 

Reinsurance recoverables on paid losses

 

 

6,170

 

 

 

5,929

 

Prepaid reinsurance premiums

 

 

3,244

 

 

 

12,024

 

Deferred policy acquisition costs

 

 

6,301

 

 

 

2,696

 

Receivable from contingent consideration

 

 

10,000

 

 

 

4,290

 

Other assets

 

 

3,049

 

 

 

3,245

 

Total assets

 

$

222,474

 

 

$

239,283

 

 

 

 

 

 

 

 

Liabilities and Shareholders' Equity

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Unpaid losses and loss adjustment expenses

 

$

125,242

 

 

$

146,262

 

Unearned premiums

 

 

24,288

 

 

 

25,703

 

Reinsurance premiums payable

 

 

-

 

 

 

2,501

 

Debt

 

 

12,314

 

 

 

12,187

 

Mandatorily redeemable preferred stock

 

 

8,000

 

 

 

14,380

 

Funds held under reinsurance agreements

 

 

20,040

 

 

 

24,233

 

Accounts payable and other liabilities

 

 

4,845

 

 

 

5,051

 

Total liabilities

 

 

194,729

 

 

 

230,317

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

Shareholders' equity:

 

 

 

 

 

 

Common stock, no par value (100,000,000 shares authorized; 3,746,092
and 1,746,125 issued and outstanding, respectively)

 

 

113,922

 

 

 

100,158

 

Accumulated deficit

 

 

(76,433

)

 

 

(81,591

)

Accumulated other comprehensive income (loss)

 

 

(9,744

)

 

 

(9,601

)

Total shareholders' equity

 

 

27,745

 

 

 

8,966

 

Total liabilities and shareholders' equity

 

$

222,474

 

 

$

239,283

 

 

 

 

 

 

Presurance Holdings, Inc. Page 9

August 12, 2026

 

 

Presurance Holdings, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations (Unaudited)

(dollars in thousands, except share and per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

 

 

June 30,

 

 

June 30,

 

 

 

 

 

2026

 

 

2025

 

 

2026

 

 

 

2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue and Other Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Premiums

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross earned premiums

 

$

12,239

 

 

$

16,484

 

 

$

25,953

 

 

$

32,602

 

 

 

Ceded earned premiums

 

 

(5,431

)

 

 

(6,920

)

 

 

(13,220

)

 

 

(12,723

)

 

 

Net earned premiums

 

 

6,808

 

 

 

9,564

 

 

 

12,733

 

 

 

19,879

 

 

 

Net investment income

 

 

1,040

 

 

 

1,298

 

 

 

2,150

 

 

 

2,587

 

 

 

Net realized investment gains (losses)

 

 

(87

)

 

 

(28

)

 

 

(101

)

 

 

(25

)

 

 

Change in fair value of equity securities

 

 

81

 

 

 

(65

)

 

 

111

 

 

 

(257

)

 

 

Other income

 

 

80

 

 

 

10

 

 

 

86

 

 

 

75

 

 

 

Change in fair value of contingent considerations

 

 

1,220

 

 

 

5,355

 

 

 

5,710

 

 

 

9,750

 

 

 

Total revenue and other income

 

 

9,142

 

 

 

16,134

 

 

 

20,689

 

 

 

32,009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Losses and loss adjustment expenses, net

 

 

1,672

 

 

 

6,564

 

 

 

5,001

 

 

 

15,838

 

 

 

Policy acquisition costs

 

 

1,926

 

 

 

2,287

 

 

 

3,484

 

 

 

4,964

 

 

 

Operating and other expenses

 

 

2,331

 

 

 

4,368

 

 

 

4,431

 

 

 

7,229

 

 

 

Interest expense

 

 

677

 

 

 

864

 

 

 

2,653

 

 

 

1,405

 

 

 

Total expenses

 

 

6,606

 

 

 

14,083

 

 

 

15,569

 

 

 

29,436

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

 

2,536

 

 

 

2,051

 

 

 

5,120

 

 

 

2,573

 

 

 

Income tax expense (benefit)

 

 

-

 

 

 

-

 

 

 

(38

)

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

2,536

 

 

$

2,051

 

 

$

5,158

 

 

$

2,573

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per common share, basic and diluted

 

$

0.68

 

 

$

1.17

 

 

$

1.66

 

 

$

1.47

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding, basic and diluted

 

 

3,746,114

 

 

 

1,746,125

 

 

 

3,105,236

 

 

 

1,746,125