v3.26.3
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
ASSETS    
Cash and cash equivalents $ 43,636 $ 35,570
Investments:    
Fixed maturities, available-for-sale, at fair value (amortized cost: $260,225 and $236,299; no allowance for credit losses) 244,111 212,612
Equity securities, at fair value (cost: $4,943 and $4,939) 12,395 7,900
Other invested assets (cost: $7,946 and $7,946) 6,037 6,616
Policy loans 1,683 1,722
Real estate 38 38
Investment in unconsolidated trusts (cost: $1,238 and $1,238) 1,238 1,238
Total investments 265,502 230,126
Receivables:    
Reinsurance (net of allowance for uncollectible reinsurance of $58 and $73) 25,539 22,881
Insurance premiums and other (net of allowance for expected credit losses $189 and $201) 26,956 21,878
Deferred income taxes, net 15,044 15,970
Deferred acquisition costs [1] 42,318 41,244
Other assets 12,398 11,826
Intangibles 2,544 2,544
Total assets 433,937 382,039
Insurance reserves and policyholder funds    
Future policy benefits 84,719 76,881
Unearned premiums 34,737 28,845
Losses and claims 113,836 93,707
Other policy liabilities 7,573 6,249
Total insurance reserves and policyholder funds 240,865 205,682
Accounts payable and accrued expenses 33,525 28,025
Revolving credit facility 5,021 4,023
Junior subordinated debenture obligations, net 33,738 33,738
Total liabilities 313,149 271,468
Commitments and contingencies (Note 19)
Shareholders’ equity:    
Preferred stock, $1 par, 4,000,000 shares authorized; Series D preferred, 55,000 shares issued and outstanding; $5,500 redemption value 55 55
Common stock, $1 par, 50,000,000 shares authorized; 22,400,894 shares issued; $20,397,228 and 20,399,758 shares outstanding as of 2025 and 2024, respectively 22,401 22,401
Additional paid-in capital 57,425 57,425
Retained earnings 48,709 43,499
Accumulated other comprehensive loss (390) (5,399)
Unearned stock grant compensation 0 (2)
Treasury stock, at cost, 2,003,666 and 2,001,136 shares as of 2025 and 2024, respectively (7,412) (7,408)
Total shareholders’ equity 120,788 110,571
Total liabilities and shareholders’ equity $ 433,937 $ 382,039
[1] DAC is associated with the following product lines: American Southern products include automobile liability, general liability, inland marine, automobile physical damage, and surety; and Bankers Fidelity products include individual life, group whole life, Medicare Supplement, and individual and group accident and health products.