Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Summary of Significant Accounting Policies [Abstract]

Previously Reported Financial Statement Tables

The following table represents a summary of the impacts of the revision at December 31, 2023.


		December 31, 2023					December 31, 2023
		As Previously Reported		Revision Impacts			As Revised
	(In thousands)
ASSETS
Receivables:
Insurance premiums and other		$	23,690	$	(3,457	)	$	20,233
Deferred income taxes, net			15,682		726			16,408
Total assets			381,265		(2,731	)		378,534

LIABILITIES AND SHAREHOLDERS’ EQUITY



Accounts payable and accrued expenses			24,811		(1,523	)		23,288
Total liabilities			273,990		(1,523	)		272,467

Shareholders’ equity:
Retained earnings			50,929		(1,208	)		49,721
Total shareholders’ equity			107,275		(1,208	)		106,067
Total liabilities and shareholders’ equity		$	381,265	$	(2,731	)	$	378,534

The following table represents a summary of the impacts of the revision for the Balance Sheet at December 31, 2024.


	December 31, 2024
		As Previously Reported		Revision Impacts			As Revised
	(In thousands)
ASSETS
Receivables:
Insurance premiums		$	27,458	$	(5,580	)	$	21,878
Deferred income taxes, net			18,118		1,172			19,290
Total assets			393,428		(4,408	)		389,020

LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable and other accrued expenses			30,948		(2,923	)		28,025
Total liabilities			293,815		(2,923	)		290,892

Shareholders’ equity:
Retained earnings			45,854		(1,485	)		44,369
Total shareholders’ equity			99,613		(1,485	)		98,128
Total liabilities and shareholders’ equity		$	393,428	$	(4,408	)	$	389,020

The following table represents a summary of the impacts of the revision for the Statement of Operations for the year ended December 31, 2024.


	Year Ended December 31, 2024
		As Previously Reported			Revision Impacts			As Revised
	(In thousands, except share and per share data)
Revenue:
Insurance premiums, net		$	178,731		$	(351	)	$	178,380
Total revenue			188,227			(351	)		187,876

Loss before income taxes			(5,264	)		(351	)		(5,615	)
Income tax benefit			(996	)		(74	)		(1,070	)
Net loss			(4,268	)		(277	)		(4,545	)
Net loss applicable to common shareholders		$	(4,667	)	$	(277	)	$	(4,944	)
Earnings (loss) per common share (basic)		$	(0.23	)	$	(0.02	)	$	(0.25	)
Earnings (loss) per common share (diluted)		$	(0.23	)	$	(0.02	)	$	(0.25	)

The following table represents a summary of the impacts of the revision for the Statement of Comprehensive Income for the year ended December 31, 2024.


	Year Ended December 31, 2024
		As Previously Reported			Revision Impacts			As Revised
	(In thousands)
Net loss		$	(4,268	)	$	(277	)	$	(4,545	)
Other comprehensive gain (loss):
Future policy benefit discount rate remeasurement gain (loss)			-			-
Subtotal			(3,280	)					(3,280	)

Related income tax effect			689						689
Subtotal			689						689

Total other comprehensive income, net of tax			(2,591	)		-			(2,591	)
Total comprehensive income		$	(6,859	)	$	(277	)	$	(7,136	)

The following table represents a summary of the impacts of the revision for the Statement of Stockholders' Equity at December 31, 2024.


	Year Ended December 31, 2024
		As Previously Reported			Revision Impacts			As Revised
(In thousands)
Retained earnings:
Balance, beginning of year		$	50,929		$	(1,208	)	$	49,721
Net loss			(4,268	)		(277	)		(4,545	)
Balance, end of year			45,854			(1,485	)		44,369

Total shareholders’ equity		$	99,613		$	(1,485	)	$	98,128

The following table represents a summary of the impacts of the revision for the Statement of Cash Flows for the year ended December 31, 2024.


	Year Ended December 31, 2024
		As Previously Reported			Revision Impacts			As Revised
	(In thousands)
Cash flows from operating activities:
Net loss		$	(4,268	)	$	(277	)	$	(4,545	)
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income tax benefit			(1,747	)		(2,380	)		(4,127	)
Increase in receivables, net			(5,581	)		5,580			(1	)
(Decrease) increase in accounts payable and accrued expenses			6,137			(2,922	)		3,215
Net cash provided by operating activities		$	4,800		$	-		$	4,800

The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company's previously reported consolidated balance sheet:


	December 31, 2024
			As Revised			LDTI Adoption Impacts			As Adjusted
	(In thousands)
ASSETS
Receivables:
Reinsurance recoverables		$	22,942		$	(61	)	$	22,881
Deferred income taxes, net			19,290			(3,320	)		15,970
Deferred acquisition costs			44,842			(3,598	)		41,244
Other assets			11,828			(2	)		11,826
Total assets			389,020			(6,981	)		382,039

LIABILITIES AND SHAREHOLDERS’ EQUITY
Insurance reserves and policyholder funds
Future policy benefits			98,464			(21,583	)		76,881
Unearned premiums			31,178			(2,333	)		28,845
Other policy liabilities			1,757			4,492			6,249
Total insurance reserves and policyholder funds			225,106			(19,424	)		205,682
Total liabilities			290,892			(19,424	)		271,468

Shareholders’ equity:
Retained earnings			44,369			(870	)		43,499
Accumulated other comprehensive loss			(18,712	)		13,313			(5,399	)
Total shareholders’ equity			98,128			12,443			110,571
Total liabilities and shareholders’ equity		$	389,020		$	(6,981	)	$	382,039

The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company's previously reported consolidated statement of operations:


	Year Ended December 31, 2024
			As Revised			LDTI Adoption Impacts			As Adjusted
	(In thousands, except share and per share data)
Revenue:
Insurance premiums, net		$	178,380		$	(208	) (1)	$	178,588
Total revenue			187,876			206			188,082

Benefits and expenses:
Insurance benefits and losses incurred			125,831			(1,753	)		124,078
Future policy benefits remeasurement (gain) loss			-			(2,334	)		(2,334	)
Commissions and underwriting expenses			48,030			303			48,333
Total benefits and expenses			193,491			(3,784	)		189,707

Loss before income taxes			(5,615	)		3,990			(1,625	)
Income tax benefit			(1,070	)		838			(232	)
Net loss			(4,545	)		3,152			(1,393	)
Net loss applicable to common shareholders		$	(4,944	)	$	3,152		$	(1,792	)
Earnings (loss) per common share (basic)		$	(0.25	)	$	0.16		$	(0.09	)
Earnings (loss) per common share (diluted)		$	(0.25	)	$	0.16		$	(0.09	)

(1) Related to reclassification of group accident and health from long duration to short duration.


	Year Ended December 31, 2024
		As Revised			LDTI Adoption Impacts		As Adjusted
	(In thousands)
Net loss		(4,545	)		3,152		(1,393	)
Other comprehensive gain (loss):
Future policy benefit discount rate remeasurement gain (loss)		-			8,774		8,774
Subtotal		(3,280	)		8,774		5,494

Related income tax effect		689			(1,843	)	(1,154	)
Subtotal		689			(1,843	)	(1,154	)

Total other comprehensive income, net of tax		(2,591	)		6,931		4,340
Total comprehensive income		(7,136	)	$	10,083		2,947

The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company's previously reported consolidated statements of equity:


	Year Ended December 31, 2024
			As Revised			LDTI Adoption Impacts			As Adjusted
(In thousands)
Retained earnings:
Balance, beginning of year		$	49,721		$	(4,022	)	$	45,699
Net loss			(4,545	)		3,152			(1,393	)
Balance, end of year			44,369			(870	)		43,499
Accumulated other comprehensive loss:
Balance, beginning of year			(16,121	)		6,382			(9,739	)
Other comprehensive income (loss), net of tax			(2,591	)		6,931			4,340
Balance, end of year			(18,712	)		13,313			(5,399	)

Total shareholders’ equity		$	98,128		$	12,443		$	110,571


	Year Ended December 31, 2024
			As Revised			LDTI Adoption Impacts			As Adjusted
	(In thousands)
Cash flows from operating activities:
Net loss			(4,545	)	$	3,152			(1,393	)
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred acquisition costs			16,645			1,906			18,551
Acquisition costs deferred			(17,637	)		(1,602	)		(19,239	)
Benefit provision for credit losses			(26	)		22			(4	)
Deferred income tax benefit			(4,127	)		837			(3,290	)
Increase in receivables, net			(1	)		2,889			2,888
Increase in insurance reserves and policyholder funds			12,684			(7,204	)		5,480
Net cash provided by operating activities		$	4,800		$	-		$	4,800

Reclassifications and Adjustments to the Consolidated Balance Sheet

The following table represents a summary of the Transition Date impacts associated with the implementation of LDTI to the consolidated balance sheet:


(In thousands)	Reinsurance Recoverables		Deferred Income Tax Asset			Deferred Acquisition Costs			Future Policy Benefits			Unearned Premiums			Other Policy Liabilities		Retained Earnings			Accumulated Other Comprehensive Income (Loss)
Balance as of December 31, 2023 (as revised)	$	21,103	$	16,408		$	43,850		$	92,495		$	31,317		$	1,132	$	49,721		$	(16,121	)
Reclassification of annuities		-		-			-			(4,799	)		-			4,799		-			-
Reclassification of certain group accident and health products		-		419			(3,294	)		(1,300	)		-			-		(1,576	)		-
Reclassifications and adjustments for the cumulative effect of adoption on assets and liabilities		1,617		8			-			4,075			(2,467	)		-		(3	)		-
Impact from capping Transition Date net premium ratio		-		650			-			3,093			-			-		(2,443	)		-
Effect of remeasurement of future policy benefits to an upper-medium grade discount rate		1,233		(1,697	)		-			(6,846	)		-			-		-			6,382
Adjusted balance as of January 1, 2024, gross of reinsurance	$	23,953	$	15,788		$	40,556		$	86,718		$	28,850		$	5,931	$	45,699		$	(9,739	)