2000 1999 1998
Cash flows from operating activities:
Net income . . . . . . . . . . . . . . . . . . . . . . . . $ 22,885 $ 9,813 $ 2,608
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Deferred income taxes . . . . . . . . . . . . . . . . . . 7,011 996 1,324
Change in reserves for future policy benefits
(net of balances acquired) . . . . . . . . . . . . . . . 3,142 5,136 6,928
Change in policy and contract claims
(net of balances acquired) . . . . . . . . . . . . . . . 7,185 (2,229) (270)
Change in deferred policy acquisition costs . . . . . . . (15,925) (6,253) (3,530)
Change in deferred revenue (net of balances acquired) . . (32) (45) (63)
Amortization of present value of future profits . . . . . 3,096 343 175
Amortization of goodwill . . . . . . . . . . . . . . . . . (347) (273) 154
Change in policy loans (net of balances acquired) . . . . 563 264 (91)
Change in accrued investment income
(net of balances acquired) . . . . . . . . . . . . . . . (410) (336) (181)
Change in reinsurance balances
(net of balances acquired) . . . . . . . . . . . . . . . 1,155 (5,571) (5,320)
Change in due and unpaid premium
(net of balances acquired) . . . . . . . . . . . . . . . (102) 187 22
Realized loss (gain) on investments . . . . . . . . . . . (146) 241 (256)
Change in restructuring liability . . . . . . . . . . . . (7,025) 9,980 -
Change in income taxes payable
(net of balances acquired) . . . . . . . . . . . . . . . 1,711 11,565 -
Other, net . . . . . . . . . . . . . . . . . . . . . . . . (3,178) (5,150) (1,874)
Net cash provided by (used in) operating activities . . . 19,583 18,668 (374)
Cash flows from investing activities:
Proceeds from sale of fixed maturities available for sale 104,046 41,039 26,887
Proceeds from redemption of
fixed maturities available for sale . . . . . . . . . . . 9,131 12,405 7,941
Cost of fixed maturities purchased available for sale. . . (127,255) (182,843) (45,886)
Change in amounts held in trust for reinsurer . . . . . . (3,105) (2,403) (5,182)
Proceeds from sale of equity securities . . . . . . . . . 1,896 374 512
Cost of equity securities purchased . . . . . . . . . . . (534) (144) (591)
Change in mortgage loans . . . . . . . . . . . . . . . . . 462 2,870 -
Change in other invested assets . . . . . . . . . . . . . 696 2,079 (108)
Purchase of business, net of cash acquired . . . . . . . . (6,365) (9,620) (2,563)
Net cash used by investing activities . . . . . . . . . . (21,028) (136,243) (18,990)
Cash flows from financing activities:
Net proceeds from issuance of common stock . . . . . . . . 213 93,209 421
Cost of treasury stock purchases . . . . . . . . . . . . . (711) - -
Proceeds from the issuance of Series D Preferred Stock . . - 1,750 2,250
Increase (decrease) in policyholder account balances . . . (16,210) (974) 7,522
Increase in loan payable . . . . . . . . . . . . . . . . . 3,000 70,000 1,850
Principle repayment on loan payable . . . . . . . . . . . (3,350) (4,750) (600)
Net cash provided from financing activities . . . . . . . (17,058) 159,235 11,443
Net (decrease) increase in cash and cash equivalents . . . (18,503) 41,660 (7,921)
Cash and cash equivalents at beginning of year . . . . . . 58,753 17,093 25,014
Cash and cash equivalents at end of year . . . . . . . . . $ 40,250 $ 58,753 $ 17,093
Supplemental disclosure of cash flow information:
Cash paid (received) during the year for:
Interest . . . . . . . . . . . . . . . . . . . . . . . . $ 7,097 $ 2,859 $ 307
Income taxes . . . . . . . . . . . . . . . . . . . . . . $ (3,375) $ 2,335 $ -
See notes to consolidated financial statements.
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