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YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
48,699
51,036
48,699
Accumulated other comprehensive income (loss):
Balance, beginning of period
(15,103
20,277
17,688
25,000
Other comprehensive loss, net of tax
(10,340
(1,288
(43,131
... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
(100
(52
(100
Treasury stock:
Balance, beginning of period
(7,436
(7,361
(7,490
(7,339
Restricted stock grants, net of forfeitures
69
Net shares acquired related to employee share-based ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
period
20,398,497
20,410,763
20,378,576
20,415,243
Net shares acquired under employee share-based compensation plans
(31,268
(32,668
(36,347
(38,147
Issuance of shares under stock plans
4... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
(Unaudited; In thousands)
Nine Months Ended
September 30,
2022
2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
479
1,616
Adjustments to reconcile net income to net cash used in operatin... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
394
(25
Increase in receivables, net
(4,783
(8,448
Increase in insurance reserves and policyholder funds
2,492
7,081
Decrease in accounts payable and accrued expenses
(2,350
(3,374
Other, ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
(89
Net cash (used in) provided by investing activities
(1,115
5,117
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of dividends on common stock
(408
(408
Proceeds from shares issued under s... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest
1,200
1,045
Cash paid for income taxes
2,164
3,202
The accompanying notes are an integral part of these condensed consolidated fina... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
together known as “American Southern”) and Bankers Fidelity Life Insurance Company and Bankers Fidelity Assurance Company (together known as “Bankers Fidelity”), operate in
The
Comp... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
that the Company has not yet adopted, see the “Recently Issued Accounting Standards - Future Adoption of New Accounting Standards” section of Note 1 of Notes to Consolidated Financial Statements in ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Unrealized
Losses
Cost or
Amortized
Cost
Fixed maturities:
Bonds:
U.S. Treasury securities and obligations of U.S. Government agencies and authorities
43,069
5,950
49,019
Obligations of state... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
149,858
537
25,089
174,410
Redeemable preferred stocks:
Other consumer – diversified
225
32
193
Total redeemable preferred stocks
225
32
193
Total fixed maturities
202,303
581
32,788
... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
749
10,895
Corporate securities:
Utilities and telecom
29,717
2,961
44
26,800
Financial services
70,921
6,759
48
64,210
Other business – diversified
40,216
4,631
106
35,691
Other co... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
cost of $
Table of Contents
Equity securities were comprised of the following:
September 30, 2022
Estimated
Fair Value
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Cost
Equity securities:
... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Financial services
799
525
274
Other business – diversified
18,325
13,692
4,633
Total equity securities
19,124
14,217
4,907
The carrying value and amortized cost of the Company’s investme... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
less
3,878
3,902
1,734
1,730
Due after one year through five years
31,232
33,213
24,926
23,593
Due after five years through ten years
50,437
57,741
73,725
68,338
Due after ten years
... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
position as of September 30, 2022 and December 31, 2021.
September 30, 2022
Less than 12 months
12 months or longer
Total
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Valu... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
823
140,061
25,089
Total temporarily impaired securities
170,273
28,168
19,981
4,620
190,254
32,788
10
Table of Contents
December 31, 2021
Less than 12 months
12 months or longer
Total... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
465
4,761
252
38,228
717
The evaluation for an other than temporary impairment (“OTTI”) is a quantitative and qualitative process, which is subject to risks and
uncertainties in the de... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
with their contractual terms, and management’s expectation as to the issuer’s
ability and intent to continue to do so, as well as ratings actions that may affect the issuer’s credit status.
... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Fixed
Maturities
Equity
Securities
Other
Invested
Assets
Total
Gains
349
349
Losses
Realized investment gains, net
349
349
11
Table of Contents
Nine Months Ended
September 30, 2022
Fi... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
520
Losses
Realized investment gains, net
520
520
The following table presents the portion of unrealized gains (losses) related to equity securities still held for the three month and nine month... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
equity securities, net
(2,783
711
(5,456
5,458
Variable Interest Entities
ATLANTIC AMERICAN CORP holds passive interests in a number of entities that are considered to be variable interest ent... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
the VIE. ATLANTIC AMERICAN CORP has no arrangements with any of the VIEs to provide other
financial support to or on behalf of the VIE. ATLANTIC AMERICAN CORP’s maximum loss exposure relat... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
the Company could realize in a current market exchange. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts.
The
... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
12
Table of Contents
Level
2
Observable inputs, other than quoted
prices included in Level 1, for an asset or liability or prices for similar assets or liabilities. A... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Company’s Level 2
fixed maturities and non-redeemable preferred stocks were determined using unadjusted prices received from pricing services that utilize models where the significan... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
be realized in a market exchange for the asset or
liability. ATLANTIC AMERICAN CORP’s financial instruments valued using Level 3 criteria consist of two fixed maturity securities a... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
, 2022, financial instruments carried at fair value were measured on a recurring basis as summarized below:
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
Significant
Other
Observab... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Active Markets
for Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Assets:
Fixed maturities
250
260,486
250
260,986... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
30, 2022
December 31, 2021
Level in Fair
Value
Hierarchy (1)
Carrying
Amount
Estimated
Fair Value
Carrying
Amount
Estimated
Fair Value
Assets:
Cash and cash equivalents
Level 1
21,876
21,8... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
1,858
Investment in unconsolidated trusts
Level 2
1,238
1,238
1,238
1,238
Liabilities:
Junior subordinated debentures, net
Level 2
33,738
33,345
33,738
33,728
Revolving credit facilit... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
suite of policy, billing, claim, and customer management services. The software is managed, hosted, supported, and
delivered as a cloud-based software service product offering (software-as-... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Months Ended
September 30,
2022
2021
Beginning insurance reserves for losses and claims, gross
85,620
79,147
Less: Reinsurance recoverable on unpaid losses
(17,690
(17,600
Beginning insuran... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Ending insurance reserves for losses and claims, net
69,158
68,645
Plus: Reinsurance recoverable on unpaid losses
17,420
18,528
Ending insurance reserves for losses and claims, gross
86,578
8... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
becomes available. Accordingly, the Company generally experiences reserve redundancies when analyzing the development of prior year losses in a current period.
14
Table of Contents
(2)
Prior yea... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Total incurred losses
93,353
99,650
Cash surrender value and matured endowments
1,326
1,961
Benefit reserve changes
(127
(1,591
Total insurance benefits and losses incurred
94,552
100,02... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
olving Credit Agreement (the “Credit
Agreement”) with Truist Bank as the lender (the “Lender”). The Credit Agreement provides for an unsecured $
The Credit Agreement requires the Company t... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
23,196
Less: Treasury debt (3)
(7,500
Net balance September 30, 2022
18,042
15,696
Net balance December 31, 2021
18,042
15,696
Coupon rate
LIBOR + 4.00%
LIBOR + 4.10%
Interest payable
... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
per security
Liquidation value
17,500
22,500
Coupon rate
LIBOR + 4.00%
LIBOR + 4.10%
Distribution payable
Quarterly
Quarterly
Distribution guaranteed by (4)
Atlantic American Corporation
... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
the Company’s common stock nor make any principal,
interest or premium payments on or repurchase any debt securities that rank equally with or junior to the Junior Subordinated Deb... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
on a subordinated basis, all of the obligations under the Trust Preferred Securities,
including payment of the redemption price and any accumulated and unpaid distributions to the ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Three Months Ended
September 30, 2021
Loss
Weighted
Average
Shares
(In thousands)
Per Share
Amount
Basic and Diluted Loss Per Common Share:
Net loss
(915
20,401
Less preferred stock divid... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
01
Nine Months Ended
September 30,
2021
Income
Weighted
Average
Shares
(In thousands)
Per Share
Amount
Basic and Diluted Earnings Per Common Share:
Net income
1,616
20,410
... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
2012 Plan”). The 2012 Plan
authorizes the grant of up to
one to
following the date of grant. ATLANTIC AMERICAN CORP accounts for forfeitures as they
occur. There were
21. Shares a... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
ive Compensation Plan (the “2022 Plan”). The 2022 Plan authorizes the grant of up to 3,000,000 stock options, stock appreciation rights, restricted shares, restricted stock units, performance shares,... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
September 30,
2022
2021
2022
2021
Federal income tax provision at statutory rate of 21%
(199
(271
154
402
Dividends-received deduction
(6
(7
(18
(21
Meals and entertainment
29
49
2... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
it) were:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022
2021
2022
2021
Current – Federal
435
(746
1,647
323
Deferred – Federal
(700
368
(1,394
(25
Total
(265... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
follows:
Nine Months Ended
September 30,
Other information on operating leases:
2022
2021
Cash payments included in the measurement of lease
liabilities reported in operating ca... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
942
Thereafter
Total undiscounted lease payments
4,398
Less: present value adjustment
580
Operating lease liability included in accounts payable and accrued expenses on the condensed consolida... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
of Contents
Regulatory Matters
Like all domestic insurance companies, the Company’s insurance subsidiaries are subject to regulation and supervision in the jurisdictions in
which they do... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Note 13.
Segment Information
The Parent’s primary
insurance subsidiaries, American Southern and Bankers Fidelity, operate in two principal business units, each focusing on specific
... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
395
Corporate and Other
26,062
13,103
Total assets
360,349
402,286
Revenues
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022
2021
2022
2021
American Southern
18,53... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
2021
2022
2021
American Southern
1,892
1,682
4,659
5,245
Bankers Fidelity
(850
(1,149
2,084
2,362
Corporate and Other
(1,991
(1,826
(6,011
(5,693
Income (loss) before income taxes
... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
”) and its
subsidiaries (collectively with the Parent, the “Company”) as of and for the three month and nine month periods ended September 30, 2022. This discussion should be read in conjunct... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
idelity Assurance Company (together known as “Bankers Fidelity”). Each operating company is managed separately, offers different products and
is evaluated on its individual performance.
ATLA... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
and assumptions
that affect reported amounts and related disclosures. Actual results could differ significantly from those estimates. ATLANTIC AMERICAN CORP has identified certain estimates ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
September 30,
Nine Months Ended
September 30,
2022
2021
2022
2021
Insurance premiums, net
46,380
46,092
140,526
137,315
Net investment income
2,641
2,137
7,510
6,516
Realized investm... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
,020
Commissions and underwriting expenses
12,843
11,927
35,894
36,670
Interest expense
523
347
1,291
1,040
Other expense
3,296
3,264
10,151
10,178
Total benefits and expenses
47,292... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
others because it isolates the “core” operating results of the Company before considering certain items that are either beyond the control of management (such as taxes, which are subject to timing, ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Three Months Ended
September 30,
Nine Months Ended
September 30,
Reconciliation of Non-GAAP Financial Measure
2022
2021
2022
2021
(In thousands)
Net income (loss)
(684
(915
479
1,616
Inc... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
had net loss of $0.7 million, or $0.04 per diluted share, for the three month period ended September 30, 2022, compared to net loss of $0.9 million, or $0.05
per diluted share, for the three... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
, 2022 was primarily attributable to more favorable loss experience in the life and health operations,
partially offset by a decrease in unrealized gains of $3.5 million, from the comparable ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
the nine month
period ended September 30, 2022, premium revenue increased $3.2 million, or 2.3%, to $140.5 million from $137.3 million in the comparable period in 2021. The increase in prem... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
2022 from the three month period ended September 30, 2021. For the nine month period ended September 30, 2022, operating income
increased $10.2 million from the comparable period in 2021. ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
periods in
2021:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022
2021
2022
2021
(Dollars in thousands)
Gross written premiums
12,400
13,945
63,558
58,460
C... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
4,615
4,873
15,332
14,452
Underwriting income
995
796
1,872
2,288
Loss ratio
68.2
67.3
68.0
66.7
Expense ratio
26.2
28.1
28.5
28.7
Combined ratio
94.4
95.4
96.5
95.4
21
Table... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
2, from the comparable periods in 2021. The decrease in gross written premiums during the three month period ended September 30, 2022 was primarily attributable to the decrease in premiums written in... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
as a percentage of earned premiums and generally increase or decrease as earned premiums increase or decrease. However, during the three month period ended September 30, 2022, the
decrease ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
,616
25,731
22,629
Automobile physical damage
4,179
5,992
16,649
17,009
General liability
1,532
1,463
4,391
4,140
Surety
1,485
1,404
4,453
4,048
Other lines
899
845
2,529
2,471
... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
2022, over
the comparable periods in 2021. The increase in net earned premiums was primarily attributable to an increase in business writings and price increases in certain programs within t... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
The combined ratio is divided into two components, the
loss ratio (the ratio of losses and loss adjustment expenses incurred to premiums earned) and the expense ratio (the ratio of expenses ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
the
three month period ended September 30, 2021. For the nine month period ended September 30, 2022, this ratio increased to 68.0% from 66.7% in the comparable period in 2021. The increase... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
and increased $0.9 million, or 6.1% during the nine month period ended
September 30, 2022, over the comparable periods in 2021. As a percentage of earned premiums, underwriting expenses were... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
due to American Southern’s use of a variable commission structure with certain agents, which compensates the participating agents in relation to the loss ratios of the business they write. During pe... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
1
(Dollars in thousands)
Medicare supplement
36,766
40,372
112,013
122,230
Other health products
3,392
2,777
9,314
7,532
Life insurance
3,994
2,378
12,081
7,715
Gross earned premiums... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
and underwriting expenses
9,893
8,936
26,012
27,576
Total expenses
28,492
32,330
84,015
94,039
Underwriting income (loss)
247
(3,558
2,758
(7,021
Loss ratio
64.7
81.3
66.8
76.4
E... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
3%, during the nine month period ended
September 30, 2022, from the comparable periods in 2021. Gross earned premiums from the Medicare supplement line of business decreased $3.6 million, or ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
nine month period ended September 30, 2022, over the comparable periods in 2021, primarily as a result of new sales of the company’s group health and individual cancer products. Gross earned premiu... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
policy
obligations exceeding the level of new individual life sales. Premiums ceded decreased $1.3 million, or 8.0%, during the three month period ended September 30, 2022 and $3.8 million,... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
, or 12.7%, during the nine month period ended September 30, 2022, from
the comparable periods in 2021. As a percentage of earned premiums, benefits and losses were 64.7% in the three month ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
loss
ratio in the Medicare supplement line of business as a result of improved rate adequacy, partially offset by an increase in the loss ratio in the group lines of business.
Commissions a... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
2021. For the nine month period ended September 30, 2022, this ratio decreased to 30.0% from 31.7% in the comparable period in 2021. The increase in the expense ratio for the three month per... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
23.6%, during the three month period ended September 30, 2022, and $1.0 million, or 15.3%, during the nine month period ended September 30, 2022, over
the comparable periods in 2021. The incr... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
2021 was prepayment income of $0.3 million related to the redemption of certain fixed maturities.
23
Table of Contents
ATLANTIC AMERICAN CORP had net realized investment gains of $0.1 million dur... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
resulted primarily from the disposition of several of the Company's investments in fixed maturity securities, partially offset by the
redemption of certain fixed maturity securities. The net... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
securities of $2.8 million during the three month period ended September 30, 2022 and unrealized gains on equity securities of $0.7 million during the three month period ended September 30, 2021.
... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
during the three month period ended September 30, 2022, and $0.3 million, or 24.1%, during the nine month period ended September 30, 2022, from
the comparable periods in 2021. Changes in int... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
, as well as evaluating legacy contracts for any changes that may be required, including the determination of applicable fallbacks.
Liquidity and Capital Resources
The primary cash needs of the Com... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
adequate to fund the payment of claims and operating expenses as needed.
Cash flows at the Parent are derived from dividends, management fees, and tax-sharing payments, as described below, from the... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
income of $0.8 million for the nine
month period ended September 30, 2021. Statutory results are impacted by the recognition of all costs of acquiring business. In periods in which the Compa... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
subsidiaries are invested in marketable securities that can be converted into cash, if required; however, the use of such assets by the
Company is limited by state insurance regulations. Div... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
the Parent received dividends of $4.5 million from its subsidiaries.
24
Table of Contents
The Parent provides certain administrative and other services to each of its insurance subsidiaries. The ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
trusts and
investing the gross proceeds of the trust preferred securities in Junior Subordinated Debentures. The outstanding $18.0 million and $15.7 million of Junior Subordinated Debentures... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Parent of each trust’s obligations with respect to the trust preferred securities. Subject to
certain exceptions and limitations, the Company may elect from time to time to defer Junior Subo... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Series D Preferred Stock are held by an affiliate of
the Company’s controlling shareholder. The outstanding shares of Series D Preferred Stock have a stated value of $100 per share; accrue a... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
solely at the Company’s option.
The Series D Preferred Stock is not currently convertible. At September 30, 2022, the Company had accrued but unpaid dividends on the Series D Preferred Stock... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
upon the amount of funds borrowed from the FHLB. As of September 30, 2022, BFLIC has pledged bonds having an amortized cost of $7.3 million to the FHLB. BFLIC may be required to post additional ac... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
million revolving credit facility that matures on April 12, 2024. Under the Credit Agreement, the Company will pay interest on the unpaid principal balance of outstanding revolving loans at t... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Credit Agreement when due, (b) the failure to perform and not timely remedy certain covenants, (c) a change in control of the Company and (d) the occurrence of bankruptcy or insolvency events... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
September 30, 2022 was primarily attributable to net cash used in operating activities of $2.2 million. Also contributing to the decrease in cash and cash equivalents was net cash used in investing ... |
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