AMERISAFE INC
For the period ended Dec 31, 2023. Filed Feb 23, 2024.
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FY2023 · Filed Feb 23, 2024
AMSF$19.89+1.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEM ENTS OF CASH FLOWS
(in thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Operating activities | |||
| Net income | $62,108 | $55,602 | $65,756 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation | 1,427 | 1,309 | 1,017 |
| Net amortization of investments | 3,025 | 6,734 | 8,868 |
| Change in investment related allowance for credit losses | (57) | 44 | (79) |
| Deferred income taxes | 628 | (1,136) | 1,270 |
| Net realized gains on investments | (6,579) | (3,440) | (1,695) |
| Net unrealized (gains) losses on equity securities | (1,228) | 8,092 | (12,315) |
| Net realized (gains) losses on disposal of assets | 2 | 9 | (21) |
| Share-based compensation | 1,557 | 2,479 | 2,320 |
| Changes in operating assets and liabilities: | |||
| Premiums receivable, net | (8,485) | 13,387 | 21,660 |
| Accrued interest receivable | 154 | (348) | 1,194 |
| Deferred policy acquisition costs | (574) | (342) | 751 |
| Amounts held by others | — | — | 71 |
| Other assets | (1,033) | (2,840) | (1,016) |
| Reserves for loss and loss adjustment expenses | (22,043) | (49,241) | (15,283) |
| Unearned premiums | 1,609 | (6,116) | (8,168) |
| Reinsurance balances | (3,740) | (4,754) | (14,648) |
| Amounts held for others and policyholder deposits | 3,093 | 2,825 | (2,628) |
| Federal income taxes recoverable | (328) | 4,961 | (6,831) |
| Accounts payable and other liabilities | 306 | 969 | (2,244) |
| Net cash provided by operating activities | 29,842 | 28,194 | 37,979 |
| Investing activities | |||
| Purchases of investments held-to-maturity | (42,190) | (32,152) | (43,307) |
| Purchases of investments available-for-sale | (45,141) | (106,049) | (51,617) |
| Purchases of equity securities | — | (11,147) | (8,388) |
| Purchases of short-term investments | (46,347) | (66,132) | (167,870) |
| Proceeds from maturities of investments held-to-maturity | 47,151 | 85,006 | 74,253 |
| Proceeds from sales and maturities of investments available-for-sale | 57,153 | 90,675 | 114,974 |
| Proceeds from sales of equity securities | 12,688 | 8,487 | — |
| Proceeds from sales and maturities of short-term investments | 61,123 | 108,827 | 154,187 |
| Purchases of property and equipment | (553) | (2,089) | (1,296) |
| Proceeds from sales of property and equipment | — | — | 23 |
| Net cash provided by investing activities | 43,884 | 75,426 | 70,959 |
| Financing activities | |||
| Finance lease purchases | (91) | (58) | (44) |
| Share-based compensation related tax withholding | (944) | — | — |
| Purchase of treasury stock | (2,171) | (12,388) | — |
| Dividends to shareholders | (93,307) | (100,427) | (99,929) |
| Net cash used in financing activities | (96,513) | (112,873) | (99,973) |
| Change in cash and cash equivalents | (22,787) | (9,253) | 8,965 |
| Cash and cash equivalents at beginning of year | 61,469 | 70,722 | 61,757 |
| Cash and cash equivalents at end of year | $38,682 | $61,469 | $70,722 |
| Supplemental disclosure of cash flow information | |||
| Income taxes paid | $13,950 | $7,791 | $18,198 |
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