ATLANTIC AMERICAN CORP

For the period ended Dec 31, 2023. Filed Apr 1, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Apr 1, 2024

AAME$1.13+1.8%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Schedule II

BALANCE SHEETS

ASSETS

	December 31,
	2023	2022
(In thousands)
Cash and cash equivalents	$2,774	$2,680
Investments	1,930	2,278
Investment in subsidiaries	117,637	113,079
Investments in unconsolidated trusts	1,238	1,238
Deferred tax asset, net	15,682	14,163
Income taxes receivable from subsidiaries	1,988	1,951
Other assets	6,733	6,681
Total assets	$147,982	$142,070
LIABILITIES AND SHAREHOLDERS’ EQUITY
Other payables	$3,949	$4,130
Revolving credit facility	3,019	2,009
Junior subordinated debentures	33,738	33,738
Total liabilities	40,706	39,877
Shareholders’ equity	107,276	102,193
Total liabilities and shareholders’ equity	$147,982	$142,070

STATEMENTS OF OPERATIONS

	Year Ended December 31,
	2023	2022
(In thousands)
Revenue
Fee income from subsidiaries	$8,738	$7,624
Distributed earnings from subsidiaries	8,400	7,200
Unrealized losses on equity securities, net	(51)	(484)
Other	(455)	93
Total revenue	16,632	14,433
General and administrative expenses	15,336	13,583
Interest expense	3,269	1,952
	(1,973)	(1,102)
Income tax benefit(1)	(4,802)	(3,934)
	2,829	2,832
Equity in undistributed earnings of subsidiaries, net	(3,000)	(1,307)
Net income (loss)	$(171)	$1,525

(1)

Under the terms of a tax-sharing agreement, income tax provisions for the subsidiary companies are computed on a separate company basis. Accordingly, the Company’s income tax benefit results from the utilization of the Parent’s separate return loss to reduce the consolidated taxable income of the Company.

STATEMENTS OF CASH FLOWS

	Year Ended December 31,
	2023	2022
(In thousands)
Cash flows from operating activities:
Net Income (loss)	$(171)	$1,525
Adjustments to reconcile net income to net cash used in operating activities:
Unrealized losses on equity securities, net	51	484
Depreciation and amortization	509	515
Compensation expense related to share awards	119	134
Loss (earnings) from equity method investees	294	(294)
Equity in undistributed earnings of subsidiaries, net	3,000	1,307
(Increase) decrease in intercompany taxes	(37)	220
Deferred income tax benefit	(3,123)	(2,336)
Decrease in accounts payable and accrued expenses	(181)	(285)
Other, net	(509)	(1,348)
Net cash used in operating activities	(48)	(78)
Cash flows from investing activities:
Additions to property and equipment	(39)	(45)
Net cash used in investing activities	(39)	(45)
Cash flows from financing activities:
Payment of dividends on Series D preferred stock	(399)	(399)
Payment of dividends on common stock	(408)	(408)
Proceeds from revolving credit facility, net	1,000	2,000
Treasury stock acquired — net employee share-based compensation	(12)	(108)
Net cash provided by financing activities	181	1,085
Net increase in cash	94	962
Cash and cash equivalents at beginning of year	2,680	1,718
Cash and cash equivalents at end of year	$2,774	$2,680
Supplemental disclosure:
Cash paid for interest	$3,227	$1,794
Cash paid for income taxes	$2,582	$2,764
Intercompany tax settlement from subsidiaries	$4,031	$3,946

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.