Cohen & Co Inc.
For the period ended Dec 31, 2023. Filed Mar 6, 2024.
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FY2023 · Filed Mar 6, 2024
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Condensed Financial Information of Registrant
SCHEDULE I
COHEN & COMPANY INC.
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
COHEN & COMPANY INC. (PARENT COMPANY)
Balance Sheets
(Dollars in Thousands)
| December 31, 2023 | December 31, 2022 | |
|---|---|---|
| Assets | ||
| Cash · $ · - · $ · - | ||
| Investment in Cohen & Company, LLC | 67,670 | 68,331 |
| Prepaid income taxes | 38 | 146 |
| Deferred income taxes | (468) | 3,093 |
| Total assets | $67,240 | $71,570 |
| Liabilities | ||
| Accrued interest and other liabilities | $342 | $307 |
| Debt | 25,216 | 24,524 |
| Total liabilities | 25,558 | 24,831 |
| Stockholders’ Equity | ||
| Preferred Stock | 27 | 27 |
| Common Stock | 19 | 17 |
| Additional paid-in capital | 74,594 | 72,801 |
| Accumulated deficit | (32,014) | (25,151) |
| Accumulated other comprehensive loss | (944) | (955) |
| Total stockholders’ equity | 41,682 | 46,739 |
| Total liabilities and stockholders’ equity | $67,240 | $71,570 |
F-81
COHEN & COMPANY INC.
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
COHEN & COMPANY INC. (PARENT COMPANY)
Statements of Operations
(Dollars in Thousands)
| For the Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Revenues | |||
| Equity in undistributed earnings / (loss) from Cohen & Company, LLC | $3,708 | $(4,953) | $13,908 |
| Total revenues | 3,708 | (4,953) | 13,908 |
| Operating income / (loss) | 3,708 | (4,953) | 13,908 |
| Non-operating expense | |||
| Interest expense | (5,247) | (3,443) | (2,812) |
| Income / (loss) before income taxes | (1,539) | (8,396) | 11,096 |
| Income tax (benefit) / expense | 3,574 | 4,993 | (712) |
| Net income / (loss) | $(5,113) | $(13,389) | $11,808 |
F-82
COHEN & COMPANY INC.
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
COHEN & COMPANY INC. (PARENT COMPANY)
Statements of Cash Flows
(Dollars in Thousands)
| For the Year Ended December 31, | ||||||
|---|---|---|---|---|---|---|
| 2023 · 2022 · 2021 | ||||||
| Operating activities | ||||||
| Net income / (loss) | $(5,113) | $(13,389) | $11,808 | |||
| Adjustments to reconcile net income / (loss) to net cash provided by / (used) in operating activities: | ||||||
| Equity in undistributed earnings / (loss) from Cohen & Company, LLC | (3,708) | 4,953 | (13,908) | |||
| Distributions from / (contributions to) Cohen & Company, LLC | 6,223 | 5,433 | (2,662) | |||
| Amortization of discount of debt | 692 | 563 | 526 | |||
| (Increase) / decrease in other assets | 108 | (166) | - | |||
| Increase / (decrease) in accounts payable and other liabilities | 35 | 199 | (74) | |||
| Increase / (decrease) in deferred income taxes | 3,561 | 5,041 | (736) | |||
| Net cash provided by / (used in) operating activities | 1,798 | 2,634 | (5,046) | |||
| Financing activities | ||||||
| Repurchase and repayment of debt | - | - | - | |||
| Proceeds from issuance of Common Stock | - | - | 9,076 | |||
| Cash used to net share settle equity awards | (48) | (76) | (102) | |||
| Principal payments on debt | - | - | (2,400) | |||
| Repurchase of stock | - | - | (857) | |||
| Dividends paid to stockholders | (1,750) | (2,558) | (671) | |||
| Net cash provided by / (used in) financing activities | (1,798) | (2,634) | 5,046 | |||
| Net increase (decrease) in cash and cash equivalents | - | - | - | |||
| Cash and cash equivalents, beginning of period | - | - | - | |||
| Cash and cash equivalents, end of period | $ | - | $ | - | $ | - |
F-83
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
COHEN & COMPANY INC. (PARENT COMPANY)
NOTES TO CONDENSED FINANCIAL STATEMENTS
The accompanying condensed financial statements should be read in conjunction with the consolidated financial statements and related notes of Cohen & Company Inc. Certain prior period amounts have been reclassified to conform to the current period presentation. The Company paid or received cash distributions to / from Cohen & Company, LLC as disclosed above in the statements of cash flow.
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