KINGSTONE COMPANIES INC
For the period ended Mar 31, 2024. Filed May 15, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 15, 2024
KINS$22.74+3.8%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 1. — Financial Statements
| KINGSTONE COMPANIES, INC. AND SUBSIDIARIES | ||
|---|---|---|
| Condensed Consolidated Balance Sheets | ||
| March 31, | December 31, | |
| 2024 | 2023 | |
| (unaudited) | ||
| Assets | ||
| Fixed-maturity securities, held-to-maturity, at amortized cost (fair value of $6,043,911 at March 31, 2024 and $6,106,148 at December 31, 2023) | $7,051,252 | $7,052,541 |
| Fixed-maturity securities, available-for-sale, at fair value (amortized cost of $177,344,695 at March 31, 2024 and $164,460,942 at December 31, 2023) | 161,247,070 | 148,920,797 |
| Equity securities, at fair value (cost of $16,119,554 at March 31, 2024 and $17,986,783 at December 31, 2023) | 13,536,833 | 14,762,340 |
| Other investments | 4,074,176 | 3,897,150 |
| Total investments | 185,909,331 | 174,632,828 |
| Cash and cash equivalents | 3,199,300 | 8,976,998 |
| Premiums receivable, net | 13,902,797 | 13,604,808 |
| Reinsurance receivables, net | 70,723,937 | 75,593,912 |
| Deferred policy acquisition costs | 19,427,151 | 19,802,564 |
| Intangible assets | 500,000 | 500,000 |
| Property and equipment, net | 9,340,159 | 9,395,697 |
| Deferred income taxes, net | 10,290,867 | 10,551,819 |
| Other assets | 4,999,181 | 4,574,584 |
| Total assets | $318,292,723 | $317,633,210 |
| Liabilities | ||
| Loss and loss adjustment expense reserves | $122,498,439 | $121,817,862 |
| Unearned premiums | 104,949,777 | 105,621,538 |
| Advance premiums | 4,580,934 | 3,797,590 |
| Reinsurance balances payable | 10,797,386 | 12,837,140 |
| Deferred ceding commission revenue | 9,290,100 | 9,460,865 |
| Accounts payable, accrued expenses and other liabilities | 5,168,007 | 4,350,546 |
| Debt, net | 25,258,273 | 25,243,530 |
| Total liabilities | 282,542,916 | 283,129,071 |
| Commitments and Contingencies (Note 11) | ||
| Stockholders' Equity | ||
| Preferred stock, $0.01 par value; authorized 2,500,000 shares | - | - |
| Common stock, $0.01 par value; authorized 20,000,000 shares; issued 12,479,422 shares at March 31, 2024 and 12,248,313 shares at December 31, 2023; outstanding 11,008,016 shares at March 31, 2024 and 10,776,907 shares at December 31, 2023 | 124,794 | 122,483 |
| Capital in excess of par | 75,595,096 | 75,338,010 |
| Accumulated other comprehensive loss | (12,714,971) | (12,274,563) |
| Accumulated deficit | (21,687,631) | (23,114,310) |
| 41,317,288 | 40,071,620 | |
| Treasury stock, at cost, 1,471,406 shares at March 31, 2024 and December 31, 2023 | (5,567,481) | (5,567,481) |
| Total stockholders' equity | 35,749,807 | 34,504,139 |
| Total liabilities and stockholders' equity | $318,292,723 | $317,633,210 |
| KINGSTONE COMPANIES, INC. AND SUBSIDIARIES | ||
|---|---|---|
| Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) | ||
| For the Three Months Ended | ||
| March 31, | ||
| 2024 | 2023 | |
| Revenues | ||
| Net premiums earned | $28,819,902 | $28,254,953 |
| Ceding commission revenue | 4,567,111 | 5,445,407 |
| Net investment income | 1,502,860 | 1,541,492 |
| Net gains on investments | 726,391 | 1,224,871 |
| Other income | 148,913 | 161,040 |
| Total revenues | 35,765,177 | 36,627,763 |
| Expenses | ||
| Loss and loss adjustment expenses | 17,859,587 | 25,039,410 |
| Commission expense | 7,851,812 | 8,539,762 |
| Other underwriting expenses | 5,880,605 | 6,871,619 |
| Other operating expenses | 778,082 | 662,634 |
| Depreciation and amortization | 596,513 | 808,130 |
| Interest expense | 993,875 | 1,009,891 |
| Total expenses | 33,960,474 | 42,931,446 |
| Income (loss) from operations before taxes | 1,804,703 | (6,303,683) |
| Income tax expense (benefit) | 378,024 | (1,248,973) |
| Net income (loss) | 1,426,679 | (5,054,710) |
| Other comprehensive (loss) income, net of tax | ||
| Gross change in unrealized (losses) gains | ||
| on available-for-sale-securities | (560,347) | 2,467,426 |
| Reclassification adjustment for losses | ||
| included in net income (loss) | 2,867 | 2,639 |
| Net change in unrealized (losses) gains, | ||
| on available-for-sale-securities | (557,480) | 2,470,065 |
| Income tax benefit (expense) related to items | ||
| of other comprehensive (loss) income | 117,072 | (518,713) |
| Other comprehensive (loss) income, net of tax | (440,408) | 1,951,352 |
| Comprehensive income (loss) | $986,271 | $(3,103,358) |
| Earnings (loss) per common share: | ||
| Basic | $0.13 | $(0.47) |
| Diluted | $0.12 | $(0.47) |
| Weighted average common shares outstanding | ||
| Basic | 10,999,662 | 10,756,913 |
| Diluted | 11,791,520 | 10,756,913 |
| KINGSTONE COMPANIES, INC. AND SUBSIDIARIES | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Condensed Consolidated Statements of Stockholders' Equity (Unaudited) | |||||||||||
| Three months ended March 31, 2024 and 2023 | |||||||||||
| Accumulated | |||||||||||
| Capital · Other | |||||||||||
| Preferred Stock · Common Stock · in Excess · Comprehensive · Accumulated · Treasury Stock | |||||||||||
| Shares · Amount · Shares · Amount · of Par · Loss · Deficit · Shares · Amount · Total | |||||||||||
| Balance, January 1, 2023 | - | $ | - | 12,171,512 | $121,715 | $74,519,590 | $(15,958,428) | $(16,945,964) | 1,471,406 | $(5,567,481) | $36,169,432 |
| Stock-based compensation | - | - | - | - | 216,767 | - | - | - | - | 216,767 | |
| Vesting of restricted stock awards | - | - | 60,951 | 610 | (610) | - | - | - | - | - | |
| Shares deducted from restricted stock awards for payment of withholding taxes | - | - | (498) | (5) | (832) | - | - | - | - | (837) | |
| Net loss | - | - | - | - | - | - | (5,054,710) | - | - | (5,054,710) | |
| Change in unrealized gains on available- for-sale securities, net of tax | - | - | - | - | - | 1,951,352 | - | - | - | 1,951,352 | |
| Balance, March 31, 2023 | - | $ | - | 12,231,965 | $122,320 | $74,734,915 | $(14,007,076) | $(22,000,674) | 1,471,406 | $(5,567,481) | $33,282,004 |
| Accumulated | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Capital · Other | |||||||||||
| Preferred Stock · Common Stock · in Excess · Comprehensive · Accumulated · Treasury Stock | |||||||||||
| Shares · Amount · Shares · Amount · of Par · Loss · Deficit · Shares · Amount · Total | |||||||||||
| Balance, January 1, 2024 | - | $ | - | 12,248,313 | $122,483 | $75,338,010 | $(12,274,563) | $(23,114,310) | 1,471,406 | $(5,567,481) | $34,504,139 |
| Stock-based compensation | - | - | - | - | 265,789 | - | - | - | - | 265,789 | |
| Vesting of restricted stock awards | - | - | 233,627 | 2,336 | (2,336) | - | - | - | - | - | |
| Shares deducted from restricted stock awards for payment of withholding taxes | - | - | (2,518) | (25) | (6,367) | - | - | - | - | (6,392) | |
| Net income | - | - | - | - | - | - | 1,426,679 | - | - | 1,426,679 | |
| Change in unrealized losses on available- for-sale securities, net of tax | - | - | - | - | - | (440,408) | - | - | - | (440,408) | |
| Balance, March 31, 2024 | - | $ | - | 12,479,422 | $124,794 | $75,595,096 | $(12,714,971) | $(21,687,631) | 1,471,406 | $(5,567,481) | $35,749,807 |
| KINGSTONE COMPANIES, INC. AND SUBSIDIARIES | ||||
|---|---|---|---|---|
| Condensed Consolidated Statements of Cash Flows (Unaudited) | ||||
| Three Months ended March 31, · 2024 · 2023 | ||||
| Cash flows from operating activities: | ||||
| Net income (loss) | $1,426,679 | $(5,054,710) | ||
| Adjustments to reconcile net income (loss) to net cash flows | ||||
| provided by (used in) operating activities: | ||||
| Net losses on investments | 92,357 | 2,639 | ||
| Net unrealized gains on equity investments | (641,722) | (863,713) | ||
| Net unrealized gains on other investments | (177,026) | (363,797) | ||
| Depreciation and amortization | 596,513 | 808,130 | ||
| Bad debt expense | 8,905 | 19,504 | ||
| (Accretion of bond discount) amortization of bond premium, net | (61,218) | (37,795) | ||
| Amortization of discount and issuance costs on debt | 296,919 | 296,919 | ||
| Stock-based compensation | 265,789 | 216,767 | ||
| Deferred income tax benefit | 378,024 | (1,248,973) | ||
| Decrease (increase) in operating assets: | ||||
| Premiums receivable, net | (306,894) | 521,963 | ||
| Reinsurance receivables, net | 4,869,975 | (11,553,545) | ||
| Deferred policy acquisition costs | 375,413 | 1,127,409 | ||
| Other assets | (424,596) | (172,487) | ||
| Increase (decrease) in operating liabilities: | ||||
| Loss and loss adjustment expense reserves | 680,577 | 5,782,305 | ||
| Unearned premiums | (671,761) | (2,332,884) | ||
| Advance premiums | 783,344 | 2,821,363 | ||
| Reinsurance balances payable | (2,039,754) | 7,048,246 | ||
| Deferred ceding commission revenue | (170,765) | 119,860 | ||
| Accounts payable, accrued expenses and other liabilities | 817,461 | (504,006) | ||
| Net cash flows provided by (used in) operating activities | 6,098,220 | (3,366,805) | ||
| Cash flows from investing activities: | ||||
| Purchase - fixed-maturity securities available-for-sale | (45,625,725) | (10,974,819) | ||
| Sale and maturity - fixed-maturity securities available-for-sale | 32,801,612 | 13,554,928 | ||
| Sale - equity securities | 1,777,738 | 75,554 | ||
| Acquisition of property and equipment | (540,975) | (466,073) | ||
| Net cash flows (used in) provided by investing activities | (11,587,350) | 2,189,590 | ||
| Cash flows from financing activities: | ||||
| Principal payments on equipment financing | (282,176) | (266,160) | ||
| Issue costs on 2022 Notes | - | (13,263) | ||
| Withholding taxes paid on vested restricted stock awards | (6,392) | (837) | ||
| Net cash flows used in financing activities | (288,568) | (280,260) | ||
| Decrease in cash and cash equivalents | $(5,777,698) | $(1,457,475) | ||
| Cash and cash equivalents, beginning of period | 8,976,998 | 11,958,228 | ||
| Cash and cash equivalents, end of period | $3,199,300 | $10,500,753 | ||
| Supplemental disclosures of cash flow information: | ||||
| Cash paid for income taxes | $ | - | $ | - |
| Cash paid for interest | $98,456 | $434,155 | ||
| Supplemental schedule of non-cash investing and financing activities: | ||||
| Other comprehensive (loss) income, net of tax | $(440,408) | $1,951,352 | ||
See accompanying notes to condensed consolidated financial statements.
KINGSTONE COMPANIES, INC. AND SUBSIDIARIES
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.