| Financial Information of Registrant (Parent Company) |
FIRST ACCEPTANCE CORPORATION AND SUBSIDIARIES
SCHEDULE II. FINANCIAL INFORMATION OF REGISTRANT (PARENT COMPANY)
(in thousands)
|
|
|
December 31, |
|
|
Balance Sheets |
|
2014 |
|
|
2013 |
|
|
Assets: |
|
|
|
|
|
|
|
|
|
Investment in subsidiaries, at equity in net assets |
|
$ |
126,494 |
|
|
$ |
108,356 |
|
|
Cash and cash equivalents |
|
|
15,836 |
|
|
|
8,578 |
|
|
Deferred tax asset |
|
|
7,965 |
|
|
|
94 |
|
|
Other assets |
|
|
2,274 |
|
|
|
2,262 |
|
|
|
|
$ |
152,569 |
|
|
$ |
119,289 |
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
Debentures payable |
|
$ |
40,341 |
|
|
$ |
40,301 |
|
|
Other liabilities |
|
|
5,264 |
|
|
|
2,055 |
|
|
Stockholders’ equity |
|
|
106,964 |
|
|
|
76,932 |
|
|
|
|
$ |
152,569 |
|
|
$ |
119,289 |
|
|
|
|
Year Ended December 31, |
|
|
|
|
2014 |
|
|
2013 |
|
|
2012 |
|
|
Statements of Operations |
|
|
|
|
|
|
|
|
|
Investment income |
|
$ |
61 |
|
|
$ |
52 |
|
|
$ |
93 |
|
|
Equity in income (loss) of subsidiaries, net of tax |
|
|
23,804 |
|
|
|
11,657 |
|
|
|
(6,830 |
) |
|
Expenses |
|
|
(2,887 |
) |
|
|
(2,529 |
) |
|
|
(2,303 |
) |
|
Income (loss) before income taxes |
|
|
20,978 |
|
|
|
9,180 |
|
|
|
(9,040 |
) |
|
Benefit for income taxes |
|
|
(7,090 |
) |
|
|
— |
|
|
|
— |
|
|
Net income (loss) |
|
$ |
28,068 |
|
|
$ |
9,180 |
|
|
$ |
(9,040 |
) |
|
|
|
Year Ended December 31, |
|
|
Statements of Cash Flows |
|
2014 |
|
|
2013 |
|
|
2012 |
|
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
28,068 |
|
|
$ |
9,180 |
|
|
$ |
(9,040 |
) |
|
Equity in income (loss) of subsidiaries, net of tax |
|
|
(23,804) |
|
|
|
(11,657 |
) |
|
|
6,830 |
|
|
Stock-based compensation |
|
|
185 |
|
|
|
243 |
|
|
|
604 |
|
|
Deferred income taxes |
|
|
(7,871) |
|
|
|
(2 |
) |
|
|
1 |
|
|
Other |
|
|
30 |
|
|
|
(4 |
) |
|
|
(6 |
) |
|
Change in assets and liabilities |
|
|
3,197 |
|
|
|
790 |
|
|
|
792 |
|
|
Net cash used in operating activities |
|
|
(195) |
|
|
|
(1,450 |
) |
|
|
(819 |
) |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from subsidiary |
|
|
7,425 |
|
|
|
6,635 |
|
|
|
5,150 |
|
|
Maturities of investments, available-for-sale |
|
|
— |
|
|
|
— |
|
|
|
3,518 |
|
|
Improvements to foreclosed real estate |
|
|
(2) |
|
|
|
(2 |
) |
|
|
(2 |
) |
|
Investments in subsidiaries |
|
|
(44) |
|
|
|
— |
|
|
|
(13,000 |
) |
|
Net cash provided by investing activities |
|
|
7,379 |
|
|
|
6,633 |
|
|
|
(4,334 |
) |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net proceeds from issuance of common stock |
|
|
74 |
|
|
|
51 |
|
|
|
52 |
|
|
Net cash provided by (used in) financing activities |
|
|
74 |
|
|
|
51 |
|
|
|
52 |
|
|
Net increase in cash and cash equivalents |
|
|
7,258 |
|
|
|
5,234 |
|
|
|
(5,101 |
) |
|
Cash and cash equivalents, beginning of year |
|
|
8,578 |
|
|
|
3,344 |
|
|
|
8,445 |
|
|
Cash and cash equivalents, end of year |
|
$ |
15,836 |
|
|
$ |
8,578 |
|
|
$ |
3,344 |
|
|