|
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
|
6 Months Ended |
|
Jun. 30, 2014
|
Jun. 30, 2013
|
| OPERATING ACTIVITIES |
|
|
| Net income |
$ 13,959 |
$ 16,039 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Amortization of investment premium and discount |
2,097 |
2,042 |
| Depreciation |
2,240 |
2,094 |
| Acquisition costs capitalized |
(17,761) |
(18,661) |
| Amortization of deferred acquisition costs |
21,357 |
19,769 |
| Realized investment gains |
(2,180) |
(1,818) |
| Changes in assets and liabilities: |
|
|
| Reinsurance recoverables |
(2,710) |
(3,541) |
| Future policy benefits |
6,202 |
20,303 |
| Policyholder account balances |
(8,135) |
(15,993) |
| Income taxes payable and deferred |
490 |
545 |
| Other, net |
305 |
1,092 |
| Net cash provided |
15,864 |
21,871 |
| Purchases: |
|
|
| Fixed maturity securities |
(194,874) |
(106,941) |
| Equity securities |
(89) |
(13,212) |
| Mortgage loans |
(9,592) |
(30,291) |
| Real estate |
(4,120) |
(17,549) |
| Policy loans |
(5,751) |
(5,670) |
| Sales or maturities, calls, and principal paydowns: |
|
|
| Fixed maturity securities |
115,230 |
138,414 |
| Equity securities |
15 |
1,459 |
| Mortgage loans |
63,261 |
51,104 |
| Real estate |
4,723 |
368 |
| Policy loans |
6,046 |
8,005 |
| Other investments |
5,000 |
0 |
| Net sales of short-term investments |
5,052 |
6,751 |
| Acquisition of property and equipment |
(605) |
(351) |
| Reinsurance transaction |
0 |
(34,279) |
| Net cash used |
(15,704) |
(2,192) |
| FINANCING ACTIVITIES |
|
|
| Deposits on policyholder account balances |
129,853 |
116,485 |
| Withdrawals from policyholder account balances |
(131,261) |
(133,369) |
| Net transfers from separate accounts |
3,791 |
(1,734) |
| Change in other deposits |
3,792 |
5,156 |
| Cash dividends to stockholders |
(5,924) |
(5,951) |
| Net change in treasury stock |
(42) |
(380) |
| Net cash provided (used) |
209 |
(19,793) |
| Increase (decrease) in cash |
369 |
(114) |
| Cash at beginning of year |
8,197 |
7,026 |
| Cash at end of period |
8,566 |
6,912 |
| Cash paid during the period for: |
|
|
| Income taxes |
$ 6,000 |
$ 7,000 |