TAMPA, Fla.--(BUSINESS WIRE)--1347 Property Insurance Holdings, Inc. (NASDAQ:PIH) ( the “Company”), a property and casualty insurance holding company offering specialty insurance to individual and commercial customers in Louisiana and Texas through its wholly-owned subsidiary, Maison Insurance Company (“Maison”), today announced financial results for its second quarter and six months ended June 30, 2015. During the period, the Company continued to drive premium growth by utilizing its strong relationships with independent agents in the Louisiana market. The Company differentiates itself through its expertise in property underwriting in niche, coastal markets. The Company also began leveraging its unique business model to expand into other markets and continues to evaluate other geographic areas where the Company believes its approach can create above average returns.
Second Quarter 2015 Financial and Operating Highlights
(unless noted all financial comparisons are to the prior-year quarter)
- Gross premiums written were up 37.2% to $12.2 million from $8.9 million, largely as a result of organic growth from the Company’s independent agency network driving an increase in its in-force policy count
- Net premiums earned increased 31.9% to $6.3 million from $4.7 million
- Net combined ratio (excluding the impact of the termination of the management services agreement (MSA)) was 105.2%; compared with 79.6% in the prior year quarter, primarily due to seasonal losses relating to claims stemming from wind and hail events during the second quarter of 2015
- Operating loss was $0.1 million
- Net loss attributable to common shareholders, which includes charges stemming from the termination of the MSA, was approximately $0.1 million, or $(0.02) per diluted share, compared to $1.1 million, or $0.15 per diluted share
- Book value per share of $7.67 at June 30, 2015
2015 Year-to-Date Financial and Operating Highlights
(unless noted all financial comparisons are to the prior-year period)
- Gross premiums written were $20.2 million, a 38.7% increase from $14.6 million
- In-force policy count at June 30, 2015 increased to 23,600 from 21,400 at December 31, 2014
- Net premiums earned increased 38.5% to $12.3 million from $8.9 million
- As previously announced, MSA was terminated in the first quarter resulting in a one-time charge, net of tax of $3.8 million or $(0.59) per diluted common share.
- The Company’s net combined ratio (excluding the impact of the termination of the MSA) was 85.9% for the six months ended June 30, 2015, compared with 63.7%
- Operating income was $2.4 million prior to the impact of the MSA
- Net loss attributable to common shareholders, including charges stemming from the termination of the MSA, was approximately $2.1 million, or $(0.34) per diluted share compared to net income attributable to common shareholders of $1.8 million, or $0.70 per diluted share
- Excluding the impact of the loss on termination of the MSA, net of tax, the net income attributable to common shareholders for the six months ended June 30, 2015 was $1.6 million, or $0.25 per diluted share
- The Company re-purchased approximately 92,800 common shares under the previously announced buyback program from June 15, 2015 through August 12, 2015
Management Comments
Doug Raucy, Chief Executive Officer, stated, “We were very pleased to achieve strong gross written premium growth during the quarter, largely as a result of higher production from our network of independent agents in Louisiana. We also began to report a partial period of growth from our alliance with Brotherhood Mutual Insurance Company, which represents wind/hail only exposures on certain churches and related ministries throughout the State of Texas. During the quarter, which is typically our most active in terms of weather-related events, we incurred losses due to wind and hail activity in Louisiana which affected our loss ratio and bottom line. We continue to maintain a strong capital position and are seeking additional opportunities to enter new markets to both diversify our book of business but also to deploy our capital in a manner that we believe will lead to strong, sustainable growth.”
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Operational Review |
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| (Unaudited) | (Unaudited) | |||||||||||||||||||||||||||||||||||||||
| ($ in thousands, except per share data) | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||
| June 30, | June 30, | |||||||||||||||||||||||||||||||||||||||
| 2015 | 2014 | Change | 2015 | 2014 | Change | |||||||||||||||||||||||||||||||||||
| Gross premiums written | $ | 12,178 | $8,876 | 37.2 | % | $ | 20,199 | $ | 14,558 | 38.7 | % | |||||||||||||||||||||||||||||
| Ceded premiums written | $ |
3,552 |
$2,478 | 43.3 | % | $ | 6,290 | $ | 2,802 | 124.5 | % | |||||||||||||||||||||||||||||
| Gross premiums earned | $ | 9,105 | $6,130 | 48.5 | % | $ | 17,704 | $ | 11,169 | 58.5 | % | |||||||||||||||||||||||||||||
| Ceded premiums earned | $ | 2,854 | $1,390 | 105.3 | % | $ | 5,435 | $ | 2,315 | 134.8 | % | |||||||||||||||||||||||||||||
| Net premiums earned | $ | 6,251 | $4,740 | 31.9 | % | $ | 12,269 | $ | 8,854 | 38.6 | % | |||||||||||||||||||||||||||||
| Total revenues | $ | 6,485 | $4,829 | 34.3 | % | $ | 12,885 | $ | 9,002 | 43.1 | % | |||||||||||||||||||||||||||||
| Net losses and loss adjustment expenses | $ | 3,017 | $1,175 | 156.8 | % | $ | 3,646 | $ | 1,559 | 133.9 | % | |||||||||||||||||||||||||||||
| Amortization of deferred policy acquisition costs | $ | 1,571 | $1,100 | 42.8 | % | $ | 3,097 | $ | 1,981 | 56.3 | % | |||||||||||||||||||||||||||||
| General and administrative expenses | $ | 1,985 | $1,500 | 32.3 | % | $ | 3,790 | $ | 2,101 | 80.4 | % | |||||||||||||||||||||||||||||
| Operating Income(1) | $ |
(88 |
) |
$1,054 | n/a | $ | 2,352 | $ | 3,361 | (30.0 | )% | |||||||||||||||||||||||||||||
| Loss and amortization charges related to MSA termination | $ |
(109 |
) |
$- | n/a | $ | (5,530 | ) | $ | - | n/a | |||||||||||||||||||||||||||||
| Income (loss) before tax expense (benefit) | $ |
(197 |
) |
$1,054 | n/a | $ | (3,178 | ) | $ | 3,361 | n/a | |||||||||||||||||||||||||||||
| Net income (loss) attributable to common shareholders | $ | (125 | ) | $616 | n/a | $ | (2,149 | ) | $ | 1,819 | n/a | |||||||||||||||||||||||||||||
| Weighted average diluted shares outstanding |
|
6,355 |
4,135 | 6,357 | 2,598 | |||||||||||||||||||||||||||||||||||
| Ratios to Gross Premiums Earned:(1) | ||||||||||||||||||||||||||||||||||||||||
| Ceded premium ratio | 31.3 | % | 22.7 | % | 8.6 pts | 30.7 | % | 20.7 | % | 10.0 pts | ||||||||||||||||||||||||||||||
| Loss ratio | 33.1 | % | 19.2 | % | 13.9 pts | 20.6 | % | 14.0 | % | 6.6 pts | ||||||||||||||||||||||||||||||
| DPAC ratio | 17.3 | % | 17.9 | % | (0.6) pts | 17.5 | % | 17.7 | % | (0.2) pts | ||||||||||||||||||||||||||||||
| G&A ratio | 21.8 | % | 24.5 | % | (2.7) pts | 21.4 | % | 18.8 | % | 2.6 pts | ||||||||||||||||||||||||||||||
| Expense ratio | 39.1 | % | 42.4 | % | (3.3) pts | 38.9 | % | 36.5 | % | 2.3 pts | ||||||||||||||||||||||||||||||
| Combined ratio | 103.5 | % | 84.3 | % | 19.2 pts | 90.2 | % | 71.2 | % | 19.0 pts | ||||||||||||||||||||||||||||||
| Ratios to Net Premiums Earned:(1) | ||||||||||||||||||||||||||||||||||||||||
| Net loss ratio | 48.3 | % | 24.8 | % | 23.5 pts | 29.7 | % | 17.6 | % | 12.1 pts | ||||||||||||||||||||||||||||||
| Net expense ratio | 56.9 | % | 54.8 | % | 2.1 pts | 56.2 | % | 46.1 | % | 10.1 pts | ||||||||||||||||||||||||||||||
| Net combined ratio | 105.2 | % | 79.6 | % | 25.6 pts | 85.9 | % | 63.7 | % | 22.2 pts | ||||||||||||||||||||||||||||||
| (1) See “Definitions of Non-U.S. GAAP Financial Measures” Section | ||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Review
Premiums
Gross premiums written increased 37.2% to $12.2 million for the quarter ended June 30, 2015 compared with $8.9 million for the quarter ended June 30, 2014. Gross premiums earned increased 48.5% to $9.1 million for the quarter ended June 30, 2015 compared with $6.1 million for the quarter ended June 30, 2014. Net premiums earned increased 31.9% to $6.3 million for the quarter ended June 30, 2015 compared with $4.7 million for the quarter ended June 30, 2014.
Losses and Loss Adjustment Expenses
The gross loss ratio for the quarter ended June 30, 2015 was 33.1% compared to 19.2% for the quarter ended June 30, 2014. The net loss ratio for the quarter ended June 30, 2015 was 48.3% compared to 24.8% for the quarter ended June 30, 2014. Both these loss ratios increased due to the high frequency of wind and hail events occurring during the second quarter in the State of Louisiana, which can be typical for this time of the year. No single event was large enough to be treated as a catastrophe during the quarter; therefore, these losses were not covered by the Company’s catastrophe reinsurance program.
Amortization of Deferred Policy Acquisition Costs
Amortization of deferred policy acquisition costs for the second quarter of 2015 was $1.6 million, a $0.5 million increase over $1.1 in the second quarter of 2014. This increase was generally consistent with the increase in gross premiums earned for the quarter as shown by computing deferred acquisition cost amortization as a percentage of gross premiums earned, which was 17.3% for the second quarter of 2015, compared to 17.9% for the second quarter of 2014. This slight decrease can be attributed to a larger portion of renewal business generated in 2015 from the Company’s independent agents. The commission structure is such that agents receive a higher commission ratio on new business when compared to renewal policies.
General and Administrative Expenses
General and administrative expenses for the second quarter of 2015 were $2.0 million, an increase of $0.5 million over the $1.5 million in the second quarter of 2014. General and administrative expenses as a percentage of gross premiums earned declined to 21.8% for second quarter of 2015 compared to 24.5% for the prior year period.
Operating Income (Loss)
Operating income (loss), which is a non-GAAP metric, is used as a management tool to measure operating performance. In the second quarter 2015, operating loss was $0.1 million compared to operating income of $1.1 million for the second quarter 2014. This non-GAAP metric should not be considered as an alternative to net income. See “Definitions of Non-U.S GAAP Financial Measures” Section.
Net Income available to common shareholders
In the second quarter of 2015, the Company reported a net loss of $0.1 million, compared to net income of $0.6 million in the prior year period. The Company reported a net loss of $0.02 per diluted share during the second quarter of 2015, based on 6.4 million weighted average shares outstanding, compared to net income of $0.15 per diluted share during the prior year period, based on 4.1 million shares outstanding.
2015 First Half Financial Review
Premiums
Gross premiums written increased 38.7% to $20.2 million for the six months ended June 30, 2015 compared with $14.6 million for the six months ended June 30, 2014. Gross premiums earned increased 58.5% to $17.7 million for the six months ended June 30, 2015 compared with $11.2 million for the six months ended June 30, 2014. Net premiums earned increased 38.6% to $12.3 million for the six months ended June 30, 2015 compared with $8.9 million for the six months ended June 30, 2014.
Losses and Loss Adjustment Expenses
The gross loss ratio for the six months ended June 30, 2015 was 20.6% compared to 14.0% for the six months ended June 30, 2014. The net loss ratio for the six months ended June 30, 2015 was 29.7% compared to 17.6% for the six months ended June 30, 2014. Both these loss ratios increased due to the frequency of wind and hail events occurring during the second quarter in the State of Louisiana. No single event was large enough to be treated as a catastrophe during the three and six month periods.
Amortization of Deferred Policy Acquisition Costs
Amortization of deferred policy acquisition costs for the six months ended June 30, 2015 were $3.1 million, an increase of $1.1 million over $2.0 million for the prior year period. This increase was generally consistent with the increase in gross premiums earned for the year. Deferred policy acquisition cost amortization as a percentage of gross premiums earned, was 17.5% for the six months ended June 30, 2015, compared to 17.7% for the prior year. This slight decrease can again be attributed to the lower commission rates paid on renewal business versus new business.
General and Administrative Expenses
General and administrative expenses for the six months ended June 30, 2015 were $3.8 million, compared to $2.1 million for the prior year. General and administrative expenses as a percentage of gross premiums earned were 21.4% for the six months ended June 30, 2015, compared to 18.8% for the six months ended June 30, 2014.
Operating Income
For the six months ended June 30, 2015, operating income was $2.4 million compared to $3.4 million for the six months ended June 30, 2014. See “Definitions of Non-U.S GAAP Financial Measures” Section.
Net Income available to common shareholders
During the six months ended June 30, 2015, the Company reported a net loss of $2.1 million, compared to net income of $1.8 million in the prior year period. The Company reported a net loss per diluted share for the period of $0.34 based on weighted average shares outstanding of 6.4 million, compared to net income per diluted share of $0.70 based on weighted average shares outstanding of 2.6 million. Excluding the impact of the termination of the MSA as well as charges associated with the accretion of the discount on the Series B Preferred Shares issued pursuant to the termination of the MSA, net income would have been $1.6 million, or $0.25 per common share on a diluted basis, calculated as follows:
| (unaudited) | Six months ended June 30, 2015 | ||||||||||||
|
amount (thousands) |
Per fully diluted share(2) |
||||||||||||
| Net loss attributable to common shareholders |
$ |
(2,149 |
) |
$ |
(0.34 |
) |
|||||||
| Plus: loss on termination of MSA, net of tax |
3,753 |
0.59 |
|||||||||||
| Net income excluding the impact of the termination of MSA |
$ |
1,604 |
$ |
0.25 |
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|
(2) Based on 6,356,793 weighted average common shares outstanding |
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Balance Sheet / Investment Portfolio Highlights
At June 30, 2015, the Company held cash, cash equivalents and investments with a carrying value of $69.5 million. As of June 30, 2015, the Company’s investment in fixed maturities issued by the U.S. Government, government agencies and high quality corporate issuers, including short-term investments comprised 99.0% of the investment portfolio.
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Conference Call Details |
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| Date: | Friday, August 14th, 2015 | |||
| Time: | 10:00 a.m. Eastern Time | |||
| Participant Dial-In Numbers: | ||||
| Domestic callers: | (877) 407-0619 | |||
| International callers: | (412) 902-1012 | |||
Access by Webcast
The call will also be simultaneously webcast over the Internet via the “Investor Relations” section of PIH’s website at www.1347pih.com or by clicking on the conference call link: http://1347pih.equisolvewebcast.com/q2-2015. Audio and a transcript of the call will be archived on the Company’s website.
DEFINITION OF NON-U.S. GAAP FINANCIAL MEASURES
We assess our results of operations using certain non-U.S. GAAP financial measures, in addition to U.S. GAAP financial measures. These non-U.S. GAAP financial measures are defined below. We believe these non-U.S. GAAP financial measures provide useful information to investors and others in understanding and evaluating our operating performance in the same manner as management does.
The non-U.S. GAAP financial measures should be considered in addition to, and not as a substitute for or superior to, any financial measures prepared in accordance with U.S. GAAP. Our non-U.S. GAAP financial measures may be defined differently from time to time and may be defined differently than similar terms used by other companies, and accordingly, care should be exercised in understanding how we define our non-U.S. GAAP financial measures.
Operating Income (Loss)
We define operating income (loss) as the amount of profit (loss) realized from our operations after deducting all operating expenses except those associated with the termination of our management services agreement with 1347 Advisors LLC. The table below reconciles U.S. GAAP net income to operating income.
| (in thousands, unaudited) | Three Months ended June 30, | Six Months ended June 30, | |||||||||||||||||||||
| 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||
| U.S. GAAP Net income (loss) | $ | (125 | ) | $ | 616 | $ | (2,149 | ) | $ | 2,319 | |||||||||||||
| Plus: Income tax (benefit) expense | (72 | ) | 438 | (1,029 | ) | 1,042 | |||||||||||||||||
| Plus: Loss on Termination of MSA | - | - | 5,421 | - | |||||||||||||||||||
| Plus: Accretion of discount on Series B Preferred Shares | 109 | - | 109 | - | |||||||||||||||||||
| Operating Income (Loss) | $ | (88 | ) | $ | 1,054 | $ | 2,352 | $ | 3,361 | ||||||||||||||
Underwriting Ratios
The Company analyzes performance based on underwriting ratios such as loss ratio, expense ratio and combined ratio. The ceded reinsurance ratio is derived by dividing the amount of ceded earned premium net of ceded losses and ceded loss adjustment expenses by gross earned premiums. The gross loss ratio is derived by dividing the amount of gross losses and gross loss adjustment expenses by gross premiums earned. The gross expense ratio is derived by dividing the sum of amortization of deferred policy acquisition costs and general and administrative expenses by gross premiums earned. The net loss ratio is derived by dividing the amount of net losses and loss adjustment expenses by net premiums earned. The net expense ratio is derived by dividing the sum of amortization of deferred policy acquisition costs and general and administrative expenses by net premiums earned. All items included in the net loss and expense ratios are presented in the Company’s Form 10-Q for the quarter ended June 30, 2015. The gross combined ratio is the sum of the ceded reinsurance ratio, the gross loss ratio and the gross expense ratio. The net combined ratio is the sum of the net loss ratio and the net expense ratio. The net combined ratios reported exclude the loss and amortization charges related to the termination of the MSA in the amount of $0.1 and $5.5 million for the three and six months ended June 30, 2015 respectively. A combined ratio below 100% demonstrates underwriting profit whereas a combined ratio over 100% demonstrates an underwriting loss.
About 1347 Property Insurance Holdings, Inc.
1347 Property Insurance Holdings, Inc. is a property and casualty insurance holding company incorporated in Delaware. The Company provides property and casualty insurance in Louisiana and Texas through its wholly-owned subsidiary Maison Insurance Company. The Company’s insurance offerings for personal and commercial customers currently include homeowners, wind and hail only, manufactured home and dwelling fire policies.
Forward Looking Statements
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that are not historical facts, and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. Words such as "expects", "believes", "anticipates", "intends", "estimates", "seeks" and variations and similar words and expressions are intended to identify such forward-looking statements. Such forward-looking statements relate to future events or future performance, but reflect Company management's current beliefs, based on information currently available. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward looking statements, please refer to the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2014. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward looking statements whether as a result of new information, future events or otherwise.
Additional Information
Additional information about 1347 Property Insurance Holding, Inc., including its Quarterly Report on Form 10-Q for the quarter ended June 30, 2015, can be found at the U.S. Securities and Exchange Commission's website at www.sec.gov, or at PIH’s corporate website: www.1347pih.com.
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1347 PROPERTY INSURANCE HOLDINGS, INC. AND SUBSIDIARIES Consolidated Statements of Operations and Comprehensive Income (Loss) (in thousands, except per share data) (Unaudited) |
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| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||
| 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||
| Revenue: | |||||||||||||||||||||
| Net premiums earned | $ | 6,251 | $ | 4,740 | $ | 12,269 | $ | 8,854 | |||||||||||||
| Net investment income | 79 | 24 | 157 | 28 | |||||||||||||||||
| Other income | 155 | 65 | 459 | 120 | |||||||||||||||||
| Total revenue | 6,485 | 4,829 | 12,885 | 9,002 | |||||||||||||||||
| Expenses: | |||||||||||||||||||||
| Net losses and loss adjustment expenses | 3,017 | 1,175 | 3,646 | 1,559 | |||||||||||||||||
| Amortization of deferred policy acquisition costs | 1,571 | 1,100 | 3,097 | 1,981 | |||||||||||||||||
| General and administrative expenses | 1,985 | 1,500 | 3,790 | 2,101 | |||||||||||||||||
| Loss on termination of Management Services Agreement | – | – | 5,421 | – | |||||||||||||||||
| Accretion of discount on Series B Preferred Shares | 109 | – | 109 | – | |||||||||||||||||
| Total expenses | 6,682 | 3,775 | 16,063 | 5,641 | |||||||||||||||||
| (Loss) Income before income tax (benefit) expense | (197 | ) | 1,054 | (3,178 | ) | 3,361 | |||||||||||||||
| Income tax (benefit) expense | (72 | ) | 438 | (1,029 | ) | 1,042 | |||||||||||||||
| Net (loss) income | (125 | ) | 616 | (2,149 | ) | 2,319 | |||||||||||||||
|
Less: beneficial conversion feature on convertible preferred
shares |
– | – | – | 500 | |||||||||||||||||
| Net (loss) income attributable to common shareholders | $ | (125 | ) | $ | 616 | $ | (2,149 | ) | $ | 1,819 | |||||||||||
|
(Loss) Earnings per share – net (loss) income attributable to
common shareholders: |
|||||||||||||||||||||
| Basic | $ | (0.02 | ) | $ | 0.15 | $ | (0.34 | ) | $ | 0.71 | |||||||||||
| Diluted | $ | (0.02 | ) | $ | 0.15 | $ | (0.34 | ) | $ | 0.70 | |||||||||||
| Weighted average common shares outstanding (in ‘000s) | |||||||||||||||||||||
| Basic | 6,355 | 4,052 | 6,357 | 2,548 | |||||||||||||||||
| Diluted | 6,355 | 4,135 | 6,357 | 2,598 | |||||||||||||||||
|
Consolidated Statements of Comprehensive (Loss) Income |
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| Net (loss) income | $ | (125 | ) | $ | 616 | $ | (2,149 | ) | $ | 2,319 | |||||||||||
| Unrealized gains (losses) on fixed income securities | (81 | ) | 13 | (6 | ) | 10 | |||||||||||||||
| Comprehensive (loss) income | $ | (206 | ) | $ | 629 | $ | (2,155 | ) | $ | 2,329 | |||||||||||
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1347 PROPERTY INSURANCE HOLDINGS INC. AND SUBSIDIARIES Consolidated Balance Sheets (in thousands) |
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|
June 30, 2015 (unaudited) |
December 31, 2014 |
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|
Assets |
||||||||||||||
| Investments: | ||||||||||||||
| Fixed income securities, at fair value (amortized cost of $16,111 and $10,515, respectively) | $ | 16,100 | $ | 10,514 | ||||||||||
| Short-term investments, at cost which approximates fair value | 713 | 2,198 | ||||||||||||
| Other investments, at cost | 159 | – | ||||||||||||
| Total investments | 16,972 | 12,712 | ||||||||||||
| Cash and cash equivalents | 52,533 | 53,639 | ||||||||||||
| Deferred policy acquisition costs, net | 3,417 | 3,091 | ||||||||||||
| Premiums receivable, net of allowance for doubtful accounts of $8 and $3, respectively | 2,188 | 2,086 | ||||||||||||
| Ceded unearned premiums | 2,416 | 1,561 | ||||||||||||
| Reinsurance recoverable | 108 | 363 | ||||||||||||
| Current income taxes recoverable | 1,108 | – | ||||||||||||
| Net deferred income taxes | 635 | 263 | ||||||||||||
| Property and equipment, net | 223 | 237 | ||||||||||||
| Goodwill | 211 | – | ||||||||||||
| Intangible assets, net of accumulated amortization of $6 and $0, respectively | 46 | – | ||||||||||||
| Other assets | 534 | 282 | ||||||||||||
| Total Assets | $ | 80,391 | $ | 74,234 | ||||||||||
|
Liabilities and Shareholders’ Equity |
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| Liabilities: | ||||||||||||||
| Loss and loss adjustment expense reserves | $ | 1,458 | $ | 1,211 | ||||||||||
| Unearned premium reserves | 20,197 | 17,703 | ||||||||||||
| Ceded reinsurance premiums payable | 3,442 | 2,559 | ||||||||||||
| Agent commissions payable | 650 | 323 | ||||||||||||
| Premiums collected in advance | 1,608 | 560 | ||||||||||||
| Due to related party | – | 145 | ||||||||||||
| Current income taxes payable | – | 262 | ||||||||||||
| Accrued expenses and other liabilities | 2,058 | 1,557 | ||||||||||||
|
Series B Preferred Shares, $25.00 par value, 1,000 shares authorized, 120 and zero shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively |
2,420 | – | ||||||||||||
| Total Liabilities | $ | 31,833 | $ | 24,320 | ||||||||||
| Shareholders’ Equity: | ||||||||||||||
|
Common stock, $0.001 par value; 10,000 shares authorized; 6,358 issued and outstanding at June 30, 2015 and December 31, 2014 |
$ | 6 | $ | 6 | ||||||||||
| Additional paid-in capital | 48,663 | 47,631 | ||||||||||||
| Retained earnings | 129 | 2,278 | ||||||||||||
| Accumulated other comprehensive income (loss) | (7 | ) | (1 | ) | ||||||||||
| 48,791 | 49,914 | |||||||||||||
|
Less: treasury stock at cost, 28 and zero shares as of June 30, 2015 and December 31, 2014, respectively |
(233 | ) | – | |||||||||||
| Total Shareholders’ Equity | 48,558 | 49,914 | ||||||||||||
| Total Liabilities and Shareholders’ Equity | $ | 80,391 | $ | 74,234 | ||||||||||
