The National Security Group, Inc. Releases Second Quarter Earnings
August 14 2009 - 1:31PM
Business Wire
Results for the three months and six months ended June 30, 2009
and 2008, based on accounting principles generally accepted in the
United States of America, were reported today as follows:
Three Months Ended June 30 Six Months Ended June 30
2009 2008 2009 2008 Premium Income $
15,373,000 $ 13,968,000 $ 30,593,000 $ 30,554,000 Investment Income
1,374,000 1,241,000 2,611,000 2,562,000 Realized Investment Gains
(231,000 ) 82,000 (230,000 ) 148,000 Other Income 192,000
352,000 333,000 673,000 Total Revenues $ 16,708,000
$ 15,643,000 $ 33,307,000 $ 33,937,000
Net Income (Loss) $ 92,000 $ (36,000 ) $ 1,573,000 $
746,000 Net Income Per Share $ 0.04 $ (0.01 ) $ 0.64
$ 0.30
The Company had net income of $1,573,000, $0.64 per share, for
the six-month period ended June 30, 2009 compared to $746,000,
$0.30 per share, for the same period last year. The primary reason
for the increase in net income for the six-month period ended June
30, 2009 compared to last year was much improved first quarter
results in 2009. The first quarter of 2008 results were adversely
impacted by a significantly higher frequency of windstorm events.
While we also experienced a much higher frequency of windstorm
events in the second quarter of 2009, in the first quarter of 2009,
the frequency of windstorm events was greatly diminished.
Net income for the quarter ended June 30, 2009 totaled $92,000,
$0.04 per share, compared to a net loss of $36,000, ($0.01) per
share, for the same period last year. Increased spring storm
activity was the primary factor contributing to reduced earnings
for the second quarter in both 2009 and 2008.
Shareholders’ equity as of June 30, 2009 was $37,277,000
compared to $34,648,000 at December 31, 2008. The $2,629,000
increase reflects net income of $1,573,000, an increase in
accumulated unrealized investment gains associated with
available-for-sale securities of $1,584,000, a gain on an interest
rate swap of $212,000 and dividends paid of $740,000.
The National Security Group, Inc., through its property &
casualty and life insurance subsidiaries, offers property,
casualty, life, accident and health insurance in twelve states. The
Company writes primarily personal lines property coverage including
dwelling fire and windstorm, homeowners, mobile homeowners and
personal non-standard automobile lines of insurance. The Company
also offers life, accident and health, supplemental hospital and
cancer insurance products. The Company was founded in 1947 and is
based in Elba, Alabama.
The National Security Group, Inc., through its property &
casualty and life insurance subsidiaries, offer property, casualty,
life, accident and health insurance in twelve states.
NASDAQ Symbol: NSEC
National Security (NASDAQ:NSEC)
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