$KINS

KINGSTONE COMPANIES, INC.

CIK:0000033992|SEC Filings

Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Net premiums earned	$ 60,467,477	$ 46,215,260	$ 116,336,291	$ 89,738,323
Ceding commission revenue	1,532,966	3,081,556	2,936,842	6,040,247
Net investment income	3,428,729	2,300,267	6,766,310	4,348,863
Net gains (losses) on investments	240,345	546,451	(775,002)	408,472
Realized gain on sale of real estate	0	0	0	1,965,989
Other income	184,029	151,245	364,841	291,660
Total revenues	65,853,546	52,294,779	125,629,282	102,793,554
Expenses
Loss and loss adjustment expenses	23,930,497	17,927,162	69,504,881	45,102,240
Commission expense	11,573,138	10,629,629	21,768,550	19,942,509
Other underwriting expenses	8,655,155	7,727,367	17,016,428	15,132,789
Other operating expenses	1,362,430	1,153,480	3,622,977	2,189,217
Depreciation and amortization	761,473	613,364	1,476,980	1,237,227
Interest expense	58,808	77,074	128,663	304,528
Total expenses	46,341,501	38,128,076	113,518,479	83,908,510
Income from operations before taxes	19,512,045	14,166,703	12,110,803	18,885,044
Income tax expense	4,041,874	2,914,371	2,448,882	3,750,052
Net income	15,470,171	11,252,332	9,661,921	15,134,992
Other comprehensive (loss) income, net of tax
Gross (increase) decrease in net unrealized losses on available-for-sale-securities	(689,985)	1,289,253	(3,294,501)	4,101,685
Reclassification adjustment for net realized losses included in net income	202,328	4,078	205,251	5,804
Net (increase) decrease in net unrealized losses	(487,657)	1,293,331	(3,089,250)	4,107,489
Income tax benefit (expense) related to items of other comprehensive (loss) income	102,408	(271,600)	648,744	(862,572)
Other comprehensive (loss) income, net of tax	(385,249)	1,021,731	(2,440,506)	3,244,917
Comprehensive income	$ 15,084,922	$ 12,274,063	$ 7,221,415	$ 18,379,909
Earnings per common share:
Basic (in dollars per share)	$ 1.07	$ 0.81	$ 0.67	$ 1.10
Diluted (in dollars per share)	$ 1.05	$ 0.78	$ 0.66	$ 1.07
Weighted average common shares outstanding
Basic (in shares)	14,480,305	13,925,707	14,467,100	13,700,308
Diluted (in shares)	14,671,627	14,387,538	14,638,799	14,148,748
Dividends declared and paid per common share (in dollars per share)	$ 0.05	$ 0	$ 0.10	$ 0

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 9,661,921	$ 15,134,992
Adjustments to reconcile net income to net cash flows provided by operating activities:
Net realized losses on investments	205,251	5,804
Net unrealized losses on equity investments	297,895	288,506
Net unrealized losses (gains) on other investments	271,856	(702,782)
Gain on sale of real estate	0	(1,965,989)
Depreciation and amortization	1,476,980	1,237,227
Credit losses	56,145	69,060
Accretion of bond discount, net	5,133	(28,977)
Amortization of discount and issuance costs on debt	0	62,757
Loss on extinguishment of debt	0	174,962
Stock-based compensation	1,299,915	810,867
Deferred income tax benefit	(654,068)	(372,296)
Decrease (increase) in operating assets:
Premiums receivable, net	1,672,030	4,419,958
Reinsurance receivables, net	5,686,403	13,883,393
Prepaid reinsurance	335,227	(3,649,273)
Deferred policy acquisition costs	290,608	884,341
Other assets	(1,865,007)	432,234
Increase (decrease) in operating liabilities:
Loss and loss adjustment expense reserves	26,936,400	7,717,026
Unearned premiums	(1,400,866)	(4,438,637)
Advance premiums	2,139,000	2,209,518
Reinsurance balances payable	(3,534,237)	(5,068,605)
Deferred ceding commission revenue	(5,532,175)	(4,545,591)
Accounts payable, accrued expenses and other liabilities	(1,235,414)	(2,586,241)
Taxes payable	1,346,781	3,159,483
Net cash flows provided by operating activities	37,459,778	27,131,737
Cash flows from investing activities:
Purchase - fixed-maturity securities available-for-sale	(45,409,491)	(46,825,871)
Sale and maturity - fixed-maturity securities available-for-sale	17,223,774	20,172,732
Purchase - equity securities	(51,800)	(19,100)
Proceeds from sale of real estate	0	3,600,000
Acquisition of property and equipment	(1,744,037)	(1,440,460)
Net cash flows used in investing activities	(29,981,554)	(24,512,699)
Cash flows from financing activities:
Principal payments on equipment financing	(638,979)	(602,712)
Proceeds from exercise of stock options	41,250	57,088
Withholding taxes paid on net exercise of stock options	0	(14,305)
Withholding taxes paid on vested restricted stock awards	(396,018)	(548,500)
Net proceeds from issuance of common stock	0	9,484,382
Acquisition of treasury stock	(291,833)	0
Dividends paid	(1,446,518)	0
Net cash flows (used in) provided by financing activities	(2,732,098)	2,425,953
Increase in cash and cash equivalents	4,746,126	5,044,991
Cash and cash equivalents, beginning of period	12,178,730	28,669,441
Cash and cash equivalents, end of period	16,924,856	33,714,432
Supplemental disclosures of cash flow information:
Cash paid for income taxes-federal	1,762,000	1,353,000
Cash paid for income taxes-state	250	0
Cash paid for interest	122,285	1,370,448
Supplemental schedule of non-cash investing and financing activities:
Other comprehensive (loss) income, net of tax	(2,440,506)	3,244,917
Lease liability in exchange for right-of-use asset	0	198,042
Senior Notes due 2024
Cash flows from financing activities:
Principal payments on 2024 Notes	$ 0	$ (5,950,000)

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Assets
Fixed-maturity securities, held-to-maturity, at amortized cost (fair value of $5,065,341 at June 30, 2026 and $5,137,267 at December 31, 2025)	$ 6,039,691	$ 6,042,348
Fixed-maturity securities, available-for-sale, at fair value (amortized cost of $324,716,045 at June 30, 2026 and $296,738,055 at December 31, 2025)	313,925,930	289,037,190
Equity securities, at fair value (cost of $13,598,454 at June 30, 2026 and $13,546,654 at December 31, 2025)	9,810,500	10,056,595
Other investments	4,280,522	4,552,378
Total investments	334,056,643	309,688,511
Cash and cash equivalents	16,924,856	12,178,730
Premiums receivable, net of allowance for credit losses of $80,779 at June 30, 2026, and $20,831 at December 31, 2025	19,284,233	21,012,408
Reinsurance receivables, net	53,310,542	58,996,945
Prepaid reinsurance	1,807,102	2,142,329
Deferred policy acquisition costs	27,576,599	27,867,207
Intangible assets	500,000	500,000
Property and equipment, net	8,164,732	7,897,675
Deferred income taxes, net	5,482,371	4,179,559
Other assets	10,826,794	8,961,787
Total assets	477,933,872	453,425,151
Liabilities
Loss and loss adjustment expense reserves	167,475,018	140,538,618
Unearned premiums	152,627,206	154,028,072
Advance premiums	6,142,453	4,003,453
Reinsurance balances payable	1,698,082	5,232,319
Deferred ceding commission revenue	2,830,354	8,362,529
Accounts payable, accrued expenses and other liabilities	10,018,235	11,253,649
Income taxes payable	4,181,916	2,835,135
Debt, net (current $1,335,349 and long-term $2,465,799 at June 30, 2026, current $1,296,900 and long-term $3,143,227 at December 31, 2025)	3,801,148	4,440,127
Total liabilities	348,774,412	330,693,902
Commitments and Contingencies (Note 11)
Stockholders' Equity
Preferred stock, $0.01 par value; authorized 2,500,000 shares	0	0
Common stock, $0.01 par value; authorized 20,000,000 shares; issued 16,018,235 shares at June 30, 2026 and 15,921,651 shares at December 31, 2025; outstanding 14,474,664 shares at June 30, 2026 and 14,397,526 shares at December 31, 2025	160,182	159,216
Capital in excess of par	100,568,894	99,624,713
Accumulated other comprehensive loss	(8,522,036)	(6,081,530)
Retained earnings	42,812,260	34,596,857
Stockholders' equity before treasury stock	135,019,300	128,299,256
Treasury stock, at cost, 1,543,571 shares at June 30, 2026 and 1,524,125 at December 31, 2025	(5,859,840)	(5,568,007)
Total stockholders' equity	129,159,460	122,731,249
Total liabilities and stockholders' equity	$ 477,933,872	$ 453,425,151