$AMSF

AMERISAFE INC

CIK:0001018979|SEC Filings

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Gross premiums written	$ 85,968	$ 79,704	$ 174,468	$ 163,488
Ceded premiums written	(4,216)	(4,185)	(8,285)	(8,364)
Net premiums written	81,752	75,519	166,183	155,124
Net premiums earned	77,273	69,381	152,345	138,266
Net investment income	6,528	6,691	13,125	13,343
Net realized (losses) gains on investments	(87)	3,116	(90)	3,118
Net unrealized gains (losses) on equity securities	8,113	1,829	6,460	(1,323)
Fee and other income	144	71	221	281
Total revenues	91,971	81,088	172,061	153,685
Expenses
Loss and loss adjustment expenses incurred	48,341	40,660	94,781	80,819
Underwriting and certain other operating costs	9,131	8,053	16,721	14,313
Commissions	6,973	6,234	13,666	12,289
Salaries and benefits	8,499	7,459	16,485	15,743
Policyholder dividends	767	1,239	1,996	1,873
Provision for investment related credit loss benefit	(5)	(12)	(13)	(28)
Total expenses	73,706	63,633	143,636	125,009
Income before income taxes	18,265	17,455	28,425	28,676
Income tax expense	3,670	3,500	5,685	5,772
Net income	$ 14,595	$ 13,955	$ 22,740	$ 22,904
Earnings per share
Basic	$ 0.79	$ 0.73	$ 1.22	$ 1.2
Diluted	$ 0.78	$ 0.73	$ 1.21	$ 1.2
Shares used in computing earnings per share
Basic	18,579,890	19,038,360	18,669,214	19,037,339
Diluted	18,702,282	19,119,600	18,795,904	19,120,530
Cash dividends declared per common share	$ 0.41	$ 0.39	$ 0.82	$ 0.78

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net income	$ 22,740	$ 22,904
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	353	409
Net amortization of investments	(14)	446
Change in investment related allowance for credit losses	(13)	(28)
Deferred income taxes	511	(974)
Net realized losses (gains) on investments	90	(3,118)
Net unrealized (gains) losses on equity securities	(6,460)	1,323
Net realized losses on disposal of assets	19
Share-based compensation	1,351	1,816
Changes in operating assets and liabilities:
Premiums receivable, net	(22,463)	(23,314)
Accrued interest receivable	33	(131)
Deferred policy acquisition costs	(1,533)	(1,998)
Other assets	(1,571)	649
Reserves for loss and loss adjustment expenses	(19,493)	(27,214)
Unearned premiums	13,838	16,858
Reinsurance balances	2,341	1,248
Amounts held for others and policyholder deposits	3,431	(2,579)
Federal income taxes recoverable	2,068	(215)
Accounts payable and other liabilities	3,867	3,683
Net cash used in operating activities	(905)	(10,235)
Investing activities
Purchases of investments available-for-sale	(25,437)	(14,491)
Purchases of equity securities		(213)
Purchases of short-term investments	(17,294)	(5,469)
Proceeds from maturities of investments held-to-maturity	14,566	30,473
Proceeds from sales and maturities of investments available-for-sale	50,119	15,628
Proceeds from sales of equity securities		8,232
Proceeds from sales and maturities of short-term investments	8,326
Purchases of property and equipment	(29)	(1,084)
Net cash provided by investing activities	30,251	33,076
Financing activities
Finance lease purchases	(40)	(42)
Share-based compensation-related tax withholding	(709)	(673)
Purchase of treasury stock	(9,655)	(2,796)
Dividends to shareholders	(15,392)	(14,910)
Net cash used in financing activities	(25,796)	(18,421)
Change in cash and cash equivalents	3,550	4,420
Cash and cash equivalents at beginning of period	61,926	44,045
Cash and cash equivalents at end of period	$ 65,476	$ 48,465

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Investments:
Fixed maturity securities-held-to-maturity, at amortized cost net of allowance for credit losses of $60 and $73 at June 30, 2026 and December 31, 2025, respectively, (fair value $327,158 and $344,576 at June 30, 2026, and December 31, 2025, respectively)	$ 332,714	$ 350,087
Fixed maturity securities-available-for-sale, at fair value (amortized cost $290,264, allowance for credit losses of $0 at June 30, 2026 and amortized cost $317,116, allowance for credit losses of $0 at December 31, 2025)	285,249	313,038
Equity securities, at fair value (cost $31,164 and $31,165 at June 30, 2026 and December 31, 2025, respectively)	63,952	57,493
Short-term investments	23,272	14,237
Total investments	705,187	734,855
Cash and cash equivalents	65,476	61,926
Amounts recoverable from reinsurers (net of allowance for credit losses of $217 and $264 at June 30, 2026 and December 31, 2025, respectively)	105,659	108,098
Premiums receivable (net of allowance for credit losses of $4,159 and $4,172 at June 30, 2026 and December 31, 2025, respectively)	183,135	160,944
Deferred income taxes	17,264	17,572
Accrued interest receivable	6,930	6,963
Property and equipment, net	6,951	7,293
Deferred policy acquisition costs	22,618	21,085
Federal income tax recoverable	1,020	3,088
Other assets	13,051	8,720
Total assets	1,127,291	1,130,544
Liabilities:
Reserves for loss and loss adjustment expenses	594,090	613,583
Unearned premiums	149,341	135,503
Amounts held for others	43,530	39,139
Policyholder deposits	32,572	33,532
Insurance-related assessments	18,293	15,979
Accounts payable and other liabilities	39,474	39,178
Payable for investments purchased	0	2,032
Total liabilities	877,300	878,946
Shareholders’ equity:
Common stock: voting-$0.01 par value authorized shares-50,000,000 in 2026 and 2025; 20,814,250 and 20,769,021 shares issued; and 18,536,058 and 18,794,881 shares outstanding at June 30, 2026 and December 31, 2025, respectively	208	208
Additional paid-in capital	227,323	225,912
Treasury stock, at cost (2,278,192 and 1,974,140 shares at June 30, 2026 and December 31, 2025, respectively)	(63,810)	(54,155)
Accumulated earnings	90,250	82,850
Accumulated other comprehensive loss, net	(3,980)	(3,217)
Total shareholders’ equity	249,991	251,598
Total liabilities and shareholders’ equity	$ 1,127,291	$ 1,130,544