Donegal Group Inc. Announces Second Quarter and First Half 2023 Results
MARIETTA, Pa., July 27, 2023 (GLOBE NEWSWIRE) -- Donegal Group Inc. (NASDAQ: DGICA) and (NASDAQ: DGICB) today reported its financial results for the second quarter and first half of 2023.
Significant Items for Second Quarter of 2023 (all comparisons to second quarter of 2022):
- Net income of
$2.0 million , or 6 cents per diluted Class A share, compared to net loss of$8.2 million , or 26 cents per Class A share - Net premiums earned increased
5.9% to$216.3 million - Net premiums written1 increased
3.7% to$226.5 million - Combined ratio of
104.7% , compared to105.0% - Net income included after-tax net investment gains of
$2.0 million , or 6 cents per diluted Class A share, compared to after-tax net investment losses of$6.6 million , or 21 cents per Class A share - Book value per share of
$14.68 at June 30, 2023
Financial Summary
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||
| 2023 | 2022 | % Change | 2023 | 2022 | % Change | ||||||||||||||||
| (dollars in thousands, except per share amounts) | |||||||||||||||||||||
| Income Statement Data | |||||||||||||||||||||
| Net premiums earned | $ | 216,260 | $ | 204,128 | 5.9 | % | $ | 431,493 | $ | 403,377 | 7.0 | % | |||||||||
| Investment income, net | 10,157 | 8,204 | 23.8 | 19,607 | 16,063 | 22.1 | |||||||||||||||
| Net investment gains (losses) | 2,504 | (8,377 | ) | NM2 | 2,173 | (8,453 | ) | NM | |||||||||||||
| Total revenues | 229,196 | 204,311 | 12.2 | 453,942 | 411,938 | 10.2 | |||||||||||||||
| Net income (loss) | 1,997 | (8,208 | ) | NM | 7,201 | 4,937 | 45.9 | ||||||||||||||
| Non-GAAP operating income (loss)1 | 19 | (1,590 | ) | NM | 5,484 | 11,615 | -52.8 | ||||||||||||||
| Annualized return (loss) on average equity | 1.6 | % | -6.3 | % | NM | 3.0 | % | 1.9 | % | 1.1 pts | |||||||||||
| Per Share Data | |||||||||||||||||||||
| Net income (loss) – Class A (diluted) | $ | 0.06 | $ | (0.26 | ) | NM | $ | 0.22 | $ | 0.16 | 37.5 | % | |||||||||
| Net income (loss) – Class B | 0.05 | (0.24 | ) | NM | 0.20 | 0.14 | 42.9 | ||||||||||||||
| Non-GAAP operating income (loss) – Class A (diluted) | - | (0.05 | ) | NM | 0.17 | 0.37 | -54.1 | ||||||||||||||
| Non-GAAP operating income (loss) – Class B | - | (0.05 | ) | NM | 0.15 | 0.34 | -55.9 | ||||||||||||||
| Book value | 14.68 | 15.87 | -7.5 | % | 14.68 | 15.87 | -7.5 | ||||||||||||||
1The “Definitions of Non-GAAP Financial Measures” section of this release defines and reconciles data that we prepare on an accounting basis other than U.S. generally accepted accounting principles (“GAAP”).
2Not meaningful.
Management Commentary
“We are continuing to navigate through a challenging time for the insurance industry as we respond to the ongoing effects of elevated loss cost inflation. During the quarter, we intentionally slowed our new business growth in personal lines, a strategic decision due to the ongoing inflationary increases in the cost and duration of automobile and property repairs seen across the industry. Personal lines premium growth of
He continued, “We saw modest improvement in profitability, as expected, in the second quarter of 2023. While no large catastrophe weather event impacted the quarterly loss ratio, the frequency of losses from smaller weather-related events across our footprint increased. We remain committed to implementing rate increases across our operating regions and taking specific data-driven underwriting actions to improve our geographic spread of risk in response to the uptick in the frequency of weather events. We are committed to enhancing our operational efficiency, profitability and long-term value creation for the benefit of our policyholders, agents and stockholders.”
Insurance Operations
Donegal Group is an insurance holding company whose insurance subsidiaries and affiliates offer property and casualty lines of insurance in three Mid-Atlantic states (Delaware, Maryland and Pennsylvania), two New England states (Maine and New Hampshire), five Southern states (Georgia, North Carolina, South Carolina, Tennessee and Virginia), eight Midwestern states (Illinois, Indiana, Iowa, Michigan, Nebraska, Ohio, South Dakota and Wisconsin) and five Southwestern states (Arizona, Colorado, New Mexico, Texas and Utah). Donegal Mutual Insurance Company and the insurance subsidiaries of Donegal Group conduct business together as the Donegal Insurance Group.
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
| 2023 | 2022 | % Change | 2023 | 2022 | % Change | ||||||||||||
| (dollars in thousands) | |||||||||||||||||
| Net Premiums Earned | |||||||||||||||||
| Commercial lines | $ | 128,092 | $ | 126,854 | 1.0 | % | $ | 258,558 | $ | 251,183 | 2.9 | % | |||||
| Personal lines | 88,168 | 77,274 | 14.1 | 172,935 | 152,194 | 13.6 | |||||||||||
| Total net premiums earned | $ | 216,260 | $ | 204,128 | 5.9 | % | $ | 431,493 | $ | 403,377 | 7.0 | % | |||||
| Net Premiums Written | |||||||||||||||||
| Commercial lines: | |||||||||||||||||
| Automobile | $ | 45,249 | $ | 43,588 | 3.8 | % | $ | 97,318 | $ | 92,216 | 5.5 | % | |||||
| Workers' compensation | 27,743 | 29,343 | -5.5 | 60,944 | 62,240 | -2.1 | |||||||||||
| Commercial multi-peril | 46,823 | 51,117 | -8.4 | 102,673 | 105,314 | -2.5 | |||||||||||
| Other | 10,379 | 10,496 | -1.1 | 22,269 | 21,607 | 3.1 | |||||||||||
| Total commercial lines | 130,194 | 134,544 | -3.2 | 283,204 | 281,377 | 0.6 | |||||||||||
| Personal lines: | |||||||||||||||||
| Automobile | 53,329 | 44,988 | 18.5 | 103,310 | 87,228 | 18.4 | |||||||||||
| Homeowners | 37,213 | 32,785 | 13.5 | 65,402 | 56,300 | 16.2 | |||||||||||
| Other | 5,776 | 6,129 | -5.8 | 11,900 | 11,983 | -0.7 | |||||||||||
| Total personal lines | 96,318 | 83,902 | 14.8 | 180,612 | 155,511 | 16.1 | |||||||||||
| Total net premiums written | $ | 226,512 | $ | 218,446 | 3.7 | % | $ | 463,816 | $ | 436,888 | 6.2 | % | |||||
Net Premiums Written
The
- Commercial Lines:
$4.3 million decrease that we attribute primarily to planned attrition in states we are exiting or have targeted for profit improvement, lower new business writings and reinsurance reinstatement premiums on our property excess of loss reinsurance program, offset partially by strong premium retention and a continuation of renewal premium increases in lines other than workers’ compensation. - Personal Lines:
$12.4 million increase that we attribute to a continuation of renewal premium increases and strong premium retention.
Underwriting Performance
We evaluate the performance of our commercial lines and personal lines segments primarily based upon the underwriting results of our insurance subsidiaries as determined under statutory accounting practices. The following table presents comparative details with respect to the GAAP and statutory combined ratios1 for the three and six months ended June 30, 2023 and 2022:
| Three Months Ended | Six Months Ended | ||||||||||
| June 30, | June 30, | ||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||
| GAAP Combined Ratios (Total Lines) | |||||||||||
| Loss ratio - core losses | 55.0 | % | 57.1 | % | 55.8 | % | 57.9 | % | |||
| Loss ratio - weather-related losses | 9.1 | 9.6 | 7.8 | 6.8 | |||||||
| Loss ratio - large fire losses | 5.9 | 6.6 | 5.5 | 5.7 | |||||||
| Loss ratio - net prior-year reserve development | -0.1 | -3.9 | -2.0 | -6.1 | |||||||
| Loss ratio | 69.9 | 69.4 | 67.1 | 64.3 | |||||||
| Expense ratio | 34.2 | 35.0 | 35.3 | 35.4 | |||||||
| Dividend ratio | 0.6 | 0.6 | 0.6 | 0.7 | |||||||
| Combined ratio | 104.7 | % | 105.0 | % | 103.0 | % | 100.4 | % | |||
| Statutory Combined Ratios | |||||||||||
| Commercial lines: | |||||||||||
| Automobile | 101.9 | % | 100.1 | % | 99.1 | % | 94.7 | % | |||
| Workers' compensation | 95.7 | 78.7 | 91.0 | 87.8 | |||||||
| Commercial multi-peril | 111.8 | 119.5 | 113.3 | 109.8 | |||||||
| Other | 95.7 | 87.1 | 88.2 | 79.9 | |||||||
| Total commercial lines | 103.6 | 101.6 | 101.8 | 97.6 | |||||||
| Personal lines: | |||||||||||
| Automobile | 104.4 | 104.0 | 104.1 | 98.9 | |||||||
| Homeowners | 103.4 | 123.5 | 101.8 | 115.9 | |||||||
| Other | 105.9 | 51.3 | 77.4 | 47.6 | |||||||
| Total personal lines | 104.3 | 107.5 | 101.6 | 101.2 | |||||||
| Total lines | 103.8 | % | 103.8 | % | 101.7 | % | 99.0 | % | |||
Loss Ratio
For the second quarter of 2023, the loss ratio increased slightly to
Large fire losses, which we define as individual fire losses in excess of
Net favorable development of reserves for losses incurred in prior accident years was negligible and had virtually no impact on the loss ratio for the second quarter of 2023, compared to
Expense Ratio
The expense ratio was
Investment Operations
Donegal Group’s investment strategy is to generate an appropriate amount of after-tax income on its invested assets while minimizing credit risk through investment in high-quality securities. As a result, we had invested
| June 30, 2023 | December 31, 2022 | ||||||||||||
| Amount | % | Amount | % | ||||||||||
| (dollars in thousands) | |||||||||||||
| Fixed maturities, at carrying value: | |||||||||||||
| U.S. Treasury securities and obligations of U.S. | |||||||||||||
| government corporations and agencies | $ | 167,416 | 12.8 | % | $ | 166,883 | 12.8 | % | |||||
| Obligations of states and political subdivisions | 418,919 | 32.1 | 422,253 | 32.4 | |||||||||
| Corporate securities | 395,819 | 30.3 | 393,787 | 30.2 | |||||||||
| Mortgage-backed securities | 265,310 | 20.4 | 229,308 | 17.5 | |||||||||
| Allowance for expected credit losses | (1,324 | ) | -0.1 | - | 0.0 | ||||||||
| Total fixed maturities | 1,246,140 | 95.5 | 1,212,231 | 92.9 | |||||||||
| Equity securities, at fair value | 38,619 | 3.0 | 35,105 | 2.7 | |||||||||
| Short-term investments, at cost | 19,465 | 1.5 | 57,321 | 4.4 | |||||||||
| Total investments | $ | 1,304,224 | 100.0 | % | $ | 1,304,657 | 100.0 | % | |||||
| Average investment yield | 3.0 | % | 2.6 | % | |||||||||
| Average tax-equivalent investment yield | 3.1 | % | 2.7 | % | |||||||||
| Average fixed-maturity duration (years) | 5.8 | 5.9 | |||||||||||
Net investment income of
Net investment gains of
Our book value per share was
Definitions of Non-GAAP Financial Measures
We prepare our consolidated financial statements on the basis of GAAP. Our insurance subsidiaries also prepare financial statements based on statutory accounting principles state insurance regulators prescribe or permit (“SAP”). In addition to using GAAP-based performance measurements, we also utilize certain non-GAAP financial measures that we believe provide value in managing our business and for comparison to the financial results of our peers. These non-GAAP measures are net premiums written, operating income or loss and statutory combined ratio.
Net premiums written and operating income or loss are non-GAAP financial measures investors in insurance companies commonly use. We define net premiums written as the amount of full-term premiums our insurance subsidiaries record for policies effective within a given period less premiums our insurance subsidiaries cede to reinsurers. We define operating income or loss as net income or loss excluding after-tax net investment gains or losses, after-tax restructuring charges and other significant non-recurring items. Because our calculation of operating income or loss may differ from similar measures other companies use, investors should exercise caution when comparing our measure of operating income or loss to the measure of other companies.
The following table provides a reconciliation of net premiums earned to net premiums written for the periods indicated:
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
| 2023 | 2022 | % Change | 2023 | 2022 | % Change | ||||||||||||
| (dollars in thousands) | |||||||||||||||||
| Reconciliation of Net Premiums | |||||||||||||||||
| Earned to Net Premiums Written | |||||||||||||||||
| Net premiums earned | $ | 216,260 | $ | 204,128 | 5.9 | % | $ | 431,493 | $ | 403,377 | 7.0 | % | |||||
| Change in net unearned premiums | 10,252 | 14,318 | -28.4 | 32,323 | 33,511 | -3.5 | |||||||||||
| Net premiums written | $ | 226,512 | $ | 218,446 | 3.7 | % | $ | 463,816 | $ | 436,888 | 6.2 | % | |||||
The following table provides a reconciliation of net income (loss) to operating income (loss) for the periods indicated:
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||
| 2023 | 2022 | % Change | 2023 | 2022 | % Change | ||||||||||||||
| (dollars in thousands, except per share amounts) | |||||||||||||||||||
| Reconciliation of Net Income (Loss) | |||||||||||||||||||
| to Non-GAAP Operating Income (Loss) | |||||||||||||||||||
| Net income (loss) | $ | 1,997 | $ | (8,208 | ) | NM | $ | 7,201 | $ | 4,937 | 45.9 | % | |||||||
| Investment (gains) losses (after tax) | (1,978 | ) | 6,618 | NM | (1,717 | ) | 6,678 | NM | |||||||||||
| Non-GAAP operating income (loss) | $ | 19 | $ | (1,590 | ) | NM | $ | 5,484 | $ | 11,615 | -52.8 | % | |||||||
| Per Share Reconciliation of Net Income (Loss) | |||||||||||||||||||
| to Non-GAAP Operating Income (Loss) | |||||||||||||||||||
| Net income (loss) – Class A (diluted) | $ | 0.06 | $ | (0.26 | ) | NM | $ | 0.22 | $ | 0.16 | 37.5 | % | |||||||
| Investment (gains) losses (after tax) | (0.06 | ) | 0.21 | NM | (0.05 | ) | 0.21 | NM | |||||||||||
| Non-GAAP operating income (loss) – Class A | $ | - | $ | (0.05 | ) | NM | $ | 0.17 | $ | 0.37 | -54.1 | % | |||||||
| Net income (loss) – Class B | $ | 0.05 | $ | (0.24 | ) | NM | $ | 0.20 | $ | 0.14 | 42.9 | % | |||||||
| Investment (gains) losses (after tax) | (0.05 | ) | 0.19 | NM | (0.05 | ) | 0.20 | NM | |||||||||||
| Non-GAAP operating income (loss) – Class B | $ | - | $ | (0.05 | ) | NM | $ | 0.15 | $ | 0.34 | -55.9 | % | |||||||
The statutory combined ratio is a non-GAAP standard measurement of underwriting profitability that is based upon amounts determined under SAP. The statutory combined ratio is the sum of:
- the statutory loss ratio, which is the ratio of calendar-year incurred losses and loss expenses, excluding anticipated salvage and subrogation recoveries, to premiums earned;
- the statutory expense ratio, which is the ratio of expenses incurred for net commissions, premium taxes and underwriting expenses to premiums written; and
- the statutory dividend ratio, which is the ratio of dividends to holders of workers’ compensation policies to premiums earned.
The statutory combined ratio does not reflect investment income, federal income taxes or other non-operating income or expense. A statutory combined ratio of less than
Dividend Information
On July 20, 2023, we declared a regular quarterly cash dividend of
Pre-Recorded Webcast
At approximately 8:30 am ET on Thursday, July 27, 2023, we will make available in the Investors section of our website a pre-recorded audio webcast featuring management commentary on our quarterly results and general business updates. You may listen to the pre-recorded webcast by accessing the link on our website at http://investors.donegalgroup.com. A supplemental investor presentation is also available via our website.
About the Company
Donegal Group Inc. is an insurance holding company whose insurance subsidiaries and affiliates offer property and casualty lines of insurance in certain Mid-Atlantic, Midwestern, New England, Southern and Southwestern states. Donegal Mutual Insurance Company and the insurance subsidiaries of Donegal Group Inc. conduct business together as the Donegal Insurance Group. The Donegal Insurance Group has an A.M. Best rating of A (Excellent).
The Class A common stock and Class B common stock of Donegal Group Inc. trade on the NASDAQ Global Select Market under the symbols DGICA and DGICB, respectively. We are focused on several primary strategies, including achieving sustained excellent financial performance, strategically modernizing our operations and processes to transform our business, capitalizing on opportunities to grow profitably and delivering a superior experience to our agents and customers.
Safe Harbor
We base all statements contained in this release that are not historic facts on our current expectations. Such statements are forward-looking in nature (as defined in the Private Securities Litigation Reform Act of 1995) and necessarily involve risks and uncertainties. Forward-looking statements we make may be identified by our use of words such as “will,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “seek,” “estimate” and similar expressions. Our actual results could vary materially from our forward-looking statements. The factors that could cause our actual results to vary materially from the forward-looking statements we have previously made include, but are not limited to, adverse litigation and other trends that could increase our loss costs (including labor shortages and escalating medical, automobile and property repair costs), adverse and catastrophic weather events (including from changing climate conditions), our ability to maintain profitable operations (including our ability to underwrite risks effectively and charge adequate premium rates), prolonged economic challenges resulting from the COVID-19 pandemic, the adequacy of the loss and loss expense reserves of our insurance subsidiaries, the availability and successful operation of the information technology systems our insurance subsidiaries utilize, the successful development of new information technology systems to allow our insurance subsidiaries to compete effectively, business and economic conditions in the areas in which we and our insurance subsidiaries operate, interest rates, competition from various insurance and other financial businesses, terrorism, the availability and cost of reinsurance, legal and judicial developments (including those related to COVID-19 business interruption coverage exclusions), changes in regulatory requirements, our ability to attract and retain independent insurance agents, changes in our A.M. Best rating and the other risks that we describe from time to time in our filings with the Securities and Exchange Commission. We disclaim any obligation to update such statements or to announce publicly the results of any revisions that we may make to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.
Investor Relations Contacts
Karin Daly, Vice President, The Equity Group Inc.
Phone: (212) 836-9623
E-mail: kdaly@equityny.com
Jeffrey D. Miller, Executive Vice President & Chief Financial Officer
Phone: (717) 426-1931
E-mail: investors@donegalgroup.com
Financial Supplement
| Donegal Group Inc. | ||||||||
| Consolidated Statements of Income (Loss) | ||||||||
| (unaudited; in thousands, except share data) | ||||||||
| Quarter Ended June 30, | ||||||||
| 2023 | 2022 | |||||||
| Net premiums earned | $ | 216,260 | $ | 204,128 | ||||
| Investment income, net of expenses | 10,157 | 8,204 | ||||||
| Net investment gains (losses) | 2,504 | (8,377 | ) | |||||
| Lease income | 87 | 98 | ||||||
| Installment payment fees | 188 | 258 | ||||||
| Total revenues | 229,196 | 204,311 | ||||||
| Net losses and loss expenses | 151,235 | 141,608 | ||||||
| Amortization of deferred acquisition costs | 37,935 | 35,172 | ||||||
| Other underwriting expenses | 35,948 | 36,235 | ||||||
| Policyholder dividends | 1,346 | 1,289 | ||||||
| Interest | 155 | 240 | ||||||
| Other expenses, net | 324 | 346 | ||||||
| Total expenses | 226,943 | 214,890 | ||||||
| Income (loss) before income tax expense (benefit) | 2,253 | (10,579 | ) | |||||
| Income tax expense (benefit) | 256 | (2,371 | ) | |||||
| Net income (loss) | $ | 1,997 | $ | (8,208 | ) | |||
| Net income (loss) per common share: | ||||||||
| Class A - basic and diluted | $ | 0.06 | $ | (0.26 | ) | |||
| Class B - basic and diluted | $ | 0.05 | $ | (0.24 | ) | |||
| Supplementary Financial Analysts' Data | ||||||||
| Weighted-average number of shares | ||||||||
| outstanding: | ||||||||
| Class A - basic | 27,382,442 | 26,069,692 | ||||||
| Class A - diluted | 27,489,338 | 26,294,147 | ||||||
| Class B - basic and diluted | 5,576,775 | 5,576,775 | ||||||
| Net premiums written | $ | 226,512 | $ | 218,446 | ||||
| Book value per common share | ||||||||
| at end of period | $ | 14.68 | $ | 15.87 | ||||
| Donegal Group Inc. | ||||||||
| Consolidated Statements of Income | ||||||||
| (unaudited; in thousands, except share data) | ||||||||
| Six Months Ended June 30, | ||||||||
| 2023 | 2022 | |||||||
| Net premiums earned | $ | 431,493 | $ | 403,377 | ||||
| Investment income, net of expenses | 19,607 | 16,063 | ||||||
| Net investment gains (losses) | 2,173 | (8,453 | ) | |||||
| Lease income | 176 | 203 | ||||||
| Installment payment fees | 493 | 748 | ||||||
| Total revenues | 453,942 | 411,938 | ||||||
| Net losses and loss expenses | 289,341 | 259,491 | ||||||
| Amortization of deferred acquisition costs | 75,733 | 69,354 | ||||||
| Other underwriting expenses | 76,560 | 73,342 | ||||||
| Policyholder dividends | 2,689 | 2,937 | ||||||
| Interest | 308 | 393 | ||||||
| Other expenses, net | 761 | 774 | ||||||
| Total expenses | 445,392 | 406,291 | ||||||
| Income before income tax expense | 8,550 | 5,647 | ||||||
| Income tax expense | 1,349 | 710 | ||||||
| Net income | $ | 7,201 | $ | 4,937 | ||||
| Net income per common share: | ||||||||
| Class A - basic and diluted | $ | 0.22 | $ | 0.16 | ||||
| Class B - basic and diluted | $ | 0.20 | $ | 0.14 | ||||
| Supplementary Financial Analysts' Data | ||||||||
| Weighted-average number of shares | ||||||||
| outstanding: | ||||||||
| Class A - basic | 27,287,717 | 25,928,952 | ||||||
| Class A - diluted | 27,427,848 | 26,052,149 | ||||||
| Class B - basic and diluted | 5,576,775 | 5,576,775 | ||||||
| Net premiums written | $ | 463,816 | $ | 436,888 | ||||
| Book value per common share | ||||||||
| at end of period | $ | 14.68 | $ | 15.87 | ||||
| Donegal Group Inc. | |||||||||
| Consolidated Balance Sheets | |||||||||
| (in thousands) | |||||||||
| June 30, | December 31, | ||||||||
| 2023 | 2022 | ||||||||
| (unaudited) | |||||||||
| ASSETS | |||||||||
| Investments: | |||||||||
| Fixed maturities: | |||||||||
| Held to maturity, at amortized cost | $ | 685,402 | $ | 688,439 | |||||
| Available for sale, at fair value | 560,738 | 523,792 | |||||||
| Equity securities, at fair value | 38,619 | 35,105 | |||||||
| Short-term investments, at cost | 19,465 | 57,321 | |||||||
| Total investments | 1,304,224 | 1,304,657 | |||||||
| Cash | 28,435 | 25,123 | |||||||
| Premiums receivable | 195,252 | 173,846 | |||||||
| Reinsurance receivable | 450,680 | 456,522 | |||||||
| Deferred policy acquisition costs | 78,903 | 73,170 | |||||||
| Prepaid reinsurance premiums | 175,079 | 160,591 | |||||||
| Other assets | 56,362 | 49,440 | |||||||
| Total assets | $ | 2,288,935 | $ | 2,243,349 | |||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||
| Liabilities: | |||||||||
| Losses and loss expenses | $ | 1,122,683 | $ | 1,121,046 | |||||
| Unearned premiums | 624,463 | 577,653 | |||||||
| Accrued expenses | 4,528 | 4,226 | |||||||
| Borrowings under lines of credit | 35,000 | 35,000 | |||||||
| Other liabilities | 16,068 | 21,831 | |||||||
| Total liabilities | 1,802,742 | 1,759,756 | |||||||
| Stockholders' equity: | |||||||||
| Class A common stock | 305 | 301 | |||||||
| Class B common stock | 56 | 56 | |||||||
| Additional paid-in capital | 332,073 | 325,602 | |||||||
| Accumulated other comprehensive loss | (45,201 | ) | (41,704 | ) | |||||
| Retained earnings | 240,186 | 240,564 | |||||||
| Treasury stock | (41,226 | ) | (41,226 | ) | |||||
| Total stockholders' equity | 486,193 | 483,593 | |||||||
| Total liabilities and stockholders' equity | $ | 2,288,935 | $ | 2,243,349 | |||||
