Financial Performance - Net premiums earned for the three months ended September 30, 2024, increased to $21,711,407, up from $19,233,517 in the same period of 2023, representing a growth of 12.9%[6] - Consolidated revenues for the three months ended September 30, 2024, reached $24,375,415, compared to $19,764,371 in the prior year, reflecting a year-over-year increase of 23.1%[6] - Net earnings for the three months ended September 30, 2024, were $2,052,192, a significant recovery from a loss of $768,963 in the same period of 2023[6] - Net premiums earned for the nine months ended September 30, 2024, increased to $62,331,966, up from $55,528,867 in the same period of 2023, representing a growth of approximately 12.9%[8] - Consolidated revenues rose to $69,634,620 for the nine months ended September 30, 2024, compared to $60,035,488 in 2023, reflecting an increase of about 16.0%[8] - Net earnings for the nine months ended September 30, 2024, were $3,559,521, significantly higher than $1,396,071 in the prior year, marking an increase of approximately 155.0%[8] - Earnings per share (EPS) for the nine months ended September 30, 2024, were $1.20, compared to $0.47 in the same period of 2023, indicating a growth of about 170.2%[8] Assets and Liabilities - Total assets as of September 30, 2024, amounted to $232,927,415, an increase from $211,017,013 as of December 31, 2023, indicating a growth of 10.4%[5] - Total liabilities as of September 30, 2024, were $159,823,927, compared to $144,013,464 at the end of 2023, marking an increase of 11.0%[5] - The company’s total equity as of September 30, 2024, was $73,103,488, up from $67,003,549 at the end of 2023, representing an increase of 9.4%[5] Investment Income - The company reported net investment income of $1,556,776 for the three months ended September 30, 2024, up from $1,342,258 in the same period of 2023, which is an increase of 16.0%[6] - Net investment income increased to $4,536,992 for the nine months ended September 30, 2024, from $3,798,432 in the same period of 2023, representing a growth of about 19.4%[8] - The company reported net realized investment gains of $584,925 for the nine months ended September 30, 2024, compared to $268,375 in 2023, reflecting an increase of approximately 117.0%[8] Cash Flow - Net cash provided by operating activities increased to $16,026,822 in Q3 2024, compared to $10,622,225 in Q3 2023, marking a rise of about 51.5%[10] - The company reported net cash used in investing activities of $(6,302,017) in Q3 2024, a decrease from $(10,700,926) in Q3 2023, indicating improved cash flow management[10] - Total cash and cash equivalents at the end of Q3 2024 were $11,011,618, up from $2,665,558 at the end of Q3 2023, reflecting a substantial increase of approximately 313.5%[10] Expenses - Total expenses for the nine months ended September 30, 2024, were $65,089,929, up from $58,276,253 in 2023, which is an increase of approximately 11.7%[8] - Losses and settlement expenses for the three months ended September 30, 2024, were $14,144,203, compared to $13,436,464 in the prior year, reflecting an increase of 5.3%[6] - Losses and settlement expenses for the nine months ended September 30, 2024, were $41,034,199, compared to $36,698,631 in 2023, indicating an increase of approximately 11.0%[8] Mergers and Acquisitions - The company completed the acquisition of Guild Insurance Inc. in October 2023, expanding its operational capabilities in the insurance sector[13] - The company entered into a merger agreement with Mutual Capital Holdings, Inc., with a total equity value of approximately $73.8 million, subject to regulatory approvals[15] Market Presence - Approximately 23.0% of the premium was written in Illinois for Q3 2024, slightly down from 23.1% in Q3 2023, indicating stable market presence[14] Regulatory and Compliance - The company adopted ASU 2016-13 on January 1, 2023, impacting the measurement of credit losses on financial instruments, resulting in a $113,760 decrease in retained earnings[19] - The effective tax rate for the nine months ended September 30, 2024, was 21.7%, compared to 20.6% for the same period in 2023[70] Shareholder Information - The company has reserved a total of 490,000 shares of common stock under the 2016 Equity Incentive Plan, with 350,000 shares available for restricted stock and stock-settled restricted stock unit awards[158] - ICC paid $900,000 and $1,250,000 in dividends to ICC Holdings, Inc. in the first nine months of 2024 and 2023, respectively[169] Debt and Financing - The company had $15,000,000 in outstanding debt as of September 30, 2024, consistent with the previous year-end[59] - The company has a borrowing capacity of $53.1 million with the Federal Home Loan Bank of Chicago, of which $15.0 million has been utilized through three separate loans with a weighted average interest rate of 1.21%[60]
ICC(ICCH) - 2024 Q3 - Quarterly Report