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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________________

FORM 10-Q

_______________________________

(Mark One)

x

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2022

or

¨

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For transition period from __________ to __________.

Commission File Number: 001-38046

ICC Holdings, Inc.

(Exact name of registrant as specified in its charter)

_______________________________

Pennsylvania

(State or other jurisdiction of
incorporation or organization)

 

81-3359409

(I.R.S. Employer
Identification No.)

 

225 20th Street, Rock Island, Illinois

(Address of principal executive offices)

 

61201

(Zip Code)

 

(309) 793-1700

(Registrant’s telephone number, including area code)

_______________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading
Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share

ICCH

The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes    No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes    No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer   ¨

Accelerated filer   ¨

Non-accelerated filer    x

Smaller reporting company   x

Emerging growth company x

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes ¨     No x

The number of shares of the registrant’s common stock outstanding as of August 4, 2022 was 3,284,768.

 


Table of Contents

Page

PART I

   Item 1

Financial Statements

Condensed Consolidated Balance Sheets as of June 30, 2022 (unaudited) and December 31, 2021

3

Condensed Consolidated Statements of Earnings and Comprehensive Earnings for the Three-Month Periods Ended June 30, 2022 and 2021 (unaudited)

4

Condensed Consolidated Statements of Earnings and Comprehensive Earnings for the Six-Month Periods Ended June 30, 2022 and 2021 (unaudited)

5

Condensed Consolidated Statements of Stockholders Equity for the Six-Month Periods Ended June 30, 2022 and 2021 (unaudited)

6

Condensed Consolidated Statements of Cash Flows for the Six-Month Periods Ended June 30, 2022 and 2021 (unaudited)

7

Notes to Unaudited Condensed Consolidated Financial Statements

8

   Item 2

Management’s Discussion and Analysis of Financial Condition and Results of Operations

22

   Item 3

Quantitative and Qualitative Disclosures about Market Risk

35

   Item 4

Controls and Procedures

36

PART II

   Item 1

Legal Proceedings

37

   Item 1A

Risk Factors

37

   Item 2

Unregistered Sales of Equity Securities and Use of Proceeds

37

   Item 3

Default Upon Senior Securities

37

   Item 4

Mine Safety Disclosures

37

   Item 5

Other Information

37

   Item 6

Exhibits

38

Signatures

39

 

~ 2 ~


PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

ICC Holdings, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

 

As of

June 30,

December 31,

2022

2021

(Unaudited)

Assets

Investments and cash:

Fixed maturity securities (amortized cost of $100,018,472 at 6/30/2022 and $102,145,223 at 12/31/2021)

$

92,371,500

$

105,841,543

Common stocks at fair value

18,092,308

23,608,197

Preferred stocks at fair value

3,033,312

2,780,450

Other invested assets

3,792,362

3,086,568

Property held for investment, at cost, net of accumulated depreciation of $521,315 at 6/30/2022 and $464,713 at 12/31/2021

5,581,481

5,509,114

Cash and cash equivalents

8,041,975

4,606,378

Total investments and cash

130,912,938

145,432,250

Accrued investment income

707,190

659,413

Premiums and reinsurance balances receivable, net of allowances for uncollectible amounts of $100,000 at 6/30/2022 and 12/31/2021

29,759,983

27,199,804

Ceded unearned premiums

981,211

967,022

Reinsurance balances recoverable on unpaid losses and settlement expenses, net of allowances for uncollectible amounts of $0 at 6/30/2022 and 12/31/2021

15,526,114

14,521,219

Federal income taxes

3,324,334

195,694

Deferred policy acquisition costs, net

7,156,770

6,538,844

Property and equipment, at cost, net of accumulated depreciation of $6,378,208 at 6/30/2022 and $6,243,055 at 12/31/2021

3,206,245

3,144,218

Other assets

1,327,125

1,343,504

Total assets

$

192,901,910

$

200,001,968

Liabilities and Equity

Liabilities:

Unpaid losses and settlement expenses

$

70,381,083

$

61,834,809

Unearned premiums

39,512,116

36,212,266

Reinsurance balances payable

813,069

1,368,294

Corporate debt

15,000,000

18,455,342

Accrued expenses

4,640,904

5,441,611

Other liabilities

1,047,109

1,030,870

Total liabilities

131,394,281

125,298,054

Equity:

Common stock1

35,000

35,000

Treasury stock, at cost2

(3,192,640)

(3,155,399)

Additional paid-in capital

32,939,978

32,965,136

Accumulated other comprehensive earnings, net of tax

(6,041,174)

2,920,027

Retained earnings

39,993,988

44,282,895

Less: Unearned Employee Stock Ownership Plan shares at cost3

(2,227,523)

(2,343,745)

Total equity

61,507,629

74,703,914

Total liabilities and equity

$

192,901,910

$

200,001,968

1Par value $0.01; authorized: 2022 - 10,000,000 shares and 2021 – 10,000,000 shares; issued: 2022 – 3,500,000 shares and 2021 – 3,500,000 shares; outstanding: 2022 –3,289,558 and 2021 - 3,291,852 shares

22022 –210,442 shares and 2021 –208,148 shares

32022 –222,752 shares and 2021 –234,374 shares

See accompanying notes to consolidated financial statements. 


~ 3 ~


ICC Holdings, Inc. and Subsidiaries

Condensed Consolidated Statements of Earnings and Comprehensive Earnings (Unaudited)

 

For the Three-Months Ended

June 30,

2022

2021

Net premiums earned

$

17,024,642

$

12,732,807

Net investment income

952,189

783,718

Net realized investment gains

536,809

349,906

Net unrealized (losses) gains on equity securities

(3,804,511)

728,819

Other income

88,226

91,318

Consolidated revenues

14,797,355

14,686,568

Losses and settlement expenses

13,808,605

8,664,280

Policy acquisition costs and other operating expenses

6,002,808

5,047,023

Interest expense on debt

42,241

58,014

General corporate expenses

184,503

196,133

Total expenses

20,038,157

13,965,450

(Loss) earnings before income taxes

(5,240,802)

721,118

Total income tax (benefit) expense

(1,112,035)

158,450

Net (loss) earnings

$

(4,128,767)

$

562,668

Other comprehensive (loss) earnings, net of tax

(3,992,132)

1,080,987

Comprehensive (loss) earnings

$

(8,120,899)

$

1,643,655

Earnings per share:

Basic:

Basic net (loss) earnings per share

$

(1.35)

$

0.18

Diluted:

Diluted net (loss) earnings per share

$

(1.34)

$

0.18

Weighted average number of common shares outstanding:

Basic

3,069,430

3,051,010

Diluted

3,082,000

3,064,455

See accompanying notes to consolidated financial statements.

~ 4 ~


ICC Holdings, Inc. and Subsidiaries

Condensed Consolidated Statements of Earnings and Comprehensive Earnings (Unaudited)

 

For the Six-Months Ended

June 30,

2022

2021

Net premiums earned

$

33,041,319

$

24,781,520

Net investment income

1,869,270

1,585,124

Net realized investment gains

744,394

536,615

Net unrealized (losses) gains on equity securities

(5,097,203)

1,605,135

Other income

247,657

138,034

Consolidated revenues

30,805,437

28,646,428

Losses and settlement expenses

24,003,806

16,466,986

Policy acquisition costs and other operating expenses

11,775,208

9,514,601

Interest expense on debt

103,252

111,716

General corporate expenses

373,918

360,117

Total expenses

36,256,184

26,453,420

(Loss) earnings before income taxes

(5,450,747)

2,193,008

Total income tax (benefit) expense

(1,161,840)

468,401

Net (loss) earnings

$

(4,288,907)

$

1,724,607

Other comprehensive loss, net of tax

(8,961,201)

(1,145,535)

Comprehensive (loss) earnings

$

(13,250,108)

$

579,072

Earnings per share:

Basic:

Basic net (loss) earnings per share

$

(1.40)

$

0.57

Diluted:

Diluted net (loss) earnings per share

$

(1.40)

$

0.57

Weighted average number of common shares outstanding:

Basic

3,061,119

3,037,738

Diluted

3,073,689

3,051,183

See accompanying notes to consolidated financial statements.

~ 5 ~


ICC Holdings, Inc. and Subsidiaries

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)

Common stock

Treasury stock

Unearned ESOP

Additional paid-in capital

Retained
earnings

Accumulated
other
comprehensive
earnings (loss)

Total equity

Balance, January 1, 2021

$

35,000

$

(3,153,838)

$

(2,578,115)

$

32,780,436

$

40,140,115

$

5,520,091

$

72,743,689

Purchase of treasury stock

(92,414)

(92,414)

Net earnings

1,724,607

1,724,607

Other comprehensive loss, net of tax

(1,145,535)

(1,145,535)

Restricted stock unit expense

137,599

1

(50,386)

87,213

ESOP compensation expense

116,222

58,391

174,613

Balance, June 30, 2021

$

35,000

$

(3,108,653)

$

(2,461,893)

$

32,788,441

$

41,864,722

$

4,374,556

$

73,492,173

 

Common stock

Treasury stock

Unearned ESOP

Additional paid-in capital

Retained
earnings

Accumulated
other
comprehensive
earnings (loss)

Total equity

Balance, January 1, 2022

$

35,000

$

(3,155,399)

$

(2,343,745)

$

32,965,136

$

44,282,895

$

2,920,027

$

74,703,914

Purchase of treasury stock

(238,686)

(238,686)

Net loss

(4,288,907)

(4,288,907)

Other comprehensive loss, net of tax

(8,961,201)

(8,961,201)

Restricted stock unit expense

201,445

1

(103,699)

97,746

ESOP compensation expense

116,222

78,541

194,763

Balance, June 30, 2022

$

35,000

$

(3,192,640)

$

(2,227,523)

$

32,939,978

$

39,993,988

$

(6,041,174)

$

61,507,629

1Amount represents restricted stock units that have fully vested in the period.

See accompanying notes to consolidated financial statements.


~ 6 ~


ICC Holdings, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows (Unaudited)