This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

The National Security Group, Inc. Releases Third Quarter Earnings

The National Security Group, Inc. (the Company) (Nasdaq: NSEC), today reported results for the quarter and nine months ended September 30, 2010 and 2009, based on accounting principles generally accepted in the United States of America, as follows:

     
Three Months Nine Months
Ended September 30 Ended September 30
2010   2009 2010   2009
 
REVENUES
Net premiums earned $ 15,248 $ 14,357 $ 46,189 $ 44,950
Net investment income 1,175 1,603 3,696 4,214
Net realized investment gains (losses) 75 79 1,433 (151 )
Other Income 259   208   814 541  
 
Total Revenues 16,757   16,247   52,132 49,554  
 
BENEFITS AND EXPENSES
Policyholder benefits paid or provided 10,096 9,131 29,630 28,237
Policy acquisition costs 3,082 3,432 8,800 9,699
General expenses 2,792 2,483 7,532 6,979
Taxes, licenses and fees 525 376 1,492 1,356
Interest expense 294   277   859 842  
Total Expenses
16,789   15,699   48,313 47,113  
 
(Loss) Income Before Income Taxes (32 ) 548   3,819 2,441  
 
INCOME TAX (BENEFIT) EXPENSE (255 ) (103 ) 888 217  
 
Net Income $ 223   $ 651   $ 2,931 $ 2,224  
 
 
EARNINGS PER COMMON SHARE $ 0.09   $ 0.26   $ 1.19 $ 0.90  
 

For the quarter ended September 30, 2010, the Company had net income of $223,000 ($0.09 per share) compared to net income of $651,000 ($0.26 per share) for the same period last year. The most significant factors contributing to the decline in the third quarter of 2010 were a $965,000 increase in policyholder benefits paid or provided coupled with a $309,000 increase in general expenses. The 10.6% increase in policyholder benefits paid or provided was largely related to a $659,000 increase in losses paid during the third quarter of 2010 compared to the same period last year in the P&C segment combined with a $320,000 increase in death and maturity benefits in the Life segment for the same time period. The 12.4% increase in general expenses was primarily related to litigation expense. Positively impacting the quarter were an $891,000 ($0.36 per share) increase in net premiums earned as well as a $350,000 reduction in policy acquisition costs.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs