The National Security Group, Inc. (NASDAQ: NSEC) financial results for the three-months and six-months ended June 30, 2012 and 2011, based on accounting principles generally accepted in the United States of America, were reported today as follows:
|Three Months Ended June 30||Six Months Ended June 30|
|Realized Investment Gains||865,000||261,000||1,071,000||1,031,000|
|Net Loss Per Share||$||(2.96||)||$||(2.00||)||$||(2.75||)||$||(1.60||)|
For the six-months ended June 30, 2012, the Company had a net loss of $6,775,000, $2.75 per share, compared to a net loss of $3,950,000, $1.60 per share, for the same period last year. Litigation settlement and defense cost reduced net income for the first six months of 2012 by $8,751,000, net of tax, resulting in a net loss for the period. The first six months of 2011 were adversely impacted by the previously mentioned tornado and wind related losses which occurred during the month of April.Year-to-date earned premium revenue was $26,029,000 for the six-months ended June 30, 2012 compared to $28,191,000 for the same period last year. The primary factor contributing to the decline in premium revenue was the decision, in late 2011, to discontinue to automobile line of business due to lack of underwriting profitability. Shareholders’ equity as of June 30, 2012 was $30,663,000, down $7,352,000 compared to $38,015,000 as of December 31, 2011. Book value per share decreased $2.98 per share for the period ended June 30, 2012 to $12.43 per share compared to $15.41 per share at December 31, 2011. The decline in book value was primarily caused by the net loss of $6,775,000 in the first six months of 2012. The National Security Group, Inc. (NASDAQ Symbol: NSEC), through its property & casualty and life insurance subsidiaries, offers property, casualty, life, accident and health insurance in twelve states. The Company writes primarily personal lines property coverage including dwelling fire and windstorm, homeowners, and mobile homeowners lines of insurance. The Company also offers life, accident and health, supplemental hospital and cancer insurance products. The Company was founded in 1947 and is based in Elba, Alabama. Additional information about the Company, including additional details of recent financial results, can be found on our website: www.nationalsecuritygroup.com.