CITIZENS, INC. (CIA): debt financing — Citizens Q1 revenue up 3% to $57.7M; insurance issued up 61%

CITIZENS, INC.

Total revenues $57.7M (+3% YoY); net income $4.5M ($0.09/share) vs $4.9M ($0.10) a year ago.
First year life & A&H premiums up 42% to $5.9M; insurance issued up 61% to $274.5M (record).
Book value per Class A share $3.94 (+28% YoY); ex-AOCI $5.95 (+10%).
Milestones: target at least 6% growth in first year premiums, 20% agent expansion, 2-3 new products in 2024.
Renewed $20M credit facility with Regions Bank, maturing 2027; no borrowings outstanding.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.7

CITIZENS, INC. incurred credit facility of $20,000,000 senior secured revolving credit facility with Regions Bank maturing May 5, 2027.

Instrument: credit facility
Principal: $20,000,000 senior secured revolving credit facility
Counterparty: Regions Bank
Maturity: May 5, 2027
Event: incurrence

Exact text from the filing

Agreement is referred to as the “Credit Facility”). The Credit Facility was renewed on substantially the same terms as the original Credit Agreement and continues to provide a $20,000,000 senior secured revolving credit facility. The Company has not borrowed under the Credit Facility to date. The proceeds of any loan provided to the Company under the Credit

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CITIZENS, INC. reported first quarter ended March 31, 2024 results: revenue $57.7 million, net income $4.5 million, EPS $0.09 per fully diluted Class A share.

Period: first quarter ended March 31, 2024
Revenue: $57.7 million
Net income: $4.5 million
EPS: $0.09 per fully diluted Class A share
Result: reported results

Exact text from the filing

First Quarter 2024 Financial Highlights • Total revenues increased 3% to $57.7 million in Q1 2024, from $55.9 million in the year-ago quarter. • First year life and A&H premiums increased 42% in Q1 2024, the sixth consecutive quarter of year-over-year growth in first year premiums, driven by new domestic growth and new products. • Net income of $4.5 million, $0.09 per fully diluted Class A share, in Q1 2024, from $4.9 million, $0.10 in Q1 2023.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

CITIZENS, INC. amended First Amendment to Credit Agreement with Regions Bank valued at $20,000,000 senior secured revolving credit facility (effective 2024-05-03).

Action: amendment
Agreement: credit facility
Counterparty: Regions Bank
Value: $20,000,000 senior secured revolving credit facility
Effective: 2024-05-03

Exact text from the filing

On May 3, 2024, Citizens, Inc. (the “Company”) entered into the First Amendment to Credit Agreement with Regions Bank (the “Lender”)

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311 debt financings filed in the last 30 days. Browse all debt financings →

CITIZENS, INC. filing history →

Source: SEC EDGAR

accession 0000024090-24-000089

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