Company Quick10K Filing
Proassurance
Price40.22 EPS1
Shares54 P/E60
MCap2,166 P/FCF17
Net Debt186 EBIT49
TEV2,352 TEV/EBIT48
TTM 2019-09-30, in MM, except price, ratios
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8-K 2020-05-20
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8-K 2018-03-05
8-K 2018-02-21
8-K 2018-01-17

PRA 10Q Quarterly Report

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II. Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 6. Exhibits
EX-10.1 pra20200331ex101a01.htm
EX-31.1 pra-20200331ex311.htm
EX-31.2 pra-20200331xex312.htm
EX-32.1 pra-20200331ex321.htm
EX-32.2 pra-20200331xex322.htm

Proassurance Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
0.30.20.20.10.10.02012201420172020
Rev, G Profit, Net Income
0.30.20.0-0.1-0.3-0.42012201420172020
Ops, Inv, Fin

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2020 or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to                          
Commission File Number: 0-16533
ProAssurance Corporation
(Exact name of registrant as specified in its charter)
Delaware
 
 
63-1261433
(State or other jurisdiction of
incorporation or organization)
 
 
(I.R.S. Employer Identification No.)
 
 
 
 
 
 
 
 
 
 
 
100 Brookwood Place,
Birmingham,
AL
 
 
 
 
 
35209
(Address of principal executive offices)
 
 
(Zip Code)
 
 
 
 
 
 
 
 
 
 
 
(205)
877-4400
 
 
 
(Registrant’s telephone number,
including area code)
 
 
(Former name, former address and former
fiscal year, if changed since last report)
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
PRA
New York Stock Exchange
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, 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
 
 
 
Smaller reporting company
 
Emerging growth company
 
 
 
 
 
 
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  
As of May 1, 2020, there were 53,844,495 shares of the registrant’s common stock outstanding.



Glossary of Terms and Acronyms

When the following terms and acronyms appear in the text of this report, they have the meanings indicated below.
Term
Meaning
AAD
Annual aggregate deductible
AOCI
Accumulated other comprehensive income (loss)
ASU
Accounting Standards Update
BEAT
Base erosion anti-abuse tax
Board
Board of Directors of ProAssurance Corporation
BOLI
Business owned life insurance
CARES Act
Coronavirus Aid, Relief and Economic Security Act
Council of Lloyd's
The governing body for Lloyd's of London
CODM
Chief Operating Decision Maker
Commutation
An agreement between a ceding insurer and the reinsurer that provides for the valuation, payment, and complete discharge of all obligations between the parties under a particular reinsurance contract
COVID-19
Coronavirus Disease 2019
DPAC
Deferred policy acquisition costs
Eastern Re
Eastern Re, LTD, S.P.C.
EBUB
Earned but unbilled premium
ECO/XPL
Extra-contractual obligations /excess of policy limit claims
FAL
Funds at Lloyd's
FASB
Financial Accounting Standards Board
FHLB
Federal Home Loan Bank
FHLMC
Federal Home Loan Mortgage Corporation
FNMA
Federal National Mortgage Association
GAAP
Generally accepted accounting principles in the United States of America
GILTI
Global intangible low-taxed income
GNMA
Government National Mortgage Association
HCPL
Healthcare professional liability
IBNR
Incurred but not reported
Inova Re
Inova Re, LTD, S.P.C.
IRS
Internal Revenue Service
LIBOR
London Interbank Offered Rate
LLC
Limited liability company
Lloyd's
Lloyd's of London market
LP
Limited partnership
Medical technology liability
Medical technology and life sciences products liability
Mortgage Loans
Two ten-year mortgage loans collectively with an original borrowing amount of approximately $40 million, each entered into by a subsidiary of ProAssurance
NAV
Net asset value
NOL
Net operating loss
NORCAL
NORCAL Group
NORCAL Mutual
NORCAL Mutual Insurance Company
NRSRO
Nationally recognized statistical rating organization
NYSE
New York Stock Exchange
OCI
Other comprehensive income (loss)
PCAOB
Public Company Accounting Oversight Board

2


Term
Meaning
PDR
Premium deficiency reserve
PREP Act
The Public Readiness and Emergency Preparedness Act
Revolving Credit Agreement
ProAssurance's $250 million revolving credit agreement
ROE
Return on equity
ROU
Right-of-use
SEC
Securities and Exchange Commission
SPA
Special Purpose Arrangement
SPC
Segregated portfolio cell
Specialty P&C
Specialty Property and Casualty
Syndicate 1729
Lloyd's of London Syndicate 1729
Syndicate 6131
Lloyd's of London Syndicate 6131, a Special Purpose Arrangement with Lloyd's of London Syndicate 1729
Syndicate Credit Agreement
Unconditional revolving credit agreement with the Premium Trust Fund of Syndicate 1729
TCJA
Tax Cuts and Jobs Act H.R.1 of 2017
U.K.
United Kingdom of Great Britain and Northern Ireland
ULAE
Unallocated loss adjustment expense
VIE
Variable interest entity

3


Caution Regarding Forward-Looking Statements
Any statements in this Form 10-Q that are not historical facts are specifically identified as forward-looking statements. These statements are based upon our estimates and anticipation of future events and are subject to significant risks, assumptions and uncertainties that could cause actual results to vary materially from the expected results described in the forward-looking statements. Forward-looking statements are identified by words such as, but not limited to, "anticipate," "believe," "estimate," "expect," "hope," "hopeful," "intend," "likely," "may," "optimistic," "possible," "potential," "preliminary," "project," "should," "will" and other analogous expressions. There are numerous factors that could cause our actual results to differ materially from those in the forward-looking statements. Thus, sentences and phrases that we use to convey our view of future events and trends are expressly designated as forward-looking statements as are sections of this Form 10-Q that are identified as giving our outlook on future business.
Forward-looking statements relating to our business include among other things: statements concerning future liquidity and capital requirements, investment valuation and performance, return on equity, financial ratios, net income, premiums, losses and loss reserve, premium rates and retention of current business, competition and market conditions, the expansion of product lines, the development or acquisition of business in new geographical areas, the pricing or availability of acceptable reinsurance, actions by regulators and rating agencies, court actions, legislative actions, payment or performance of obligations under indebtedness, payment of dividends and other matters.
These forward-looking statements are subject to significant risks, assumptions and uncertainties, including, among other things, the following factors that could affect the actual outcome of future events:
Ÿ
changes in general economic conditions, including the impact of inflation or deflation and unemployment;
Ÿ
our ability to maintain our dividend payments;
Ÿ
regulatory, legislative and judicial actions or decisions that could affect our business plans or operations, including the impact of Brexit and the impact of changes in interpretations of certain coverages as a result of COVID-19;
Ÿ
the enactment or repeal of tort reforms;
Ÿ
formation or dissolution of state-sponsored insurance entities providing coverages now offered by ProAssurance which could remove or add sizable numbers of insureds from or to the private insurance market;
Ÿ
changes in the interest and tax rate environment;
Ÿ
resolution of uncertain tax matters and changes in tax laws, including the impact of the TCJA;
Ÿ
changes in laws or government regulations regarding financial markets or market activity that may affect our business;
Ÿ
changes in the ability of the U.S. government to meet its obligations that may affect the U.S. economy and our business;
Ÿ
performance of financial markets affecting the fair value of our investments or making it difficult to determine the value of our investments;
Ÿ
changes in requirements or accounting policies and practices that may be adopted by our regulatory agencies, the FASB, the SEC, the PCAOB or the NYSE that may affect our business;
Ÿ
changes in laws or government regulations affecting the financial services industry, the property and casualty insurance industry or particular insurance lines underwritten by our subsidiaries;
Ÿ
the effect on our insureds, particularly the insurance needs of our insureds, and our loss costs, of changes in the healthcare delivery system and/or changes in the U.S. political climate that may affect healthcare policy or our business;
Ÿ
consolidation of our insureds into or under larger entities which may be insured by competitors, or may not have a risk profile that meets our underwriting criteria or which may not use external providers for insuring or otherwise managing substantial portions of their liability risk;
Ÿ
the effect of cyclical insurance industry trends on our underwriting, including demand and pricing in the
insurance and reinsurance markets in which we operate;
Ÿ
uncertainties inherent in the estimate of our loss and loss adjustment expense reserve and reinsurance recoverable;
Ÿ
changes in the availability, cost, quality or collectability of insurance/reinsurance;
Ÿ
the results of litigation, including pre- or post-trial motions, trials and/or appeals we undertake;
Ÿ
effects on our claims costs from mass tort litigation that are different from that anticipated by us;
Ÿ
allegations of bad faith which may arise from our handling of any particular claim, including failure to settle;
Ÿ
loss or consolidation of independent agents, agencies, brokers or brokerage firms;

4


Ÿ
changes in our organization, compensation and benefit plans;
Ÿ
changes in the business or competitive environment may limit the effectiveness of our business strategy and impact our revenues;
Ÿ
our ability to retain and recruit senior management and other qualified personnel;
Ÿ
the availability, integrity and security of our technology infrastructure or that of our third-party providers of technology infrastructure, including any susceptibility to cyber-attacks which might result in a loss of information or operating capability;
Ÿ
the impact of a catastrophic event, including the recent COVID-19 pandemic, as it relates to our operations, investment results, Lloyd's Syndicates and our insured risks;
Ÿ
the impact of acts of terrorism and acts of war;
Ÿ
the effects of terrorism-related insurance legislation and laws;
Ÿ
guaranty funds and other state assessments;
Ÿ
our ability to achieve continued growth through expansion into new markets or through acquisitions or business combinations;
Ÿ
our ability to complete our planned acquisition of NORCAL due to regulatory approval or inability to fund the transaction, or inability to successfully integrate NORCAL and achieve expected synergies;
Ÿ
changes to the ratings assigned by rating agencies to our insurance subsidiaries, individually or as a group;
Ÿ
provisions in our charter documents, Delaware law and state insurance laws may impede attempts to replace or remove management or may impede a takeover;
Ÿ
state insurance restrictions may prohibit assets held by our insurance subsidiaries, including cash and investment securities, from being used for general corporate purposes;
Ÿ
taxing authorities can take exception to our tax positions and cause us to incur significant amounts of legal and accounting costs and, if our defense is not successful, additional tax costs, including interest and penalties; and
Ÿ
expected benefits from completed and proposed acquisitions may not be achieved or may be delayed longer than expected due to business disruption; loss of customers, employees or key agents; increased operating costs or inability to achieve cost savings and synergies; and assumption of greater than expected liabilities, among other reasons.
Additional risks, assumptions and uncertainties that could arise from our membership in the Lloyd's market and our participation in Lloyd's Syndicates include, but are not limited to, the following:
Ÿ
members of Lloyd's are subject to levies by the Council of Lloyd's based on a percentage of the member's underwriting capacity, currently a maximum of 3%, but can be increased by Lloyd's;
Ÿ
Syndicate operating results can be affected by decisions made by the Council of Lloyd's which the management of Syndicate 1729 and Syndicate 6131 have little ability to control, such as a decision to not approve the business plan of Syndicate 1729 or Syndicate 6131, or a decision to increase the capital required to continue operations, and by our obligation to pay levies to Lloyd's;
Ÿ
Lloyd's insurance and reinsurance relationships and distribution channels could be disrupted or Lloyd's trading licenses could be revoked, making it more difficult for a Lloyd's Syndicate to distribute and market its products;
Ÿ
rating agencies could downgrade their ratings of Lloyd's as a whole; and
Ÿ
Syndicate 1729 and Syndicate 6131 operations are dependent on a small, specialized management team, and the loss of their services could adversely affect the Syndicate’s business. The inability to identify, hire and retain other highly qualified personnel in the future could adversely affect the quality and profitability of Syndicate 1729’s or Syndicate 6131's business.
Our results may differ materially from those we expect and discuss in any forward-looking statements. The principal risk factors that may cause these differences are described in "Item 1A, Risk Factors" in our December 31, 2019 report on Form 10-K, in "Item 1A, Risk Factors" included in this report and other documents we file with the SEC, such as our current reports on Form 8-K and our regular reports on Form 10-Q.
We caution readers not to place undue reliance on any such forward-looking statements, which are based upon conditions existing only as of the date made, and advise readers that these factors could affect our financial performance and could cause actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. Except as required by law or regulations, we do not undertake and specifically decline any obligation to

5


publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

6


 
TABLE OF CONTENTS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

7


ProAssurance Corporation and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, except share data)
 
March 31,
2020
 
December 31,
2019
Assets
 
 
 
Investments
 
 
 
Fixed maturities, available-for-sale, at fair value (amortized cost, $2,287,956 and $2,241,304, respectively; allowance for expected credit losses, $1,163 as of current period end)
$
2,281,664

 
$
2,288,785

Fixed maturities, trading, at fair value (cost, $47,282 and $46,772, respectively)
47,680

 
47,284

Equity investments, at fair value (cost, $108,548 and $227,873, respectively)
92,750

 
250,552

Short-term investments
347,340

 
339,907

Business owned life insurance
66,569

 
66,112

Investment in unconsolidated subsidiaries
371,372

 
358,820

Other investments (at fair value, $30,871 and $36,018, respectively, otherwise at cost or amortized cost)
33,778

 
38,949

Total Investments
3,241,153

 
3,390,409

Cash and cash equivalents
217,169

 
175,369

Premiums receivable, net
266,822

 
249,540

Receivable from reinsurers on paid losses and loss adjustment expenses
16,375

 
12,739

Receivable from reinsurers on unpaid losses and loss adjustment expenses
389,792

 
390,708

Prepaid reinsurance premiums
44,120

 
42,796

Deferred policy acquisition costs
56,166

 
55,567

Deferred tax asset, net
66,710

 
44,387

Real estate, net
31,122

 
30,410

Operating lease ROU assets
19,722

 
21,074

Intangible assets, net
70,167

 
70,757

Goodwill
210,725

 
210,725

Other assets
100,807

 
111,118

Total Assets
$
4,730,850


$
4,805,599

Liabilities and Shareholders' Equity
 
 
 
Liabilities
 
 
 
Policy liabilities and accruals
 
 
 
Reserve for losses and loss adjustment expenses
$
2,331,048

 
$
2,346,526

Unearned premiums
443,288

 
413,086

Reinsurance premiums payable
52,367

 
52,946

Total Policy Liabilities
2,826,703

 
2,812,558

Operating lease liabilities
21,311

 
22,051

Other liabilities
169,783

 
173,256

Debt less unamortized debt issuance costs
285,544

 
285,821

Total Liabilities
3,303,341

 
3,293,686

Shareholders' Equity
 
 
 
Common shares (par value $0.01 per share, 100,000,000 shares authorized, 63,165,667 and 63,117,235 shares issued, respectively)
632

 
631

Additional paid-in capital
384,732

 
384,551

Accumulated other comprehensive income (loss) (net of deferred tax expense (benefit) of ($1,162) and $9,795, respectively)
(4,910
)
 
36,955

Retained earnings
1,463,017

 
1,505,738

Treasury shares, at cost (9,325,180 shares as of each respective period end)
(415,962
)
 
(415,962
)
Total Shareholders' Equity
1,427,509


1,511,913

Total Liabilities and Shareholders' Equity
$
4,730,850

 
$
4,805,599

See accompanying notes.

8


ProAssurance Corporation and Subsidiaries
Condensed Consolidated Statements of Changes in Capital (Unaudited)
(In thousands)
 
 
 
Common Stock
 
Additional Paid-in Capital
 
Accumulated Other Comprehensive Income (Loss)
 
Retained Earnings
 
Treasury Stock
 
Total
Balance at December 31, 2019
 
$
631

 
$
384,551

 
$
36,955

 
$
1,505,738

 
$
(415,962
)
 
$
1,511,913

Cumulative-effect adjustment-
ASU 2016-13 adoption*
 

 

 

 
(4,076
)
 

 
(4,076
)
Common shares issued for compensation and effect of shares reissued to stock purchase plan
 

 
33

 

 

 

 
33

Share-based compensation
 

 
1,017

 

 

 

 
1,017

Net effect of restricted and performance shares issued
 
1

 
(869
)
 

 

 

 
(868
)
Dividends to shareholders
 

 

 

 
(16,691
)
 

 
(16,691
)
Other comprehensive income (loss)
 

 

 
(41,865
)
 

 

 
(41,865
)
Net income (loss)
 

 

 

 
(21,954
)
 

 
(21,954
)
Balance at March 31, 2020
 
$
632


$
384,732


$
(4,910
)

$
1,463,017


$
(415,962
)

$
1,427,509

 
 
Common Stock
 
Additional Paid-in Capital
 
Accumulated Other Comprehensive Income (Loss)
 
Retained Earnings
 
Treasury Stock
 
Total
Balance at December 31, 2018
 
$
630

 
$
384,713

 
$
(16,911
)
 
$
1,571,847

 
$
(417,277
)
 
$
1,523,002

Cumulative-effect adjustment-
ASU 2018-07 adoption
 

 

 

 
(444
)
 

 
(444
)
Common shares issued for compensation and effect of shares reissued to stock purchase plan
 

 
176

 

 

 

 
176

Share-based compensation
 

 
1,237

 

 

 

 
1,237

Net effect of restricted and performance shares issued
 
1

 
(2,632
)
 

 

 

 
(2,631
)
Dividends to shareholders
 

 

 

 
(16,660
)
 

 
(16,660
)
Other comprehensive income (loss)
 

 

 
25,566

 

 

 
25,566

Net income
 

 

 

 
31,650

 

 
31,650

Balance at March 31, 2019
 
$
631

 
$
383,494

 
$
8,655

 
$
1,586,393

 
$
(417,277
)
 
$
1,561,896

* See Note 1 for discussion of accounting guidance adopted during the period.
See accompanying notes.

9


ProAssurance Corporation and Subsidiaries
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited)
(In thousands, except per share data)
 
Three Months Ended March 31
 
2020
 
2019
Revenues
 
 
 
Net premiums earned
$
203,855

 
$
208,149

Net investment income
20,830

 
22,818

Equity in earnings (loss) of unconsolidated subsidiaries
(1,562
)
 
(810
)
Net realized investment gains (losses):
 
 
 
Impairment losses
(1,817
)
 
(136
)
Portion of impairment losses recognized in other comprehensive income (loss) before taxes
654

 
87

Net impairment losses recognized in earnings
(1,163
)
 
(49
)
Other net realized investment gains (losses)
(27,510
)
 
36,672

Total net realized investment gains (losses)
(28,673
)
 
36,623

Other income
2,251

 
2,095

Total revenues
196,701

 
268,875

Expenses
 
 
 
Net losses and loss adjustment expenses
164,832

 
159,755

Underwriting, policy acquisition and operating expenses:
 
 
 
Operating expense
34,773

 
33,290

DPAC amortization
27,283

 
28,102

SPC U.S. federal income tax expense
222

 

SPC dividend expense (income)
(508
)
 
4,787

Interest expense
4,129

 
4,330

Total expenses
230,731

 
230,264

Income (loss) before income taxes
(34,030
)
 
38,611

Provision for income taxes:
 
 
 
Current expense (benefit)
(1,852
)
 
343

Deferred expense (benefit)
(10,224
)
 
6,618

Total income tax expense (benefit)
(12,076
)
 
6,961

Net income (loss)
(21,954
)
 
31,650

Other comprehensive income (loss), after tax, net of reclassification adjustments
(41,865
)
 
25,566

Comprehensive income (loss)
$
(63,819
)
 
$
57,216

Earnings (loss) per share
 
 
 
Basic
$
(0.41
)
 
$
0.59

Diluted
$
(0.41
)
 
$
0.59

Weighted average number of common shares outstanding:
 
 
 
Basic
53,808

 
53,683

Diluted
53,885

 
53,808

Cash dividends declared per common share
$
0.31

 
$
0.31

See accompanying notes.

10


ProAssurance Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
 
Three Months Ended March 31
 
2020
 
2019
Operating Activities
 
 
 
Net income
$
(21,954
)
 
$
31,650

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization, net of accretion
4,734

 
5,036

(Increase) decrease in cash surrender value of BOLI
(457
)
 
(453
)
Net realized investment (gains) losses
28,673

 
(36,623
)
Share-based compensation
1,011

 
1,228

Deferred income tax expense (benefit)
(10,224
)
 
6,618

Policy acquisition costs, net of amortization (net deferral)
(599
)
 
(2,807
)
Equity in (earnings) loss of unconsolidated subsidiaries
1,562

 
810

Distributed earnings from unconsolidated subsidiaries
1,585

 
1,938

Other
(703
)
 
1,337

Other changes in assets and liabilities:
 
 
 
Premiums receivable
(22,442
)
 
(27,660
)
Reinsurance related assets and liabilities
(4,623
)
 
(27,283
)
Other assets
14,268

 
(1,447
)
Reserve for losses and loss adjustment expenses
(15,478
)
 
39,148

Unearned premiums
30,202

 
42,396

Other liabilities
(17,604
)
 
504

Net cash provided (used) by operating activities
(12,049
)
 
34,392

Investing Activities
 
 
 
Purchases of:
 
 
 
Fixed maturities, available-for-sale
(227,503
)
 
(179,107
)
Fixed maturities, trading
(407
)
 
(4,614
)
Equity investments
(23,136
)
 
(25,016
)
Other investments
(6,065
)
 
(4,602
)
Funding of qualified affordable housing project tax credit partnerships
(281
)
 
(247
)
Investment in unconsolidated subsidiaries
(17,180
)
 
(31,150
)
Proceeds from sales or maturities of:
 
 
 
Fixed maturities, available-for-sale
180,698

 
119,425

Equity investments
157,652

 
25,812

Other investments
6,026

 
4,738

Return of invested capital from unconsolidated subsidiaries
1,481

 
5,305

Net sales or maturities (purchases) of short-term investments
(7,441
)
 
90,698

Unsettled security transactions, net change
12,937

 
5,440

Purchases of capital assets
(2,750
)
 
(2,572
)
Other
(2,206
)
 
(242
)
Net cash provided (used) by investing activities
71,825

 
3,868

Continued on the following page.
 
 
 


11


 
Three Months Ended March 31
 
2020
 
2019
Continued from the previous page.
 
 
 
Financing Activities
 
 
 
Proceeds (repayments) of Mortgage Loans
(