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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
Amendment No. 1
to
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended June 30, 1998 Commission File Number 0-8738
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BANCINSURANCE CORPORATION
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(Exact name of registrant as specified in its charter)
Ohio 31-0790882
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
20 East Broad Street, Columbus, Ohio 43215
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number including area code (614) 228-2800
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None
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Former name, former address and former fiscal year, if changed since last
report.
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 twelve 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 X NO
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Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the last practicable date.
Class Outstanding at June 30, 1998
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Common stock, without par value 5,843,115
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PART I - FINANCIAL INFORMATION
ITEM 1. Financial Statements
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BANCINSURANCE CORPORATION
AND SUBSIDIARIES
Consolidated Balance Sheets
<TABLE>
<CAPTION>
June 30, December 31,
Assets 1998 1997
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(Unaudited)
<S> <C> <C>
Investments:
Held to maturity:
Fixed maturities, at amortized cost (fair value
$4,637,991 in 1998 and $4,054,026 in 1997) $ 4,531,583 $ 3,940,194
Available for sale:
Fixed maturities, at fair value (amortized cost
$11,815,264 in 1998 and $12,635,652 in 1997) 12,115,315 12,962,626
Equity securities, at fair value (cost $2,927,080
in 1998 and $2,601,150 in 1997) 3,488,851 3,225,061
Short-term investments, at cost which
approximates fair value 5,947,419 5,753,669
Securities purchased under agreements to resell 1,331,580 1,048,075
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Total investments 27,414,748 26,929,625
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Cash 2,408,268 1,146,317
Premiums receivable 1,591,179 755,611
Accounts receivable, net of allowance for
uncollectible amounts 247,062 297,519
Reinsurance receivable 13,100 8,000
Prepaid reinsurance premiums 33,438 36,335
Prepaid commissions 280,088 --
Loans to affiliates 628,670 606,182
Note receivable 36,031 67,500
Furniture, fixtures and leasehold improvements, net 177,129 121,697
Excess of investment over net assets of
subsidiaries, net 972,404 976,610
Accrued investment income 283,323 298,234
Other assets 263,846 160,802
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Total assets $34,349,286 $31,404,432
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</TABLE>
(Continued)
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Amendment No. 1 to Form 10-Q filed on August 5,
1998, to be signed on its behalf by the undersigned thereunto duly authorized.
BANCINSURANCE CORPORATION
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(Company)
Date: August 5, 1998 By: Si Sokol
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Si Sokol
President and
Chairman of Board of Directors
(Principal Executive Officer)
Date: August 5, 1998 By: Sally Cress
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Sally Cress
Treasurer and Secretary
(Principal Financial and
Accounting Officer)
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