SCHEDULE II PROTECTIVE INSURANCE CORPORATION AND SUBSIDIARIES CONDENSED FINANCIAL INFORMATION OF REGISTRANT STATEMENTS OF CASH FLOWS - PARENT COMPANY ONLY (in thousands) Year Ended December 31 2018 2017 2016 Net cash provided by operating activities $ 14,019 $ 44,998 $ 15,484 Investing activities: Purchases of investments (11,435 ) (21,365 ) (4,000 ) Sales or maturities of investments 11,213 9,146 3,493 Net sales of short-term investments – – 2,165 Distributions from limited partnerships – 298 – Net purchases of property and equipment (3,677 ) (3,394 ) (4,278 ) Net cash used in investing activities (3,899 ) (15,315 ) (2,620 ) Financing activities: Dividends paid to shareholders (16,835 ) (16,302 ) (15,803 ) Repurchase of common shares (4,596 ) (1,880 ) – Net cash used in financing activities (21,431 ) (18,182 ) (15,803 ) Increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents (11,311 ) 11,501 (2,939 ) Cash, cash equivalents and restricted cash and cash equivalents at beginning of year 26,496 14,995 17,934 Cash, cash equivalents and restricted cash and cash equivalents at end of year $ 15,185 $ 26,496 $ 14,995 Note to Condensed Financial Statements -- Basis of Presentation The Company's investment in subsidiaries is stated at cost plus equity in the undistributed earnings of subsidiaries since the date of acquisition.  The Company's share of net income of its subsidiaries is included in income using the equity method. These financial statements should be read in conjunction with the Company's consolidated financial statements. - 80 -