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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Operating activities    
Net income $ 34,824 $ 62,215
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 953 754
Net amortization of investments 5,380 7,111
Change in investment related allowance for credit losses 60 (102)
Deferred income taxes (2,937) 530
Net realized gains on investments (2,402) (1,490)
Net unrealized (gains) losses on equity securities 12,984 (8,026)
Net realized gains on disposal of assets (2) (21)
Share-based compensation 1,512 1,735
Changes in operating assets and liabilities:    
Premiums receivable, net (1,912) 2,243
Accrued interest receivable (692) 126
Deferred policy acquisition costs (1,216) (770)
Amounts held by others   70
Other assets (1,470) (554)
Reserves for loss and loss adjustment expenses (29,082) (39,772)
Unearned premiums 7,001 6,753
Reinsurance balances 2,809 (2,591)
Amounts held for others and policyholder deposits 2,236 (3,423)
Federal income taxes payable 4,260 2,268
Accounts payable and other liabilities 3,760 2,368
Net cash provided by operating activities 36,066 29,424
Investing activities    
Purchases of investments held-to-maturity (32,152) (23,231)
Purchases of investments available-for-sale (91,276) (31,915)
Purchases of equity securities (10,763) (4,886)
Purchases of short-term investments (59,155) (115,812)
Proceeds from maturities of investments held-to-maturity 59,884 63,324
Proceeds from sales and maturities of investments available-for-sale 63,706 97,069
Proceeds from sales of equity securities 7,005  
Proceeds from sales and maturities of short-term investments 79,014 65,064
Purchases of property and equipment (1,872) (732)
Proceeds from sales of property and equipment   23
Net cash provided by investing activities 14,391 48,904
Financing activities    
Finance lease purchases (35) (32)
Purchase of treasury stock (12,236)  
Dividends to shareholders (17,956) (16,925)
Net cash used in financing activities (30,227) (16,957)
Change in cash and cash equivalents 20,230 61,371
Cash and cash equivalents at beginning of period 70,722 61,757
Cash and cash equivalents at end of period $ 90,952 $ 123,128