Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Company's Deferred Income Tax Assets and Liabilities

The Company’s deferred income tax assets and liabilities are as follows:

	December 31,
	2022			2021
	(in thousands)
Deferred income tax assets:
Discounting of net unpaid loss and loss adjustment expenses	$	16,164		$	18,018
Unearned premiums		6,173			6,560
Accrued expenses and other		2,403			2,385
State income tax		2,468			2,135
Accrued policyholder dividends		1,841			1,989
Accrued insurance-related assessments		1,990			1,901
Net unrealized loss on securities		1,182			—
Total deferred tax assets		32,221			32,988
Deferred income tax liabilities:
Deferred policy acquisition costs		(4,391	)		(4,430	)
Unrealized gain on securities available-for-sale		—			(7,791	)
Property and equipment and other		(473	)		(298	)
Salvage and subrogation		(320	)		(428	)
Loss reserves adjustment		(4,243	)		(5,657	)
Total deferred income tax liabilities		(9,427	)		(18,604	)
Net deferred income taxes	$	22,794		$	14,384

Components of Consolidated Income Tax Expense (Benefit)

The components of consolidated income tax expense (benefit) are as follows:

	Year Ended December 31,
	2022			2021			2020
	(in thousands)
Current:
Federal	$	12,753		$	11,368		$	17,760
State		427			1,055			900
		13,180			12,423			18,660
Deferred:
Federal		(802	)		2,943			1,403
State		(334	)		(1,673	)		254
		(1,136	)		1,270			1,657
Total	$	12,044		$	13,693		$	20,317

Income Tax Expense from Operations from the Amount Computed by Applying the U.S. Federal Income Tax Statutory Rate of 21% to Income Before Income Taxes

Income tax expense from operations is different from the amount computed by applying the U.S. federal income tax statutory rate of 21% to income before income taxes as follows:

	Year Ended December 31,
	2022			2021			2020
	(in thousands)
Income tax computed at federal statutory tax rate	$	14,206		$	16,684		$	22,453
Tax-exempt interest, net		(2,268	)		(2,511	)		(3,226	)
State income tax		3			911			1,080
Dividends received deduction		(134	)		(107	)		(89	)
Valuation allowance		(17	)		(1,803	)		46
Prior year adjustments		14			344			3
Other		240			175			50
	$	12,044		$	13,693		$	20,317