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Consolidated Statements of Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Revenues      
Net premiums earned $ 271,698 $ 275,993 $ 304,427
Net investment income 27,223 25,435 29,364
Net realized gains on investments 3,440 1,695 1,132
Net unrealized gains (losses) on equity securities (8,092) 12,315 4,204
Fee and other income 468 496 350
Total revenues 294,737 315,934 339,477
Expenses      
Loss and loss adjustment expenses incurred 152,316 160,798 157,226
Underwriting and certain other operating costs 24,039 24,813 20,834
Commissions 21,483 21,284 23,147
Salaries and benefits 26,510 25,954 27,925
Policyholder dividends 2,699 3,715 3,453
Provision for investment related credit loss expense (benefit) 44 (79) (27)
Total expenses 227,091 236,485 232,558
Income before income taxes 67,646 79,449 106,919
Income tax expense 12,044 13,693 20,317
Net income $ 55,602 $ 65,756 $ 86,602
Earnings per share      
Basic $ 2.89 $ 3.40 $ 4.49
Diluted $ 2.88 $ 3.39 $ 4.47
Shares used in computing earnings per share      
Basic 19,233,241 19,332,391 19,288,996
Diluted 19,321,717 19,408,619 19,363,809
Extraordinary cash dividends declared per common share $ 4.00 $ 4.00 $ 3.50
Cash dividends declared per common share $ 1.24 $ 1.16 $ 1.08