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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities      
Net income $ 55,602 $ 65,756 $ 86,602
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 1,309 1,017 1,012
Net amortization of investments 6,734 8,868 8,177
Change in investment related allowance for credit losses 44 (79) (27)
Deferred income taxes (1,136) 1,270 1,657
Net realized gains on investments (3,440) (1,695) (1,132)
Net unrealized (gains) losses on equity securities 8,092 (12,315) (4,204)
Net realized (gains) losses on disposal of assets 9 (21) 58
Share-based compensation 2,479 2,320 3,296
Changes in operating assets and liabilities:      
Premiums receivable, net 13,387 21,660 1,193
Accrued interest receivable (348) 1,194 456
Deferred policy acquisition costs (342) 751 1,238
Amounts held by others   71 7,856
Other assets (2,840) (1,016) (1,230)
Reserves for loss and loss adjustment expenses (49,241) (15,283) (12,326)
Unearned premiums (6,116) (8,168) (11,613)
Reinsurance balances (4,754) (14,648) (10,333)
Amounts held for others and policyholder deposits 2,825 (2,628) 2,271
Federal income taxes recoverable 4,961 (6,831) (2,803)
Accounts payable and other liabilities 969 (2,244) (6,750)
Net cash provided by operating activities 28,194 37,979 63,398
Investing activities      
Purchases of investments held-to-maturity (32,152) (43,307) (96,452)
Purchases of investments available-for-sale (106,049) (51,617) (73,923)
Purchases of equity securities (11,147) (8,388) (11,330)
Purchases of short-term investments (66,132) (167,870) (139,242)
Proceeds from maturities of investments held-to-maturity 85,006 74,253 104,564
Proceeds from sales and maturities of investments available-for-sale 90,675 114,974 110,700
Proceeds from sales of equity securities 8,487    
Proceeds from sales and maturities of short-term investments 108,827 154,187 149,975
Purchases of property and equipment (2,089) (1,296) (921)
Proceeds from sales of property and equipment   23  
Net cash provided by investing activities 75,426 70,959 43,371
Financing activities      
Finance lease purchases (58) (44) (50)
Purchase of treasury stock (12,388)    
Dividends to shareholders (100,427) (99,929) (88,775)
Net cash used in financing activities (112,873) (99,973) (88,825)
Change in cash and cash equivalents (9,253) 8,965 17,944
Cash and cash equivalents at beginning of year 70,722 61,757 43,813
Cash and cash equivalents at end of year 61,469 70,722 61,757
Supplemental disclosure of cash flow information      
Income taxes paid $ 7,791 $ 18,198 $ 20,562