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Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Investments:    
Fixed maturity securities-held-to-maturity, at amortized cost net of allowance for credit losses of $220 and $239 in 2023 and 2022, respectively, (fair value $463,814 and $468,144 in 2023 and 2022, respectively) $ 480,142 $ 491,688
Available-for-sale fixed maturity, Fair Value 345,088 321,121
Equity securities, Fair Value 63,357 62,058
Short-term investments 31,269 14,120
Total investments 919,856 888,987
Cash and cash equivalents 41,210 61,469
Amounts recoverable from reinsurers (net of allowance for credit losses of $328 and $372 in 2023 and 2022, respectively) 118,142 125,677
Premiums receivable (net of allowance for credit losses of $4,864 and $4,852 in 2023 and 2022, respectively) 137,051 121,713
Deferred income taxes 21,658 22,794
Accrued interest receivable 8,638 8,428
Property and equipment, net 6,907 7,225
Deferred policy acquisition costs 18,629 17,401
Federal income tax recoverable   1,453
Other assets 16,163 14,132
Total assets 1,288,254 1,269,279
Liabilities:    
Reserves for loss and loss adjustment expenses 686,652 696,037
Unearned premiums 124,103 114,976
Amounts held for others 50,635 48,811
Policyholder deposits 35,247 36,312
Insurance-related assessments 17,594 17,653
Federal income tax payable 2,534  
Accounts payable and other liabilities 38,634 38,058
Total liabilities 955,399 951,847
Shareholders’ equity:    
Common stock: voting-$0.01 par value authorized shares-50,000,000 in 2023 and 2022; 0,677,086 and 20,678,572 shares issued; and 19,154,387 and 19,155,873 shares outstanding in 2023 and 2022, respectively 207 207
Additional paid-in capital 220,556 220,299
Treasury stock, at cost (1,522,699 shares in 2023 and 2022) (34,758) (34,758)
Accumulated earnings 156,334 145,512
Accumulated other comprehensive loss, net (9,484) (13,828)
Total shareholders’ equity 332,855 317,432
Total liabilities and shareholders’ equity $ 1,288,254 $ 1,269,279