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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenues        
Gross premiums written $ 71,704 $ 74,460 $ 154,191 $ 152,251
Ceded premiums written (3,965) (2,725) (8,144) (5,284)
Net premiums written 67,739 71,735 146,047 146,967
Net premiums earned 65,598 70,279 134,779 137,835
Net investment income 7,724 6,485 15,157 12,598
Net realized gains on investments 75 1,079 333 1,817
Net unrealized gains (losses) on equity securities 2,048 (9,942) 3,417 (8,902)
Fee and other income 214 135 411 248
Total revenues 75,659 68,036 154,097 143,596
Expenses        
Loss and loss adjustment expenses incurred 35,645 40,326 74,654 78,067
Underwriting and certain other operating costs 7,427 7,684 12,583 11,674
Commissions 5,845 5,453 11,648 10,661
Salaries and benefits 6,700 6,776 12,723 12,691
Policyholder dividends 490 688 1,421 1,877
Provision for investment related credit loss expense (benefit) (16) (14) (35) 81
Total expenses 56,091 60,913 112,994 115,051
Income before income taxes 19,568 7,123 41,103 28,545
Income tax expense 3,941 991 8,137 5,082
Net income $ 15,627 $ 6,132 $ 32,966 $ 23,463
Earnings per share        
Basic $ 0.82 $ 0.32 $ 1.72 $ 1.22
Diluted $ 0.81 $ 0.32 $ 1.72 $ 1.21
Shares used in computing earnings per share        
Basic 19,139,735 19,273,934 19,135,564 19,302,805
Diluted 19,196,755 19,332,168 19,200,377 19,367,085
Cash dividends declared per common share $ 0.34 $ 0.31 $ 0.68 $ 0.62