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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating activities      
Net income $ 92,690 $ 71,632 $ 46,231
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 942 996 984
Net amortization of investments 8,659 10,787 14,015
Deferred income taxes 872 (1,462) 12,800
Net realized losses on investments 80 1,536 647
Net unrealized (gains) losses on equity securities (4,758) 2,088  
Net realized losses on disposal of assets 3   2
Share-based compensation 2,351 2,065 2,018
Changes in operating assets and liabilities:      
Premiums receivable, net 4,525 11,756 8,771
Accrued interest receivable 467 438 725
Deferred policy acquisition costs 686 517 (951)
Amounts held by others   (7,855) 27,848
Other assets 710 1,873 (1,882)
Reserves for loss and loss adjustment expenses (25,522) 26,564 29,069
Unearned premiums (8,423) (7,974) (4,758)
Reinsurance balances 16,093 (21,873) (6,495)
Amounts held for others and policyholder deposits (5,528) 2,911 4,168
Accounts payable and other liabilities (5,023) 4,269 (2,382)
Net cash provided by operating activities 78,824 98,268 130,810
Investing activities      
Purchases of investments held-to-maturity (152,133) (99,330) (222,104)
Purchases of investments available-for-sale (63,513) (124,128) (108,517)
Purchases of equity securities (4,495) (11,459) (8,503)
Purchases of short-term investments (125,763) (133,355) (62,687)
Proceeds from maturities of investments held-to-maturity 159,702 99,984 152,995
Proceeds from sales and maturities of investments available-for-sale 114,869 100,357 112,179
Proceeds from sales of equity securities   3 1
Proceeds from sales and maturities of short-term investments 84,039 139,865 72,400
Proceeds from redemptions of other investments   130 13,172
Purchases of property and equipment (1,018) (1,126) (478)
Net cash provided by (used in) investing activities 11,688 (29,059) (51,542)
Financing activities      
Proceeds from stock option exercises 20 67
Finance lease purchases (47)    
Dividends to shareholders (87,016) (84,491) (82,645)
Net cash used in financing activities (87,043) (84,424) (82,645)
Change in cash and cash equivalents 3,469 (15,215) (3,377)
Cash and cash equivalents at beginning of year 40,344 55,559 58,936
Cash and cash equivalents at end of year 43,813 40,344 55,559
Supplemental disclosure of cash flow information      
Income taxes paid $ 20,850 $ 11,235 $ 28,255