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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Operating activities      
Net income $ 86,602 $ 92,690 $ 71,632
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 1,012 942 996
Net amortization of investments 8,177 8,659 10,787
Change in investment related allowance for credit losses (27)    
Deferred income taxes 1,657 872 (1,462)
Net realized (gains) losses on investments (1,132) 80 1,536
Net unrealized (gains) losses on equity securities (4,204) (4,758) 2,088
Net realized losses on disposal of assets 58 3  
Share-based compensation 3,296 2,351 2,065
Changes in operating assets and liabilities:      
Premiums receivable, net 1,193 4,525 11,756
Accrued interest receivable 456 467 438
Deferred policy acquisition costs 1,238 686 517
Amounts held by others 7,856   (7,855)
Other assets (1,230) 710 1,873
Reserves for loss and loss adjustment expenses (12,326) (25,522) 26,564
Unearned premiums (11,613) (8,423) (7,974)
Reinsurance balances (10,333) 16,093 (21,873)
Amounts held for others and policyholder deposits 2,271 (5,528) 2,911
Federal income taxes payable (2,803) (192) 5,173
Accounts payable and other liabilities (6,750) (4,831) (904)
Net cash provided by operating activities 63,398 78,824 98,268
Investing activities      
Purchases of investments held-to-maturity (96,452) (152,133) (99,330)
Purchases of investments available-for-sale (73,923) (63,513) (124,128)
Purchases of equity securities (11,330) (4,495) (11,459)
Purchases of short-term investments (139,242) (125,763) (133,355)
Proceeds from maturities of investments held-to-maturity 104,564 159,702 99,984
Proceeds from sales and maturities of investments available-for-sale 110,700 114,869 100,357
Proceeds from sales of equity securities     3
Proceeds from sales and maturities of short-term investments 149,975 84,039 139,865
Proceeds from redemptions of other investments     130
Purchases of property and equipment (921) (1,018) (1,126)
Net cash provided by (used in) investing activities 43,371 11,688 (29,059)
Financing activities      
Proceeds from stock option exercises   20 67
Finance lease purchases (50) (47)  
Dividends to shareholders (88,775) (87,016) (84,491)
Net cash used in financing activities (88,825) (87,043) (84,424)
Change in cash and cash equivalents 17,944 3,469 (15,215)
Cash and cash equivalents at beginning of year 43,813 40,344 55,559
Cash and cash equivalents at end of year 61,757 43,813 40,344
Supplemental disclosure of cash flow information      
Income taxes paid $ 20,562 $ 20,850 $ 11,235