XML 20 R7.htm IDEA: XBRL DOCUMENT v3.22.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating activities      
Net income $ 65,756 $ 86,602 $ 92,690
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 1,017 1,012 942
Net amortization of investments 8,868 8,177 8,659
Change in investment related allowance for credit losses (79) (27)  
Deferred income taxes 1,270 1,657 872
Net realized (gains) losses on investments (1,695) (1,132) 80
Net unrealized gains on equity securities (12,315) (4,204) (4,758)
Net realized (gains) losses on disposal of assets (21) 58 3
Share-based compensation 2,320 3,296 2,351
Changes in operating assets and liabilities:      
Premiums receivable, net 21,660 1,193 4,525
Accrued interest receivable 1,194 456 467
Deferred policy acquisition costs 751 1,238 686
Amounts held by others 71 7,856  
Other assets (1,016) (1,230) 710
Reserves for loss and loss adjustment expenses (15,283) (12,326) (25,522)
Unearned premiums (8,168) (11,613) (8,423)
Reinsurance balances (14,648) (10,333) 16,093
Amounts held for others and policyholder deposits (2,628) 2,271 (5,528)
Federal income taxes payable (6,831) (2,803) (192)
Accounts payable and other liabilities (2,244) (6,750) (4,831)
Net cash provided by operating activities 37,979 63,398 78,824
Investing activities      
Purchases of investments held-to-maturity (43,307) (96,452) (152,133)
Purchases of investments available-for-sale (51,617) (73,923) (63,513)
Purchases of equity securities (8,388) (11,330) (4,495)
Purchases of short-term investments (167,870) (139,242) (125,763)
Proceeds from maturities of investments held-to-maturity 74,253 104,564 159,702
Proceeds from sales and maturities of investments available-for-sale 114,974 110,700 114,869
Proceeds from sales and maturities of short-term investments 154,187 149,975 84,039
Purchases of property and equipment (1,296) (921) (1,018)
Proceeds from sales of property and equipment 23    
Net cash provided by investing activities 70,959 43,371 11,688
Financing activities      
Proceeds from stock option exercises     20
Finance lease purchases (44) (50) (47)
Dividends to shareholders (99,929) (88,775) (87,016)
Net cash used in financing activities (99,973) (88,825) (87,043)
Change in cash and cash equivalents 8,965 17,944 3,469
Cash and cash equivalents at beginning of year 61,757 43,813 40,344
Cash and cash equivalents at end of year 70,722 61,757 43,813
Supplemental disclosure of cash flow information      
Income taxes paid $ 18,198 $ 20,562 $ 20,850