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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Revenues        
Gross premiums written $ 74,460 $ 73,724 $ 152,251 $ 155,238
Ceded premiums written (2,725) (2,486) (5,284) (5,003)
Net premiums written 71,735 71,238 146,967 150,235
Net premiums earned 70,279 69,888 137,835 140,634
Net investment income 6,485 6,730 12,598 13,313
Net realized gains on investments 1,079 1,179 1,817 1,498
Net unrealized gains (losses) on equity securities (9,942) 3,286 (8,902) 8,797
Fee and other income 135 74 248 266
Total revenues 68,036 81,157 143,596 164,508
Expenses        
Loss and loss adjustment expenses incurred 40,326 32,423 78,067 71,940
Underwriting and certain other operating costs 7,684 6,339 11,674 13,266
Commissions 5,453 5,309 10,661 10,783
Salaries and benefits 6,776 6,807 12,691 13,373
Policyholder dividends 688 1,117 1,877 2,467
Provision for investment related credit loss expense (benefit) (14) (9) 81 (117)
Total expenses 60,913 51,986 115,051 111,712
Income before income taxes 7,123 29,171 28,545 52,796
Income tax expense 991 5,404 5,082 9,717
Net income $ 6,132 $ 23,767 $ 23,463 $ 43,079
Earnings per share        
Basic $ 0.32 $ 1.23 $ 1.22 $ 2.23
Diluted $ 0.32 $ 1.23 $ 1.21 $ 2.22
Shares used in computing earnings per share        
Basic 19,273,934 19,327,422 19,302,805 19,319,608
Diluted 19,332,168 19,380,611 19,367,085 19,384,078
Cash dividends declared per common share $ 0.31 $ 0.29 $ 0.62 $ 0.58