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Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Revenues        
Net premiums earned $ 231,262 $ 224,703 $ 465,490 $ 483,928
Investment income, net of investment expenses 9,180 13,795 20,456 30,876
Net investment gains (losses) (includes reclassifications for net unrealized investment gains (losses) on available-for-sale securities of $(716) and $(398) in 2022 and $141 and $(666) in 2021; previously included in accumulated other comprehensive income (loss)) (20,932) 6,004 (21,397) 30,512
Other income (loss) 26 (90) 1 (169)
Total revenues 219,536 244,412 464,550 545,147
Benefits, Losses and Expenses        
Losses and loss settlement expenses 151,508 152,139 281,884 358,537
Amortization of deferred policy acquisition costs 52,538 46,007 103,009 99,272
Other underwriting expenses (includes reclassifications for employee benefit costs of $900 and $1,800 in 2022 and $1,645 and $3,312 in 2021; previously included in accumulated other comprehensive income (loss)) 28,754 28,400 57,398 46,768
Interest expense 797 1,594 1,594 1,594
Total benefits, losses and expenses 233,597 228,140 443,885 506,171
Income (loss) before income taxes (14,061) 16,272 20,665 38,976
Federal income tax expense (benefit) (includes reclassifications of $339 and $461 in 2022 and $316 and $835 in 2021; previously included in accumulated other comprehensive income (loss)) (3,604) 2,522 2,773 6,524
Net Income (loss) (10,457) 13,750 17,892 32,452
Other comprehensive income (loss)        
Change in net unrealized appreciation on investments (50,691) 9,496 (133,656) (21,001)
Change in liability for underfunded employee benefit plans (4,591) (3,765) (9,183) 2,740
Other comprehensive income (loss), before tax and reclassification adjustments (55,282) 5,731 (142,839) (18,261)
Income tax effect 11,609 (1,202) 29,997 3,835
Other comprehensive income (loss), after tax, before reclassification adjustments (43,673) 4,529 (112,842) (14,426)
Reclassification adjustment for net investment losses included in income 716 (141) 398 666
Reclassification adjustment for employee benefit costs included in expense 900 1,645 1,800 3,312
Total reclassification adjustments, before tax 1,616 1,504 2,198 3,978
Income tax effect (339) (316) (461) (835)
Total reclassification adjustments, after tax 1,277 1,188 1,737 3,143
Comprehensive income (loss) $ (52,853) $ 19,467 $ (93,213) $ 21,169
Diluted weighted average common shares outstanding (in shares) 25,148,143 25,416,868 25,410,649 25,394,728
Earnings per common share:        
Basic (in dollars per share) $ (0.42) $ 0.55 $ 0.71 $ 1.29
Diluted (in dollars per share) $ (0.42) $ 0.54 $ 0.70 $ 1.28