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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash Flows From Operating Activities    
Net income $ 13,502 $ 694
Adjustments to reconcile net income to net cash provided by (used in) operating activities    
Net accretion of bond premium 1,665 1,797
Depreciation and amortization 2,672 2,646
Stock-based compensation expense 1,156 1,076
Net investment (gains) losses 1,291 1,559
Net cash flows from equity and trading investments 56,381 8,523
Deferred income tax expense (benefit) (7,170) (2,182)
Changes in:    
Accrued investment income (391) (916)
Premiums receivable (53,454) (32,661)
Deferred policy acquisition costs (8,678) (3,264)
Reinsurance receivables (16,702) 8,528
Prepaid reinsurance premiums 3,074 731
Income taxes receivable 9,939 1,474
Other assets (65,029) (109)
Losses and loss settlement expenses 52,130 2,117
Unearned premiums 37,358 16,410
Accrued expenses and other liabilities 7,212 (14,859)
Other, net 1,206 1,650
Cash from operating activities 22,659 (7,480)
Net cash provided by (used in) operating activities 36,161 (6,786)
Cash Flows From Investing Activities    
Proceeds from sale of available-for-sale investments 88,378 9,868
Proceeds from call and maturity of available-for-sale investments 34,719 20,424
Proceeds from sale of other investments 4,739 972
Purchase of investments in mortgage loans 0 (128)
Purchase of investments available-for-sale (39,859) (53,832)
Purchase of other investments (1,494) (7,190)
Net purchases and sales of property and equipment (2,603) (2,615)
Net cash provided by (used in) investing activities 83,880 (32,501)
Cash Flows From Financing Activities    
Issuance of common stock (256) (96)
Payment of cash dividends (4,046) (4,037)
Net cash provided by (used in) financing activities (4,302) (4,133)
Net Change in Cash and Cash Equivalents 115,739 (43,420)
Cash and Cash Equivalents at Beginning of Period 102,046 96,650
Cash and Cash Equivalents at End of Period 217,785 53,230
Supplemental Disclosures of Cash Flow Information    
Income taxes paid 12 12
Interest paid $ 859 $ 797