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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating activities    
Net income $ 8,949 $ 16,925
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 214 328
Net amortization of investments 261 519
Change in investment related allowance for credit losses (16) (17)
Deferred income taxes (91) (369)
Net realized (gains) losses on investments (2) 222
Net unrealized (gains) losses on equity securities 3,152 (4,776)
Share-based compensation 1,073 688
Changes in operating assets and liabilities:    
Premiums receivable, net (14,079) (13,314)
Accrued interest receivable (420) 24
Deferred policy acquisition costs (1,271) (1,019)
Other assets 1,772 (724)
Reserves for loss and loss adjustment expenses (11,344) (5,935)
Unearned premiums 10,720 7,703
Reinsurance balances 2,741 2,496
Amounts held for others and policyholder deposits (5,301) 1,482
Federal income taxes recoverable 2,084 4,141
Accounts payable and other liabilities (234) (868)
Net cash provided by (used in) operating activities (1,792) 7,506
Investing activities    
Purchases of investments held-to-maturity   (3,320)
Purchases of investments available-for-sale (8,320)  
Purchases of short-term investments (2,178) (38,559)
Proceeds from maturities of investments held-to-maturity 16,236 12,692
Proceeds from sales and maturities of investments available-for-sale 4,209 24,216
Purchases of property and equipment (2) (746)
Net cash provided by (used in) investing activities 9,945 (5,717)
Financing activities    
Finance lease purchases (21) (21)
Dividends to shareholders (7,424) (7,075)
Net cash used in financing activities (7,445) (7,096)
Change in cash and cash equivalents 708 (5,307)
Cash and cash equivalents at beginning of period 44,045 38,682
Cash and cash equivalents at end of period $ 44,753 $ 33,375