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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenues        
Gross premiums written $ 79,704 $ 76,428 $ 163,488 $ 156,502
Ceded premiums written (4,185) (4,027) (8,364) (7,953)
Net premiums written 75,519 72,401 155,124 148,549
Net premiums earned 69,381 68,633 138,266 137,079
Net investment income 6,691 7,447 13,343 14,813
Net realized gains (losses) on investments 3,116 (117) 3,118 (339)
Net unrealized gains (losses) on equity securities 1,829 (58) (1,323) 4,718
Fee and other income (losses) 71 (75) 281 48
Total revenues 81,088 75,830 153,685 156,319
Expenses        
Loss and loss adjustment expenses incurred 40,660 40,624 80,819 80,615
Underwriting and certain other operating costs 8,053 7,273 14,313 12,584
Commissions 6,234 5,917 12,289 11,799
Salaries and benefits 7,459 7,239 15,743 14,744
Policyholder dividends 1,239 1,049 1,873 2,121
Provision for investment related credit loss benefit (12) (16) (28) (33)
Total expenses 63,633 62,086 125,009 121,830
Income before income taxes 17,455 13,744 28,676 34,489
Income tax expense 3,500 2,751 5,772 6,571
Net income $ 13,955 $ 10,993 $ 22,904 $ 27,918
Earnings per share        
Basic $ 0.73 $ 0.58 $ 1.2 $ 1.46
Diluted $ 0.73 $ 0.57 $ 1.2 $ 1.46
Shares used in computing earnings per share        
Basic 19,038,360 19,083,232 19,037,339 19,102,700
Diluted 19,119,600 19,146,294 19,120,530 19,171,206
Cash dividends declared per common share $ 0.39 $ 0.37 $ 0.78 $ 0.74