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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities    
Net income $ 22,904 $ 27,918
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 409 558
Net amortization of investments 446 847
Change in investment related allowance for credit losses (28) (33)
Deferred income taxes (974) (750)
Net realized (gains) losses on investments (3,118) 339
Net unrealized (gains) losses on equity securities 1,323 (4,718)
Net realized losses on disposal of assets 0 209
Share-based compensation 1,816 1,398
Changes in operating assets and liabilities:    
Premiums receivable, net (23,314) (20,454)
Accrued interest receivable (131) 98
Deferred policy acquisition costs (1,998) (1,531)
Other assets 649 (1,648)
Reserves for loss and loss adjustment expenses (27,214) (10,009)
Unearned premiums 16,858 11,470
Reinsurance balances 1,248 5,722
Amounts held for others and policyholder deposits (2,579) (5,646)
Federal income taxes recoverable (215) 226
Accounts payable and other liabilities 3,683 918
Net cash provided by (used in) operating activities (10,235) 4,914
Investing activities    
Purchases of investments held-to-maturity 0 (5,465)
Purchases of investments available-for-sale (14,491) (6,639)
Purchases of equity securities (213)  
Purchases of short-term investments (5,469) (46,957)
Proceeds from maturities of investments held-to-maturity 30,473 22,393
Proceeds from sales and maturities of investments available-for-sale 15,628 35,313
Proceeds from sales of equity securities 8,232 7,933
Purchases of property and equipment (1,084) (802)
Net cash provided by investing activities 33,076 5,776
Financing activities    
Finance lease purchases (42) (42)
Share-based compensation related tax withholding (673) (429)
Purchase of treasury stock (2,796) (4,113)
Dividends to shareholders (14,910) (14,177)
Net cash used in financing activities (18,421) (18,761)
Change in cash and cash equivalents 4,420 (8,071)
Cash and cash equivalents at beginning of period 44,045 38,682
Cash and cash equivalents at end of period $ 48,465 $ 30,611