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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Operating activities    
Net income $ 43,079 $ 34,748
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 510 496
Net amortization of investments 4,702 4,198
Change in investment related allowance for credit losses (117) 56
Deferred income taxes 552 (893)
Net realized gains on investments (1,498) (1,155)
Net unrealized (gains) losses on equity securities (8,797) 3,193
Net realized (gains) losses on disposal of assets (21) 29
Share-based compensation 1,307 1,778
Changes in operating assets and liabilities:    
Premiums receivable, net (8,398) (17,288)
Accrued interest receivable (81) 433
Deferred policy acquisition costs (1,047) (717)
Amounts held by others 70 7,855
Other assets (729) (248)
Reserves for loss and loss adjustment expenses (15,592) (4,120)
Unearned premiums 9,601 6,951
Reinsurance balances (5,109) (8,054)
Amounts held for others and policyholder deposits 2,383 2,131
Federal income taxes payable 1,827 8,878
Accounts payable and other liabilities 3,352 3,899
Net cash provided by operating activities 25,994 42,170
Investing activities    
Purchases of investments held-to-maturity (8,946) (38,658)
Purchases of investments available-for-sale (27,899) (29,303)
Purchases of equity securities (3,141) (8,770)
Purchases of short-term investments (94,448) (68,787)
Proceeds from maturities of investments held-to-maturity 38,165 59,543
Proceeds from sales and maturities of investments available-for-sale 67,669 68,430
Proceeds from sales and maturities of short-term investments 10,288 52,959
Purchases of property and equipment (589) (579)
Proceeds from sales of property and equipment 23  
Net cash provided by (used in) investing activities (18,878) 34,835
Financing activities    
Finance lease purchases (21) (25)
Dividends to shareholders (11,311) (10,512)
Net cash used in financing activities (11,332) (10,537)
Change in cash and cash equivalents (4,216) 66,468
Cash and cash equivalents at beginning of period 61,757 43,813
Cash and cash equivalents at end of period $ 57,541 $ 110,281