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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2025
Income Taxes  
Summary of income tax expense in the Consolidated Statements of Operations

​

​

​

​

​

​

​

​

​

​

​

​

​

Years Ended December 31,

​

​

2025

​

2024

​

2023

Current Income Taxes:

  ​ ​ ​

​

  ​ ​ ​

  ​ ​ ​

​

  ​ ​ ​

  ​ ​ ​

​

  ​ ​ ​

Federal

​

$

29,049

​

$

18,676

​

$

3,614

State

​

 

310

​

 

75

​

 

276

​

​

 

29,359

​

 

18,751

​

 

3,890

Deferred Income Taxes:

​

​

​

​

​

​

​

​

​

Federal

​

 

(1,931)

​

 

380

​

 

1,655

State

​

 

—

​

 

—

​

 

—

​

​

 

(1,931)

​

 

380

​

 

1,655

Total income tax expense

​

$

27,428

​

$

19,132

​

$

5,545

Schedule of sources of the difference and the tax effects

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Years Ended December 31,

​

​

2025

​

2024

​

2023

​

​

Amount

​

Percentage

​

Amount

​

Percentage

​

Amount

​

Percentage

Federal income tax expense at statutory rate

  ​ ​ ​

$

26,603

​

21.0

%

  ​ ​ ​

$

18,872

​

21.0

%

  ​ ​ ​

$

5,128

​

21.0

%

Investment income, net

​

 

(280)

​

(0.2)

​

​

 

(314)

​

(0.3)

​

​

 

(364)

​

(1.5)

​

State taxes, net

​

 

245

​

0.2

​

​

 

59

​

0.1

​

​

 

218

​

0.9

​

Nondeductible expenses

​

 

1,073

​

0.9

​

​

 

695

​

0.7

​

​

 

400

​

1.6

​

Tax related to share-based stock compensation

​

 

237

​

0.2

​

​

 

156

​

0.2

​

​

 

213

​

0.9

​

Other, net

​

 

(450)

​

(0.4)

​

​

 

(336)

​

(0.4)

​

​

 

(50)

​

(0.2)

​

Total income tax expense

​

$

27,428

​

21.7

%

​

$

19,132

​

21.3

%

​

$

5,545

​

22.7

%

Schedule of deferred income tax asset (liability) representing the tax effects of temporary differences attributable to the Company's consolidated federal tax return group

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​

​

​

​

​

​

​

​

​

​

Years Ended December 31,

 

​

​

2025

​

2024

 

Deferred tax assets:

  ​ ​ ​

​

  ​ ​ ​

  ​ ​ ​

​

  ​ ​ ​

​

Discounting of loss reserves

​

$

6,543

​

$

5,504

​

Discounting of unearned premium reserve

​

 

26,488

​

 

24,723

​

Net unrealized losses on investments

​

​

63

​

​

9,078

​

Bad debt allowance

​

 

183

​

 

207

​

Employee benefits

​

 

3,783

​

 

4,164

​

Rent incentive

​

 

342

​

 

456

​

Other

​

 

189

​

 

123

​

Total deferred tax assets before valuation allowance

​

 

37,591

​

 

44,255

​

Valuation allowance for deferred tax assets

​

 

—

​

 

—

​

Total deferred tax assets

​

 

37,591

​

 

44,255

​

Deferred tax liabilities:

​

​

​

​

​

​

​

Deferred acquisition costs

​

 

(23,476)

​

 

(22,150)

​

Investments

​

 

(8,143)

​

 

(8,493)

​

Loss reserve transition adjustment

​

 

—

​

 

(277)

​

Software development costs

​

 

(903)

​

 

(1,189)

​

Premium acquisition expenses

​

 

(559)

​

 

(363)

​

Depreciation

​

 

(394)

​

 

(583)

​

Total deferred tax liabilities

​

 

(33,475)

​

 

(33,055)

​

Net deferred tax assets (liability)

​

$

4,116

​

$

11,200

​