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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net income $ 6,460 $ 6,419
Less net loss from discontinued operations, net of income taxes (516)
Adjustments to reconcile net income to net cash flows from operating activities:    
Net investment gains (869) (1,456)
Deferred income tax expense (benefit) (683) 423
Depreciation of property and equipment 173 154
Share-based compensation 480 581
Amortization of deferred policy acquisition costs 16,528 16,817
Deferral of policy acquisition costs (14,041) (18,975)
Net amortization of premiums and discounts on investments 85 179
Changes in operating assets and liabilities:    
Premiums and agents’ balances receivable 3,687 (3,824)
Reinsurance premiums receivable / payable 978 (947)
Reinsurance recoverables on losses 3,915 114
Income tax recoverable / payable 1,972 2,528
Accrued investment income 298 (76)
Federal Crop Insurance Corporation receivable / payable 1,749 3,491
Other assets (88) (133)
Unpaid losses and loss adjustment expenses (1,402) 1,346
Unearned premiums (4,435) 7,628
Accrued expenses and other liabilities (4,919) (921)
Net cash flows from operating activities – continuing operations 3,428 6,929
Net cash flows from operating activities – discontinued operations 2,799
Total adjustments 3,428 9,728
Net cash flows from operating activities 9,888 16,663
Cash flows from investing activities:    
Proceeds from maturities and sales of fixed income securities 4,221 6,374
Proceeds from sales of equity securities 2,293 2,514
Purchases of fixed income securities (7,586) (11,393)
Purchases of equity securities (2,367) (2,573)
Purchases of property and equipment (20) (52)
Net cash flows from investing activities – continuing operations (3,459) (5,130)
Net cash flows from investing activities – discontinued operations 987
Net cash flows from investing activities (3,459) (4,143)
Cash flows from financing activities:    
Pooling (payments) receipts (4,962)
Principal repayments of finance leases (26) (25)
Issuance of vested award shares (131) (153)
Net cash flows from financing activities – continuing operations (157) (5,140)
Net cash flows from financing activities – discontinued operations 4,962
Net cash flows from financing activities (157) (178)
Net change in cash and cash equivalents 6,272 12,342
(Increase) decrease in cash and cash equivalents – discontinued operations (8,748)
Net increase (decrease) in cash and cash equivalents – continuing operations 6,272 3,594
Cash and cash equivalents at beginning of period – continuing operations 50,930 41,037
Cash and cash equivalents at end of period – continuing operations 57,202 44,631
Federal and state income taxes paid (net of refunds received) $ (887)