Note 16 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	December 31,
	2023			2022			2021
	(in thousands)
Current	$	27,267		$	18,842		$	10,650
Deferred		(2,826	)		(3,461	)		641
Income tax expense (benefit)	$	24,441		$	15,381		$	11,291

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	December 31,
	2023			2022
	(in thousands)
Deferred tax assets:
Losses and LAE reserve discount	$	942		$	680
Net operating losses		3,486			3,070
Deferred Intercompany		656			656
Unearned premiums		13,895			11,258
Capitalized organizational costs		154			184
Unrealized losses on investments		5,829			9,891
Deferred compensation		2,425			1,585
Other		1,701			1,544
Total deferred tax assets	$	29,088		$	28,868
Deferred tax liabilities:
Deferred acquisition costs	$	(12,128	)	$	(11,922	)
Internally developed software		(1,276	)		(1,520	)
State deferred liability		(1,150	)		(1,076	)
Other		(929	)		(658	)
Total deferred tax liabilities		(15,483	)		(15,176	)
Net deferred tax asset (liability) before valuation allowance		13,605			13,692
Valuation allowance		(3,486	)		(3,070	)
Total net deferred tax assets (liabilities)	$	10,119		$	10,622

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	Years Ended December 31,
	2023					2022					2021
	($ in thousands)
Expense computed at federal tax rate	$	21,765		21.00	%	$	14,186		21.00	%	$	11,999		21.00	%
Stock-based compensation and Section 162(m)		1,523		1.47	%		153		0.23	%		(1,067	)	(1.87	)%
Dividend received deduction and tax‑exempt interest		(96	)	(0.09	)%		(101	)	(0.15	)%		(81	)	(0.14	)%
Meals & entertainment, penalties & parking		261		0.25	%		180		0.27	%		91		0.16	%
State tax expense (benefit)		303		0.29	%		773		1.14	%		(1,750	)	(3.06	)%
Valuation allowance		416		0.40	%		191		0.28	%		2,199		3.85	%
Other		269		0.26	%		(1	)	—	%		(101	)	(0.18	)%
Income tax expense (benefit)	$	24,441		23.58	%	$	15,381		22.77	%	$	11,290		19.76	%