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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
REVENUES        
Premiums earned (affiliated $148,460, $145,101, $292,071 and $286,816) $ 149,837 $ 146,446 $ 294,324 $ 289,183
Net investment income 11,171 12,179 22,178 24,409
Net realized investment gains, excluding impairment losses on securities available-for-sale 4,120 1,904 3,493 1,250
Total other-than-temporary impairment losses on securities available-for-sale (733) (270) (733) (701)
Portion of other-than-temporary impairment losses on fixed maturity securities available-for-sale reclassified from other comprehensive income (before taxes) 0 0 0 0
Net impairment losses on securities available-for-sale (733) (270) (733) (701)
Net realized investment gains 3,387 1,634 2,760 549
Other income (loss) (affiliated $(49), $145, $(320) and $268) (245) 77 (655) 66
Total revenues 164,150 160,336 318,607 314,207
LOSSES AND EXPENSES        
Losses and settlement expenses (affiliated $107,223, $103,008, $201,994 and $188,266) 107,228 102,820 203,513 187,929
Dividends to policyholders (all affiliated) 2,416 3,495 5,138 7,348
Amortization of deferred policy acquisition costs (affiliated $27,185, $27,210, $53,780 and $53,328) 27,533 27,567 54,344 53,895
Other underwriting expenses (affiliated $18,870, $17,549, $38,283 and $34,520) 18,857 17,557 38,211 34,528
Interest expense (all affiliated) 85 85 169 169
Other expenses (affiliated $514, $496, $981 and $933) 802 725 1,563 1,374
Total losses and expenses 156,921 152,249 302,938 285,243
Income before income tax expense 7,229 8,087 15,669 28,964
INCOME TAX EXPENSE (BENEFIT)        
Current 2,069 2,374 4,115 9,992
Deferred (344) (415) (754) (1,810)
Total income tax expense 1,725 1,959 3,361 8,182
Net income $ 5,504 $ 6,128 $ 12,308 $ 20,782
Net income per common share - basic and diluted $ 0.26 $ 0.29 $ 0.58 $ 0.99
Dividend per common share $ 0.21 $ 0.19 $ 0.42 $ 0.38
Average number of common shares outstanding - basic and diluted (in shares) 21,276,627 20,989,844 21,265,529 20,916,022