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Summary of Significant Accounting Policies (Tables)
9 Months Ended
Sep. 30, 2022
Accounting Policies [Abstract]  
Schedule of Goodwill and Intangible Assets

September 30,

December 31,

(in thousands)

 

2022

 

2021

Goodwill

Surety

$

40,816

$

40,816

Casualty

5,246

5,246

Total goodwill

$

46,062

$

46,062

Intangibles

Indefinite-lived intangibles - state insurance licenses

7,500

7,500

Total goodwill and intangibles

$

53,562

$

53,562

Schedule of Reconciliation of Numerator and Denominator of the Basic and Diluted Earnings Per Share Computations

For the Three Months

For the Three Months

Ended September 30, 2022

Ended September 30, 2021

Income

Shares

Per Share

Income

Shares

Per Share

(in thousands, except per share data)

 

(Numerator)

 

(Denominator)

 

Amount

 

(Numerator)

 

(Denominator)

 

Amount

Basic EPS

Earnings available to common shareholders

$

439,893

 

45,379

$

9.69

$

29,243

 

45,243

$

0.65

Effect of Dilutive Securities

Stock options and restricted stock units

 

396

 

446

Diluted EPS

Earnings available to common shareholders

$

439,893

 

45,775

$

9.61

$

29,243

 

45,689

$

0.64

Anti-dilutive securities excluded from diluted EPS

435

191

For the Nine Months

For the Nine Months

Ended September 30, 2022

Ended September 30, 2021

Income

Shares

Per Share

Income

Shares

Per Share

(in thousands, except per share data)

 

(Numerator)

 

(Denominator)

 

Amount

 

(Numerator)

 

(Denominator)

 

Amount

Basic EPS

Earnings available to common shareholders

$

485,577

 

45,347

$

10.71

$

184,070

 

45,216

$

4.07

Effect of Dilutive Securities

Stock options and restricted stock units

 

428

 

498

Diluted EPS

Earnings available to common shareholders

$

485,577

 

45,775

$

10.61

$

184,070

 

45,714

$

4.03

Anti-dilutive securities excluded from diluted EPS

459

191

Schedule of Changes in the Balance of Each Component of Accumulated Other Comprehensive Earnings (Loss)

(in thousands)

For the Three Months

For the Nine Months

Ended September 30,

Ended September 30,

Unrealized Gains/Losses on Available-for-Sale Securities

 

2022

 

2021

 

2022

 

2021

Beginning balance

$

(163,318)

$

79,144

$

49,826

$

108,714

Other comprehensive earnings (loss) before reclassifications

(82,785)

(12,114)

(296,422)

(40,307)

Amounts reclassified from accumulated other comprehensive earnings

1,537

(126)

2,030

(1,503)

Net current-period other comprehensive earnings (loss)

$

(81,248)

$

(12,240)

$

(294,392)

$

(41,810)

Ending balance

$

(244,566)

$

66,904

$

(244,566)

$

66,904

Balance of securities for which an allowance for credit losses has been recognized in net earnings

$

1,520

$

426

Schedule of Effects of Reclassifications out of Accumulated Other Comprehensive Earnings (Loss)

Amount Reclassified from Accumulated Other

(in thousands)

Comprehensive Earnings (Loss)

For the Three Months

For the Nine Months

Component of Accumulated 

Ended September 30,

Ended September 30,

Affected line item in the

Other Comprehensive Earnings (Loss)

 

2022

 

2021

 

2022

 

2021

 

Statement of Earnings

Unrealized gains and losses on available-for-sale securities

$

(1,912)

$

182

$

(2,684)

$

1,731

Net realized gains (losses)

(34)

(22)

115

171

Credit gains presented within net realized gains

$

(1,946)

$

160

$

(2,569)

$

1,902

Earnings (loss) before income taxes

409

(34)

539

(399)

Income tax (expense) benefit

$

(1,537)

$

126

$

(2,030)

$

1,503

Net earnings (loss)