v3.26.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating activities    
Net income $ 8,145 $ 8,949
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 175 214
Net amortization of investments 9 261
Change in investment related allowance for credit losses (8) (16)
Deferred income taxes (99) (91)
Net realized losses (gains) on investments 3 (2)
Net unrealized losses on equity securities 1,653 3,152
Share-based compensation 586 1,073
Changes in operating assets and liabilities:    
Premiums receivable, net (14,106) (14,079)
Accrued interest receivable (233) (420)
Deferred policy acquisition costs (1,041) (1,271)
Other assets (2,667) 1,772
Reserves for loss and loss adjustment expenses (11,722) (11,344)
Unearned premiums 9,359 10,720
Reinsurance balances 3,088 2,741
Amounts held for others and policyholder deposits 1,593 (5,301)
Federal income taxes recoverable 1,891 2,084
Accounts payable and other liabilities 676 (234)
Net cash used in operating activities (2,698) (1,792)
Investing activities    
Purchases of investments available-for-sale (20,773) (8,320)
Purchases of short-term investments (14,544) (2,178)
Proceeds from maturities of investments held-to-maturity 7,506 16,236
Proceeds from sales and maturities of investments available-for-sale 15,362 4,209
Purchases of property and equipment (26) (2)
Net cash (used in) provided by investing activities (12,475) 9,945
Financing activities    
Finance lease purchases (21) (21)
Share-based compensation related tax withholding (709)  
Purchase of treasury stock (4,031)  
Dividends to shareholders (7,766) (7,424)
Net cash used in financing activities (12,527) (7,445)
Change in cash and cash equivalents (27,700) 708
Cash and cash equivalents at beginning of period 61,926 44,045
Cash and cash equivalents at end of period $ 34,226 $ 44,753