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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Taxes

Schedule of federal income tax expense (benefit)

​

​	​	​	​	​	​	​	​	​	​
​	​	​
​	​	December 31,
​		2022			2021			2020
​	​	(in thousands)
Current	​	$	18,842	​	$	10,650	​	$	(1,128)
Deferred	​		(3,461)	​		641	​		1,094
Income tax expense (benefit)	​	$	15,381	​	$	11,291	​	$	(34)

​

Schedule of deferred tax assets and liabilities

​

​	​	​	​	​	​	​
​	​	December 31,
​		2022			2021
​	​	(in thousands)
Deferred tax assets:		​			​
Losses and LAE reserve discount	​	$	680	​	$	279
State tax net operating losses	​		3,070	​		2,879
Deferred Intercompany	​	​	656	​	​	—
Unearned premiums	​		11,258	​		9,569
Capitalized organizational costs	​		184	​		214
Unrealized losses on investments	​	​	9,891	​	​	—
Deferred compensation	​		1,585	​		997
Other	​		1,544	​		1,285
Total deferred tax assets	​	$	28,868	​	$	15,223
Deferred tax liabilities:	​			​
Deferred acquisition costs	​	$	(11,922)	​	$	(11,754)
Unrealized gains on investments	​		—	​		(1,612)
Internally developed software	​	​	(1,520)	​	​	(1,969)
Other	​		(1,734)	​		(919)
Total deferred tax liabilities	​		(15,176)	​		(16,254)
Net deferred tax asset (liability) before valuation allowance	​		13,692	​		(1,031)
Valuation allowance	​		(3,070)	​		(2,879)
Total net deferred tax assets (liabilities)	​	$	10,622	​	$	(3,910)

​

Schedule of effective tax rate

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Years Ended December 31,
​	​	2022				​	2021				​	2020
​	​	($ in thousands)
Expense computed at federal tax rate		$	14,186	​	21.00	%	$	11,999	​	21.00	%	$	1,321	​	21.00	%
Stock-based compensation	​		153	​	0.23	%		(1,067)	​	(1.87)	%		(1,538)	​	(24.44)	%
Dividend received deduction and tax‑exempt interest	​		(101)	​	(0.15)	%		(81)	​	(0.14)	%		(67)	​	(1.06)	%
Valuation allowance	​		191	​	0.28	%		2,199	​	3.85	%		606	​	9.63	%
Other	​		952	​	1.41	%		(1,759)	​	(3.08)	%		(356)	​	(5.67)	%
Income tax expense (benefit)	​	$	15,381		22.77	%	$	11,291		19.76	%	$	(34)		(0.54)	%

​

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

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-Name Accounting Standards Codification
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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

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-SubTopic 10
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