XML 17 R7.htm IDEA: XBRL DOCUMENT v3.20.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Operating activities    
Net income $ 34,748 $ 37,290
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 496 449
Net amortization of investments 4,198 4,483
Change in investment related allowance for credit losses 56  
Deferred income taxes (893) (526)
Net realized (gains) losses on investments (1,155) 23
Net unrealized (gains) losses on equity securities 3,193 (2,800)
Net realized losses on disposal of assets 29  
Share-based compensation 1,778 509
Changes in operating assets and liabilities:    
Premiums receivable, net (17,288) (12,542)
Accrued interest receivable 433 111
Deferred policy acquisition costs (717) (816)
Amounts held by others 7,855 1
Other assets (248) (947)
Reserves for loss and loss adjustment expenses (4,120) (3,363)
Unearned premiums 6,951 7,593
Reinsurance balances (8,054) 8,317
Amounts held for others and policyholder deposits 2,131 1,976
Accounts payable and other liabilities 12,777 (189)
Net cash provided by operating activities 42,170 39,569
Investing activities    
Purchases of investments held-to-maturity (38,658) (67,571)
Purchases of investments available-for-sale (29,303) (27,356)
Purchases of equity securities (8,770) (2,620)
Purchases of short-term investments (68,787) (79,224)
Proceeds from maturities of investments held-to-maturity 59,543 73,865
Proceeds from sales and maturities of investments available-for-sale 68,430 60,494
Proceeds from sales and maturities of short-term investments 52,959 23,679
Purchases of property and equipment (579) (148)
Net cash provided by (used in) investing activities 34,835 (18,881)
Financing activities    
Proceeds from stock option exercises   20
Finance lease purchases (25) (23)
Dividends to shareholders (10,512) (9,783)
Net cash used in financing activities (10,537) (9,786)
Change in cash and cash equivalents 66,468 10,902
Cash and cash equivalents at beginning of period 43,813 40,344
Cash and cash equivalents at end of period $ 110,281 $ 51,246