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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Schedule of Company's Deferred Income Tax Assets and Liabilities | The Company’s deferred income tax assets and liabilities are as follows:
|  | December 31, |
|  | 2022 |  |  | 2021 |
|  | (in thousands) |
Deferred income tax assets: |  |  |  |  |  |
Discounting of net unpaid loss and loss adjustment expenses |  | $ | 16,164 |  |  | $ | 18,018 |
Unearned premiums |  |  | 6,173 |  |  |  | 6,560 |
Accrued expenses and other |  |  | 2,403 |  |  |  | 2,385 |
State income tax |  |  | 2,468 |  |  |  | 2,135 |
Accrued policyholder dividends |  |  | 1,841 |  |  |  | 1,989 |
Accrued insurance-related assessments |  |  | 1,990 |  |  |  | 1,901 |
Net unrealized loss on securities |  |  | 1,182 |  |  |  | — |
Total deferred tax assets |  |  | 32,221 |  |  |  | 32,988 |
Deferred income tax liabilities: |  |  |  |  |  |
Deferred policy acquisition costs |  |  | (4,391 | ) |  |  | (4,430 | )
Unrealized gain on securities available-for-sale |  |  | — |  |  |  | (7,791 | )
Property and equipment and other |  |  | (473 | ) |  |  | (298 | )
Salvage and subrogation |  |  | (320 | ) |  |  | (428 | )
Loss reserves adjustment |  |  | (4,243 | ) |  |  | (5,657 | )
Total deferred income tax liabilities |  |  | (9,427 | ) |  |  | (18,604 | )
Net deferred income taxes |  | $ | 22,794 |  |  | $ | 14,384 |
Components of Consolidated Income Tax Expense (Benefit) | The components of consolidated income tax expense (benefit) are as follows:
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
|  | (in thousands) |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 12,753 |  |  | $ | 11,368 |  |  | $ | 17,760 |
State |  |  | 427 |  |  |  | 1,055 |  |  |  | 900 |
|  |  | 13,180 |  |  |  | 12,423 |  |  |  | 18,660 |
Deferred: |  |  |  |  |  |  |  |  |
Federal |  |  | (802 | ) |  |  | 2,943 |  |  |  | 1,403 |
State |  |  | (334 | ) |  |  | (1,673 | ) |  |  | 254 |
|  |  | (1,136 | ) |  |  | 1,270 |  |  |  | 1,657 |
Total |  | $ | 12,044 |  |  | $ | 13,693 |  |  | $ | 20,317 |
Income Tax Expense from Operations from the Amount Computed by Applying the U.S. Federal Income Tax Statutory Rate of 21% to Income Before Income Taxes | Income tax expense from operations is different from the amount computed by applying the U.S. federal income tax statutory rate of 21% to income before income taxes as follows:
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
|  | (in thousands) |
Income tax computed at federal statutory tax rate |  | $ | 14,206 |  |  | $ | 16,684 |  |  | $ | 22,453 |
Tax-exempt interest, net |  |  | (2,268 | ) |  |  | (2,511 | ) |  |  | (3,226 | )
State income tax |  |  | 3 |  |  |  | 911 |  |  |  | 1,080 |
Dividends received deduction |  |  | (134 | ) |  |  | (107 | ) |  |  | (89 | )
Valuation allowance |  |  | (17 | ) |  |  | (1,803 | ) |  |  | 46 |
Prior year adjustments |  |  | 14 |  |  |  | 344 |  |  |  | 3 |
Other |  |  | 240 |  |  |  | 175 |  |  |  | 50 |
|  | $ | 12,044 |  |  | $ | 13,693 |  |  | $ | 20,317 |

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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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
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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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
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