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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

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,
		2023				2022
		(in thousands)
Deferred income tax assets:
Discounting of net unpaid loss and loss adjustment expenses		$	15,035			$	16,164
Unearned premiums			6,072				6,173
Accrued expenses and other			2,103				2,403
State income tax			2,495				2,468
Accrued policyholder dividends			1,723				1,841
Accrued insurance-related assessments			1,870				1,990
Net unrealized loss on securities			—				1,182
Total deferred tax assets			29,298				32,221
Deferred income tax liabilities:
Deferred policy acquisition costs			(4,578	)			(4,391	)
Net unrealized gain on securities available-for-sale			(839	)			—
Property and equipment and other			(365	)			(473	)
Salvage and subrogation			(284	)			(320	)
Loss reserves adjustment			(2,829	)			(4,243	)
Total deferred income tax liabilities			(8,895	)			(9,427	)
Net deferred income taxes		$	20,403			$	22,794

Components of Consolidated Income Tax Expense (Benefit)

The components of consolidated income tax expense (benefit) are as follows:

		Year Ended December 31,
		2023				2022				2021
		(in thousands)
Current:
Federal		$	13,621			$	12,753			$	11,368
State			1,020				427				1,055
			14,641				13,180				12,423
Deferred:
Federal			655				(802	)			2,943
State			(27	)			(334	)			(1,673	)
			628				(1,136	)			1,270
Total		$	15,269			$	12,044			$	13,693

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,
		2023				2022				2021
		(in thousands)
Income tax computed at federal statutory tax rate		$	16,249			$	14,206			$	16,684
Tax-exempt interest, net			(1,997	)			(2,268	)			(2,511	)
State income tax			779				3				911
Dividends received deduction			(125	)			(134	)			(107	)
Valuation allowance			46				(17	)			(1,803	)
Prior year adjustments			13				14				344
Other			304				240				175
		$	15,269			$	12,044			$	13,693

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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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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
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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.

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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.

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