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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Company's Deferred Income Tax Assets and Liabilities | The Company’s deferred income tax assets and liabilitie s are as follows:
|  | December 31, |
|  | 2024 |  |  | 2023 |
|  | (in thousands) |
Deferred income tax assets: |  |  |  |  |  |
Discounting of net unpaid loss and loss adjustment expenses |  | $ | 14,552 |  |  | $ | 15,035 |
Unearned premiums |  |  | 6,257 |  |  |  | 6,072 |
Accrued expenses and other |  |  | 2,145 |  |  |  | 2,103 |
State income tax |  |  | 2,501 |  |  |  | 2,495 |
Accrued policyholder dividends |  |  | 1,408 |  |  |  | 1,723 |
Accrued insurance-related assessments |  |  | 1,557 |  |  |  | 1,870 |
Total deferred tax assets |  |  | 28,420 |  |  |  | 29,298 |
Deferred income tax liabilities: |  |  |  |  |  |
Deferred policy acquisition costs |  |  | (4,737 | ) |  |  | (4,578 | )
Net unrealized gain on securities available-for-sale |  |  | (2,389 | ) |  |  | (839 | )
Property and equipment and other |  |  | (130 | ) |  |  | (365 | )
Salvage and subrogation |  |  | (302 | ) |  |  | (284 | )
Loss reserves adjustment |  |  | (1,414 | ) |  |  | (2,829 | )
Total deferred income tax liabilities |  |  | (8,972 | ) |  |  | (8,895 | )
Net deferred income taxes |  | $ | 19,448 |  |  | $ | 20,403 |
Components of Consolidated Income Tax Expense (Benefit) | The components of consolidated income tax expense (benefit) are as follows:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (in thousands) |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 11,351 |  |  | $ | 13,621 |  |  | $ | 12,753 |
State |  |  | 867 |  |  |  | 1,020 |  |  |  | 427 |
|  |  | 12,218 |  |  |  | 14,641 |  |  |  | 13,180 |
Deferred: |  |  |  |  |  |  |  |  |
Federal |  |  | 1,408 |  |  |  | 655 |  |  |  | (802 | )
State |  |  | (6 | ) |  |  | (27 | ) |  |  | (334 | )
|  |  | 1,402 |  |  |  | 628 |  |  |  | (1,136 | )
Total |  | $ | 13,620 |  |  | $ | 15,269 |  |  | $ | 12,044 |
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 tax es as follows:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (in thousands) |
Income tax computed at federal statutory tax rate |  | $ | 14,502 |  |  | $ | 16,249 |  |  | $ | 14,206 |
Tax-exempt interest, net |  |  | (1,945 | ) |  |  | (1,997 | ) |  |  | (2,268 | )
State income tax |  |  | 679 |  |  |  | 779 |  |  |  | 3 |
Dividends received deduction |  |  | (85 | ) |  |  | (125 | ) |  |  | (134 | )
IRC section 162(m) compensation adjustment |  |  | 158 |  |  |  | 46 |  |  |  | (17 | )
Prior year adjustments |  |  | 10 |  |  |  | 13 |  |  |  | 14 |
Other |  |  | 301 |  |  |  | 304 |  |  |  | 240 |
|  | $ | 13,620 |  |  | $ | 15,269 |  |  | $ | 12,044 |

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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://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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