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Income Taxes (Tables)

12 Months Ended

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 liabilities 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 taxes 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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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

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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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

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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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

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