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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Components of Income Tax Provision

Significant components of the income tax provision are as follows for the periods presented (in thousands):

						For the Years Ended December 31,
						2023						2022						2021
Current:
Federal						$	13,923					$	5,674					$	10,597
State and local						3,194						1,462						1,676
Total current expense						17,117						7,136						12,273
Deferred:
Federal						4,840						(10,752)						(4,064)
State and local						(431)						(1,374)						(203)
Total deferred expense (benefit)						4,409						(12,126)						(4,267)
Income tax expense (benefit)						$	21,526					$	(4,990)					$	8,006

Reconciles Statutory Federal Income Tax Rate to Company's Effective Tax Rate

The following table reconciles the statutory federal income tax rate to the Company’s effective income tax rate for the periods presented:

						For the Years Ended December 31,
						2023						2022						2021
Federal statutory tax rate						21.0		%				21.0		%				21.0		%
Increases (decreases) resulting from:
State income tax, net of federal tax benefit						2.2		%				(1.4)		%				1.7		%
Effect of change in tax rate						—		%				2.0		%				0.1		%
Disallowed meals & expenses						0.2		%				(0.4)		%				0.1		%
Disallowed compensation						1.5		%				(3.7)		%				2.1		%
Excess tax (benefit) shortfall						—		%				(0.8)		%				2.3		%
Other, net						(0.5)		%				1.6		%				0.9		%
Effective income tax rate						24.4		%				18.3		%				28.2		%

Components of Deferred Income Taxes

The Company accounts for income taxes using a balance sheet approach. As of December 31, 2023 and 2022, the significant components of the Company’s deferred income taxes consisted of the following (in thousands):

						As of December 31,
						2023						2022
Deferred income tax assets:
Unearned premiums						$	37,149					$	32,410
Advanced premiums						2,312						2,683
Unpaid losses and LAE						4,244						2,574
Share-based compensation						3,640						3,744
Accrued wages						182						237
Allowance for uncollectible receivables						175						220
Net operating loss carryforwards						1,258						7,591
Unrealized gain/loss						1,211						4,175
Other comprehensive income						24,138						33,795
Other						499						410
Total deferred income tax assets						74,808						87,839
Deferred income tax liabilities:
Deferred policy acquisition costs, net						(27,084)						(25,512)
Fixed assets						(4,014)						(4,484)
Unpaid loss and LAE transition adjustment						(179)						(269)
Other						(356)						(316)
Total deferred income tax liabilities						(31,633)						(30,581)
Net deferred income tax asset						$	43,175					$	57,258

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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
-Publisher FASB
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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

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 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

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-SubTopic 10
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