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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of 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,
						2024						2023						2022
Current:
Federal						$	23,088					$	13,923					$	5,674
State and local						5,165						3,194						1,462
Total current expense						28,253						17,117						7,136
Deferred:
Federal						(3,371)						4,840						(10,752)
State and local						801						(431)						(1,374)
Total deferred expense (benefit)						(2,570)						4,409						(12,126)
Income tax expense (benefit)						$	25,683					$	21,526					$	(4,990)

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

The provision for income taxes differed from the statutory rate as follows for the periods presented:

						For the Years Ended December 31,
						2024						2023						2022
Expected provision at federal statutory tax rate						21.0		%				21.0		%				21.0		%
Increases (decreases) resulting from:
State income tax, net of federal tax benefit						5.1		%				2.2		%				(1.4)		%
Effect of change in tax rate						0.1		%				—		%				2.0		%
Disallowed meals & expenses						0.3		%				0.2		%				(0.4)		%
Disallowed compensation						2.9		%				1.5		%				(3.7)		%
Excess tax (benefit) shortfall						1.4		%				—		%				(0.8)		%
Other, net						(0.4)		%				(0.5)		%				1.6		%
Effective income tax rate						30.4		%				24.4		%				18.3		%

Schedule of Components of Deferred Income Taxes

The Company accounts for income taxes using a balance sheet approach. As of December 31, 2024 and 2023, the significant components of the Company’s deferred income taxes consisted of the following (in thousands):

						As of December 31,
						2024						2023
Deferred income tax assets:
Unearned premiums						$	39,022					$	37,149
Advanced premiums						2,210						2,312
Unpaid losses and LAE						4,812						4,244
Share-based compensation						2,025						3,640
Accrued wages						207						182
Allowance for uncollectible receivables						190						175
Net operating loss carryforwards						8,000						1,258
Unrealized gain/loss						—						1,211
Other comprehensive income						20,483						24,138
Other						754						499
Total deferred income tax assets						77,703						74,808
Deferred income tax liabilities:
Deferred policy acquisition costs, net						(29,749)						(27,084)
Fixed assets						(4,075)						(4,014)
Other comprehensive income						(1,232)						—
Unpaid loss and LAE transition adjustment						(89)						(179)
Other						(395)						(356)
Total deferred income tax liabilities						(35,540)						(31,633)
Net deferred income tax asset						$	42,163					$	43,175

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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

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