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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Schedule of components of our provision for income taxes | The components of our provision for income tax expense (benefit) were as follows:
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Current tax provision |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 3,930 |  |  | $ | 10,109 |  |  | $ | 5,116 |
State |  |  | 354 |  |  |  | 725 |  |  |  | 324 |
Total current |  |  | 4,284 |  |  |  | 10,834 |  |  |  | 5,440 |
Deferred tax (benefit) provision |  |  | (1,310 | ) |  |  | 638 |  |  |  | 1,871 |
Total provision for income taxes |  | $ | 2,974 |  |  | $ | 11,472 |  |  | $ | 7,311 |
Schedule of provision for income taxes differs from the amount that would be computed by applying the statutory federal rate to income before provision for income taxes | The provision for income taxes differs from the amount that would be computed by applying the statutory federal rate to income before provision for income taxes as a result of the following:
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Income before income taxes |  | $ | 11,306 |  |  | $ | 52,816 |  |  | $ | 33,811 |
Expected provision for federal income taxes at 21% |  | $ | 2,374 |  |  | $ | 11,091 |  |  | $ | 7,100 |
State income taxes, net of federal impact |  |  | 474 |  |  |  | 570 |  |  |  | 224 |
Tax-exempt interest |  |  | (197 | ) |  |  | (209 | ) |  |  | (235 | )
Dividends received deduction |  |  | (122 | ) |  |  | (104 | ) |  |  | (89 | )
Compensation-related expenses |  |  | 326 |  |  |  | 130 |  |  |  | 151 |
Change in valuation allowance |  |  | 77 |  |  |  | (17 | ) |  |  | 7 |
Other |  |  | 42 |  |  |  | 11 |  |  |  | 153 |
Total provision for income taxes |  | $ | 2,974 |  |  | $ | 11,472 |  |  | $ | 7,311 |
Schedule of deferred income tax assets and deferred income tax liabilities | The income tax effects of temporary differences that give rise to significant portions of our deferred income tax assets and deferred income tax liabilities at December 31, 2021 and 2020 were as follows:
|  | December 31, |
|  | 2021 |  |  | 2020 |
Deferred income tax assets: |  |  |  |  |  |  |  |
Unearned premium |  | $ | 5,783 |  |  | $ | 5,013 |
Unpaid losses and LAE |  |  | 1,096 |  |  |  | 792 |
Net operating loss carryovers |  |  | 1,224 |  |  |  | 1,260 |
Other |  |  | 1,967 |  |  |  | 1,538 |
Total deferred income tax assets |  |  | 10,070 |  |  |  | 8,603 |
Deferred income tax liabilities: |  |  |  |  |  |  |  |
Deferred policy acquisition costs |  |  | 5,670 |  |  |  | 5,033 |
Net unrealized gains on investments |  |  | 7,382 |  |  |  | 9,897 |
Intangibles |  |  | 1,464 |  |  |  | 1,451 |
Other |  |  | 52 |  |  |  | 48 |
Total deferred income tax liabilities |  |  | 14,568 |  |  |  | 16,429 |
Net deferred income tax liability |  |  | (4,498 | ) |  |  | (7,826 | )
Valuation allowance |  |  | (1,008 | ) |  |  | (931 | )
Deferred income tax liability, net |  | $ | (5,506 | ) |  | $ | (8,757 | )

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
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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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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- Definition 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
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