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Income Taxes (Tables)

12 Months Ended

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

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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

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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

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