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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Assets:    
Cash and cash equivalents $ 56,693 $ 47,002
Fixed income securities, at fair value (net of allowance for expected credit losses of $0 at December 31, 2023 and 2022) 347,731 303,324
Equity securities, at fair value 27,767 52,393
Other investments 2,006 2,005
Total cash and investments 434,197 404,724
Premiums and agents' balances receivable (net of allowance for expected credit losses of $402 at December 31, 2023 and $425 at December 31, 2022) 74,058 62,173
Deferred policy acquisition costs 34,120 29,768
Reinsurance premiums receivable 4,061 1,647
Reinsurance recoverables on losses (net of allowance for expected credit losses of $0 at December 31, 2023 and 2022) 48,969 37,575
Income tax recoverable 13,964
Accrued investment income 2,763 2,456
Property and equipment, net 9,897 9,843
Deferred income taxes 8,413 9,005
Receivable from Federal Crop Insurance Corporation 17,404 15,462
Goodwill and other intangibles 10,039 17,250
Other assets 10,965 10,365
Total assets 654,886 614,232
Liabilities:    
Unpaid losses and loss adjustment expenses 217,119 190,459
Unearned premiums 164,100 148,513
Income tax payable 88
Accrued expenses and other liabilities 23,180 22,053
Total liabilities 404,487 361,025
Shareholders’ equity:    
Common stock, $0.01 par value, authorized 25,000,000 shares, issued: 23,000,000 shares; and outstanding: 2023 – 20,599,908 shares, 2022 – 21,076,255 shares 230 230
Additional paid-in capital 96,294 95,671
Unearned employee stock ownership plan shares (698) (941)
Retained earnings 208,376 214,121
Accumulated other comprehensive income (loss), net of income taxes (21,384) (29,286)
Treasury stock, at cost, 2023 – 2,330,297 shares, 2022 – 1,829,635 shares (35,177) (28,818)
Non-controlling interest 2,758 2,230
Total shareholders’ equity 250,399 253,207
Total liabilities and shareholders’ equity $ 654,886 $ 614,232