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Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Assets:    
Cash and cash equivalents $ 51,390 $ 41,037
Fixed income securities, at fair value (net of allowance for expected credit losses of $0 at June 30, 2024 and December 31, 2023) 303,415 289,399
Equity securities, at fair value 22,973 21,983
Other investments 2,006 2,006
Total cash and investments 379,784 354,425
Premiums and agents' balances receivable (net of allowance for expected credit losses of $348 at June 30, 2024 and $394 at December 31, 2023) 92,831 56,154
Deferred policy acquisition costs 31,157 26,790
Reinsurance premiums receivable (payable) (1,403)
Reinsurance recoverables on losses (net of allowance for expected credit losses of $0 at June 30, 2024 and December 31, 2023) 9,423 6,460
Income tax recoverable 8,069
Accrued investment income 2,473 2,325
Property and equipment, net 7,586 7,452
Deferred income taxes 10,236 9,228
Receivable from Federal Crop Insurance Corporation 13,793 17,404
Goodwill and other intangibles 2,728 2,728
Other assets 12,907 10,866
Assets of discontinued operations 162,457
Total assets 570,987 654,886
Liabilities:    
Unpaid losses and loss adjustment expenses 148,527 119,185
Unearned premiums 157,730 126,100
Reinsurance premiums payable 912
Income tax payable 147
Accrued expenses and other liabilities 24,368 17,758
Liabilities of discontinued operations 141,297
Total liabilities 331,537 404,487
Shareholders’ equity:    
Common stock, $0.01 par value, authorized: 25,000,000 shares; issued: 23,000,000 shares; and outstanding: 2024 – 20,648,642 shares, 2023 – 20,599,908 shares 230 230
Additional paid-in capital 96,581 96,294
Unearned employee stock ownership plan shares (698) (698)
Retained earnings 197,827 208,376
Accumulated other comprehensive loss, net of income taxes (20,192) (21,384)
Treasury stock, at cost, 2024 – 2,281,563 shares, 2023 – 2,330,297 shares (34,298) (35,177)
Non-controlling interest 2,758
Total shareholders’ equity 239,450 250,399
Total liabilities and shareholders’ equity $ 570,987 $ 654,886