| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|---|---|---|---|---|---|---|---|---|---|
Operating activities | ||||||||||
Net income | ||||||||||
92,690 | 71,632 | 46,231 | 77,865 | 70,462 | 53,666 | 43,637 | 29,353 | 24,181 | 34,520 | 47,563 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||
Depreciation | ||||||||||
942 | 996 | 984 | 1,181 | 1,348 | 1,298 | 1,300 | 1,112 | 1,015 | 1,028 | 1,164 |
Net amortization of investments | ||||||||||
-8,659 | -10,787 | -14,015 | -16,247 | -16,424 | -15,243 | -13,350 | -10,151 | -6,660 | -4,989 | -4,013 |
Deferred income taxes | ||||||||||
872 | -1,462 | 12,800 | -2,249 | 1,446 | -1,412 | -207 | 115 | -1,525 | -2,169 | 5,842 |
Net realized gains on investments | ||||||||||
-80 | -1,536 | -647 | -509 | -2,494 | 697 | -1,211 | 2,979 | 2,228 | 2,449 | 2,033 |
Net unrealized (gains) losses on equity securities | ||||||||||
4,758 | -2,088 | - | - | - | - | - | - | - | - | - |
Net realized losses on disposal of assets | ||||||||||
-3 | - | -2 | -1 | -664 | - | -2 | -1 | -32 | 16 | -24 |
Share-based compensation | ||||||||||
2,351 | 2,065 | 2,018 | 1,603 | 1,223 | 1,519 | 1,409 | 641 | 471 | 2,325 | 1,364 |
Changes in operating assets and liabilities: | ||||||||||
Premiums receivable, net | ||||||||||
-4,525 | -11,756 | -8,771 | -2,359 | 6,447 | 7,338 | 29,629 | 20,727 | -1,395 | -28,952 | -4,997 |
Accrued interest receivable | ||||||||||
-467 | -438 | -725 | -325 | 48 | 395 | 850 | 872 | 1,816 | 539 | -82 |
Deferred policy acquisition costs | ||||||||||
-686 | -517 | 951 | -1,112 | 763 | 478 | 752 | 1,841 | 1,441 | -859 | -2,512 |
Amounts held by others | ||||||||||
- | 7,855 | -27,848 | -1,016 | 27,847 | 1,082 | 5 | - | - | - | - |
Other assets | ||||||||||
-710 | -1,873 | 1,882 | -1,631 | 1,042 | 4,306 | -1,566 | -445 | 2,008 | 9,268 | 7,979 |
Reserves for loss and loss adjustment expenses | ||||||||||
-25,522 | 26,564 | 29,069 | 24,743 | 30,431 | 73,045 | 44,107 | -32,236 | -6,010 | 2,451 | -3,362 |
Unearned premiums | ||||||||||
-8,423 | -7,974 | -4,758 | -5,955 | -593 | 4,280 | 23,768 | 21,829 | 7,205 | -11,006 | -14,600 |
Reinsurance balances | ||||||||||
16,093 | -21,873 | -6,495 | 7,285 | -5,878 | -10,326 | 26,177 | -5,910 | 140 | -13,248 | -14,116 |
Amounts held for others and policyholder deposits | ||||||||||
-5,528 | 2,911 | 4,168 | -17,066 | 6,621 | 11,190 | 238 | 12,912 | 5,355 | -6,082 | -4,954 |
Accounts payable and other liabilities | ||||||||||
-5,023 | 4,269 | -2,382 | 3,605 | 4,364 | 6,477 | 3,837 | 4,582 | 263 | 7,235 | -9,851 |
Net cash provided by operating activities | ||||||||||
78,824 | 98,268 | 130,810 | 114,212 | 92,859 | 140,684 | 129,159 | 81,048 | 43,709 | 44,844 | 27,298 |
Investing activities | ||||||||||
Purchases of investments held-to-maturity | ||||||||||
152,133 | 99,330 | 222,104 | 102,830 | 178,010 | 223,028 | 78,144 | 79,042 | 86,669 | 68,095 | 105,928 |
Purchases of investments available-for-sale | ||||||||||
63,513 | 124,128 | 108,517 | 216,466 | 135,915 | 149,956 | 135,798 | 92,751 | 120,637 | 36,936 | - |
Purchases of equity securities | ||||||||||
4,495 | 11,459 | 8,503 | - | - | - | - | - | - | - | - |
Purchases of short-term investments | ||||||||||
125,763 | 133,355 | 62,687 | 35,295 | 12,246 | 79,957 | 131,981 | 95,954 | 87,460 | 89,427 | 80,478 |
Purchases of other invested assets | ||||||||||
- | - | - | - | - | - | 10,000 | - | - | - | - |
Proceeds from sale of investments held-to-maturity | ||||||||||
- | - | - | - | - | - | - | - | - | - | 1,240 |
Proceeds from maturities of investments held-to-maturity | ||||||||||
159,702 | 99,984 | 152,995 | 177,159 | 160,834 | 112,100 | 117,770 | 134,994 | 97,863 | 66,021 | 114,099 |
Proceeds from sales and maturities of investments available-for-sale | ||||||||||
114,869 | 100,357 | 112,179 | 115,552 | 78,637 | 72,535 | 29,099 | 52,514 | 36,329 | 30,157 | 12,229 |
Proceeds from sales of equity securities | ||||||||||
- | 3 | 1 | - | - | - | - | - | - | - | - |
Proceeds from sales and maturities of short-term investments | ||||||||||
84,039 | 139,865 | 72,400 | 13,040 | 37,833 | 128,043 | 112,978 | 72,105 | 118,759 | 64,813 | 26,035 |
Proceeds from redemptions of other investments | ||||||||||
- | 130 | 13,172 | - | - | - | - | - | - | - | - |
Purchases of property and equipment | ||||||||||
1,018 | 1,126 | 478 | 1,638 | 953 | 989 | 1,140 | 1,196 | 1,128 | 3,206 | 1,017 |
Proceeds from sales of property and equipment | ||||||||||
- | - | - | - | - | - | - | - | - | 16 | 3 |
Net cash provided by (used in) investing activities | ||||||||||
11,688 | -29,059 | -51,542 | -50,478 | -49,820 | -141,252 | -97,216 | -9,330 | -42,943 | -36,657 | -33,817 |
Financing activities | ||||||||||
Proceeds from stock option exercises | ||||||||||
20 | 67 | - | 837 | 1,844 | 2,674 | 2,344 | 781 | 3,339 | 1,455 | 295 |
Finance lease purchases | ||||||||||
47 | - | - | - | - | - | - | - | - | - | - |
Tax benefit from share-based payments | ||||||||||
- | - | - | 995 | 2,203 | 2,841 | 2,024 | 421 | 1,043 | 238 | 46 |
Purchase of treasury stock | ||||||||||
- | - | - | - | - | - | - | - | 10,268 | 12,102 | - |
Redemption of subordinated debt securities | ||||||||||
- | - | - | - | - | - | - | 25,780 | 10,310 | - | - |
Dividends to shareholders | ||||||||||
87,016 | 84,491 | 82,645 | 76,111 | 68,561 | 37,068 | 5,910 | - | - | - | - |
Net cash used in financing activities | ||||||||||
-87,043 | -84,424 | -82,645 | -74,279 | -64,514 | -31,553 | -1,542 | -24,578 | -16,196 | -10,409 | -25,534 |
Change in cash and cash equivalents | ||||||||||
3,469 | -15,215 | -3,377 | -10,545 | -21,475 | -32,121 | 30,401 | 47,140 | -15,430 | -2,222 | -32,053 |
Supplemental disclosure of cash flow information | ||||||||||
Interest paid | ||||||||||
- | - | - | - | - | - | - | 686 | 1,412 | 1,547 | 1,931 |
Income taxes paid | ||||||||||
20,850 | 11,235 | 28,255 | 31,500 | 23,851 | 19,926 | 12,512 | 7,004 | 1,000 | 6,256 | 18,817 |