Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2018
Dec. 31, 2017
Investments:    
Fixed maturities – at fair value (amortized cost $1,512,939 and $1,439,878) $ 1,497,930 $ 1,441,107
Equity securities – at fair value (cost $65,913 and $68,812) 90,498 96,004
Short-term investments – at fair value (amortized cost $0 and $2,541) 0 2,541
Total investments 1,588,428 1,539,653
Cash and cash equivalents 88,793 107,589
Accrued investment income 10,098 13,079
Agents’ balances and premium receivable, net of allowances for doubtful accounts of $13,238 and $15,262 557,206 507,963
Property and equipment, net of accumulated depreciation of $87,945 and $84,776 78,732 82,453
Prepaid reinsurance premium 482 1,032
Recoverables from reinsurers (includes $3,124 and $(1,269) on paid losses and LAE) 22,674 30,340
Deferred policy acquisition costs 98,672 88,300
Current and deferred income taxes 9,091 10,543
Receivable for securities sold 120 1,700
Other assets 21,896 16,557
Goodwill 75,275 75,275
Total assets 2,551,466 2,474,484
Liabilities:    
Unpaid losses and loss adjustment expenses 701,006 715,098
Unearned premium 691,464 627,575
Long-term debt (fair value $286,330 and $290,824) 273,865 273,809
Commissions payable 15,844 16,743
Payable for securities purchased 40,375 5,615
Other liabilities 110,996 119,831
Total liabilities 1,833,550 1,758,672
Commitments and contingencies (See Note 9)
Shareholders’ equity:    
Common stock, no par value (50,000,000 shares authorized; 21,879,505 and 21,867,436 shares issued) 21,908 21,888
Additional paid-in capital 385,346 383,567
Retained earnings 824,932 793,077
Accumulated other comprehensive income, net of tax (11,202) 19,756
Treasury stock, at cost (10,937,569 and 10,932,539 shares) (503,069) (502,475)
Total shareholders’ equity 717,916 715,812
Total liabilities and shareholders’ equity $ 2,551,466 $ 2,474,484