$NODK

NI Holdings, Inc.

CIK:0001681206|SEC Filings

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Net premiums earned	$ 65,017	$ 73,005	$ 120,130	$ 140,502
Net investment income	2,810	3,146	5,465	5,984
Net investment gains (losses)	2,063	(410)	3,767	459
Fee and other income	344	316	474	546
Total revenues	70,234	76,057	129,836	147,491
Expenses:
Losses and loss adjustment expenses	48,417	66,607	71,773	105,132
Amortization of deferred policy acquisition costs	12,236	16,374	24,122	32,902
Other underwriting and general expenses	9,351	8,400	18,001	17,032
Total expenses	70,004	91,381	113,896	155,066
Income (loss) before income taxes	230	(15,324)	15,940	(7,575)
Income tax expense (benefit)	84	(3,273)	3,286	(1,984)
Net income (loss)	$ 146	$ (12,051)	$ 12,654	$ (5,591)
Earnings per common share:
Basic (in Dollars per share)	$ 0.01	$ (0.57)	$ 0.61	$ (0.27)
Diluted (in Dollars per share)	$ 0.01	$ (0.57)	$ 0.61	$ (0.27)
Share data:
Weighted average common shares outstanding used in basic per common share calculations (in Shares)	20,811,048	21,039,090	20,843,029	21,027,073
Dilutive securities – restricted stock units and performance share units	63,600		61,665
Weighted average common shares used in diluted per common share calculations (in Shares)	20,874,648	21,039,090	20,904,694	21,027,073

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income (loss)	$ 12,654	$ (5,591)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Net investment gains (losses)	(3,767)	(459)
Deferred income tax expense (benefit)	547	(1,452)
Depreciation of property and equipment	290	344
Share-based compensation	665	724
Amortization of deferred policy acquisition costs	24,122	32,902
Deferral of policy acquisition costs	(26,808)	(32,922)
Net amortization of premiums and discounts on investments	221	174
Gain on sale of property and equipment	(8)	(9)
Changes in operating assets and liabilities:
Premiums and agents’ balances receivable	(36,214)	(32,697)
Reinsurance premiums receivable / payable	1,122	7,603
Reinsurance recoverables on losses	(484)	(38,717)
Income tax recoverable / payable	2,365	(3,382)
Accrued investment income	(32)	(69)
Federal Crop Insurance Corporation receivable / payable	(775)	1,891
Other assets	(1,850)	(61)
Unpaid losses and loss adjustment expenses	(3,098)	66,242
Unearned premiums	25,926	16,391
Accrued expenses and other liabilities	4,169	5,377
Total adjustments	(13,609)	21,880
Net cash flows from operating activities	(955)	16,289
Cash flows from investing activities:
Proceeds from maturities and sales of fixed income securities	31,458	13,714
Proceeds from sales of equity securities	7,383	3,098
Purchases of fixed income securities	(30,914)	(23,641)
Purchases of equity securities	(4,553)	(3,255)
Purchases of property and equipment	(61)	(182)
Proceeds from sales of property and equipment	49	20
Net cash flows from investing activities	3,362	(10,246)
Cash flows from financing activities:
Purchase of treasury stock	(2,306)
Principal repayments of finance leases	(26)	(53)
Issuance of vested award shares	(181)	(136)
Net cash flows from financing activities	(2,513)	(189)
Net increase (decrease) in cash and cash equivalents	(106)	5,854
Cash and cash equivalents at beginning of period	51,715	50,930
Cash and cash equivalents at end of period	51,609	56,784
Federal and state income taxes paid (net of refunds received)	$ 374	$ 2,975

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets:
Cash and cash equivalents	$ 51,609	$ 51,715
Fixed income securities, at fair value (amortized cost $314,055 and $314,804; net of allowance for expected credit losses of $0 and $0)	298,374	301,393
Equity securities, at fair value (cost $19,753 and $20,926)	24,873	23,951
Other investments	1,619	1,621
Total cash and investments	376,475	378,680
Premiums and agents' balances receivable (net of allowance for expected credit losses of $301 and $334)	77,789	41,575
Deferred policy acquisition costs	21,895	19,209
Reinsurance recoverables on losses (net of allowance for expected credit losses of $0 and $0)	12,441	11,957
Income tax recoverable	9,125	11,490
Accrued investment income	2,494	2,462
Property and equipment, net	6,490	6,759
Deferred income taxes	6,075	6,145
Receivable from Federal Crop Insurance Corporation	16,380	15,605
Other assets	13,970	12,120
Total assets	543,134	506,002
Liabilities:
Unpaid losses and loss adjustment expenses	134,757	137,855
Unearned premiums	132,424	106,498
Reinsurance premiums payable	2,000	878
Accrued expenses and other liabilities	24,577	20,434
Total liabilities	293,758	265,665
Shareholders’ equity:
Common stock, $0.01 par value, authorized: 25,000,000 shares; issued: 23,000,000 shares; and outstanding: 2026 – 20,431,819 shares, 2025 – 20,554,144 shares	230	230
Additional paid-in capital	95,773	95,932
Unearned employee stock ownership plan shares	(212)	(212)
Retained earnings	203,596	191,074
Accumulated other comprehensive loss, net of income taxes	(12,388)	(10,595)
Treasury stock, at cost, 2026 – 2,547,016 shares, 2025 – 2,424,691 shares	(37,623)	(36,092)
Total shareholders’ equity	249,376	240,337
Total liabilities and shareholders’ equity	$ 543,134	$ 506,002