Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 156

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 1
Chunk 156
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 31, 2024, the previously recognized compensation expense related to the PSU awards granted during 2024 was reduced as a result
of a performance adjustment, and the compensation expense related to the PSU awards granted during 2023 was eliminated due to the Company's
expectation that the threshold performance goal will not be met. During the year ended December 31, 2023, the previously recognized compensation
expense related to the PSU awards granted during 2022 was eliminated due to the Company's expectation that the threshold performance goal
will not be met. During the year ended December 31, 2022, the previously recognized compensation expense related to the PSU awards granted
during 2020 and 2021 was eliminated due to the Company’s expectation that the threshold performance goal will not be met, and the
compensation expense related to the PSU awards granted during 2022 was decreased to the threshold level due to Company’s expectations
that the target goal will likely not be achieved.

At December 31, 2024, there was $255 of unrecognized
compensation cost related to outstanding PSUs. That cost is expected to be recognized over a weighted-average period of 2.16 years.

93 

 19.      Allowance for Expected Credit Losses

Premiums Receivable

Beginning on December 31, 2022, credit losses
are recognized through an allowance account developed using the CECL model. The adoption of this guidance resulted in an allowance for
expected credit losses of $425 for premiums and agents' balances receivable as of December 31, 2022. See Part II, Item 8, Note 2 “Recent
Accounting Pronouncements” for additional information. The following table presents the balances of premiums and agents’ receivable
balances, net of the allowance for expected credit losses as of December 31, 2024, and the changes in the allowance for expected credit
losses for the year ended December 31, 2024.

    Year Ended  December 31, 2024 

    Premiums and 
Agents’ Balances
 Receivable, Net of
 Allowance for
 Expected Credit 
Losses  
    Allowance for 
Expected Credit 
Losses 
  
    Continuing operations 

    Balance, beginning of period 
    $56,154  
    $394 

    Current period charge for expected credit losses 
        
     210 
  
    Write-offs of uncollectible premiums rece