Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 375

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 1A
Chunk 375
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The provision for income tax expense (benefit)
differs from the amount that would be computed by applying the statutory federal rate to income (loss) before income taxes as a result
of the following, including both continuing and discontinued operations:

    Year Ended December 31, 

    2024  
    2023  
    2022 
  
    Loss before income taxes 
    $(9,056) 
    $(4,263) 
    $(69,029)

    Expected provision for federal income taxes at 21% 
    $(1,902) 
    $(895) 
    $(14,496)

    State income taxes, net of federal impact 
     277  
     90  
     (2)
  
    Tax-exempt interest 
     (130) 
     (204) 
     (187)
  
    Dividends received deduction 
     (104) 
     (118) 
     (147)
  
    Section 832(b)(5)(B) proration amount 
     26  
     77  
     78 
  
    Compensation-related expenses 
     892  
     27  
     213 
  
    Westminster sale/goodwill impairment 
     (2,661) 
     1,419  
     — 
  
    Demutualization of Battle Creek 
     793  
     —  
     — 
  
    Research and development credit 
     —  
     (59) 
     (70)
  
    Change in valuation allowance 
     2,035  
     (189) 
     (314)
  
    State carryovers 
     (2,412) 
     —  
     — 
  
    Other 
     (6) 
     815  
     (329)
  
    Total income tax expense (benefit) 
    $(3,192) 
    $963  
    $(15,254)

    Reconciliation of consolidated federal income tax expense (benefit) from: 

    Continuing operations 
    $3,545  
    $716  
    $(14,191)
  
    Discontinued operations 
     (405) 
     247  
     (1,063)
  
    Loss on sale of discontinued operations 
     (6,332) 
     —