Company: NODK
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001174947-25-000721
Chunk: 5

Company: NI Holdings, Inc.
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 1
Chunk 5
---
 —  
     (153)
  
    Balance, 
March 31, 2024 
    $230  
    $96,320  
    $(698) 
    $218,451  
    $(23,858) 
    $(34,599) 
    $—  
    $255,846 

The accompanying notes are an integral part of these consolidated
financial statements. 

6 

NI Holdings, Inc.

Consolidated Statements of Cash Flows (Unaudited)

(dollar amounts in thousands) 

    Three Months Ended March 31, 

    2025  
    2024 
  
    Cash flows from operating activities: 

    Net income 
    $6,460  
    $6,419 
  
    Less net loss from discontinued operations, net of income taxes 
     —  
     (516)
  
    Adjustments to reconcile net income to net cash flows from operating activities: 

    Net investment gains 
     (869) 
     (1,456)
  
    Deferred income tax expense (benefit) 
     (683) 
     423 
  
    Depreciation of property and equipment 
     173  
     154 
  
    Share-based compensation 
     480  
     581 
  
    Amortization of deferred policy acquisition costs 
     16,528  
     16,817 
  
    Deferral of policy acquisition costs 
     (14,041) 
     (18,975)
  
    Net amortization of premiums and discounts on investments 
     85  
     179 
  
    Changes in operating assets and liabilities: 

    Premiums and agents’ balances receivable 
     3,687  
     (3,824)
  
    Reinsurance premiums receivable / payable 
     978  
     (947)
  
    Reinsurance recoverables on losses 
     3,915  
     114 
  
    Income tax recoverable / payable 
     1,972  
     2,528 
  
    Accrued investment income 
     298  
     (76)
  
    Federal Crop Insurance Corporation receivable / payable 
     1,749  
     3,491 
  
    Other assets 
     (88) 
     (133)
  
    Unpaid losses and loss adjustment