Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 1014

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 2
Chunk 1014
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 the daily simple secured overnight financing
rate. There were no outstanding amounts during the years ended December 31, 2024, 2023, or 2022. This line of credit is scheduled to expire
on December 13, 2025.

14.       Income
Taxes

The components of our provision for income tax
expense (benefit) were as follows:

    Year Ended December 31, 

    2024  
    2023  
    2022 
  
    Current income tax expense (benefit) 

    Federal 
    $(4,682) 
    $2,567  
    $(11,280)
  
    State 
     215  
     278  
     (2)
  
    Total current 
     (4,467) 
     2,845  
     (11,282)
  
    Deferred income tax expense (benefit) 
     1,275  
     (1,882) 
     (3,972)
  
    Total income tax expense (benefit) 
    $(3,192) 
    $963  
    $(15,254)

86 

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/g