Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 2073

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 7
Chunk 2073
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 the Company’s stock during the period.

The Company recognized compensation expense
related to the ESOP of $365, $322, and $380 during the years ended December 31, 2024, 2023, and 2022, respectively.

Through December 31, 2024, the Company had
released and allocated 194,520 ESOP shares to participants, with a remainder of 45,480 ESOP shares in suspense at December 31, 2024. Using
the Company’s year-end market price of $15.70 per share, the fair value of the unearned ESOP shares was $714 at December 31, 2024.

13.       Line
of Credit

NI Holdings has a $3,000 line of credit with Wells
Fargo Bank, N.A. The terms of the line of credit include a floating interest rate of 2.50% above 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