0001437749-23-030041 | 10-Q | XBRL Viewer

Comprehensive Income (Loss) Note [Text Block]

6. Accumulated Other Comprehensive Income

Changes in accumulated other comprehensive income (loss) (“AOCI”) are as follows:

	*Nine Months Ended September 30,*
	*2023*			*2022*
	(in thousands)
Beginning Balance	$	(36,515	)	$	5,312

Other comprehensive (loss) before reclassification		(8,453	)		(60,983	)
Federal income tax (benefit) expense		1,775			12,806
Other comprehensive (loss) before reclassification, net of tax		(6,678	)		(48,177	)

Amounts reclassified from AOCI		(36	)		299
Federal income tax expense (benefit)		8			(63	)
Amounts reclassified from AOCI, net of tax		(28	)		236

Other comprehensive (loss)		(6,706	)		(47,941	)
Balance at end of period	$	(43,221	)	$	(42,629	)

Note 3 - Fair Value Measurements

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Text Block]

3. Fair Value Measurements

Fair value is defined as the price that the Company would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment.

The three‑tier hierarchy of inputs is summarized in the three broad levels listed below:

Level 1—Unadjusted quoted prices are available in active markets for identical investments as of the reporting date.

Level 2—Pricing inputs are quoted prices for similar investments in active markets; quoted prices for identical or similar investments in inactive markets; or valuations based on models where the significant inputs are observable or can be corroborated by observable market data.

Level 3—Pricing inputs into models are unobservable for the investment. The unobservable inputs require significant management judgment or estimation.

To measure fair value, the Company obtains quoted market prices for its investment securities from its outside investment managers. If a quoted market price is not available, the Company uses prices of similar securities. The fair values obtained from the outside investment managers are reviewed for reasonableness and any discrepancies are investigated for final valuation.

The fair value of the Company’s investments in fixed maturity securities is estimated using relevant inputs, including available market information, benchmark curves, benchmarking of like securities, sector groupings, and matrix pricing. An Option Adjusted Spread model is also used to develop prepayment and interest rate scenarios. Industry standard models are used to analyze and value securities with embedded options or prepayment sensitivities. These fair value measurements are estimated based on observable, objectively verifiable market information rather than market quotes. Therefore, these investments are classified and disclosed in Level 2 of the hierarchy.

The following tables present the hierarchy for financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022.

September 30, 2023	*Level 1*		*Level 2*		*Level 3*		*Total*
	(in thousands)
Assets:
Fixed maturity securities
U.S. Governments	$	—	$	42,690	$	—	$	42,690
States, territories, and possessions		—		5,213		—		5,213
Political subdivisions		—		3,848		—		3,848
Special revenue excluding mortgage/asset-backed securities		—		27,868		—		27,868
Corporate and other		—		276,933		—		276,933
Mortgage/asset-backed securities		—		235,355		—		235,355
Equity securities		39,835		—		—		39,835
Cash, cash equivalents, and restricted cash		53,288		—		—		53,288
Total assets	$	93,123	$	591,907	$	—	$	685,030

December 31, 2022	*Level 1*		*Level 2*		*Level 3*		*Total*
	(in thousands)
Assets:
Fixed maturity securities
U.S. Governments	$	—	$	48,551	$	—	$	48,551
States, territories, and possessions		—		5,354		—		5,354
Political subdivisions		—		4,298		—		4,298
Special revenue excluding mortgage/asset-backed securities		—		32,799		—		32,799
Corporate and other		—		254,095		—		254,095
Mortgage/asset-backed securities		—		169,967		—		169,967
Equity securities		38,576		—		—		38,576
Cash, cash equivalents, and restricted cash		68,164		—		—		68,164
Total assets	$	106,740	$	515,064	$	—	$	621,804

The carrying amounts of financial assets and liabilities reported in the accompanying condensed consolidated balance sheet including cash and cash equivalents, restricted cash, receivables, reinsurance recoverable, and accounts payable and other accrued liabilities approximate fair value due to their short term‑maturity. The carrying amount of the Company’s borrowings under the Federal Home Loan Bank (“FHLB”) line of credit and U.S. Bank credit agreement (the “Credit Agreement”) approximate fair value as the Company is currently borrowing at a variable rate which frequently reprices at market rates.

Transfers between Level 3 and Level 2 securities result from changes in the availability of observable market inputs and are recorded at the beginning of the reporting period. As of September 30, 2023 and December 31, 2022, the Company had no fixed income securities classified as Level 3.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Note 5 - Stockholders' Equity - Schedule of Stock-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Stock-Based Compensation	$ 3,589	$ 3,092	$ 10,737	$ 8,556

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating activities
Net cash provided by operating activities	$ 93,836	$ 94,544
Investing activities
Purchases of property and equipment	(15)	(307)
Capitalized software costs	(5,324)	(4,138)
Purchases of fixed maturity securities	(190,560)	(279,064)
Purchases of equity securities	(945)	(10,277)
Purchase of equity method investment	(3,000)	0
Sales and maturities of fixed maturity securities	104,505	172,380
Sales of equity securities	295	0
Change in securities receivable or payable, net	(3,576)	0
Acquisitions, net of cash acquired	(5,536)	(16)
Net cash used in investing activities	(104,156)	(121,422)
Financing activities
Proceeds from line of credit, net of repayments	16,200	26,400
Proceeds from common stock issued via employee stock purchase plan	799	2,164
Proceeds from common stock issued via stock option exercises	579	760
Repurchases of common stock	(22,134)	(23,273)
Net cash (used in) provided by financing activities	(4,556)	6,051
Net decrease in cash, cash equivalents and restricted cash	(14,876)	(20,827)
Cash, cash equivalents and restricted cash at beginning of period	68,164	50,371
Cash, cash equivalents and restricted cash at end of period	53,288	29,544
Supplementary cash flow information:
Cash paid for income taxes	21,093	18,870
Cash paid for interest	2,428	351
Cash and cash equivalents	53,026
Restricted cash	262
Cash and cash equivalents and restricted cash	$ 53,288	$ 29,544

Note 5 - Stockholders' Equity

9 Months Ended

Sep. 30, 2023

Equity [Text Block]

5. Stockholders’ Equity

Common stock reserved for future issuance

Common stock reserved for future issuance consists of the following as of September 30, 2023:

Stock options outstanding under 2019 Equity Incentive Plan			838,706
Restricted stock units outstanding under 2019 Equity Incentive Plan			339,505
Performance stock units outstanding under 2019 Equity Incentive Plan, at target			424,393
Shares authorized for future issuance under 2019 Equity Incentive Plan			3,134,739
Shares authorized for future issuance under 2019 Employee Stock Purchase Plan			1,130,770
Total			5,868,113

Stock based compensation

The below table summarizes the Company’s stock-based compensation expense for each period presented:

	*Three Months Ended September 30,*				*Nine Months Ended September 30,*
	*2023*		*2022*		*2023*		*2022*
	(in thousands)				(in thousands)
Stock-Based Compensation	$	3,589	$	3,092	$	10,737	$	8,556

Stock-based compensation expense is recognized on a straight-line basis over the vesting period of equity-based awards. For performance stock units (“PSUs”), any changes to expense resulting from differences in actual performance versus target are recognized over the remaining vesting period of the awards. The Company does not apply a forfeiture rate to unvested awards and accounts for forfeitures as they occur. All stock-based compensation is included in other underwriting expenses in the Company’s unaudited condensed consolidated statement of income and comprehensive income.

2019 Equity Incentive Plan

On April 16, 2019, the Company's 2019 Equity Incentive Plan (the “2019 Plan”) became effective. The 2019 Plan provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units (“RSUs”), performance shares and units, and other cash-based or share-based awards. In addition, the 2019 Plan contains a mechanism through which the Company may adopt a deferred compensation arrangement in the future.

A total of 2,400,000 shares of common stock were initially authorized and reserved for issuance under the 2019 Plan. This reserve increases on January 1 of each year through 2029 by an amount equal to the smaller of: 3% of the number of shares of common stock issued and outstanding on the immediately preceding December 31, or an amount determined by the board of directors.

Stock Options

Recipients of stock options can purchase shares of the Company’s common stock at a price equal to the stock's fair market value on the grant date, determined by the closing price of the Company's common stock on the grant date. Stock options vest over a two to four-year period with a portion vesting on the first anniversary of the grant date and the remainder vesting monthly over the remaining period, subject to continued service. Stock options expire ten years after the grant date.

The following table summarizes stock option transactions for the nine months ended September 30, 2023:

	*Number of shares*			*Weighted-average exercise price*		*Weighted-average remaining contractual term (in years)*		*Aggregate intrinsic value (in thousands)*
Outstanding at January 1, 2023		882,892		$	33.85		—	$	—
Options granted		—			—
Options exercised		(32,882	)		17.61
Options canceled		(11,304	)		66.08
Outstanding at September 30, 2023		838,706		$	34.05		6.0	$	19,368
Vested and Exercisable at September 30, 2023		753,678		$	30.74		5.8	$	19,308

As of September 30, 2023, the Company had approximately $1.8 million of total unrecognized stock-based compensation expense related to stock options expected to be recognized over a weighted-average period of 1.2 years.

Restricted Stock Units

RSUs are valued using the closing price of the Company’s common stock on their grant date. The Company has issued RSUs with vesting periods of one to five years. All vesting is subject to continued service.

The following table summarizes RSU transactions for the nine months ended September 30, 2023:

	*Number of shares*			*Weighted-average grant date fair value*
Outstanding at January 1, 2023		271,951		$	68.90
Granted		157,972			51.34
Released		(72,357	)		66.37
Forfeited		(18,061	)		52.27
Non-vested outstanding at September 30, 2023		339,505		$	62.15

As of September 30, 2023, the Company had approximately $16.8 million of total unrecognized stock-based compensation expense related to RSUs expected to be recognized over a weighted-average period of 2.3 years.

Performance Stock Units

The Company issues PSUs with a combination of service, performance, and market conditions.

The majority of PSUs were issued via grants made to certain executives during 2021. These PSUs are earned based on the achievement of stock price milestones. If the Company’s stock price reaches and remains at certain milestones for 30 days, the PSUs shall become earned units and will vest upon completion of a requisite service period of approximately five years from the date of grant. As of September 30, 2023, none of the stock price milestones have been achieved.

For other PSUs outstanding, vesting of PSUs requires a period of future service and the number of shares that vest depends on performance relative to predetermined targets of the Company’s Gross Written Premiums and Adjusted Return on Equity as set by the Compensation Committee. Prior to 2023, the PSU’s performance period was the fiscal year of the grant. Beginning in 2023, the PSU’s performance period is primarily a three-year period beginning with the grant date. At the end of the performance period, the actual results are measured against the predetermined targets to determine the number of PSUs to be earned as compensation. The earned PSUs are then subject to a required service period of approximately three years from the grant date before vesting and being issued as common stock.

The following table summarizes PSU transactions for the three months ended September 30, 2023:

	*Number of shares*			*Weighted-average grant date fair value*
Outstanding at January 1, 2023		383,103		$	37.62
Granted		46,029			51.36
Vested		—			—
Forfeited		(4,739	)		54.30
Non-vested outstanding at September 30, 2023		424,393		$	38.93

The PSU grants above represent the number of shares that would vest based on achievement of all stock price milestones in the 2021 executive stock grants and the 100% achievement of the predetermined performance conditions for the other PSU grants. The actual number of PSUs which will vest is subject to adjustment based on the Company’s actual stock price performance and financial performance relative to the predetermined targets. As of September 30, 2023, the Company had approximately $10.2 million of total unrecognized stock-based compensation expense related to PSUs expected to be recognized over a weighted-average period of 2.7 years.

2019 Employee Stock Purchase Plan

On April 16, 2019, the Company's 2019 Employee Stock Purchase Plan (the “2019 ESPP”) became effective. A total of 240,000 shares of common stock are initially authorized and reserved for issuance under the 2019 ESPP. In addition, the 2019 ESPP provides for annual increases in the number of shares available for issuance on January 1 of each year through 2029, equal to the smaller of 240,000 shares of the Company’s common stock or such other amount as may be determined by the board of directors.

Under the 2019 ESPP, employees can purchase Company stock at a discount via payroll withholdings. The 2019 ESPP is administered through employee participation in discrete offering periods. During each discrete offering period employee funds are withheld, and the stock purchase occurs upon the conclusion of the offering period. The Company issued 17,080 shares pursuant to the ESPP during the nine months ended September 30, 2023.

Share repurchases

In January 2022, Company's the Board of Directors approved a share repurchase program which replaced the existing program and authorized the repurchase of up to $100 million of outstanding shares of common stock over the period ending on March 31, 2024.

The Company purchased 418,901 shares for $22.1 million at an average price of $54.4 per share under this program during the nine months ended September 30, 2023. Approximately $43.5 million remains available for future repurchases. The Company accounts for share repurchases by charging the excess of repurchase price over the common stock’s par value entirely to retained earnings. All repurchased shares are retired and become authorized but unissued shares.

The entire disclosure for equity.

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Note 7 - Underwriting Information

9 Months Ended

Sep. 30, 2023

Segment Reporting Disclosure [Text Block]

7. Underwriting Information

The Company has a single reportable segment and offers primarily property and casualty insurance products. The Company also writes premiums under fronting agreements where it cedes the majority of the premium and risk in exchange for a fronting fee. Gross written premiums (“GWP”) by product are presented below:

	*Three Months Ended September 30,*												*Nine Months Ended September 30,*
	*2023*						*2022*						*2023*						*2022*
	($ in thousands)												($ in thousands)
				*% of*						*% of*						*% of*					*% of*
	*Amount*			*GWP*			*Amount*			*GWP*			*Amount*			*GWP*			*Amount*		*GWP*
Product
Fronting Premiums	$	106,581			33.9	%	$	82,232			32.5	%	$	278,548			33.2	%	$	154,232		24.0	%
Residential Earthquake		69,220			22.0	%		59,569			23.5	%		190,048			22.7	%		159,995		24.9	%
Commercial Earthquake		44,166			14.1	%		32,647			12.9	%		124,763			14.9	%		90,894		14.1	%
Inland Marine		37,252			11.9	%		30,842			12.2	%		103,841			12.4	%		72,214		11.2	%
Casualty		20,165			6.4	%		12,888			5.1	%		50,144			6.0	%		25,697		4.0	%
Hawaii Hurricane		11,051			3.5	%		9,425			3.7	%		28,718			3.4	%		24,579		3.8	%
Commercial All Risk		6,624			2.1	%		9,224			3.6	%		26,769			3.2	%		41,647		6.5	%
Residential Flood		5,259			1.7	%		3,871			1.5	%		14,964			1.8	%		10,448		1.6	%
Specialty Homeowners		(2	)		(0.0	)%		(94	)		(0.0	)%		(99	)		(0.0	)%		30,082		4.7	%
Other		13,682			4.4	%		12,524			5.0	%		20,710			2.4	%		32,963		5.2	%
Total Gross Written Premiums	$	313,998			100.0	%	$	253,128			100.0	%	$	838,406			100.0	%	$	642,751		100.0	%

Gross written premiums by state are as follows:

	*Three Months Ended September 30,*										*Nine Months Ended September 30,*
	*2023*					*2022*					*2023*					*2022*
	($ in thousands)										($ in thousands)
			*% of*					*% of*					*% of*					*% of*
	*Amount*		*GWP*			*Amount*		*GWP*			*Amount*		*GWP*			*Amount*		*GWP*
State
California	$	163,806		52.2	%	$	131,016		51.8	%	$	450,752		53.8	%	$	292,865		45.6	%
Texas		24,336		7.7	%		26,234		10.4	%		72,777		8.7	%		71,499		11.1	%
Washington		17,792		5.7	%		13,573		5.4	%		43,409		5.2	%		29,391		4.6	%
Hawaii		13,490		4.3	%		10,998		4.3	%		35,824		4.3	%		29,729		4.6	%
Florida		11,549		3.7	%		7,445		2.9	%		36,309		4.3	%		27,216		4.2	%
Oregon		8,536		2.7	%		7,738		3.1	%		21,223		2.5	%		16,483		2.6	%
Illinois		6,502		2.1	%		4,204		1.7	%		15,675		1.9	%		13,153		2.0	%
Tennessee		5,562		1.8	%		1,810		0.7	%		9,233		1.1	%		4,247		0.7	%
Other		62,425		19.8	%		50,110		19.8	%		153,204		18.2	%		158,168		24.6	%
Total Gross Written Premiums	$	313,998		100.0	%	$	253,128		100.0	%	$	838,406		100.0	%	$	642,751		100.0	%

Gross written premiums by insurance subsidiary are as follows:

	*Three Months Ended September 30,*										*Nine Months Ended September 30,*
	*2023*					*2022*					*2023*					*2022*
	($ in thousands)										($ in thousands)
			*% of*					*% of*					*% of*					*% of*
	*Amount*		*GWP*			*Amount*		*GWP*			*Amount*		*GWP*			*Amount*		*GWP*
Subsidiary
PSIC	$	186,693		59.5	%	$	136,814		54.0	%	$	497,216		59.3	%	$	357,156		55.6	%
PESIC		127,305		40.5	%		116,314		46.0	%		341,190		40.7	%		285,595		44.4	%
Total Gross Written Premiums	$	313,998		100.0	%	$	253,128		100.0	%	$	838,406		100.0	%	$	642,751		100.0	%

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Available-for-Sale, Amortized Cost	$ 647,579	$ 561,580
Equity Securities, Cost	$ 43,002	$ 42,352
Preferred Stock, Par Value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized (in shares)	5,000,000	5,000,000
Preferred Stock, Shares Issued (in shares)	0	0
Preferred Stock, Shares Outstanding (in shares)	0	0
Common Stock, Par Value (in dollars per share)	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized (in shares)	500,000,000	500,000,000
Common Stock, Shares, Issued (in shares)	24,730,885	25,027,467
Common Stock, Shares, Outstanding (in shares)	24,730,885	25,027,467

Note 2 - Investments - The Amortized Cost and Fair Value of Fixed Maturity Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Due within one year, Amortized Cost	$ 42,127
Due within one year, Fair Value	40,783
Due after one year through five years, Amortized Cost	183,123
Due after one year through five years, Fair Value	170,789
Due after five years through ten years, Amortized Cost	131,751
Due after five years through ten years, Fair Value	114,833
Due after ten years, Amortized Cost	37,291
Due after ten years, Fair Value	30,147
Mortgage and asset-backed securities, Amortized Cost	253,287
Mortgage and asset-backed securities, Fair Value	235,355
Amortized Cost	647,579	$ 561,580
Total, Fair Value	$ 591,907	$ 515,064

Note 3 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	$ 0	$ 0

Note 1 - Summary of Operations and Basis of Presentation

9 Months Ended

Sep. 30, 2023

Basis of Presentation and Significant Accounting Policies [Text Block]

1. Summary of Operations and Basis of Presentation

Summary of Operations

Palomar Holdings, Inc. (the “Company”) is a Delaware incorporated insurance holding company that was founded in 2014. The Company has several wholly owned subsidiaries including an Oregon domiciled insurance company, Palomar Specialty Insurance Company (“PSIC”), a Bermuda based reinsurance company, Palomar Specialty Reinsurance Company Bermuda Ltd. (“PSRE”), an Arizona domiciled surplus lines insurance company, Palomar Excess and Surplus Insurance Company (“PESIC”), a California domiciled property and casualty insurance agency, Palomar Insurance Agency, DBA Palomar General Insurance Agency (“PGIA”), and a Delaware incorporated management company, Palomar Underwriters Exchange Organization, Inc. ("PUEO"), that provides services to Laulima Exchange (“Laulima”), a Hawaii domiciled reciprocal exchange, as its attorney-in-fact.

Basis of Presentation

The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and include the accounts of the Company and its wholly‑owned subsidiaries. The condensed consolidated financial statements also include the accounts of Laulima, as Laulima is a variable interest entity ("VIE") for which the Company is the primary beneficiary. Currently Laulima does not hold a material amount of assets or liabilities.

These condensed consolidated financial statements do not contain all information and footnotes required by U.S. GAAP for complete consolidated financial statements. For a more complete description of the Company’s business and accounting policies, these condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 1, 2023 (the “2022 Annual Report on Form 10-K”). In the opinion of management, all adjustments necessary for a fair presentation of the condensed consolidated financial statements have been included. Such adjustments consist only of normal recurring items. All intercompany balances and transactions have been eliminated in consolidation. Interim results are not necessarily indicative of results of operations for the full year.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the condensed consolidated financial statements and accompanying notes. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein. All revisions to accounting estimates are recognized in the period in which the estimates are revised. Significant estimates reflected in the Company’s condensed consolidated financial statements include, but are not limited to, reserves for losses and loss adjustment expenses, reinsurance recoverables on unpaid losses, and the fair values of investments.

Recent Accounting Pronouncements

Recently adopted accounting pronouncements

The Company has not adopted any new accounting guidance during the nine months ended September 30, 2023.

Recently issued accounting pronouncements not yet adopted

There are not currently any recent accounting pronouncements or pending accounting guidance that have significance, or potential significance, to the Company’s consolidated financial statements.

Note 10 - Reinsurance

9 Months Ended

Sep. 30, 2023

Reinsurance [Text Block]

10. Reinsurance

The Company utilizes reinsurance in order to limit its exposure to losses and enable it to underwrite policies with sufficient limits to meet policyholder needs. The Company utilizes both excess of loss (XOL) and quota share reinsurance.

As of September 30, 2023, the Company’s catastrophe event retention is $17.5 million for all perils and the Company’s XOL reinsurance structure provides protection up to $2.68 billion for earthquake events, $900 million for Hawaii hurricane events, and $100 million for continental U.S. hurricane events.

In addition to reinsurance purchased from traditional reinsurers, the Company has historically incorporated collateralized protection from the insurance linked securities market via catastrophe bonds. During the first quarter of 2021, the Company closed a $400 million 144A catastrophe bond which became effective June 1, 2021. The catastrophe bond was completed through Torrey Pines Re Pte. Ltd. (“Torrey Pines Re Pte.”). Torrey Pines Re Pte. is a special purpose reinsurance vehicle incorporated in Singapore that provides Palomar with indemnity-based reinsurance covering earthquake events through June 1, 2024. During the second quarter of 2022, the Company closed a $275 million 144A catastrophe bond which became effective June 1, 2022. This catastrophe bond was completed through Torrey Pines Re Ltd., a Bermuda-domiciled special purpose insurer that provides indemnity-based reinsurance covering earthquake events through June 1, 2025. During the second quarter of 2023, the Company also closed a $200 million 144A catastrophe bond which became effective June 1, 2023. This catastrophe bond was also completed through Torrey Pines Re Ltd and provides indemnity-based reinsurance covering earthquake events through June 1, 2026.

Note 2 - Investments - Summary of Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Interest income	$ 5,952	$ 3,688	$ 16,468	$ 9,328
Dividend income	211	178	602	518
Investment expense	(134)	(122)	(380)	(384)
Net investment income	$ 6,029	$ 3,744	$ 16,690	$ 9,462

Note 3 - Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale	$ 591,907	$ 515,064
Equity securities, at fair value (cost: $43,002 in 2023; $42,352 in 2022)	39,835	38,576
Fair Value, Recurring [Member]
Equity securities, at fair value (cost: $43,002 in 2023; $42,352 in 2022)	39,835	38,576
Cash, cash equivalents, and restricted cash	53,288	68,164
Total assets	685,030	621,804
Fair Value, Inputs, Level 1 [Member] \| Fair Value, Recurring [Member]
Equity securities, at fair value (cost: $43,002 in 2023; $42,352 in 2022)	39,835	38,576
Cash, cash equivalents, and restricted cash	53,288	68,164
Total assets	93,123	106,740
Fair Value, Inputs, Level 2 [Member] \| Fair Value, Recurring [Member]
Equity securities, at fair value (cost: $43,002 in 2023; $42,352 in 2022)	0	0
Cash, cash equivalents, and restricted cash	0	0
Total assets	591,907	515,064
Fair Value, Inputs, Level 3 [Member] \| Fair Value, Recurring [Member]
Equity securities, at fair value (cost: $43,002 in 2023; $42,352 in 2022)	0	0
Cash, cash equivalents, and restricted cash	0	0
Total assets	0	0
US Government Agencies Debt Securities [Member]
Debt Securities, Available-for-sale	42,690	48,551
US Government Agencies Debt Securities [Member] \| Fair Value, Recurring [Member]
Debt Securities, Available-for-sale	42,690	48,551
US Government Agencies Debt Securities [Member] \| Fair Value, Inputs, Level 1 [Member] \| Fair Value, Recurring [Member]
Debt Securities, Available-for-sale	0	0
US Government Agencies Debt Securities [Member] \| Fair Value, Inputs, Level 2 [Member] \| Fair Value, Recurring [Member]
Debt Securities, Available-for-sale	42,690	48,551
US Government Agencies Debt Securities [Member] \| Fair Value, Inputs, Level 3 [Member] \| Fair Value, Recurring [Member]
Debt Securities, Available-for-sale	0	0
States Territories Possessions Debt Securities [Member]
Debt Securities, Available-for-sale	5,213	5,354
States Territories Possessions Debt Securities [Member] \| Fair Value, Recurring [Member]
Debt Securities, Available-for-sale	5,213	5,354
States Territories Possessions Debt Securities [Member] \| Fair Value, Inputs, Level 1 [Member] \| Fair Value, Recurring [Member]
Debt Securities, Available-for-sale	0	0
States Territories Possessions Debt Securities [Member] \| Fair Value, Inputs, Level 2 [Member] \| Fair Value, Recurring [Member]
Debt Securities, Available-for-sale	5,213	5,354
States Territories Possessions Debt Securities [Member] \| Fair Value, Inputs, Level 3 [Member] \| Fair Value, Recurring [Member]
Debt Securities, Available-for-sale	0	0
Political Subdivisions Debt Securities [Member]
Debt Securities, Available-for-sale	3,848	4,298
Political Subdivisions Debt Securities [Member] \| Fair Value, Recurring [Member]
Debt Securities, Available-for-sale	3,848	4,298
Political Subdivisions Debt Securities [Member] \| Fair Value, Inputs, Level 1 [Member] \| Fair Value, Recurring [Member]
Debt Securities, Available-for-sale	0	0
Political Subdivisions Debt Securities [Member] \| Fair Value, Inputs, Level 2 [Member] \| Fair Value, Recurring [Member]
Debt Securities, Available-for-sale	3,848	4,298
Political Subdivisions Debt Securities [Member] \| Fair Value, Inputs, Level 3 [Member] \| Fair Value, Recurring [Member]
Debt Securities, Available-for-sale	0	0
Special Revenue Excluding Asset Backed Securities [Member]
Debt Securities, Available-for-sale	27,868	32,799
Special Revenue Excluding Asset Backed Securities [Member] \| Fair Value, Recurring [Member]
Debt Securities, Available-for-sale	27,868	32,799
Special Revenue Excluding Asset Backed Securities [Member] \| Fair Value, Inputs, Level 1 [Member] \| Fair Value, Recurring [Member]
Debt Securities, Available-for-sale	0	0
Special Revenue Excluding Asset Backed Securities [Member] \| Fair Value, Inputs, Level 2 [Member] \| Fair Value, Recurring [Member]
Debt Securities, Available-for-sale	27,868	32,799
Special Revenue Excluding Asset Backed Securities [Member] \| Fair Value, Inputs, Level 3 [Member] \| Fair Value, Recurring [Member]
Debt Securities, Available-for-sale	0	0
Corporate Debt Securities and Other Debt Obligations [Member]
Debt Securities, Available-for-sale	276,933	254,095
Corporate Debt Securities and Other Debt Obligations [Member] \| Fair Value, Recurring [Member]
Debt Securities, Available-for-sale	276,933	254,095
Corporate Debt Securities and Other Debt Obligations [Member] \| Fair Value, Inputs, Level 1 [Member] \| Fair Value, Recurring [Member]
Debt Securities, Available-for-sale	0	0
Corporate Debt Securities and Other Debt Obligations [Member] \| Fair Value, Inputs, Level 2 [Member] \| Fair Value, Recurring [Member]
Debt Securities, Available-for-sale	276,933	254,095
Corporate Debt Securities and Other Debt Obligations [Member] \| Fair Value, Inputs, Level 3 [Member] \| Fair Value, Recurring [Member]
Debt Securities, Available-for-sale	0	0
Asset-Backed Securities [Member]
Debt Securities, Available-for-sale	235,355	169,967
Asset-Backed Securities [Member] \| Fair Value, Recurring [Member]
Debt Securities, Available-for-sale	235,355	169,967
Asset-Backed Securities [Member] \| Fair Value, Inputs, Level 1 [Member] \| Fair Value, Recurring [Member]
Debt Securities, Available-for-sale	0	0
Asset-Backed Securities [Member] \| Fair Value, Inputs, Level 2 [Member] \| Fair Value, Recurring [Member]
Debt Securities, Available-for-sale	235,355	169,967
Asset-Backed Securities [Member] \| Fair Value, Inputs, Level 3 [Member] \| Fair Value, Recurring [Member]
Debt Securities, Available-for-sale	$ 0	$ 0

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2023	Oct. 31, 2023
Document Information [Line Items]
Entity Central Index Key	0001761312
Entity Registrant Name	Palomar Holdings, Inc.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2023
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-38873
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-3972551
Entity Address, Address Line One	7979 Ivanhoe Avenue, Suite 500
Entity Address, City or Town	La Jolla
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92037
City Area Code	619
Local Phone Number	567-5290
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	PLMR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		24,731,300

Note 5 - Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Capital Reserved for Future Issuance [Table Text Block]

Stock options outstanding under 2019 Equity Incentive Plan			838,706
Restricted stock units outstanding under 2019 Equity Incentive Plan			339,505
Performance stock units outstanding under 2019 Equity Incentive Plan, at target			424,393
Shares authorized for future issuance under 2019 Equity Incentive Plan			3,134,739
Shares authorized for future issuance under 2019 Employee Stock Purchase Plan			1,130,770
Total			5,868,113

Share-Based Payment Arrangement, Cost by Plan [Table Text Block]

	*Three Months Ended September 30,*				*Nine Months Ended September 30,*
	*2023*		*2022*		*2023*		*2022*
	(in thousands)				(in thousands)
Stock-Based Compensation	$	3,589	$	3,092	$	10,737	$	8,556

Share-Based Payment Arrangement, Activity [Table Text Block]

	*Number of shares*			*Weighted-average exercise price*		*Weighted-average remaining contractual term (in years)*		*Aggregate intrinsic value (in thousands)*
Outstanding at January 1, 2023		882,892		$	33.85		—	$	—
Options granted		—			—
Options exercised		(32,882	)		17.61
Options canceled		(11,304	)		66.08
Outstanding at September 30, 2023		838,706		$	34.05		6.0	$	19,368
Vested and Exercisable at September 30, 2023		753,678		$	30.74		5.8	$	19,308

Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]

	*Number of shares*			*Weighted-average grant date fair value*
Outstanding at January 1, 2023		271,951		$	68.90
Granted		157,972			51.34
Released		(72,357	)		66.37
Forfeited		(18,061	)		52.27
Non-vested outstanding at September 30, 2023		339,505		$	62.15

Schedule of Nonvested Performance-Based Units Activity [Table Text Block]

	*Number of shares*			*Weighted-average grant date fair value*
Outstanding at January 1, 2023		383,103		$	37.62
Granted		46,029			51.36
Vested		—			—
Forfeited		(4,739	)		54.30
Non-vested outstanding at September 30, 2023		424,393		$	38.93

Note 5 - Stockholders' Equity - Common Stock Reserved for Future Issuance (Details) - shares	Sep. 30, 2023	Dec. 31, 2022	Apr. 16, 2019
Options, Outstanding, Number (in shares)	838,706	882,892
Total (in shares)	5,868,113
Restricted Stock Units (RSUs) [Member]
Equity Instruments Other than Options, Nonvested, Number (in shares)	339,505	271,951
Performance Shares [Member]
Equity Instruments Other than Options, Nonvested, Number (in shares)	424,393	383,103
Equity Incentive Plan 2019 [Member]
Options, Outstanding, Number (in shares)	838,706
Number of Shares Authorized (in shares)	3,134,739		2,400,000
Equity Incentive Plan 2019 [Member] \| Restricted Stock Units (RSUs) [Member]
Equity Instruments Other than Options, Nonvested, Number (in shares)	339,505
Equity Incentive Plan 2019 [Member] \| Performance Shares [Member]
Equity Instruments Other than Options, Nonvested, Number (in shares)	424,393
Employee Stock Purchase Plan 2019 [Member]
Number of Shares Authorized (in shares)	1,130,770

Note 11 - Credit Agreements

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Text Block]

11. Credit Agreements

U.S. Bank Credit Agreement

In December 2021, the Company entered into a Credit Agreement with U.S. Bank National Association which provides a revolving credit facility of up to $100 million through December 8, 2026. Interest on the credit facility accrues on each SOFR rate loan at the applicable SOFR (as defined in the Credit Agreement) plus 1.75% and on each base rate loan at the applicable Alternate Base Rate (as defined in the Credit Agreement) plus 0.75%. A loan may be either a SOFR rate loan or a base rate loan, at the Company’s discretion. Outstanding amounts under the Credit Agreement may be prepaid in full or in part at any time with no prepayment premium and may be reduced in full or in part at any time upon prior notice. In addition to interest on funds borrowed, the Company must pay an unused line fee of 0.25% on any amounts not borrowed.

The Credit Agreement contains customary representations and warranties and customary affirmative and negative covenants, including, among other things, financial covenants, restrictions on indebtedness, liens, investments, mergers, dispositions, prepayment of other indebtedness and dividends and other distributions. The financial covenants include requirements to maintain a permissible debt to capital ratio, a minimum consolidated net worth, a minimum risk based capital ratio and minimum A.M. Best financial strength rating. The Credit Agreement also contains customary events of default, such as non-compliance with financial covenants. If an event of default occurs, any debt may be declared immediately due and payable. As of September 30, 2023, the Company was in compliance with all debt covenants.

As of September 30, 2023 and December 31, 2022, the Company had no borrowings outstanding on the Credit Agreement.

FHLB Line of Credit

The Company’s PSIC subsidiary is a member of the Federal Home Loan Bank of San Francisco (“FHLB”). Membership in the FHLB provides PSIC access to collateralized advances, which can be drawn for general corporate purposes and used to enhance liquidity management. All borrowings are fully secured by a pledge of specific investment securities of PSIC and the borrowing capacity is equal to 10% of PSIC’s statutory admitted assets. All advances have a predetermined term and the interest rate varies based on the term of the advance.

As of September 30, 2023, the Company had $52.6 million of borrowings outstanding through the FHLB at the overnight rate of 5.69%. Interest expense on the FHLB line of credit was $0.8 million and $2.1 million for the three and nine months ended September 30, 2023, respectively.

As of December 31, 2022, the Company had $36.4 million of borrowings outstanding through the FHLB at the overnight rate of 4.65%. Interest expense on the FHLB Line of Credit was $0.2 million for the three and nine months ended September 30, 2022.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Operations [Policy Text Block]	Summary of Operations Palomar Holdings, Inc. (the “Company”) is a Delaware incorporated insurance holding company that was founded in 2014. The Company has several wholly owned subsidiaries including an Oregon domiciled insurance company, Palomar Specialty Insurance Company (“PSIC”), a Bermuda based reinsurance company, Palomar Specialty Reinsurance Company Bermuda Ltd. (“PSRE”), an Arizona domiciled surplus lines insurance company, Palomar Excess and Surplus Insurance Company (“PESIC”), a California domiciled property and casualty insurance agency, Palomar Insurance Agency, DBA Palomar General Insurance Agency (“PGIA”), and a Delaware incorporated management company, Palomar Underwriters Exchange Organization, Inc. ("PUEO"), that provides services to Laulima Exchange (“Laulima”), a Hawaii domiciled reciprocal exchange, as its attorney-in-fact.
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and include the accounts of the Company and its wholly‑owned subsidiaries. The condensed consolidated financial statements also include the accounts of Laulima, as Laulima is a variable interest entity ("VIE") for which the Company is the primary beneficiary. Currently Laulima does not hold a material amount of assets or liabilities. These condensed consolidated financial statements do not contain all information and footnotes required by U.S. GAAP for complete consolidated financial statements. For a more complete description of the Company’s business and accounting policies, these condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 1, 2023 (the “2022 Annual Report on Form 10-K”). In the opinion of management, all adjustments necessary for a fair presentation of the condensed consolidated financial statements have been included. Such adjustments consist only of normal recurring items. All intercompany balances and transactions have been eliminated in consolidation. Interim results are not necessarily indicative of results of operations for the full year.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the condensed consolidated financial statements and accompanying notes. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein. All revisions to accounting estimates are recognized in the period in which the estimates are revised. Significant estimates reflected in the Company’s condensed consolidated financial statements include, but are not limited to, reserves for losses and loss adjustment expenses, reinsurance recoverables on unpaid losses, and the fair values of investments.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements Recently adopted accounting pronouncements The Company has not adopted any new accounting guidance during the nine months ended September 30, 2023. Recently issued accounting pronouncements not* yet adopted* There are not currently any recent accounting pronouncements or pending accounting guidance that have significance, or potential significance, to the Company’s consolidated financial statements.

Note 2 - Investments - Net Realized and Unrealized Investment Gains and Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Gains on sales of fixed maturity securities	$ 0	$ 2	$ 65	$ 10
Gains on sales of equity securities	0	0	0	0
Total realized gains	0	2	65	10
Losses on sales of fixed maturity securities	0	(195)	(32)	(309)
Losses on sales of equity securities	0	0	0	0
Total realized losses	0	(195)	(32)	(309)
Net realized investment gains	0	(193)	33	(299)
Change in allowance for credit losses	0	0	(667)	0
Net unrealized (losses) gains on equity securities	(1,299)	(2,163)	608	(8,070)
Net unrealized losses on equity method investment	(77)	0	(77)	0
Net realized and unrealized gains (losses) on investments	$ (1,376)	$ (2,356)	$ (103)	$ (8,369)

Note 7 - Underwriting Information (Tables)

9 Months Ended

Sep. 30, 2023

Disaggregation of Revenue [Table Text Block]

	*Three Months Ended September 30,*												*Nine Months Ended September 30,*
	*2023*						*2022*						*2023*						*2022*
	($ in thousands)												($ in thousands)
				*% of*						*% of*						*% of*					*% of*
	*Amount*			*GWP*			*Amount*			*GWP*			*Amount*			*GWP*			*Amount*		*GWP*
Product
Fronting Premiums	$	106,581			33.9	%	$	82,232			32.5	%	$	278,548			33.2	%	$	154,232		24.0	%
Residential Earthquake		69,220			22.0	%		59,569			23.5	%		190,048			22.7	%		159,995		24.9	%
Commercial Earthquake		44,166			14.1	%		32,647			12.9	%		124,763			14.9	%		90,894		14.1	%
Inland Marine		37,252			11.9	%		30,842			12.2	%		103,841			12.4	%		72,214		11.2	%
Casualty		20,165			6.4	%		12,888			5.1	%		50,144			6.0	%		25,697		4.0	%
Hawaii Hurricane		11,051			3.5	%		9,425			3.7	%		28,718			3.4	%		24,579		3.8	%
Commercial All Risk		6,624			2.1	%		9,224			3.6	%		26,769			3.2	%		41,647		6.5	%
Residential Flood		5,259			1.7	%		3,871			1.5	%		14,964			1.8	%		10,448		1.6	%
Specialty Homeowners		(2	)		(0.0	)%		(94	)		(0.0	)%		(99	)		(0.0	)%		30,082		4.7	%
Other		13,682			4.4	%		12,524			5.0	%		20,710			2.4	%		32,963		5.2	%
Total Gross Written Premiums	$	313,998			100.0	%	$	253,128			100.0	%	$	838,406			100.0	%	$	642,751		100.0	%

	*Three Months Ended September 30,*										*Nine Months Ended September 30,*
	*2023*					*2022*					*2023*					*2022*
	($ in thousands)										($ in thousands)
			*% of*					*% of*					*% of*					*% of*
	*Amount*		*GWP*			*Amount*		*GWP*			*Amount*		*GWP*			*Amount*		*GWP*
State
California	$	163,806		52.2	%	$	131,016		51.8	%	$	450,752		53.8	%	$	292,865		45.6	%
Texas		24,336		7.7	%		26,234		10.4	%		72,777		8.7	%		71,499		11.1	%
Washington		17,792		5.7	%		13,573		5.4	%		43,409		5.2	%		29,391		4.6	%
Hawaii		13,490		4.3	%		10,998		4.3	%		35,824		4.3	%		29,729		4.6	%
Florida		11,549		3.7	%		7,445		2.9	%		36,309		4.3	%		27,216		4.2	%
Oregon		8,536		2.7	%		7,738		3.1	%		21,223		2.5	%		16,483		2.6	%
Illinois		6,502		2.1	%		4,204		1.7	%		15,675		1.9	%		13,153		2.0	%
Tennessee		5,562		1.8	%		1,810		0.7	%		9,233		1.1	%		4,247		0.7	%
Other		62,425		19.8	%		50,110		19.8	%		153,204		18.2	%		158,168		24.6	%
Total Gross Written Premiums	$	313,998		100.0	%	$	253,128		100.0	%	$	838,406		100.0	%	$	642,751		100.0	%

	*Three Months Ended September 30,*										*Nine Months Ended September 30,*
	*2023*					*2022*					*2023*					*2022*
	($ in thousands)										($ in thousands)
			*% of*					*% of*					*% of*					*% of*
	*Amount*		*GWP*			*Amount*		*GWP*			*Amount*		*GWP*			*Amount*		*GWP*
Subsidiary
PSIC	$	186,693		59.5	%	$	136,814		54.0	%	$	497,216		59.3	%	$	357,156		55.6	%
PESIC		127,305		40.5	%		116,314		46.0	%		341,190		40.7	%		285,595		44.4	%
Total Gross Written Premiums	$	313,998		100.0	%	$	253,128		100.0	%	$	838,406		100.0	%	$	642,751		100.0	%

Note 9 - Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	*Three Months Ended September 30,*				*Nine Months Ended September 30,*
	*2023*		*2022*		*2023*		*2022*
	(in thousands, except shares and per share data)				(in thousands, except shares and per share data)
Net income	$	18,432	$	4,286	$	53,305	$	33,411
Weighted average common shares outstanding:
Basic		24,740,455		25,209,368		24,847,164		25,258,333
Common Share equivalents		504,373		578,257		493,438		550,054
Diluted		25,244,828		25,787,625		25,340,602		25,808,387

Earnings per share:
Basic	$	0.75	$	0.17	$	2.15	$	1.32
Diluted	$	0.73	$	0.17	$	2.10	$	1.29

Note 9 - Earnings Per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Text Block]

9. Earnings Per Share

The following table sets out earnings per share of common stock:

	*Three Months Ended September 30,*				*Nine Months Ended September 30,*
	*2023*		*2022*		*2023*		*2022*
	(in thousands, except shares and per share data)				(in thousands, except shares and per share data)
Net income	$	18,432	$	4,286	$	53,305	$	33,411
Weighted average common shares outstanding:
Basic		24,740,455		25,209,368		24,847,164		25,258,333
Common Share equivalents		504,373		578,257		493,438		550,054
Diluted		25,244,828		25,787,625		25,340,602		25,808,387

Earnings per share:
Basic	$	0.75	$	0.17	$	2.15	$	1.32
Diluted	$	0.73	$	0.17	$	2.10	$	1.29

Common share equivalents relate primarily to outstanding stock options, RSUs and PSUs under the 2019 Plan and unpurchased shares under the 2019 ESPP and are calculated using the treasury stock method.

Note 2 - Investments

9 Months Ended

Sep. 30, 2023

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

2. Investments

The Company’s available‑for‑sale investments are summarized as follows:

			*Gross*		*Gross*			*Allowance*
	*Amortized*		*Unrealized*		*Unrealized*			*for*			*Fair*
September 30, 2023	*Cost or Cost*		*Gains*		*Losses*			*Credit Losses*			*Value*
	(in thousands)
Fixed maturities:
U.S. Governments	$	44,783	$	—	$	(2,093	)	$	—		$	42,690
States, territories, and possessions		5,842		—		(629	)		—			5,213
Political subdivisions		4,433		—		(585	)		—			3,848
Special revenue excluding mortgage/asset-backed securities		33,236		—		(5,368	)		—			27,868
Corporate and other		305,998		175		(28,336	)		(904	)		276,933
Mortgage/asset-backed securities		253,287		316		(18,248	)		—			235,355
Total available-for-sale investments	$	647,579	$	491	$	(55,259	)	$	(904	)	$	591,907

			*Gross*		*Gross*			*Allowance*
	*Amortized*		*Unrealized*		*Unrealized*			*for*			*Fair*
December 31, 2022	*Cost or Cost*		*Gains*		*Losses*			*Credit Losses*			*Value*
	(in thousands)
Fixed maturities:
U.S. Governments	$	50,802	$	2	$	(2,253	)	$	—		$	48,551
States, territories, and possessions		5,857		49		(552	)		—			5,354
Political subdivisions		4,919		—		(621	)		—			4,298
Special revenue excluding mortgage/asset-backed securities		37,260		26		(4,487	)		—			32,799
Corporate and other		278,164		79		(23,912	)		(236	)		254,095
Mortgage/asset-backed securities		184,578		251		(14,862	)		—			169,967
Total available-for-sale investments	$	561,580	$	407	$	(46,687	)	$	(236	)	$	515,064

Security holdings in an unrealized loss position

As of September 30, 2023, the Company held 578 fixed maturity securities in an unrealized loss position with a total estimated fair value of $549.4 million and total gross unrealized losses of $55.3 million. As of December 31, 2022, the Company held 543 fixed maturity securities in an unrealized loss position with a total estimated fair value of $484.7 million and total gross unrealized losses of $46.9 million.

The aggregate fair value and gross unrealized losses of the Company’s investments aggregated by investment category and the length of time these individual securities have been in a continuous unrealized loss position as of September 30, 2023 and December 31, 2022, are as follows:

	*Less Than 12 Months*					*More Than 12 Months*					*Total*
	*Fair*		*Unrealized*			*Fair*		*Unrealized*			*Fair*		*Unrealized*
September 30, 2023	*Value*		*Losses*			*Value*		*Losses*			*Value*		*Losses*
	(in thousands)
Fixed maturity securities:
U.S. Governments	$	2,338	$	(12	)	$	40,352	$	(2,081	)	$	42,690	$	(2,093	)
States, territories, and possessions		2,041		(30	)		3,172		(599	)		5,213		(629	)
Political subdivisions		—		—			3,848		(585	)		3,848		(585	)
Special revenue excluding mortgage/asset-backed securities		2,617		(148	)		25,251		(5,220	)		27,868		(5,368	)
Corporate and other		66,836		(3,296	)		197,097		(25,040	)		263,933		(28,336	)
Mortgage/asset-backed securities		88,543		(2,414	)		117,318		(15,834	)		205,861		(18,248	)
Total available-for-sale investments	$	162,375	$	(5,900	)	$	387,038	$	(49,359	)	$	549,413	$	(55,259	)

	*Less Than 12 Months*					*More Than 12 Months*					*Total*
	*Fair*		*Unrealized*			*Fair*		*Unrealized*			*Fair*		*Unrealized*
December 31, 2022	*Value*		*Losses*			*Value*		*Losses*			*Value*		*Losses*
	(in thousands)
Fixed maturity securities:
U.S. Governments	$	41,077	$	(1,523	)	$	6,853	$	(730	)	$	47,930	$	(2,253	)
States, territories, and possessions		3,227		(552	)		—		—			3,227		(552	)
Political subdivisions		4,298		(621	)		—		—			4,298		(621	)
Special revenue excluding mortgage/asset-backed securities		25,091		(3,287	)		5,080		(1,200	)		30,171		(4,487	)
Corporate and other		192,185		(15,667	)		55,605		(8,481	)		247,790		(24,148	)
Mortgage/asset-backed securities		118,815		(9,908	)		32,448		(4,954	)		151,263		(14,862	)
Total available-for-sale investments	$	384,693	$	(31,558	)	$	99,986	$	(15,365	)	$	484,679	$	(46,923	)

The Company reviews all securities with unrealized losses on a quarterly basis to assess whether the decline in the securities fair value necessitates the recognition of an allowance for credit losses. The Company considers numerous factors in its review as described in Footnote 1 of the Notes to the Consolidated Financial Statements in the 2022 Annual Report on Form 10-K.

The Company has recorded an allowance for credit losses for two investment securities. Based on the Company’s review as of September 30, 2023, for the remainder of securities, the Company determined that the fixed maturity securities’ unrealized losses were primarily the result of the interest rate environment and not the credit quality of the issuers. The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before the recovery of their amortized cost basis.

Contractual maturities of available‑for‑sale fixed maturity securities

The amortized cost and fair value of fixed maturity securities at September 30, 2023, by contractual maturity, are shown below.

	*Amortized*		*Fair*
	*Cost*		*Value*
	(in thousands)
Due within one year	$	42,127	$	40,783
Due after one year through five years		183,123		170,789
Due after five years through ten years		131,751		114,833
Due after ten years		37,291		30,147
Mortgage and asset-backed securities		253,287		235,355
	$	647,579	$	591,907

Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations.

Net investment income summary

Net investment income is summarized as follows:

	*Three Months Ended*						*Nine Months Ended*
	*September 30,*						*September 30,*
	*2023*			*2022*			*2023*			*2022*
	(in thousands)						(in thousands)
Interest income	$	5,952		$	3,688		$	16,468		$	9,328
Dividend income		211			178			602			518
Investment expense		(134	)		(122	)		(380	)		(384	)
Net investment income	$	6,029		$	3,744		$	16,690		$	9,462

Net realized and unrealized investment gains and losses

The following table presents net realized and unrealized investment gains and losses:

	*Three Months Ended*						*Nine Months Ended*
	*September 30,*						*September 30,*
	*2023*			*2022*			*2023*			*2022*
	(in thousands)						(in thousands)
Realized gains:
Gains on sales of fixed maturity securities	$	—		$	2		$	65		$	10
Gains on sales of equity securities		—			—			—			—
Total realized gains		—			2			65			10
Realized losses:
Losses on sales of fixed maturity securities		—			(195	)		(32	)		(309	)
Losses on sales of equity securities		—			—			—			—
Total realized losses		—			(195	)		(32	)		(309	)
Net realized investment gains		—			(193	)		33			(299	)
Change in allowance for credit losses		—			—			(667	)		—
Net unrealized (losses) gains on equity securities		(1,299	)		(2,163	)		608			(8,070	)
Net unrealized losses on equity method investment		(77	)		—			(77	)		—
Net realized and unrealized gains (losses) on investments	$	(1,376	)	$	(2,356	)	$	(103	)	$	(8,369	)

Realized gains and losses on disposition of investments are based on specific identification of the investments sold on the settlement date.

Proceeds from the sale of fixed maturity securities were insignificant for the three months ended September 30, 2023 and 2022, respectively.

Proceeds from the sale of fixed maturity securities were $9.8 million and $5.8 million for the nine months ended September 30, 2023 and 2022, respectively.

The Company places securities on statutory deposit with certain state agencies to retain the right to do business in those states. These securities are included in available‑for‑sale investments on the balance sheet. As of September 30, 2023 and December 31, 2022, the carrying value of securities on deposit with state regulatory authorities was $8.6 million and $8.5 million, respectively.

Note 6 - Accumulated Other Comprehensive Income - Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Beginning Balance	$ 384,754	$ 394,169
Other comprehensive (loss)	(6,706)	(47,941)
Balance at end of period	421,334	367,845
AOCI Attributable to Parent [Member]
Beginning Balance	(36,515)	5,312
Other comprehensive (loss) before reclassification	(8,453)	(60,983)
Federal income tax (benefit) expense	1,775	12,806
Other comprehensive (loss) before reclassification, net of tax	(6,678)	(48,177)
Amounts reclassified from AOCI	(36)	299
Federal income tax expense (benefit)	8	(63)
Amounts reclassified from AOCI, net of tax	(28)	236
Other comprehensive (loss)	(6,706)	(47,941)
Balance at end of period	$ (43,221)	$ (42,629)

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483421/250-10-45-24

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 23
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483421/250-10-45-23

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483421/250-10-45-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

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-Paragraph 6
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-Paragraph 6
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 944
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-Name Accounting Standards Codification
-Section 65
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-Topic 718
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-Topic 220
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5
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-Topic 830
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-Name Accounting Standards Codification
-Section 50
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-Topic 830
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-Topic 946
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-Section 55
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-Topic 946
-SubTopic 205
-Name Accounting Standards Codification
-Section 45
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Topic 946
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-Name Accounting Standards Codification
-Section S99
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-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 3
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-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
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-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
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Reference 39: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
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-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
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-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
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-Name Accounting Standards Codification
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-Section 55
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-URI https://asc.fasb.org//1943274/2147481175/810-10-55-4I

Note 5 - Stockholders' Equity - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($) $ / shares shares
Outstanding, options (in shares) \| shares	882,892
Outstanding, options, weighted average exercise price (in dollars per share) \| $ / shares	$ 33.85
Options exercised, options (in shares) \| shares	(32,882)
Options exercised, options, weighted average exercise price (in dollars per share) \| $ / shares	$ 17.61
Options canceled, options (in shares) \| shares	(11,304)
Options canceled, options, weighted average exercise price (in dollars per share) \| $ / shares	$ 66.08
Outstanding, options (in shares) \| shares	838,706
Outstanding, options, weighted average exercise price (in dollars per share) \| $ / shares	$ 34.05
Outstanding, options, weighted average remaining contractual term (Year)	6 years
Outstanding, options, aggregate intrinsic value \| $	$ 19,368
Vested and Exercisable, options (in shares) \| shares	753,678
Vested and Exercisable, options, weighted average exercise price (in dollars per share) \| $ / shares	$ 30.74
Vested and Exercisable, options, weighted average remaining contractual term (Year)	5 years 9 months 18 days
Vested and Exercisable, options, aggregate intrinsic value \| $	$ 19,308

Note 11 - Credit Agreements (Details Textual) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Dec. 31, 2022
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available as Percentage of Statutory Admitted Assets		10.00%		10.00%
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances		$ 52,600		$ 52,600	$ 36,400
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate		5.69%		5.69%	4.65%
Interest Expense, Loans from Other Federal Home Loan Banks		$ 800	$ 200	$ 2,100
Revolving Credit Facility [Member]
Line of Credit, Prepayment Premium	$ 0
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.25%
Line of Credit Facility, Maximum Amount Outstanding During Period				$ 0
Revolving Credit Facility [Member] \| Secured Overnight Financing Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	1.75%
Revolving Credit Facility [Member] \| Alternate Base Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	0.75%
Revolving Credit Facility [Member] \| U.S. Bank Credit Agreement [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 100,000

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Investments:
Fixed maturity securities available for sale, at fair value (amortized cost: $647,579 in 2023; $561,580 in 2022)	$ 591,907	$ 515,064
Equity securities, at fair value (cost: $43,002 in 2023; $42,352 in 2022)	39,835	38,576
Equity method investment	2,923	0
Total investments	634,665	553,640
Cash and cash equivalents	53,026	68,108
Restricted cash	262	56
Accrued investment income	4,864	3,777
Premiums receivable	242,082	162,858
Deferred policy acquisition costs, net of ceding commissions and fronting fees	58,967	56,740
Reinsurance recoverable on paid losses and loss adjustment expenses	48,004	39,718
Reinsurance recoverable on unpaid losses and loss adjustment expenses	232,170	153,895
Ceded unearned premiums	259,760	204,084
Prepaid expenses and other assets	65,753	44,088
Deferred tax assets, net	13,643	10,622
Property and equipment, net	433	603
Goodwill and intangible assets, net	12,705	8,261
Total assets	1,626,334	1,306,450
Liabilities:
Accounts payable and other accrued liabilities	32,532	25,760
Reserve for losses and loss adjustment expenses	324,348	231,415
Unearned premiums	570,453	471,314
Ceded premium payable	211,025	146,127
Funds held under reinsurance treaty	14,042	10,680
Borrowings from credit agreements	52,600	36,400
Total liabilities	1,205,000	921,696
Stockholders' equity:
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, 0 shares issued and outstanding as of September 30, 2023 and December 31, 2022	0	0
Common stock, $0.0001 par value, 500,000,000 shares authorized, 24,730,885 and 25,027,467 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively	3	3
Additional paid-in capital	345,673	333,558
Accumulated other comprehensive loss	(43,221)	(36,515)
Retained earnings	118,879	87,708
Total stockholders' equity	421,334	384,754
Total liabilities and stockholders' equity	$ 1,626,334	$ 1,306,450

Note 5 - Stockholders' Equity - Summary of PSU Transactions (Details) - Performance Shares [Member]	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Outstanding, shares (in shares) \| shares	383,103
Outstanding, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 37.62
Granted, shares (in shares) \| shares	46,029
Granted, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 51.36
Forfeited, shares (in shares) \| shares	(4,739)
Forfeited, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 54.3
Non-vested, shares (in shares) \| shares	424,393
Non-vested outstanding, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 38.93

Note 3 - Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

September 30, 2023	*Level 1*		*Level 2*		*Level 3*		*Total*
	(in thousands)
Assets:
Fixed maturity securities
U.S. Governments	$	—	$	42,690	$	—	$	42,690
States, territories, and possessions		—		5,213		—		5,213
Political subdivisions		—		3,848		—		3,848
Special revenue excluding mortgage/asset-backed securities		—		27,868		—		27,868
Corporate and other		—		276,933		—		276,933
Mortgage/asset-backed securities		—		235,355		—		235,355
Equity securities		39,835		—		—		39,835
Cash, cash equivalents, and restricted cash		53,288		—		—		53,288
Total assets	$	93,123	$	591,907	$	—	$	685,030

December 31, 2022	*Level 1*		*Level 2*		*Level 3*		*Total*
	(in thousands)
Assets:
Fixed maturity securities
U.S. Governments	$	—	$	48,551	$	—	$	48,551
States, territories, and possessions		—		5,354		—		5,354
Political subdivisions		—		4,298		—		4,298
Special revenue excluding mortgage/asset-backed securities		—		32,799		—		32,799
Corporate and other		—		254,095		—		254,095
Mortgage/asset-backed securities		—		169,967		—		169,967
Equity securities		38,576		—		—		38,576
Cash, cash equivalents, and restricted cash		68,164		—		—		68,164
Total assets	$	106,740	$	515,064	$	—	$	621,804

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2021	25,428,929
Beginning Balance at Dec. 31, 2021	$ 3	$ 318,902	$ 5,312	$ 69,952	$ 394,169
Other comprehensive loss, net of tax	0	0	(47,941)	0	(47,941)
Stock-based compensation	$ 0	8,556	0	0	8,556
Issuance of common stock via employee stock purchase plan (in shares)	13,990
Issuance of common stock via employee stock purchase plan	$ 0	759	0	0	759
Issuance of common stock via equity incentive plan (in shares)	185,765
Issuance of common stock via equity incentive plan	$ 0	2,164	0	0	2,164
Repurchases of common stock (in shares)	(399,198)
Repurchases of common stock	$ 0	0	0	(23,273)	(23,273)
Net income	$ 0	0	0	33,411	33,411
Balance (in shares) at Sep. 30, 2022	25,229,486
Balance at end of period at Sep. 30, 2022	$ 3	330,381	(42,629)	80,090	$ 367,845
Balance (in shares) at Dec. 31, 2022	25,027,467				25,027,467
Beginning Balance at Dec. 31, 2022	$ 3	333,558	(36,515)	87,708	$ 384,754
Other comprehensive loss, net of tax	0	0	(6,706)	0	(6,706)
Stock-based compensation	$ 0	10,737	0	0	$ 10,737
Issuance of common stock via employee stock purchase plan (in shares)	17,080				17,080
Issuance of common stock via employee stock purchase plan	$ 0	799	0	0	$ 799
Issuance of common stock via equity incentive plan (in shares)	105,239
Issuance of common stock via equity incentive plan	$ 0	579	0	0	579
Repurchases of common stock (in shares)	(418,901)
Repurchases of common stock	$ 0	0	0	(22,134)	(22,134)
Net income	$ 0	0	0	53,305	$ 53,305
Balance (in shares) at Sep. 30, 2023	24,730,885				24,730,885
Balance at end of period at Sep. 30, 2023	$ 3	$ 345,673	$ (43,221)	$ 118,879	$ 421,334

Note 2 - Investments (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Available-for-Sale Securities Reconciliation [Table Text Block]

			*Gross*		*Gross*			*Allowance*
	*Amortized*		*Unrealized*		*Unrealized*			*for*			*Fair*
September 30, 2023	*Cost or Cost*		*Gains*		*Losses*			*Credit Losses*			*Value*
	(in thousands)
Fixed maturities:
U.S. Governments	$	44,783	$	—	$	(2,093	)	$	—		$	42,690
States, territories, and possessions		5,842		—		(629	)		—			5,213
Political subdivisions		4,433		—		(585	)		—			3,848
Special revenue excluding mortgage/asset-backed securities		33,236		—		(5,368	)		—			27,868
Corporate and other		305,998		175		(28,336	)		(904	)		276,933
Mortgage/asset-backed securities		253,287		316		(18,248	)		—			235,355
Total available-for-sale investments	$	647,579	$	491	$	(55,259	)	$	(904	)	$	591,907

			*Gross*		*Gross*			*Allowance*
	*Amortized*		*Unrealized*		*Unrealized*			*for*			*Fair*
December 31, 2022	*Cost or Cost*		*Gains*		*Losses*			*Credit Losses*			*Value*
	(in thousands)
Fixed maturities:
U.S. Governments	$	50,802	$	2	$	(2,253	)	$	—		$	48,551
States, territories, and possessions		5,857		49		(552	)		—			5,354
Political subdivisions		4,919		—		(621	)		—			4,298
Special revenue excluding mortgage/asset-backed securities		37,260		26		(4,487	)		—			32,799
Corporate and other		278,164		79		(23,912	)		(236	)		254,095
Mortgage/asset-backed securities		184,578		251		(14,862	)		—			169,967
Total available-for-sale investments	$	561,580	$	407	$	(46,687	)	$	(236	)	$	515,064

Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value [Table Text Block]

	*Less Than 12 Months*					*More Than 12 Months*					*Total*
	*Fair*		*Unrealized*			*Fair*		*Unrealized*			*Fair*		*Unrealized*
September 30, 2023	*Value*		*Losses*			*Value*		*Losses*			*Value*		*Losses*
	(in thousands)
Fixed maturity securities:
U.S. Governments	$	2,338	$	(12	)	$	40,352	$	(2,081	)	$	42,690	$	(2,093	)
States, territories, and possessions		2,041		(30	)		3,172		(599	)		5,213		(629	)
Political subdivisions		—		—			3,848		(585	)		3,848		(585	)
Special revenue excluding mortgage/asset-backed securities		2,617		(148	)		25,251		(5,220	)		27,868		(5,368	)
Corporate and other		66,836		(3,296	)		197,097		(25,040	)		263,933		(28,336	)
Mortgage/asset-backed securities		88,543		(2,414	)		117,318		(15,834	)		205,861		(18,248	)
Total available-for-sale investments	$	162,375	$	(5,900	)	$	387,038	$	(49,359	)	$	549,413	$	(55,259	)

	*Less Than 12 Months*					*More Than 12 Months*					*Total*
	*Fair*		*Unrealized*			*Fair*		*Unrealized*			*Fair*		*Unrealized*
December 31, 2022	*Value*		*Losses*			*Value*		*Losses*			*Value*		*Losses*
	(in thousands)
Fixed maturity securities:
U.S. Governments	$	41,077	$	(1,523	)	$	6,853	$	(730	)	$	47,930	$	(2,253	)
States, territories, and possessions		3,227		(552	)		—		—			3,227		(552	)
Political subdivisions		4,298		(621	)		—		—			4,298		(621	)
Special revenue excluding mortgage/asset-backed securities		25,091		(3,287	)		5,080		(1,200	)		30,171		(4,487	)
Corporate and other		192,185		(15,667	)		55,605		(8,481	)		247,790		(24,148	)
Mortgage/asset-backed securities		118,815		(9,908	)		32,448		(4,954	)		151,263		(14,862	)
Total available-for-sale investments	$	384,693	$	(31,558	)	$	99,986	$	(15,365	)	$	484,679	$	(46,923	)

Investments Classified by Contractual Maturity Date [Table Text Block]

	*Amortized*		*Fair*
	*Cost*		*Value*
	(in thousands)
Due within one year	$	42,127	$	40,783
Due after one year through five years		183,123		170,789
Due after five years through ten years		131,751		114,833
Due after ten years		37,291		30,147
Mortgage and asset-backed securities		253,287		235,355
	$	647,579	$	591,907

Investment Income [Table Text Block]

	*Three Months Ended*						*Nine Months Ended*
	*September 30,*						*September 30,*
	*2023*			*2022*			*2023*			*2022*
	(in thousands)						(in thousands)
Interest income	$	5,952		$	3,688		$	16,468		$	9,328
Dividend income		211			178			602			518
Investment expense		(134	)		(122	)		(380	)		(384	)
Net investment income	$	6,029		$	3,744		$	16,690		$	9,462

Gain (Loss) on Securities [Table Text Block]

	*Three Months Ended*						*Nine Months Ended*
	*September 30,*						*September 30,*
	*2023*			*2022*			*2023*			*2022*
	(in thousands)						(in thousands)
Realized gains:
Gains on sales of fixed maturity securities	$	—		$	2		$	65		$	10
Gains on sales of equity securities		—			—			—			—
Total realized gains		—			2			65			10
Realized losses:
Losses on sales of fixed maturity securities		—			(195	)		(32	)		(309	)
Losses on sales of equity securities		—			—			—			—
Total realized losses		—			(195	)		(32	)		(309	)
Net realized investment gains		—			(193	)		33			(299	)
Change in allowance for credit losses		—			—			(667	)		—
Net unrealized (losses) gains on equity securities		(1,299	)		(2,163	)		608			(8,070	)
Net unrealized losses on equity method investment		(77	)		—			(77	)		—
Net realized and unrealized gains (losses) on investments	$	(1,376	)	$	(2,356	)	$	(103	)	$	(8,369	)

Note 4 - Reserve for Losses and Loss Adjustment Expenses (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block]

	*Three Months Ended September 30,*						*Nine Months Ended September 30,*
	*2023*			*2022*			*2023*		*2022*
	(in thousands)						(in thousands)
Reserve for losses and LAE net of reinsurance recoverables at beginning of period	$	81,300		$	55,769		$	77,520	$	45,419
Add: Incurred losses and LAE, net of reinsurance, related to:
Current year		15,116			30,904			50,954		58,703
Prior years		1,023			(4	)		3,742		1,548
Total incurred		16,139			30,900			54,696		60,251
Deduct: Loss and LAE payments, net of reinsurance, related to:
Current year		6,646			7,873			14,215		13,762
Prior years		(1,385	)		4,548			25,823		17,660
Total payments		5,261			12,421			40,038		31,422
Reserve for losses and LAE net of reinsurance recoverables at end of period		92,178			74,248			92,178		74,248
Add: Reinsurance recoverables on unpaid losses and LAE at end of period		232,170			131,575			232,170		131,575
Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE at end of period	$	324,348		$	205,823		$	324,348	$	205,823

Note 2 - Investments - Security Holdings in an Unrealized Loss Position (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Less than 12 Months, fair value	$ 162,375	$ 384,693
Less than 12 Months, Accumulated Loss	(5,900)	(31,558)
12 Months or Longer, fair value	387,038	99,986
12 Months or Longer, Accumulated Loss	(49,359)	(15,365)
Fair value	549,413	484,679
Accumulated Loss	(55,259)	(46,923)
US Government Agencies Debt Securities [Member]
Less than 12 Months, fair value	2,338	41,077
Less than 12 Months, Accumulated Loss	(12)	(1,523)
12 Months or Longer, fair value	40,352	6,853
12 Months or Longer, Accumulated Loss	(2,081)	(730)
Fair value	42,690	47,930
Accumulated Loss	(2,093)	(2,253)
States Territories Possessions Debt Securities [Member]
Less than 12 Months, fair value	2,041	3,227
Less than 12 Months, Accumulated Loss	(30)	(552)
12 Months or Longer, fair value	3,172	0
12 Months or Longer, Accumulated Loss	(599)	0
Fair value	5,213	3,227
Accumulated Loss	(629)	(552)
Political Subdivisions Debt Securities [Member]
Less than 12 Months, fair value	0	4,298
Less than 12 Months, Accumulated Loss	0	(621)
12 Months or Longer, fair value	3,848	0
12 Months or Longer, Accumulated Loss	(585)	0
Fair value	3,848	4,298
Accumulated Loss	(585)	(621)
Special Revenue Excluding Asset Backed Securities [Member]
Less than 12 Months, fair value	2,617	25,091
Less than 12 Months, Accumulated Loss	(148)	(3,287)
12 Months or Longer, fair value	25,251	5,080
12 Months or Longer, Accumulated Loss	(5,220)	(1,200)
Fair value	27,868	30,171
Accumulated Loss	(5,368)	(4,487)
Corporate Debt Securities and Other Debt Obligations [Member]
Less than 12 Months, fair value	66,836	192,185
Less than 12 Months, Accumulated Loss	(3,296)	(15,667)
12 Months or Longer, fair value	197,097	55,605
12 Months or Longer, Accumulated Loss	(25,040)	(8,481)
Fair value	263,933	247,790
Accumulated Loss	(28,336)	(24,148)
Asset-Backed Securities [Member]
Less than 12 Months, fair value	88,543	118,815
Less than 12 Months, Accumulated Loss	(2,414)	(9,908)
12 Months or Longer, fair value	117,318	32,448
12 Months or Longer, Accumulated Loss	(15,834)	(4,954)
Fair value	205,861	151,263
Accumulated Loss	$ (18,248)	$ (14,862)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]	Item 5. Other Information Rule 10b5-1 Trading Plans During the quarter ended September 30, 2023, none of our directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934) adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K).
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Note 2 - Investments (Details Textual) $ in Thousands	9 Months Ended
Note 2 - Investments (Details Textual) $ in Thousands	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions	578		543
Debt Securities, Available-for-Sale, Unrealized Loss Position	$ 549,413		$ 484,679
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss	$ 55,259		46,923
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Number of Securities	2
Proceeds from Sale of Debt Securities, Available-for-Sale	$ 9,800	$ 5,800
Debt Securities, Available-for-Sale	591,907		515,064
Securities on Deposit With State Regulatory Authorities [Member]
Debt Securities, Available-for-Sale	$ 8,600		$ 8,500

Note 8 - Income Taxes (Details Textual)	3 Months Ended		9 Months Ended
Note 8 - Income Taxes (Details Textual)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Effective Income Tax Rate Reconciliation, Percent	24.90%	17.50%	24.00%	21.50%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%

Note 2 - Investments - Summary of Available for Sale Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Available-for-Sale, Amortized Cost	$ 647,579	$ 561,580
Available-for-sale, Accumulated Gross Unrealized Gain	491	407
Available-for-sale, Accumulated Gross Unrealized Loss	(55,259)	(46,687)
Available-for-Sale, Allowance for Credit Loss	(904)	(236)
Debt Securities, Available-for-sale	591,907	515,064
US Government Agencies Debt Securities [Member]
Available-for-Sale, Amortized Cost	44,783	50,802
Available-for-sale, Accumulated Gross Unrealized Gain	0	2
Available-for-sale, Accumulated Gross Unrealized Loss	(2,093)	(2,253)
Available-for-Sale, Allowance for Credit Loss	0	0
Debt Securities, Available-for-sale	42,690	48,551
States Territories Possessions Debt Securities [Member]
Available-for-Sale, Amortized Cost	5,842	5,857
Available-for-sale, Accumulated Gross Unrealized Gain	0	49
Available-for-sale, Accumulated Gross Unrealized Loss	(629)	(552)
Available-for-Sale, Allowance for Credit Loss	0	0
Debt Securities, Available-for-sale	5,213	5,354
Political Subdivisions Debt Securities [Member]
Available-for-Sale, Amortized Cost	4,433	4,919
Available-for-sale, Accumulated Gross Unrealized Gain	0	0
Available-for-sale, Accumulated Gross Unrealized Loss	(585)	(621)
Available-for-Sale, Allowance for Credit Loss	0	0
Debt Securities, Available-for-sale	3,848	4,298
Special Revenue Excluding Asset Backed Securities [Member]
Available-for-Sale, Amortized Cost	33,236	37,260
Available-for-sale, Accumulated Gross Unrealized Gain	0	26
Available-for-sale, Accumulated Gross Unrealized Loss	(5,368)	(4,487)
Available-for-Sale, Allowance for Credit Loss	0	0
Debt Securities, Available-for-sale	27,868	32,799
Corporate Debt Securities and Other Debt Obligations [Member]
Available-for-Sale, Amortized Cost	305,998	278,164
Available-for-sale, Accumulated Gross Unrealized Gain	175	79
Available-for-sale, Accumulated Gross Unrealized Loss	(28,336)	(23,912)
Available-for-Sale, Allowance for Credit Loss	(904)	(236)
Debt Securities, Available-for-sale	276,933	254,095
Asset-Backed Securities [Member]
Available-for-Sale, Amortized Cost	253,287	184,578
Available-for-sale, Accumulated Gross Unrealized Gain	316	251
Available-for-sale, Accumulated Gross Unrealized Loss	(18,248)	(14,862)
Available-for-Sale, Allowance for Credit Loss	0	0
Debt Securities, Available-for-sale	$ 235,355	$ 169,967

Note 4 - Reserve for Losses and Loss Adjustment Expenses - Reconciliation of Changes in Reserve Balance for Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Reserve for losses and LAE net of reinsurance recoverables at beginning of period	$ 81,300	$ 55,769	$ 77,520	$ 45,419
Current year	15,116	30,904	50,954	58,703
Prior years	1,023	(4)	3,742	1,548
Total incurred	16,139	30,900	54,696	60,251
Current year	6,646	7,873	14,215	13,762
Prior years	(1,385)	4,548	25,823	17,660
Total payments	5,261	12,421	40,038	31,422
Reserve for losses and LAE net of reinsurance recoverables at end of period	92,178	74,248	92,178	74,248
Add: Reinsurance recoverables on unpaid losses and LAE at end of period	232,170	131,575	232,170	131,575	$ 153,895
Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE at end of period	$ 324,348	$ 205,823	$ 324,348	$ 205,823	$ 231,415

Note 7 - Underwriting Information - Schedule of Gross Written Premiums (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Gross written premiums	$ 313,998	$ 253,128	$ 838,406	$ 642,751
Percentage of Gross Written Premiums	100.00%	100.00%	100.00%	100.00%
Palomar Specialty Insurance Company [Member]
Gross written premiums	$ 186,693	$ 136,814	$ 497,216	$ 357,156
Percentage of Gross Written Premiums	59.50%	54.00%	59.30%	55.60%
Palomar Excess And Surplus Insurance Company [Member]
Gross written premiums	$ 127,305	$ 116,314	$ 341,190	$ 285,595
Percentage of Gross Written Premiums	40.50%	46.00%	40.70%	44.40%
CALIFORNIA
Gross written premiums	$ 163,806	$ 131,016	$ 450,752	$ 292,865
Percentage of Gross Written Premiums	52.20%	51.80%	53.80%	45.60%
TEXAS
Gross written premiums	$ 24,336	$ 26,234	$ 72,777	$ 71,499
Percentage of Gross Written Premiums	7.70%	10.40%	8.70%	11.10%
WASHINGTON
Gross written premiums	$ 17,792	$ 13,573	$ 43,409	$ 29,391
Percentage of Gross Written Premiums	5.70%	5.40%	5.20%	4.60%
HAWAII
Gross written premiums	$ 13,490	$ 10,998	$ 35,824	$ 29,729
Percentage of Gross Written Premiums	4.30%	4.30%	4.30%	4.60%
FLORIDA
Gross written premiums	$ 11,549	$ 7,445	$ 36,309	$ 27,216
Percentage of Gross Written Premiums	3.70%	2.90%	4.30%	4.20%
OREGON
Gross written premiums	$ 8,536	$ 7,738	$ 21,223	$ 16,483
Percentage of Gross Written Premiums	2.70%	3.10%	2.50%	2.60%
ILLINOIS
Gross written premiums	$ 6,502	$ 4,204	$ 15,675	$ 13,153
Percentage of Gross Written Premiums	2.10%	1.70%	1.90%	2.00%
TENNESSEE
Gross written premiums	$ 5,562	$ 1,810	$ 9,233	$ 4,247
Percentage of Gross Written Premiums	1.80%	0.70%	1.10%	0.70%
Other States [Member]
Gross written premiums	$ 62,425	$ 50,110	$ 153,204	$ 158,168
Percentage of Gross Written Premiums	19.80%	19.80%	18.20%	24.60%
Fronting Premium [Member]
Gross written premiums	$ 106,581	$ 82,232	$ 278,548	$ 154,232
Percentage of Gross Written Premiums	33.90%	32.50%	33.20%	24.00%
Residential Earthquake [Member]
Gross written premiums	$ 69,220	$ 59,569	$ 190,048	$ 159,995
Percentage of Gross Written Premiums	22.00%	23.50%	22.70%	24.90%
Commercial Earthquake [Member]
Gross written premiums	$ 44,166	$ 32,647	$ 124,763	$ 90,894
Percentage of Gross Written Premiums	14.10%	12.90%	14.90%	14.10%
Inland Marine [Member]
Gross written premiums	$ 37,252	$ 30,842	$ 103,841	$ 72,214
Percentage of Gross Written Premiums	11.90%	12.20%	12.40%	11.20%
Casualty [Member]
Gross written premiums	$ 20,165	$ 12,888	$ 50,144	$ 25,697
Percentage of Gross Written Premiums	6.40%	5.10%	6.00%	4.00%
Hawaii Hurricane [Member]
Gross written premiums	$ 11,051	$ 9,425	$ 28,718	$ 24,579
Percentage of Gross Written Premiums	3.50%	3.70%	3.40%	3.80%
Commercial All Risk [Member]
Gross written premiums	$ 6,624	$ 9,224	$ 26,769	$ 41,647
Percentage of Gross Written Premiums	2.10%	3.60%	3.20%	6.50%
Flood Insurance Product [Member]
Gross written premiums	$ 5,259	$ 3,871	$ 14,964	$ 10,448
Percentage of Gross Written Premiums	1.70%	1.50%	1.80%	1.60%
Specialty Homeowners [Member]
Gross written premiums		$ (94)	$ (99)	$ 30,082
Percentage of Gross Written Premiums	(0.00%)	(0.00%)	(0.00%)	4.70%
Specialty Homeowners	$ (2)
Service, Other [Member]
Gross written premiums	$ 13,682	$ 12,524	$ 20,710	$ 32,963
Percentage of Gross Written Premiums	4.40%	5.00%	2.40%	5.20%

Note 6 - Accumulated Other Comprehensive Income (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

	*Nine Months Ended September 30,*
	*2023*			*2022*
	(in thousands)
Beginning Balance	$	(36,515	)	$	5,312

Other comprehensive (loss) before reclassification		(8,453	)		(60,983	)
Federal income tax (benefit) expense		1,775			12,806
Other comprehensive (loss) before reclassification, net of tax		(6,678	)		(48,177	)

Amounts reclassified from AOCI		(36	)		299
Federal income tax expense (benefit)		8			(63	)
Amounts reclassified from AOCI, net of tax		(28	)		236

Other comprehensive (loss)		(6,706	)		(47,941	)
Balance at end of period	$	(43,221	)	$	(42,629	)

Note 9 - Earnings Per Share - Earnings Per Share of Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net income	$ 18,432	$ 4,286	$ 53,305	$ 33,411
Basic (in shares)	24,740,455	25,209,368	24,847,164	25,258,333
Common Share equivalents (in shares)	504,373	578,257	493,438	550,054
Diluted (in shares)	25,244,828	25,787,625	25,340,602	25,808,387
Basic earnings per share (in dollars per share)	$ 0.75	$ 0.17	$ 2.15	$ 1.32
Diluted earnings per share (in dollars per share)	$ 0.73	$ 0.17	$ 2.1	$ 1.29

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Condensed Consolidated Statements of Income and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Gross written premiums	$ 313,998	$ 253,128	$ 838,406	$ 642,751
Ceded written premiums	(203,336)	(161,930)	(542,789)	(374,109)
Net written premiums	110,662	91,198	295,617	268,642
Change in unearned premiums	(24,845)	(13,256)	(43,453)	(34,403)
Net earned premiums	85,817	77,942	252,164	234,239
Net investment income	6,029	3,744	16,690	9,462
Net realized and unrealized losses on investments	(1,376)	(2,356)	(103)	(8,369)
Commission and other income	465	1,362	1,781	3,129
Total revenues	90,935	80,692	270,532	238,461
Expenses:
Losses and loss adjustment expenses	16,139	30,900	54,696	60,251
Acquisition expenses, net of ceding commissions and fronting fees	27,004	27,210	78,740	83,928
Other underwriting expenses	22,390	17,114	63,962	51,233
Interest expense	867	270	2,952	475
Total expenses	66,400	75,494	200,350	195,887
Income before income taxes	24,535	5,198	70,182	42,574
Income tax expense	6,103	912	16,877	9,163
Net income	18,432	4,286	53,305	33,411
Other comprehensive income (loss), net:
Net unrealized losses on securities available for sale	(8,494)	(15,412)	(6,706)	(47,941)
Net comprehensive income (loss)	$ 9,938	$ (11,126)	$ 46,599	$ (14,530)
Per Share Data:
Basic earnings per share (in dollars per share)	$ 0.75	$ 0.17	$ 2.15	$ 1.32
Diluted earnings per share (in dollars per share)	$ 0.73	$ 0.17	$ 2.1	$ 1.29
Weighted-average common shares outstanding:
Basic (in shares)	24,740,455	25,209,368	24,847,164	25,258,333
Diluted (in shares)	25,244,828	25,787,625	25,340,602	25,808,387

Note 5 - Stockholders' Equity - Summary of RSU Transactions (Details) - Restricted Stock Units (RSUs) [Member]	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Outstanding, shares (in shares) \| shares	271,951
Outstanding, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 68.9
Granted, shares (in shares) \| shares	157,972
Granted, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 51.34
Released, shares (in shares) \| shares	(72,357)
Released, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 66.37
Forfeited, shares (in shares) \| shares	(18,061)
Forfeited, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 52.27
Non-vested, shares (in shares) \| shares	339,505
Non-vested outstanding, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 62.15

Note 8 - Income Taxes

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Text Block]

8. Income Taxes

The Company calculates its tax provision in interim periods using its best estimate of the effective tax rate expected for the full year. During the three months ended September 30, 2023, the Company’s income tax rate of 24.9% was higher than the statutory rate of 21% due primarily to non-deductible executive compensation expense. During the three months ended September 30, 2022, the Company’s income tax rate of 17.5% was lower than the statutory rate of 21% due primarily to the tax impact of the permanent component of employee stock option exercises.

For the nine months ended September 30, 2023, the Company’s tax rate of 24.0% was higher than the statutory rate due primarily to non-deductible executive compensation expense. For the nine months ended September 30, 2022, the Company’s tax rate of 21.5% was higher than the statutory rate also due primarily to non-deductible executive compensation expense.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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