INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2018

The difference between amortized cost or cost and estimated fair value and gross unrealized gains and losses, by major investment category, consisted of the following:

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	Amortized		Gross		Gross
	Cost		Unrealized		Unrealized
	or Cost		Gains		Losses		Fair Value
	(In thousands)
March 31, 2018
Debt securities - available-for-sale:
United States government obligations and authorities	$	131,292	$	231	$	1,813	$	129,710
Obligations of states and political subdivisions	23,535		54		287		23,302
Corporate	261,772		553		3,807		258,518
International	18,068		11		152		17,927
	434,667		849		6,059		429,457

Debt securities - held-to-maturity:
United States government obligations and authorities	4,161		3		139		4,025
Corporate	1,072		6		4		1,074
International	65		—		—		65
	5,298		9		143		5,164
Total investments (1)	$	439,965	$	858	$	6,202	$	434,621

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(1) As a result of the adoption of ASU 2016-01 on January 1, 2018 (see additional details in Note 2) our equity securities no longer have unrealized gains or losses, therefore they are not included as of March 31, 2018.



	Amortized		Gross		Gross
	Cost		Unrealized		Unrealized
	or Cost		Gains		Losses		Fair Value
	(In thousands)
December 31, 2017
Debt securities - available-for-sale:
United States government obligations and authorities	$	98,739	$	244	$	846	$	98,137
Obligations of states and political subdivisions	66,319		325		378		66,266
Corporate	239,435		2,233		749		240,919
International	17,807		136		27		17,916
	422,300		2,938		2,000		423,238

Debt securities - held-to-maturity:
United States government obligations and authorities	4,160		9		106		4,063
Corporate	1,123		21		—		1,144
International	66		1		—		67
	5,349		31		106		5,274
Equity securities	14,085		1,628		279		15,434
Total investments	$	441,734	$	4,597	$	2,385	$	443,946

Net Realized Gains (Losses) by Major Investment Category

Net realized and unrealized gains, by major investment category, consisted of the following:

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	Three Months Ended
	March 31,
	2018			2017
	(In thousands)
Gross realized and unrealized gains:
Debt securities	$	223		$	570
Equity securities	1,153			560
Total gross realized and unrealized gains	1,376			1,130

Gross realized and unrealized losses:
Debt securities	(1,441		)	(1,092		)
Equity securities	(987		)	(143		)
Total gross realized and unrealized losses	(2,428		)	(1,235		)
Net realized and unrealized gains on investments	$	(1,052	)	$	(105	)

Investments Classified by Contractual Maturity Date

Amortized cost and estimated fair value of debt securities, by contractual maturity, consisted of the following:

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	March 31, 2018
	Amortized
	Cost		Fair Value
Securities with maturity dates:	(In thousands)
Debt securities, available-for-sale:
One year or less	$	50,526	$	50,394
Over one through five years	207,292		205,249
Over five through ten years	175,529		172,538
Over ten years	1,320		1,276
	434,667		429,457
Debt securities, held-to-maturity:
One year or less	730		732
Over one through five years	3,940		3,812
Over five through ten years	628		620
	5,298		5,164
Total	$	439,965	$	434,621

Summary of Net Investment Income

Net investment income consisted of the following:

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	Three Months Ended
	March 31,
	2018		2017
	(In thousands)
Interest income	$	2,887	$	2,169
Dividends income	56		149
Net investment income	$	2,943	$	2,318

Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value

Gross unrealized losses and related fair values for debt securities (and equity securities as of December 31, 2017), grouped by duration of time in a continuous unrealized loss position, consisted of the following:

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	Less than 12 months				12 months or longer				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
March 31, 2018					(In thousands)
Debt securities - available-for-sale:
United States government obligations and authorities	$	61,093	$	1,284	$	18,399	$	529	$	79,492	$	1,813
Obligations of states and political subdivisions	15,762		203		1,821		84		17,583		287
Corporate	198,468		3,547		5,022		260		203,490		3,807
International	14,682		152		—		—		14,682		152
	$	290,005	$	5,186	$	25,242	$	873	$	315,247	$	6,059



	Less than 12 months				12 months or longer				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
December 31, 2017					(In thousands)
Debt securities - available-for-sale:
United States government obligations and authorities	$	52,368	$	517	$	19,287	$	329	$	71,655	$	846
Obligations of states and political subdivisions	32,030		221		5,676		157		37,706		378
Corporate	109,780		625		6,452		124		116,232		749
International	8,935		27		25		—		8,960		27
	203,113		1,390		31,440		610		234,553		2,000

Equity securities	4,312		279		—		—		4,312		279

Total investments	$	207,425	$	1,669	$	31,440	$	610	$	238,865	$	2,279