INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2019

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, 2019
Debt securities - available-for-sale:
United States government obligations and authorities	$	144,450	$	2,037	$	525	$	145,962
Obligations of states and political subdivisions	11,502		88		71		11,519
Corporate	260,844		3,693		1,152		263,385
International	22,458		213		79		22,592
	439,254		6,031		1,827		443,458

Debt securities - held-to-maturity:
United States government obligations and authorities	3,567		2		91		3,478
Corporate	930		8		2		936
International	55		—		—		55
	4,552		10		93		4,469
Total investments, excluding equity securities	$	443,806	$	6,041	$	1,920	$	447,927

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	Amortized		Gross		Gross
	Cost		Unrealized		Unrealized
	or Cost		Gains		Losses		Fair Value
	(In thousands)
December 31, 2018
Debt securities - available-for-sale:
United States government obligations and authorities	$	127,928	$	1,091	$	1,151	$	127,868
Obligations of states and political subdivisions	9,870		27		130		9,767
Corporate	273,192		510		4,971		268,731
International	22,674		12		411		22,275
	433,664		1,640		6,663		428,641

Debt securities - held-to-maturity:
United States government obligations and authorities	4,085		1		158		3,928
Corporate	986		2		6		982
International	55		—		1		54
	5,126		3		165		4,964
Total investments, excluding equity securities	$	438,790	$	1,643	$	6,828	$	433,605

Net Realized Gains (Losses) by Major Investment Category

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

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	Three Months Ended
	March 31,
	2019			2018
	(In thousands)
Gross realized and unrealized gains:
Debt securities	$	317		$	223
Equity securities	2,830			1,153
Total gross realized and unrealized gains	3,147			1,376

Gross realized and unrealized losses:
Debt securities	(400		)	(1,441		)
Equity securities	(446		)	(987		)
Total gross realized and unrealized losses	(846		)	(2,428		)
Net realized and unrealized gains (losses) on investments	$	2,301		$	(1,052	)

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, 2019
	Amortized
	Cost		Fair Value
Securities with Maturity Dates	(In thousands)
Debt securities, available-for-sale:
One year or less	$	17,108	$	17,094
Over one through five years	198,410		199,858
Over five through ten years	218,177		220,854
Over ten years	5,559		5,652
	439,254		443,458
Debt securities, held-to-maturity:
One year or less	135		135
Over one through five years	4,042		3,963
Over five through ten years	375		371
	4,552		4,469
Total	$	443,806	$	447,927

Summary of Net Investment Income

Net investment income consisted of the following:

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	Three Months Ended
	March 31,
	2019		2018
	(In thousands)
Interest income	$	3,657	$	2,887
Dividends income	53		56
Net investment income	$	3,710	$	2,943

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

Gross unrealized losses and related fair values for debt securities, 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
					(In thousands)
March 31, 2019
Debt securities - available-for-sale:
United States government obligations and authorities	$	10,279	$	8	$	32,169	$	517	$	42,448	$	525
Obligations of states and political subdivisions	790		21		5,339		50		6,129		71
Corporate	26,723		311		57,096		841		83,819		1,152
International	2,711		6		5,877		73		8,588		79
	40,503		346		100,481		1,481		140,984		1,827

Debt securities, held-to-maturity:
United States government obligations and authorities	114		—		3,161		91		3,275		91
Corporate	80		—		173		2		253		2
International	—		—		29		—		29		—
	194		—		3,363		93		3,557		93
Total investments, excluding equity securities	$	40,697	$	346	$	103,844	$	1,574	$	144,541	$	1,920



	Less than 12 months				12 months or longer				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
					(In thousands)
December 31, 2018
Debt securities - available-for-sale:
United States government obligations and authorities	$	22,673	$	246	$	29,727	$	905	$	52,400	$	1,151
Obligations of states and political subdivisions	3,254		18		4,786		112		8,040		130
Corporate	160,361		3,058		53,232		1,913		213,593		4,971
International	15,608		217		4,678		194		20,286		411
	201,896		3,539		92,423		3,124		294,319		6,663

Debt securities, held-to-maturity:
United States government obligations and authorities	229		1		3,113		157		3,342		158
Corporate	591		6		90		—		681		6
International	54		1		—		—		54		1
	874		8		3,203		157		4,077		165
Total investments, excluding equity securities	$	202,770	$	3,547	$	95,626	$	3,281	$	298,396	$	6,828