INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 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)
June 30, 2019
Debt securities - available-for-sale:
United States government obligations and authorities	$	147,663	$	3,206	$	149	$	150,720
Obligations of states and political subdivisions	11,483		240		6		11,717
Corporate	259,243		8,905		154		267,994
International	20,331		373		11		20,693
	438,720		12,724		320		451,124

Debt securities - held-to-maturity:
United States government obligations and authorities	3,591		11		68		3,534
Corporate	853		20		—		873
International	55		1		—		56
	4,499		32		68		4,463
Total investments, excluding equity securities	$	443,219	$	12,756	$	388	$	455,587

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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) recognized in earnings, by major investment category, consisted of the following:

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	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2019			2018			2019			2018
	(In thousands)
Gross realized and unrealized gains:
Debt securities	$	834		$	41		$	1,151		$	264
Equity securities	1,477			1,088			4,307			2,241
Total gross realized and unrealized gains	2,311			1,129			5,458			2,505

Gross realized and unrealized losses:
Debt securities	(120		)	(877		)	(520		)	(2,318		)
Equity securities	(236		)	(44		)	(682		)	(1,031		)
Total gross realized and unrealized losses	(356		)	(921		)	(1,202		)	(3,349		)
Net realized and unrealized gains (losses) on investments	$	1,955		$	208		$	4,256		$	(844	)

Schedule of Net Gain (Loss) on Securities

The above line item, net realized and unrealized gains (losses) on investments, includes the following equity securities gains (losses) recognized in earnings:



	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2019			2018		2019		2018
	(In thousands)
Net realized and unrealized gains (losses)	$	1,241		$	1,044	$	3,625	$	1,210
Less:
Net realized and unrealized gains (losses) on securities sold	(76		)	42		250		324
Net unrealized gains (losses) still held as of the end-of-period	$	1,317		$	1,002	$	3,375	$	886

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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	June 30, 2019
	Amortized
	Cost		Fair Value
Securities with Maturity Dates	(In thousands)
Debt securities, available-for-sale:
One year or less	$	16,722	$	16,739
Over one through five years	161,198		164,830
Over five through ten years	127,038		132,236
Over ten years	133,762		137,319
	438,720		451,124
Debt securities, held-to-maturity:
One year or less	80		80
Over one through five years	4,185		4,146
Over five through ten years	234		237
	4,499		4,463
Total	$	443,219	$	455,587

Summary of Net Investment Income

Net investment income consisted of the following:

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	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2019		2018		2019		2018
	(In thousands)
Interest income	$	4,169	$	2,927	$	7,826	$	5,815
Dividends income	90		51		143		106
Net investment income	$	4,259	$	2,978	$	7,969	$	5,921

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)
June 30, 2019
Debt securities - available-for-sale:
United States government obligations and authorities	$	3,088	$	2	$	21,210	$	147	$	24,298	$	149
Obligations of states and political subdivisions	—		—		2,606		6		2,606		6
Corporate	11,678		87		15,689		67		27,367		154
International	3,027		10		679		1		3,706		11
	17,793		99		40,184		221		57,977		320

Debt securities, held-to-maturity:
United States government obligations and authorities	—		—		2,894		68		2,894		68
Corporate	20		—		—		—		20		—
International	—		—		40		—		40		—
	20		—		2,934		68		2,954		68
Total investments, excluding equity securities	$	17,813	$	99	$	43,118	$	289	$	60,931	$	388



	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