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INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2019

Investments, Debt and Equity Securities [Abstract]

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)
September 30, 2019
Debt securities - available-for-sale:
United States government obligations and authorities	$	170,400	$	3,986	$	146	$	174,240
Obligations of states and political subdivisions	13,002		326		—		13,328
Corporate	244,735		10,765		101		255,399
International	24,561		623		21		25,163
	452,698		15,700		268		468,130

Debt securities - held-to-maturity:
United States government obligations and authorities	3,589		18		62		3,545
Corporate	725		23		—		748
International	55		1		—		56
	4,369		42		62		4,349
Total investments, excluding equity securities	$	457,067	$	15,742	$	330	$	472,479

໿


	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						Nine Months Ended
	September 30,						September 30,
	2019		2018		2019		2018
	(In thousands)
Gross realized and unrealized gains:
Debt securities	$	897	$	91	$	2,048	$	355
Equity securities	326		1,922		4,633		4,163
Total gross realized and unrealized gains	1,223		2,013		6,681		4,518

Gross realized and unrealized losses:
Debt securities	(4)		(253)		(524)		(2,571)
Equity securities	(425)		—		(1,107)		(1,031)
Total gross realized and unrealized losses	(429)		(253)		(1,631)		(3,602)
Net realized and unrealized gains (losses) on investments	$	794	$	1,760	$	5,050	$	916

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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	September 30, 2019
	Amortized
	Cost		Fair Value
Securities with Maturity Dates	(In thousands)
Debt securities, available-for-sale:
One year or less	$	24,715	$	24,761
Over one through five years	152,917		157,160
Over five through ten years	139,570		146,237
Over ten years	135,496		139,972
	452,698		468,130
Debt securities, held-to-maturity:
One year or less	206		207
Over one through five years	3,983		3,960
Over five through ten years	69		71
Over ten years	111		111
	4,369		4,349
Total	$	457,067	$	472,479

Summary of Net Investment Income

Net investment income consisted of the following:

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	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2019		2018		2019		2018
	(In thousands)
Interest income	$	4,005	$	3,089	$	11,831	$	8,904
Dividends income	63		48		206		154
Net investment income	$	4,068	$	3,137	$	12,037	$	9,058

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)
September 30, 2019
Debt securities - available-for-sale:
United States government obligations and authorities	$	20,948	$	115	$	6,238	$	31	$	27,186	$	146
Obligations of states and political subdivisions	—		—		—		—		—		—
Corporate	10,502		36		5,277		65		15,779		101
International	2,202		18		1,023		3		3,225		21
	33,652		169		12,538		99		46,190		268

Debt securities, held-to-maturity:
United States government obligations and authorities	100		—		2,306		62		2,406		62
Corporate	20		—		—		—		20		—
International	—		—		—		—		—		—
	120		—		2,306		62		2,426		62
Total investments, excluding equity securities	$	33,772	$	169	$	14,844	$	161	$	48,616	$	330


	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

Gain (Loss) on Securities


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2019		2018		2019		2018
	(In thousands)
Net realized and unrealized gains (losses)	$	(99)	$	1,922	$	3,526	$	3,132
Less:
Net realized and unrealized gains (losses) on securities sold	1,012		409		394		674
Net unrealized gains (losses) still held as of the end-of-period	$	(1,111)	$	1,513	$	3,132	$	2,458