XML 72 R25.htm IDEA: XBRL DOCUMENT

INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2020

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:

໿


	Amortized		Gross		Gross
	Cost		Unrealized		Unrealized
	or Cost		Gains		Losses		Fair Value
	(In thousands)
March 31, 2020
Debt securities - available-for-sale:
United States government obligations and authorities	$	187,452	$	8,924	$	13	$	196,363
Obligations of states and political subdivisions	21,935		400		37		22,298
Corporate	293,927		5,745		5,942		293,730
International	31,237		324		1,117		30,444
	534,551		15,393		7,109		542,835

Debt securities - held-to-maturity:
United States government obligations and authorities	3,555		53		65		3,543
Corporate	671		7		6		672
International	45		1		—		46
	4,271		61		71		4,261
Total investments, excluding equity securities	$	538,822	$	15,454	$	7,180	$	547,096

໿


	Amortized		Gross		Gross
	Cost		Unrealized		Unrealized
	or Cost		Gains		Losses		Fair Value
	(In thousands)
December 31, 2019
Debt securities - available-for-sale:
United States government obligations and authorities	$	191,546	$	3,073	$	426	$	194,193
Obligations of states and political subdivisions	23,748		294		22		24,020
Corporate	268,182		10,252		132		278,302
International	29,169		593		12		29,750
	512,645		14,212		592		526,265

Debt securities - held-to-maturity:
United States government obligations and authorities	3,585		12		39		3,558
Corporate	697		20		—		717
International	55		1		—		56
	4,337		33		39		4,331
Total investments, excluding equity securities	$	516,982	$	14,245	$	631	$	530,596

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:

໿


	Three Months Ended
	March 31,
	2020		2019
	(In thousands)
Gross realized and unrealized gains:
Debt securities	$	1,386	$	317
Equity securities	319		2,830
Total gross realized and unrealized gains	1,705		3,147

Gross realized and unrealized losses:
Debt securities	(148)		(400)
Equity securities	(4,382)		(446)
Total gross realized and unrealized losses	(4,530)		(846)
Net realized and unrealized gains (losses) on investments	$	(2,825)	$	2,301

Investments Classified by Contractual Maturity Date

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

໿


	March 31, 2020
	Amortized
	Cost		Fair Value
Securities with Maturity Dates	(In thousands)
Debt securities, available-for-sale:
One year or less	$	33,374	$	33,413
Over one through five years	170,802		171,418
Over five through ten years	158,874		161,147
Over ten years	171,501		176,857
	534,551		542,835
Debt securities, held-to-maturity:
One year or less	285		286
Over one through five years	3,846		3,833
Over five through ten years	39		39
Over ten years	101		103
	4,271		4,261
Total	$	538,822	$	547,096

Summary of Net Investment Income

Net investment income consisted of the following:

໿


	Three Months Ended
	March 31,
	2020		2019
	(In thousands)
Interest income	$	3,822	$	3,657
Dividends income	70		53
Net investment income	$	3,892	$	3,710

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:

໿


	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, 2020
Debt securities - available-for-sale:
United States government obligations and authorities	$	810	$	1	$	268	$	12	$	1,078	$	13
Obligations of states and political subdivisions	5,544		37		—		—		5,544		37
Corporate	117,591		5,754		—		188		117,591		5,942
International	13,330		1,079		132		38		13,462		1,117
	137,275		6,871		400		238		137,675		7,109

Debt securities, held-to-maturity:
United States government obligations and authorities	—		—		2,222		65		2,222		65
Corporate	235		6		—		—		235		6
International	—		—		—		—		—		—
	235		6		2,222		65		2,457		71
Total investments, excluding equity securities	$	137,510	$	6,877	$	2,622	$	303	$	140,132	$	7,180


	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, 2019
Debt securities - available-for-sale:
United States government obligations and authorities	$	49,833	$	409	$	2,218	$	17	$	52,051	$	426
Obligations of states and political subdivisions	6,810		22		—		—		6,810		22
Corporate	15,872		94		7,694		38		23,566		132
International	3,856		10		179		2		4,035		12
	76,371		535		10,091		57		86,462		592

Debt securities, held-to-maturity:
United States government obligations and authorities	—		—		2,287		39		2,287		39
Corporate	—		—		—		—		—		—
International	—		—		—		—		—		—
	—		—		2,287		39		2,287		39
Total investments, excluding equity securities	$	76,371	$	535	$	12,378	$	96	$	88,749	$	631

Gain (Loss) on Securities


	Three Months Ended
	March 31,
	2020		2019
	(In thousands)
Net realized and unrealized gains (losses)	$	(4,063)	$	2,384
Less:
Net realized and unrealized gains (losses) on securities sold	(635)		326
Net realized and unrealized gains (losses) recognized during the period still held as of the end-of-period	$	(3,428)	$	2,058