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INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 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:

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	Amortized		Gross		Gross
	Cost		Unrealized		Unrealized
	or Cost		Gains		Losses		Fair Value
	(In thousands)
June 30, 2020
Debt securities - available-for-sale:
United States government obligations and authorities	$	192,968	$	2,860	$	200	$	195,628
Obligations of states and political subdivisions	22,414		799		—		23,213
Corporate	294,159		15,163		585		308,737
International	27,355		1,089		61		28,383
	$	536,896	$	19,911	$	846	$	555,961

໿


	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:

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	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2020		2019		2020		2019
	(In thousands)
Gross realized and unrealized gains:
Debt securities	$	9,403	$	834	$	10,789	$	1,151
Equity securities	1,886		1,477		2,205		4,307
Total gross realized and unrealized gains	11,289		2,311		12,994		5,458

Gross realized and unrealized losses:
Debt securities	(2,339)		(120)		(2,487)		(520)
Equity securities	1,433		(236)		(2,949)		(682)
Total gross realized and unrealized losses	(906)		(356)		(5,436)		(1,202)
Net realized and unrealized gains (losses) on investments	$	10,383	$	1,955	$	7,558	$	4,256

Gain (Loss) on Securities


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2020		2019		2020		2019
	(In thousands)
Net realized and unrealized gains (losses)	$	3,319	$	1,241	$	(744)	$	3,625
Less:
Net realized and unrealized gains (losses) on securities sold	53		(76)		(582)		250
Net realized and unrealized gains (losses) recognized during the period still held as of the end-of-period	$	3,266	$	1,317	$	(162)	$	3,375

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, 2020
	Amortized
	Cost		Fair Value
Securities with Maturity Dates	(In thousands)
Debt securities, available-for-sale:
One year or less	$	36,092	$	36,331
Over one through five years	186,332		193,816
Over five through ten years	138,456		145,727
Over ten years	176,016		180,087







Total	$	536,896	$	555,961

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,
	2020		2019		2020		2019
	(In thousands)
Interest income	$	3,249	$	4,169	$	7,071	$	7,826
Dividends income	92		90		162		143
Net investment income	$	3,341	$	4,259	$	7,233	$	7,969

Debt Securities, Available-for-sale

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, 2020
Debt securities - available-for-sale:
United States government obligations and authorities	$	52,573	$	197	$	149	$	3	$	52,722	$	200
Obligations of states and political subdivisions	105		—		—		—		105		—
Corporate	25,597		585		—		—		25,597		585
International	4,962		60		206		1		5,168		61
	$	83,237	$	842	$	355	$	4	$	83,592	$	846


	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