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INVESTMENTS (Tables)

9 Months Ended

Sep. 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)
September 30, 2020
Debt securities - available-for-sale:
United States government obligations and authorities	$	188,805	$	2,835	$	107	$	191,533
Obligations of states and political subdivisions	21,332		909		15		22,226
Corporate	279,670		16,394		319		295,745
International	29,750		1,204		15		30,939
	$	519,557	$	21,342	$	456	$	540,443

໿


	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				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
	(In thousands)
Gross realized and unrealized gains:
Debt securities	$	919	$	897	$	11,708	$	2,048
Equity securities	1,361		326		3,566		4,633
Total gross realized and unrealized gains	2,280		1,223		15,274		6,681

Gross realized and unrealized losses:
Debt securities	(121)		(4)		(2,608)		(524)
Equity securities	(835)		(425)		(3,784)		(1,107)
Total gross realized and unrealized losses	(956)		(429)		(6,392)		(1,631)
Net realized and unrealized gains (losses) on investments	$	1,324	$	794	$	8,882	$	5,050

Gain (Loss) on Securities


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
	(In thousands)
Net realized and unrealized gains (losses)	$	526	$	(99)	$	(218)	$	3,526
Less:
Net realized and unrealized gains (losses) on securities sold	2,635		1,012		2,053		394
Net realized and unrealized gains (losses) recognized during the period still held as of the end-of-period	$	(2,109)	$	(1,111)	$	(2,271)	$	3,132

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, 2020
	Amortized
	Cost		Fair Value
Securities with Maturity Dates	(In thousands)
Debt securities, available-for-sale:
One year or less	$	18,875	$	19,022
Over one through five years	195,641		203,440
Over five through ten years	132,764		140,422
Over ten years	172,277		177,559







Total	$	519,557	$	540,443

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,
	2020		2019		2020		2019
	(In thousands)
Interest income	$	2,374	$	4,005	$	9,445	$	11,831
Dividends income	30		63		192		206
Net investment income	$	2,404	$	4,068	$	9,637	$	12,037

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)
September 30, 2020
Debt securities - available-for-sale:
United States government obligations and authorities	$	30,860	$	105	$	82	$	2	$	30,942	$	107
Obligations of states and political subdivisions	1,679		15		—		—		1,679		15
Corporate	22,669		319		—		—		22,669		319
International	4,158		14		132		1		4,290		15
	$	59,366	$	453	$	214	$	3	$	59,580	$	456


	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



Total investments, excluding equity securities	$	76,371	$	535	$	12,378	$	96	$	88,749	$	631