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INVESTMENTS (Tables)
12 Months Ended
Dec. 31, 2020
Investments [Abstract]  
Unrealized Gain (Loss) on Investments
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:
AmortizedGrossGross 
CostUnrealizedUnrealized 
or CostGainsLossesFair Value
(In thousands)
December 31, 2020    
Debt securities - available-for-sale:    
United States government obligations and authorities$169,947 $1,866 $38 $171,775 
Obligations of states and political subdivisions21,560 704 — 22,264 
Corporate254,618 11,989 79 266,528 
International27,001 659 17 27,643 
$473,126 $15,218 $134 $488,210 
AmortizedGrossGross 
CostUnrealizedUnrealized 
or CostGainsLossesFair 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 subdivisions23,748 294 22 24,020 
Corporate268,182 10,252 132 278,302 
International29,169 593 12 29,750 
512,645 14,212 592 526,265 
    
Debt securities - held-to-maturity:    
United States government obligations and authorities3,585 12 39 3,558 
Corporate697 20 — 717 
International55 — 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:
Year Ended December 31,
202020192018
(In thousands)
Gross realized and unrealized gains:   
Debt securities$20,470 $2,829 $423 
Equity securities8,587 5,928 2,374 
Total gross realized and unrealized gains29,057 8,757 2,797 
   
Gross realized and unrealized losses:   
Debt securities(2,879)(664)(3,990)
Equity securities(8,146)(1,009)(2,951)
Total gross realized and unrealized losses(11,025)(1,673)(6,941)
Net realized and unrealized gains (losses) on investments$18,032 $7,084 $(4,144)
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:

Year Ended December 31,
202020192018
(In thousands)
Net gains (losses) on equity securities:
Realized$4,555 $803 $591 
Unrealized(4,114)4,116 (1,168)
441 4,919 (577)
Less:
Net realized and unrealized gains (losses) on securities sold309 672 732 
Net unrealized gains (losses) still held as of the end-of-period$132 $4,247 $(1,309)
Investments Classified by Contractual Maturity Date
Amortized cost and estimated fair value of debt securities, by contractual maturity, consisted of the following:

December 31, 2020
Amortized 
CostFair Value
(In thousands)
Securities with Maturity Dates
Debt securities, available-for-sale:  
One year or less$21,454 $21,573 
Over one through five years137,378 142,457 
Over five through ten years144,296 149,674 
Over ten years169,998 174,506 
Total$473,126 $488,210 
Summary of Net Investment Income
Net investment income consisted of the following:

Year Ended December 31,
202020192018
(In thousands)
Interest income$11,563 $15,605 $12,253 
Dividends income223 296 207 
Net investment income$11,786 $15,901 $12,460 
Debt Securities, Available-for-sale, 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 months12 months or longerTotal
 Gross Gross Gross
FairUnrealizedFairUnrealizedFairUnrealized
ValueLossesValueLossesValueLosses
(In thousands)
December 31, 2020    
Debt securities - available-for-sale:      
United States government obligations and authorities
$25,521 $38 $— $— $25,521 $38 
Corporate7,989 79 — — 7,989 79 
International2,175 16 132 2,307 17 
$35,685 $133 $132 $$35,817 $134 

Less than 12 months12 months or longerTotal
 Gross Gross Gross
FairUnrealizedFairUnrealizedFairUnrealized
ValueLossesValueLossesValueLosses
(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 subdivisions6,810 22 — — 6,810 22 
Corporate15,872 94 7,694 38 23,566 132 
International3,856 10 179 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 
— — 2,287 39 2,287 39 
Total investments, excluding equity securities$76,371 $535 $12,378 $96 $88,749 $631