INVESTMENTS

3 Months Ended

Mar. 31, 2021

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

4. INVESTMENTS

Unrealized Gains and Losses

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, 2021
Debt securities - available-for-sale:
United States government obligations and authorities	$	123,451	$	1,273	$	939	$	123,785
Obligations of states and political subdivisions	21,844		532		153		22,223
Corporate	232,168		7,663		2,975		236,856
International	28,710		394		250		28,854
	$	406,173	$	9,862	$	4,317	$	411,718

	Amortized		Gross		Gross
	Cost		Unrealized		Unrealized
	or Cost		Gains		Losses		Fair 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 subdivisions	21,560		704		—		22,264
Corporate	254,618		11,989		79		266,528
International	27,001		659		17		27,643
	$	473,126	$	15,218	$	134	$	488,210

Net Realized and Unrealized Gains and Losses

The Company calculates the gain or loss realized on the sale of investments by comparing the sales price (fair value) to the cost or amortized cost of the security sold. Net realized gains and losses on investments are determined in accordance with the specific identification method.

Net realized and unrealized gains (losses) recognized in earnings, by major investment category, consisted of the following:

	Three Months Ended
	March 31,
	2021		2020
	(In thousands)
Gross realized and unrealized gains:
Debt securities	$	864	$	1,386
Equity securities	1		319
Total gross realized and unrealized gains	865		1,705
Gross realized and unrealized losses:
Debt securities	(720)		(148)
Equity securities	(53)		(4,382)
Total gross realized and unrealized losses	(773)		(4,530)
Net realized and unrealized gains (losses) on investments	$	92	$	(2,825)

The above line item, net realized and unrealized gains (losses) on investments, includes the following equity securities gains (losses) recognized in earnings:

	Three Months Ended
	March 31,
	2021		2020
	(In thousands)
Net gains (losses) on equity securities:
Realized	$	—	$	(742)
Unrealized	(51)		(3,321)
	(51)		(4,063)
Less:
Net realized and unrealized gains (losses) on securities sold	—		(635)
Net unrealized gains (losses) still held as of the end-of-period	$	(51)	$	(3,428)

Contractual Maturity

Actual maturities may differ from contractual maturities because issuers may have the right to call or pre-pay obligations.

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

	March 31, 2021
	Amortized
	Cost		Fair Value
Securities with Maturity Dates	(In thousands)
Debt securities, available-for-sale:
One year or less	$	23,049	$	23,442
Over one through five years	119,663		123,434
Over five through ten years	129,560		128,609
Over ten years	133,901		136,233
Total	$	406,173	$	411,718

Net Investment Income

Net investment income consisted of the following:

	Three Months Ended
	March 31,
	2021		2020
	(In thousands)
Interest income	$	1,650	$	3,822
Dividends income	24		70
Net investment income	$	1,674	$	3,892

Aging of Gross Unrealized Losses

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, 2021
Debt securities - available-for-sale:
United States government obligations and authorities	$	51,384	$	931	$	600	$	8	$	51,984	$	939
Obligations of states and political subdivisions	6,494		153		—		—		6,494		153
Corporate	88,639		2,938		2,881		37		91,520		2,975
International	6,865		250		1,258		—		8,123		250
	$	153,382	$	4,272	$	4,739	$	45	$	158,121	$	4,317

	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, 2020
Debt securities - available-for-sale:
United States government obligations and authorities	$	25,521	$	38	$	—	$	—	$	25,521	$	38
Corporate	7,989		79		—		—		7,989		79
International	2,175		16		132		1		2,307		17
	$	35,685	$	133	$	132	$	1	$	35,817	$	134

As of March 31, 2021, the Company held a total of 216 debt securities that were in an unrealized loss position, of which 10 securities were in an unrealized loss position continuously for 12 months or more. As of December 31, 2020, the Company held a total of 47 debt securities that were in an unrealized loss position, of which 2 securities were in an unrealized loss position continuously for 12 months or more. The unrealized losses associated with these securities consisted primarily of losses related to corporate securities. Refer to Note 6 below for information regarding the assessment of allowances for credit losses.

Collateral Deposits

Cash and cash equivalents and investments, the majority of which were debt securities, with fair values of $9.4 million and $11.5 million, were deposited with governmental authorities and into custodial bank accounts as required by law or contractual obligations as of March 31, 2021 and December 31, 2020, respectively.