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INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2021

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, 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 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,
	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)

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:


	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)

Investments Classified by Contractual Maturity Date

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

Summary of 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

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:


	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