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INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 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)
June 30, 2021
Debt securities - available-for-sale:
United States government obligations and authorities	$	122,895	$	1,190	$	457	$	123,628
Obligations of states and political subdivisions	21,410		650		57		22,003
Corporate	234,179		8,105		1,104		241,180
International	31,079		477		66		31,490
	$	409,563	$	10,422	$	1,684	$	418,301


	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				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
	(In thousands)
Gross realized and unrealized gains:
Debt securities	$	304	$	9,403	$	1,168	$	10,789
Equity securities	112		1,886		113		2,205
Total gross realized and unrealized gains	416		11,289		1,281		12,994

Gross realized and unrealized losses:
Debt securities	(302)		(2,339)		(1,022)		(2,487)
Equity securities	45		1,433		(8)		(2,949)
Total gross realized and unrealized losses	(257)		(906)		(1,030)		(5,436)
Net realized and unrealized gains (losses) on investments	$	159	$	10,383	$	251	$	7,558

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				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
	(In thousands)
Net gains (losses) on equity securities:
Realized	$	—	$	(65)	$	—	$	(807)
Unrealized	157		3,384		105		63
	157		3,319		105		(744)
Less:
Net realized and unrealized gains (losses) on securities sold	—		53		—		(582)
Net unrealized gains (losses) still held as of the end-of-period	$	157	$	3,266	$	105	$	(162)

Investments Classified by Contractual Maturity Date

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


	June 30, 2021
	Amortized
	Cost		Fair Value
Securities with Maturity Dates	(In thousands)
Debt securities, available-for-sale:
One year or less	$	20,074	$	20,498
Over one through five years	128,974		132,632
Over five through ten years	138,480		140,336
Over ten years	122,035		124,835







Total	$	409,563	$	418,301

Summary of Net Investment Income

Net investment income consisted of the following:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
	(In thousands)
Interest income	$	1,693	$	3,249	$	3,343	$	7,071
Dividends income	40		92		64		162
Net investment income	$	1,733	$	3,341	$	3,407	$	7,233

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)
June 30, 2021
Debt securities - available-for-sale:
United States government obligations and authorities	$	46,436	$	450	$	600	$	7	$	47,036	$	457
Obligations of states and political subdivisions	6,324		57		—		—		6,324		57
Corporate	64,843		1,103		384		1		65,227		1,104
International	2,232		—		8,537		66		10,769		66
	$	119,835	$	1,610	$	9,521	$	74	$	129,356	$	1,684


	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