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)
December 31, 2021
Debt securities - available-for-sale:
United States government obligations and authorities	$	90,750	$	625	$	683	$	90,692
Obligations of states and political subdivisions	19,031		391		144		19,278
Corporate	186,489		4,413		1,922		188,980
International	28,591		212		221		28,582
	$	324,861	$	5,641	$	2,970	$	327,532


	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

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.


	Year Ended December 31,
	2021		2020		2019
	(In thousands)
Gross realized and unrealized gains:
Debt securities	$	3,426	$	20,470	$	2,829
Equity securities	35		8,587		5,928
Total gross realized and unrealized gains	3,461		29,057		8,757

Gross realized and unrealized losses:
Debt securities	(1,837)		(2,879)		(664)
Equity securities	(32)		(8,146)		(1,009)
Total gross realized and unrealized losses	(1,869)		(11,025)		(1,673)
Net realized and unrealized gains (losses) on investments	$	1,592	$	18,032	$	7,084

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,
	2021		2020		2019
	(In thousands)
Net gains (losses) on equity securities:
Realized	$	—	$	4,555	$	803
Unrealized	3		(4,114)		4,116
	3		441		4,919
Less:
Net realized and unrealized gains (losses) on securities sold	—		309		672
Net unrealized gains (losses) still held as of the end-of-period	$	3	$	132	$	4,247

In addition, for the twelve months ended December 31, 2021, the Company recognized $9.4 million in realized and unrealized embedded derivative gains. Refer to Note 4 above for information regarding the embedded derivative.


	December 31, 2021
	Amortized
	Cost		Fair Value
	(In thousands)
Securities with Maturity Dates
Debt securities, available-for-sale:
One year or less	$	27,550	$	28,094
Over one through five years	85,585		86,559
Over five through ten years	118,136		118,352
Over ten years	93,590		94,527
Total	$	324,861	$	327,532


	Year Ended December 31,
	2021		2020		2019
	(In thousands)
Interest income	$	6,600	$	11,563	$	15,605
Dividends income	170		223		296
Net investment income	$	6,770	$	11,786	$	15,901

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)
December 31, 2021
Debt securities - available-for-sale:
United States government obligations and authorities	$	46,038	$	672	$	881	$	11	$	46,919	$	683
Obligations of states and political subdivisions	7,322		144		—		—		7,322		144
Corporate	86,423		1,875		860		47		87,283		1,922
International	15,345		221		—		—		15,345		221
	$	155,128	$	2,912	$	1,741	$	58	$	156,869	$	2,970


	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 December 31, 2021, the Company held a total of 351 debt securities that were in an unrealized loss position, of which 5 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. The Company did not have any OTTI losses on its available-for-sale securities for the years ended December 31, 2021, 2020 and 2019, respectively. Refer to Note 7 below for information regarding the assessment of allowances for credit losses.

Cash and cash equivalents and investments, the majority of which were debt securities, with fair values of $9.3 million and $11.5 million were deposited with governmental authorities and into custodial bank accounts as required by law or contractual obligations, as of December 31, 2021 and 2020, respectively.