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INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2021

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

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,
	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

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,
	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

Investments Classified by Contractual Maturity Date

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


	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

Summary of Net Investment Income

Net investment income consisted of the following:


	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

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 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