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, 2022
Debt securities - available-for-sale:
United States government obligations and authorities	$	82,328	$	101	$	—	$	82,429
Obligations of states and political subdivisions	15,547		31		—		15,578
Corporate	148,648		960		—		149,608
International	22,577		25		—		22,602
	$	269,100	$	1,117	$	—	$	270,217


	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

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,
	2022		2021
	(In thousands)
Gross realized and unrealized gains:
Debt securities	$	185	$	864
Equity securities	—		1
Total gross realized and unrealized gains	185		865

Gross realized and unrealized losses:
Debt securities	(14,681)		(720)
Equity securities	(557)		(53)
Total gross realized and unrealized losses	(15,238)		(773)
Net realized and unrealized gains (losses) on investments	$	(15,053)	$	92

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,
	2022		2021
	(In thousands)
Net gains (losses) on equity securities:
Realized	$	—	$	—
Unrealized	(557)		(52)
	(557)		(52)
Less:
Net realized and unrealized gains (losses) on securities sold	—		—
Net unrealized gains (losses) still held as of the end-of-period	$	(557)	$	(52)

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, 2022
	Amortized
	Cost		Fair Value
Securities with Maturity Dates	(In thousands)
Debt securities, available-for-sale:
One year or less	$	21,657	$	21,720
Over one through five years	63,760		63,966
Over five through ten years	104,947		105,536
Over ten years	78,737		78,995







Total	$	269,100	$	270,217


	Three Months Ended
	March 31,
	2022		2021
	(In thousands)
Interest income	$	1,214	$	1,650
Dividends income	50		24
Net investment income	$	1,264	$	1,674

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

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. 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.

Cash and cash equivalents and investments, the majority of which were debt securities, with fair values of $11.4 million and $9.3 million, were deposited with governmental authorities and into custodial bank accounts as required by law or contractual obligations, as of March 31, 2022 and December 31, 2021, respectively.