Investments (Tables)

6 Months Ended

Jun. 30, 2012

Investments [Abstract]

Schedule of investments

The following table summarizes, by type, our investments as of June 30, 2012 and December 31, 2011.

	June 30, 2012					December 31, 2011
	Carrying		Percent			Carrying		Percent
	Amount		of Total			Amount		of Total
	(Dollars in Thousands)
Debt securities, at market:
United States government obligations and authorities	$	37,549		27.69	%	$	37,217		28.75	%
Obligations of states and political subdivisions		3,956		2.92	%		2,303		1.77	%
Corporate		66,453		49.01	%		63,268		48.87	%
International		1,996		1.47	%		1,523		1.18	%
		109,954		81.09	%		104,311		80.57	%
Debt securities, at amortized cost:
Corporate		1,115		0.82	%		962		0.74	%
United States government obligations and authorities		5,998		4.42	%		6,166		4.76	%
		7,113		5.24	%		7,128		5.50	%
Total debt securities		117,067		86.33	%		111,439		86.07	%
Equity securities, at market:		18,533		13.67	%		18,028		13.93	%
Total investments	$	135,600		100.00	%	$	129,467		100.00	%

Realized gains (losses)

The following table shows the realized gains (losses) for debt and equity securities for the three months ended June 30, 2012 and 2011.

	Three Months Ended June 30,
	2012					2011
	Gains			Fair Value		Gains			Fair Value
	(Losses)			at Sale		(Losses)			at Sale
	(Dollars in Thousands)
Debt securities	$	315		$	11,548	$	200		$	7,720
Equity securities		144			1,015		418			2,260
Total realized gains		459			12,563		618			9,980
Debt securities		(109	)		4,371		-			-
Equity securities		(568	)		3,725		(176	)		1,055
Total realized losses		(677	)		8,096		(176	)		1,055
Net realized (losses) gains on investments	$	(218	)	$	20,659	$	442		$	11,035

The following table shows the realized gains (losses) for debt and equity securities for the six months ended June 30, 2012 and 2011.

	Six Months Ended June 30,
	2012					2011
	Gains			Fair Value		Gains			Fair Value
	(Losses)			at Sale		(Losses)			at Sale
	(Dollars in Thousands)
Debt securities	$	548		$	18,044	$	425		$	29,453
Equity securities		660			4,088		737			4,249
Total realized gains		1,208			22,132		1,162			33,702
Debt securities		(315	)		9,413		(432	)		13,833
Equity securities		(1,121	)		5,391		(391	)		2,527
Total realized losses		(1,436	)		14,804		(823	)		16,360
Net realized (losses) gains on investments	$	(228	)	$	36,936	$	339		$	50,062

Unrealized gain (loss)

A summary of the amortized cost, estimated fair value and gross unrealized gains and losses of debt and equity securities at June 30, 2012 and December 31, 2011 is as follows.

			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
	Cost		Gains		Losses		Fair Value
	(Dollars in Thousands)
June 30, 2012
Debt Securities  - Available-For-Sale:
United States government obligations and authorities	$	36,484	$	1,068	$	3	$	37,549
Obligations of states and political subdivisions		3,751		211		6		3,956
Corporate		63,745		2,785		77		66,453
International		1,983		26		13		1,996
	$	105,963	$	4,090	$	99	$	109,954
Debt Securities  - Held-To-Maturity:
United States government obligations and authorities	$	5,998	$	199	$	-	$	6,197
Corporate		1,115		53		-		1,168
	$	7,113	$	252	$	-	$	7,365
Equity securities - common stocks	$	18,097	$	1,739	$	1,303	$	18,533
December 31, 2011
Debt Securities  - Available-For-Sale:
United States government obligations and authorities	$	36,558	$	686	$	27	$	37,217
Obligations of states and political subdivisions		2,165		138		-		2,303
Corporate		61,724		1,934		390		63,268
International		1,519		9		5		1,523
	$	101,966	$	2,767	$	422	$	104,311
Debt Securities  - Held-To-Maturity:
United States government obligations and authorities	$	6,166	$	249	$	-	$	6,415
Corporate		962		39		1		1,000
	$	7,128	$	288	$	1	$	7,415
Equity securities - common stocks	$	18,966	$	1,057	$	1,995	$	18,028

Continuous unrealized loss position

The table below reflects our unrealized investment losses by investment class, aged for length of time in a continuous unrealized loss position as of June 30, 2012.

	Unrealized (Losses)			Less than 12 months			12 months or longer
	(Dollars in Thousands)
Debt securities:
United States government obligations and authorities	$	(3	)	$	(3	)	$	-
Obligations of states and political subdivisions		(6	)		(6	)		-
Corporate		(77	)		(68	)		(9	)
International		(13	)		(13	)		-
		(99	)		(90	)		(9	)
Equity securities:
Common stocks		(1,303	)		(971	)		(332	)
Total debt and equity securities	$	(1,402	)	$	(1,061	)	$	(341	)

The table below reflects our unrealized investment losses by investment class, aged for length of time in a continuous unrealized loss position as of December 31, 2011.

	Unrealized (Losses)			Less than 12 months			12 months or longer
	(Dollars in Thousands)
Debt securities:
United States government obligations and authorities	$	(27	)	$	(27	)	$	-
Obligations of states and political subdivisions		-			-			-
Corporate		(390	)		(390	)		-
International		(4	)		(4	)		-
		(421	)		(421	)		-
Equity securities:
Common stocks		(1,996	)		(1,620	)		(376	)
Total debt and equity securities	$	(2,417	)	$	(2,041	)	$	(376	)

Investments classified by contractual maturity date

Below is a summary of debt securities at June 30, 2012 and December 31, 2011, by contractual or expected maturity periods. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	June 30, 2012				December 31, 2011
	Amortized		Estimated		Amortized		Estimated
	Cost		Fair Value		Cost		Fair Value
	(Dollars in Thousands)
Due in one year or less	$	8,950	$	9,056	$	8,284	$	8,376
Due after one through five years		53,209		54,689		47,294		48,314
Due after five through ten years		36,460		38,308		36,525		37,448
Due after ten years		14,457		15,266		16,991		17,588
Total	$	113,076	$	117,319	$	109,094	$	111,726

Investment income

The table below sets forth investment results for the three months ended June 30, 2012 and 2011.

	Three Months Ended June 30,
	2012			2011
	(Dollars in Thousands)
Interest on debt securities	$	850		$	957
Dividends on equity securities		84			96
Interest on cash and cash equivalents		1			1
Total investment income	$	935		$	1,054
Net realized (losses) gains	$	(218	)	$	442

The table below sets forth investment results for the six months ended June 30, 2012 and 2011.

	Six Months Ended June 30,
	2012			2011
	(Dollars in Thousands)
Interest on debt securities	$	1,724		$	1,855
Dividends on equity securities		166			166
Interest on cash and cash equivalents		6			2
Total investment income	$	1,896		$	2,023
Net realized (losses) gains	$	(228	)	$	339

Net realized and unrealized investment gains (losses)

The table below sets forth a summary of net realized and unrealized investment gains (losses) during the three months ended June 30, 2012 and 2011.

	Three Months Ended June 30,
	2012			2011
	(Dollars in Thousands)
Net realized (losses) gains
Debt securities	$	206		$	200
Equity securities		(424	)		242
Total	$	(218	)	$	442
Net unrealized gains
Debt securities	$	3,991		$	1,193
Equity securities		436			855
Total	$	4,427		$	2,048

The table below sets forth a summary of net realized and unrealized investment gains (losses) during the six months ended June 30, 2012 and 2011.

	Six Months Ended June 30,
	2012			2011
	(Dollars in Thousands)
Net realized (losses) gains
Debt securities	$	233		$	(7	)
Equity securities		(461	)		346
Total	$	(228	)	$	339
Net unrealized gains
Debt securities	$	3,991		$	1,193
Equity securities		436			855
Total	$	4,427		$	2,048