Investments (Tables)

9 Months Ended

Sep. 30, 2012

Investments [Abstract]

Schedule of investments

	September 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	$	37,928		26.15	%	$	37,217		28.75	%
Obligations of states and political subdivisions		3,467		2.39	%		2,303		1.77	%
Corporate		72,836		50.22	%		63,268		48.87	%
International		2,275		1.57	%		1,523		1.18	%
		116,506		80.33	%		104,311		80.57	%
Debt securities, at amortized cost:
Corporate		1,328		0.92	%		962		0.74	%
United States government obligations and authorities		6,127		4.22	%		6,166		4.76	%
		7,455		5.14	%		7,128		5.50	%
Total debt securities		123,961		85.47	%		111,439		86.07	%
Equity securities, at market:		21,070		14.53	%		18,028		13.93	%
Total investments	$	145,031		100.00	%	$	129,467		100.00	%

Realized gains (losses)

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

	Three Months Ended September 30,
	2012					2011
	Gains			Fair Value		Gains			Fair Value
	(Losses)			at Sale		(Losses)			at Sale
	(Dollars in Thousands)
Debt securities	$	410		$	9,716	$	620		$	10,177
Equity securities		145			1,349		273			1,502
Total realized gains		555			11,065		893			11,679
Debt securities		(56	)		1,637		(10	)		213
Equity securities		(354	)		682		(170	)		492
Total realized losses		(410	)		2,319		(180	)		705
Net realized gains on investments	$	145		$	13,384	$	713		$	12,384

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

	Nine Months Ended September 30,
	2012					2011
	Gains			Fair Value		Gains			Fair Value
	(Losses)			at Sale		(Losses)			at Sale
	(Dollars in Thousands)
Debt securities	$	958		$	27,760	$	1,045		$	39,630
Equity securities		805			5,437		1,010			5,751
Total realized gains		1,763			33,197		2,055			45,381
Debt securities		(371	)		11,050		(442	)		14,046
Equity securities		(1,475	)		6,073		(561	)		3,019
Total realized losses		(1,846	)		17,123		(1,003	)		17,065
Net realized (losses) gains on investments	$	(83	)	$	50,320	$	1,052		$	62,446

Unrealized gain (loss)

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

			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
	Cost		Gains		Losses		Fair Value
	(Dollars in Thousands)
September 30, 2012
Debt Securities  - Available-For-Sale:
United States government obligations and authorities	$	36,721	$	1,229	$	22	$	37,928
Obligations of states and political  subdivisions		3,294		174		1		3,467
Corporate		68,622		4,227		13		72,836
International		2,187		89		1		2,275
	$	110,824	$	5,719	$	37	$	116,506
Debt Securities  - Held-To-Maturity:
United States government obligations  and authorities	$	6,127	$	182	$	1	$	6,308
Corporate		1,328		75		-		1,403
	$	7,455	$	257	$	1	$	7,711
Equity securities - common stocks	$	19,142	$	2,581	$	653	$	21,070
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 September 30, 2012.

	Unrealized Losses		Less than 12 months		12 months or longer
	(Dollars in Thousands)
Debt securities:
United States government obligations          and authorities	$	22	$	22	$	-
Obligations of states and political subdivisions		1		1		-
Corporate		13		7		6
International		1		1		-
		37		31		6
Equity securities:
Common stocks		653		440		213
Total debt and equity securities	$	690	$	471	$	219

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 September 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.

	September 30, 2012				December 31, 2011
	Amortized		Estimated		Amortized		Estimated
	Cost		Fair Value		Cost		Fair Value
	(Dollars in Thousands)
Due in one year or less	$	7,222	$	7,308	$	8,284	$	8,376
Due after one through five years		55,689		57,837		47,294		48,314
Due after five through ten years		36,812		39,219		36,525		37,448
Due after ten years		18,556		19,853		16,991		17,588
Total	$	118,279	$	124,217	$	109,094	$	111,726

Investment income

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

	Three Months Ended September 30,
	2012		2011
	(Dollars in Thousands)
Interest on debt securities	$	839	$	950
Dividends on equity securities		113		80
Interest on cash and cash equivalents		1		1
Total investment income	$	953	$	1,031
Net realized gains	$	145	$	713

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

	Nine Months Ended September 30,
	2012			2011
	(Dollars in Thousands)
Interest on debt securities	$	2,563		$	2,805
Dividends on equity securities		279			246
Interest on cash and cash equivalents		7			3
Total investment income	$	2,849		$	3,054
Net realized (losses) gains	$	(83	)	$	1,052

Net realized and unrealized investment gains (losses)

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

	Three Months Ended September 30,
	2012			2011
	(Dollars in Thousands)
Net realized gains
Debt securities	$	354		$	610
Equity securities		(209	)		103
Total	$	145		$	713
Net unrealized gains
Debt securities	$	5,682		$	3,877
Equity securities		1,928			(3,183	)
Total	$	7,610		$	694

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

	Nine Months Ended September 30,
	2012			2011
	(Dollars in Thousands)
Net realized (losses) gains
Debt securities	$	587		$	603
Equity securities		(670	)		449
Total	$	(83	)	$	1,052
Net unrealized gains
Debt securities	$	5,682		$	5,070
Equity securities		1,928			(2,328	)
Total	$	7,610		$	2,742