INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2012

INVESTMENTS [Abstract]

Schedule of investments

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

	December 31, 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	$	27,392		21.06	%	$	37,217		28.75	%
Obligations of states and political subdivisions		3,939		3.03	%		2,303		1.77	%
Corporate		67,313		51.74	%		63,268		48.87	%
International		3,111		2.39	%		1,523		1.18	%
		101,755		78.22	%		104,311		80.57	%
Debt securities, at amortized cost:
United States government obligations and authorities		6,016		4.62	%		6,166		4.76	%
Corporate		1,203		0.92	%		962		0.74	%
International		140		0.11	%		-		0.00	%
		7,359		5.65	%		7,128		5.50	%
Total debt securities		109,114		83.87	%		111,439		86.07	%
Equity securities, at market:		20,982		16.13	%		18,028		13.93	%
Total investments	$	130,096		100.00	%	$	129,467		100.00	%

Realized gains (losses)

The following table shows the realized gains (losses) for debt and equity securities for the years ended December 31, 2012 and 2011.

	Years Ended December 31,
	2012					2011
	Gains			Fair Value		Gains			Fair Value
	(Losses)			at Sale		(Losses)			at Sale
	(Dollars in Thousands)
Debt securities	$	1,783		$	50,950	$	3,569		$	66,680
Equity securities		1,403			6,709		1,240			8,305
Total realized gains		3,186			57,659		4,809			74,985
Debt securities		(391	)		13,291		(595	)		18,086
Equity securities		(1,723	)		6,560		(1,489	)		3,510
Total realized losses		(2,114	)		19,851		(2,084	)		21,596
Net realized gains on investments	$	1,072		$	77,510	$	2,725		$	96,581

Unrealized gain (loss)

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

			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
	Cost		Gains		Losses		Fair Value
	(Dollars in Thousands)
December 31, 2012
Debt Securities - Available-For-Sale:
United States government obligations and authorities	$	26,825	$	632	$	65	$	27,392
Obligations of states and political subdivisions		3,738		202		1		3,939
Corporate		63,553		3,794		34		67,313
International		3,005		107		1		3,111
	$	97,121	$	4,735	$	101	$	101,755
Debt Securities - Held-To-Maturity:
United States government obligations and authorities	$	6,016	$	149	$	12	$	6,153
Corporate		1,203		61		2		1,262
International		140		-		1		139
	$	7,359	$	210	$	15	$	7,554
Equity securities - common stocks	$	19,095	$	2,505	$	618	$	20,982
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 an unrealized loss position.

	Unrealized Losses		Less than 12 months		12 months or longer
	(Dollars in Thousands)
Debt securities:
United States government obligations
and authorities	$	65	$	65	$	-
Obligations of states and political subdivisions		1		1		-
Corporate		34		34		-
International		1		1		-
		101		101		-
Equity securities:
Common stocks		618		430		188
Total debt and equity securities	$	719	$	531	$	188

Investments classified by contractual maturity date

Below is a summary of debt securities at December 31, 2012 and 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.

	December 31, 2012				December 31, 2011
	Amortized		Estimated		Amortized		Estimated
	Cost		Fair Value		Cost		Fair Value
	(Dollars in Thousands)
Due in one year or less	$	2,925	$	2,944	$	8,284	$	8,376
Due after one through five years		49,826		51,523		47,294		48,314
Due after five through ten years		35,070		37,182		36,525		37,448
Due after ten years		16,659		17,660		16,991		17,588
Total	$	104,480	$	109,309	$	109,094	$	111,726

Investment income

The table below sets forth investment results for the periods indicated.

	Years Ended December 31,
	2012		2011		2010
	(Dollars in Thousands)
Interest on debt securities	$	3,380	$	3,681	$	3,224
Dividends on equity securities		436		394		491
Interest on cash and cash equivalents		3		4		11
Total investment income	$	3,819	$	4,079	$	3,726
Net realized gains	$	1,072	$	2,725	$	6,777

Net realized and unrealized investment gains (losses)

A summary of net realized investment gains and increases in net unrealized gains follows.

	Years Ended December 31,
	2012			2011			2010
	(Dollars in Thousands)
Net realized gains
Debt securities	$	1,392		$	2,974		$	4,275
Equity securities		(320	)		(249	)		2,502
Total	$	1,072		$	2,725		$	6,777
Net unrealized gains
Debt securities	$	4,634		$	2,345		$	143
Equity securities		1,887			(939	)		692
Total	$	6,521		$	1,406		$	835