Investments (Tables)

6 Months Ended

Jun. 30, 2013

Investments [Abstract]

Schedule of investments

The following table summarizes, by type, our investments as of June 30, 2013 and December 31, 2012.

	June 30, 2013					December 31, 2012
	Carrying		Percent			Carrying		Percent
	Amount		of Total			Amount		of Total
	(Dollars in Thousands)
Debt securities, at market:
United States government obligations and authorities	$	26,094		18.12	%	$	27,392		21.06	%
Obligations of states and political subdivisions		3,434		2.38	%		3,939		3.03	%
Corporate		73,570		51.11	%		67,313		51.74	%
International		3,114		2.16	%		3,111		2.39	%
		106,212		73.77	%		101,755		78.22	%
Debt securities, at amortized cost:
United States government obligations and authorities		5,183		3.60	%		6,016		4.62	%
Corporate		2,002		1.39	%		1,203		0.92	%
International		80		0.06	%		140		0.11	%
		7,265		5.05	%		7,359		5.65	%
Total debt securities		113,477		78.82	%		109,114		83.87	%
Equity securities, at market:		30,507		21.18	%		20,982		16.13	%
Total investments	$	143,984		100.00	%	$	130,096		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, 2013 and 2012.

	Three Months Ended June 30,
	2013					2012
	Gains			Fair Value		Gains			Fair Value
	(Losses)			at Sale		(Losses)			at Sale
	(Dollars in Thousands)
Debt securities	$	260		$	8,134	$	315		$	11,548
Equity securities		973			3,365		144			1,015
Total realized gains		1,233			11,499		459			12,563
Debt securities		(91	)		6,555		(109	)		4,371
Equity securities		(255	)		955		(568	)		3,725
Total realized losses		(346	)		7,510		(677	)		8,096
Net realized gains (losses) on investments	$	887		$	19,009	$	(218	)	$	20,659

The following table shows the realized gains (losses) for debt and equity securities for the six months ended June 30, 2013 and 2012.

	Six Months Ended June 30,
	2013					2012
	Gains			Fair Value		Gains			Fair Value
	(Losses)			at Sale		(Losses)			at Sale
	(Dollars in Thousands)
Debt securities	$	1,393		$	30,735	$	548		$	18,044
Equity securities		1,162			4,444		660			4,088
Total realized gains		2,555			35,179		1,208			22,132
Debt securities		(500	)		23,031		(315	)		9,413
Equity securities		(355	)		1,578		(1,121	)		5,391
Total realized losses		(855	)		24,609		(1,436	)		14,804
Net realized gains (losses) on investments	$	1,700		$	59,788	$	(228	)	$	36,936

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, 2013 and December 31, 2012 is as follows.

			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
	Cost		Gains		Losses		Fair Value
	(Dollars in Thousands)
June 30, 2013
Debt Securities  - Available-For-Sale:
United States government obligations and authorities	$	26,217	$	222	$	345	$	26,094
Obligations of states and political subdivisions		3,420		60		46		3,434
Corporate		73,131		1,338		899		73,570
International		3,166		3		55		3,114
	$	105,934	$	1,623	$	1,345	$	106,212
Debt Securities  - Held-To-Maturity:
United States government obligations and authorities	$	5,183	$	74	$	279	$	4,978
Corporate		2,002		18		19		2,001
International		80		-		2		78
	$	7,265	$	92	$	300	$	7,057
Equity securities - common stocks	$	26,591	$	4,702	$	786	$	30,507
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

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, 2013.

	Unrealized Losses		Less than 12 months		12 months or longer
	(Dollars in Thousands)
Debt securities:
United States government obligations and authorities	$	345	$	345	$	-
Obligations of states and political subdivisions		46		46		-
Corporate		899		899		-
International		55		55		-
		1,345		1,345		-
Equity securities:
Common stocks		786		425		361
Total debt and equity securities	$	2,131	$	1,770	$	361

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, 2012.

	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 June 30, 2013 and December 31, 2012, 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, 2013				December 31, 2012
	Amortized		Estimated		Amortized		Estimated
	Cost		Fair Value		Cost		Fair Value
	(Dollars in Thousands)
Due in one year or less	$	3,383	$	3,406	$	2,925	$	2,944
Due after one through five years		73,100		73,437		49,826		51,523
Due after five through ten years		35,985		35,670		35,070		37,182
Due after ten years		731		756		16,659		17,660
Total	$	113,199	$	113,269	$	104,480	$	109,309

Investment income

The table below sets forth investment results for the three months ended June 30, 2013 and 2012.

	Three Months Ended June 30,
	2013		2012
	(Dollars in Thousands)
Interest on debt securities	$	654	$	850
Dividends on equity securities		132		84
Interest on cash and cash equivalents		2		1
Total investment income	$	788	$	935
Net realized gains (losses)	$	887	$	(218	)

The table below sets forth investment results for the six months ended June 30, 2013 and 2012.

	Six Months Ended June 30,
	2013		2012
	(Dollars in Thousands)
Interest on debt securities	$	1,369	$	1,724
Dividends on equity securities		211		166
Interest on cash and cash equivalents		2		6
Total investment income	$	1,582	$	1,896
Net realized gains (losses)	$	1,700	$	(228	)

Net realized and unrealized investment gains (losses)

The table below sets forth a summary of net realized gains (losses) and unrealized investment gains during the three months ended June 30, 2013 and 2012.

	Three Months Ended June 30,
	2013		2012
	(Dollars in Thousands)
Net realized gains (losses)
Debt securities	$	169	$	206
Equity securities		718		(424	)
Total	$	887	$	(218	)
Net unrealized gains
Debt securities	$	277	$	3,991
Equity securities		3,917		436
Total	$	4,194	$	4,427

The table below sets forth a summary of net realized gains (losses) and unrealized investment gains during the six months ended June 30, 2013 and 2012.

	Six Months Ended June 30,
	2013		2012
	(Dollars in Thousands)
Net realized gains (losses)
Debt securities	$	893	$	233
Equity securities		807		(461	)
Total	$	1,700	$	(228	)
Net unrealized gains
Debt securities	$	277	$	3,991
Equity securities		3,917		436
Total	$	4,194	$	4,427