INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2013

INVESTMENTS [Abstract]

Schedule of investments

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

	December 31, 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	$	27,209		12.33	%	$	27,392		21.06	%
Obligations of states and political subdivisions		52,064		23.59	%		3,939		3.03	%
Corporate		91,941		41.66	%		67,313		51.74	%
International		3,698		1.68	%		3,111		2.39	%
		174,912		79.26	%		101,755		78.22	%
Debt securities, at amortized cost:
United States government obligations and authorities		4,630		2.10	%		6,016		4.62	%
Corporate		2,475		1.12	%		1,203		0.92	%
International		109		0.05	%		140		0.11	%
		7,214		3.27	%		7,359		5.65	%
Total debt securities		182,126		82.53	%		109,114		83.87	%
Equity securities, at market:		38,584		17.47	%		20,982		16.13	%
Total investments	$	220,710		100.00	%	$	130,096		100.00	%

Realized gains (losses)

The following table shows the realized gains (losses) for debt and equity securities for the years ended December 31, 2013 and 2012.

	Years Ended December 31,
	2013					2012
	Gains			Fair Value		Gains			Fair Value
	(Losses)			at Sale		(Losses)			at Sale
	(Dollars in Thousands)
Debt securities	$	1,690		$	41,256	$	1,783		$	50,950
Equity securities		2,858			12,052		1,403			6,709
Total realized gains		4,548			53,308		3,186			57,659
Debt securities		(1,001	)		43,239		(391	)		13,291
Equity securities		(666	)		3,564		(1,723	)		6,560
Total realized losses		(1,667	)		46,803		(2,114	)		19,851
Net realized gains on investments	$	2,881		$	100,111	$	1,072		$	77,510

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, 2013 and 2012 is as follows.

			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
	Cost		Gains		Losses		Fair Value
	(Dollars in Thousands)
December 31, 2013
Debt Securities  - Available-For-Sale:
United States government obligations and authorities	$	27,422	$	186	$	399	$	27,209
Obligations of states and political subdivisions		51,883		303		122		52,064
Corporate		91,475		1,233		767		91,941
International		3,731		5		38		3,698
	$	174,511	$	1,727	$	1,326	$	174,912
Debt Securities  - Held-To-Maturity:
United States government obligations and authorities	$	4,630	$	32	$	326	$	4,336
Corporate		2,475		22		17		2,480
International		109		-		1		108
	$	7,214	$	54	$	344	$	6,924
Equity securities - common stocks	$	29,423	$	9,436	$	275	$	38,584
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 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	$	399	$	391	$	8
Obligations of states and political subdivisions		122		122		-
Corporate		767		761		6
International		38		38		-
		1,326		1,312		14
Equity securities:
Common stocks		275		148		127
Total debt and equity securities	$	1,601	$	1,460	$	141

Investments classified by contractual maturity date

Below is a summary of debt securities at December 31, 2013 and 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.

	December 31, 2013				December 31, 2012
	Amortized		Estimated		Amortized		Estimated
	Cost		Fair Value		Cost		Fair Value
	(Dollars in Thousands)
Due in one year or less	$	5,161	$	5,181	$	2,925	$	2,944
Due after one through five years		113,027		113,561		49,826		51,523
Due after five through ten years		62,656		62,220		35,070		37,182
Due after ten years		881		874		16,659		17,660
Total	$	181,725	$	181,836	$	104,480	$	109,309

Investment income

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

	Years Ended December 31,
	2013			2012			2011
	(Dollars in Thousands)
Interest on debt securities		$	2,850		$	3,380		$	3,681
Dividends on equity securities			478			436			394
Interest on cash and cash equivalents			4			3			4
Total investment income		$	3,332		$	3,819		$	4,079
Net realized gains		$	2,881		$	1,072		$	2,725

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,
	2013		2012			2011
	(Dollars in Thousands)
Net realized gains
Debt securities	$	689	$	1,392		$	2,974
Equity securities		2,192		(320	)		(249	)
Total	$	2,881	$	1,072		$	2,725
Net unrealized gains
Debt securities	$	401	$	4,634		$	2,345
Equity securities		9,161		1,887			(939	)
Total	$	9,562	$	6,521		$	1,406