Investments (Tables)

6 Months Ended

Jun. 30, 2014

Investments [Abstract]

Schedule of investments

The following table summarizes, by type, our investments as of June 30, 2014 and December 31, 2013.

	June 30, 2014					December 31, 2013
	Carrying		Percent			Carrying		Percent
	Amount		of Total			Amount		of Total
			(Dollars in Thousands)
Debt securities, at market:
United States government obligations and authorities	$	43,823		15.00	%	$	27,209		12.33	%
Obligations of states and political subdivisions		78,100		26.74	%		52,064		23.59	%
Corporate		115,187		39.44	%		91,941		41.66	%
International		10,837		3.71	%		3,698		1.68	%
		247,947		84.89	%		174,912		79.26	%
Debt securities, at amortized cost:
United States government obligations and authorities		4,257		1.46	%		4,630		2.10	%
Corporate		2,979		1.02	%		2,475		1.12	%
International		262		0.09	%		109		0.05	%
		7,498		2.57	%		7,214		3.27	%
Total debt securities		255,445		87.46	%		182,126		82.53	%
Equity securities, at market:		36,630		12.54	%		38,584		17.47	%
Total investments	$	292,075		100.00	%	$	220,710		100.00	%

Realized gains (losses) for debt and equity securities

The following table shows the realized gains (losses) for debt and equity securities for the three months ended June 30, 2014 and 2013.

	Three Months Ended June 30,
	2014					2013
	Gains			Fair Value		Gains			Fair Value
	(Losses)			at Sale		(Losses)			at Sale
				(Dollars in Thousands)
Debt securities	$	157		$	12,576	$	260		$	8,134
Equity securities		1,949			6,138		973			3,365
Total realized gains		2,106			18,714		1,233			11,499
Debt securities		(28	)		3,007		(91	)		6,555
Equity securities		(22	)		183		(255	)		955
Total realized losses		(50	)		3,190		(346	)		7,510
Net realized gains on investments	$	2,056		$	21,904	$	887		$	19,009

The following table shows the realized gains (losses) for debt and equity securities for the six months ended June 30, 2014 and 2013.

	Six Months Ended June 30,
	2014					2013
	Gains			Fair Value		Gains			Fair Value
	(Losses)			at Sale		(Losses)			at Sale
				(Dollars in Thousands)
Debt securities	$	292		$	22,244	$	1,393		$	30,735
Equity securities		3,560			10,953		1,162			4,444
Total realized gains		3,852			33,197		2,555			35,179
Debt securities		(98	)		6,706		(500	)		23,031
Equity securities		(366	)		1,521		(355	)		1,578
Total realized losses		(464	)		8,227		(855	)		24,609
Net realized gains on investments	$	3,388		$	41,424	$	1,700		$	59,788

Summary of the amortized cost, estimated fair value and gross unrealized gains and losses of debt and equity securities

A summary of the amortized cost, estimated fair value and gross unrealized gains and losses of debt and equity securities at June 30, 2014 and December 31, 2013 is as follows.

			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
	Cost		Gains		Losses		Fair Value
			(Dollars in Thousands)
June 30, 2014
Debt Securities - Available-For-Sale:
United States government obligations and authorities	$	43,322	$	591	$	90	$	43,823
Obligations of states and political subdivisions		77,191		937		28		78,100
Corporate		113,018		2,275		106		115,187
International		10,755		91		9		10,837
	$	244,286	$	3,894	$	233	$	247,947
Debt Securities - Held-To-Maturity:
United States government obligations and authorities	$	4,257	$	36	$	176	$	4,117
Corporate		2,979		53		1		3,031
International		262		2		1		263
	$	7,498	$	91	$	178	$	7,411
Equity securities - common stocks	$	28,487	$	8,407	$	264	$	36,630
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

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, 2014.

	Unrealized Losses		Less than 12 months		12 months or longer
			(Dollars in Thousands)
Debt securities:
United States government obligations and authorities	$	90	$	1	$	89
Obligations of states and political subdivisions		28		12		16
Corporate		106		23		83
International		9		9		-
		233		45		188
Equity securities:
Common stocks		264		254		10
Total debt and equity securities	$	497	$	299	$	198

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, 2013.

	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 June 30, 2014 and December 31, 2013, 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, 2014				December 31, 2013
	Amortized		Estimated		Amortized		Estimated
	Cost		Fair Value		Cost		Fair Value
			(Dollars in Thousands)
Due in one year or less	$	14,999	$	15,060	$	5,161	$	5,181
Due after one through five years		153,641		155,455		113,027		113,561
Due after five through ten years		83,118		84,810		62,656		62,220
Due after ten years		26		33		881		874
Total	$	251,784	$	255,358	$	181,725	$	181,836

Investment income

The table below sets forth investment results for the three months ended June 30, 2014 and 2013.

	Three Months Ended June 30,
	2014		2013
	(Dollars in Thousands)
Interest on debt securities	$	1,209	$	654
Dividends on equity securities		92		132
Interest on cash and cash equivalents		1		2
Total investment income	$	1,302	$	788
Net realized gains	$	2,056	$	887

The table below sets forth investment results for the six months ended June 30, 2014 and 2013.

	Six Months Ended June 30,
	2014		2013
	(Dollars in Thousands)
Interest on debt securities	$	2,104	$	1,369
Dividends on equity securities		203		211
Interest on cash and cash equivalents		1		2
Total investment income	$	2,308	$	1,582
Net realized gains	$	3,388	$	1,700

Net realized and unrealized investment gains

The table below sets forth a summary of net realized investment gains during the three months ended June 30, 2014 and 2013.

	Three Months Ended June 30,
	2014		2013
	(Dollars in Thousands)
Net realized gains
Debt securities	$	129	$	169
Equity securities		1,927		718
Total	$	2,056	$	887

The table below sets forth a summary of net realized investment gains during the six months ended June 30, 2014 and 2013.

	Six Months Ended June 30,
	2014		2013
	(Dollars in Thousands)
Net realized gains
Debt securities	$	194	$	893
Equity securities		3,194		807
Total	$	3,388	$	1,700

The table below sets forth a summary of net unrealized investment gains as of June 30, 2014 and December 31, 2013.

	Unrealized Gains
	June 30, 2014		December 31, 2013
	(Dollars in Thousands)
Net unrealized gains
Debt securities	$	3,661	$	401
Equity securities		8,143		9,161
Total	$	11,804	$	9,562