Investments (Tables)

9 Months Ended

Sep. 30, 2014

Investments [Abstract]

Schedule of investments

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

	September 30, 2014					December 31, 2013
	Carrying Amount		Percent of Total			Carrying Amount		Percent of Total
	(Dollars in Thousands)
Debt securities, at market:
United States government obligations and authorities	$	55,643		17.43	%	$	27,209		12.33	%
Obligations of states and political subdivisions		91,641		28.71	%		52,064		23.59	%
Corporate		117,150		36.70	%		91,941		41.66	%
International		10,953		3.43	%		3,698		1.68	%
		275,387		86.27	%		174,912		79.26	%
Debt securities, at amortized cost:
United States government obligations and authorities		4,433		1.39	%		4,630		2.10	%
Corporate		2,673		0.84	%		2,475		1.12	%
International		246		0.08	%		109		0.05	%
		7,352		2.31	%		7,214		3.27	%
Total debt securities		282,739		88.58	%		182,126		82.53	%
Equity securities, at market:		36,463		11.42	%		38,584		17.47	%
Total investments	$	319,202		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 September 30, 2014 and 2013.

	Three Months Ended September 30,
	2014					2013
	Gains (Losses)			Fair Value at Sale		Gains (Losses)			Fair Value at Sale
	(Dollars in Thousands)
Debt securities	$	241		$	16,413	$	202		$	6,183
Equity securities		453			1,642		1,274			5,619
Total realized gains		694			18,055		1,476			11,802
Debt securities		(20	)		1,627		(421	)		14,462
Equity securities		(15	)		118		(275	)		1,471
Total realized losses		(35	)		1,745		(696	)		15,933
Net realized gains on investments	$	659		$	19,800	$	780		$	27,735

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

	Nine Months Ended September 30,
	2014					2013
	Gains (Losses)			Fair Value at Sale		Gains (Losses)			Fair Value at Sale
	(Dollars in Thousands)
Debt securities	$	533		$	38,657	$	1,595		$	36,918
Equity securities		4,013			12,595		2,437			10,063
Total realized gains		4,546			51,252		4,032			46,981
Debt securities		(118	)		8,333		(922	)		37,493
Equity securities		(381	)		1,639		(630	)		3,049
Total realized losses		(499	)		9,972		(1,552	)		40,542
Net realized gains on investments	$	4,047		$	61,224	$	2,480		$	87,523

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 September 30, 2014 and December 31, 2013 is as follows.

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(Dollars in Thousands)
September 30, 2014
Debt Securities  - Available-For-Sale:
United States government obligations and authorities	$	55,371	$	469	$	197	$	55,643
Obligations of states and political subdivisions		90,597		1,091		47		91,641
Corporate		115,833		1,613		296		117,150
International		10,909		57		13		10,953
	$	272,710	$	3,230	$	553	$	275,387
Debt Securities  - Held-To-Maturity:
United States government obligations and authorities	$	4,433	$	31	$	243	$	4,221
Corporate		2,673		33		2		2,704
International		246		1		1		246
	$	7,352	$	65	$	246	$	7,171
Equity securities - common stocks	$	29,220	$	7,886	$	643	$	36,463
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 September 30, 2014.

	Unrealized Losses		Less than 12 months		12 months or longer
	(Dollars in Thousands)
Debt securities:
United States government obligations and authorities	$	197	$	89	$	108
Obligations of states and political subdivisions		47		39		8
Corporate		296		188		108
International		13		13		-
		553		329		224
Equity securities:
Common stocks		643		614		29
Total debt and equity securities	$	1,196	$	943	$	253

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 September 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.

	September 30, 2014				December 31, 2013
	Amortized		Estimated		Amortized		Estimated
	Cost		Fair Value		Cost		Fair Value
	(Dollars in Thousands)
Due in one year or less	$	13,702	$	13,734	$	5,161	$	5,181
Due after one through five years		176,615		177,950		113,027		113,561
Due after five through ten years		89,719		90,841		62,656		62,220
Due after ten years		26		33		881		874
Total	$	280,062	$	282,558	$	181,725	$	181,836

Investment income

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

	Three Months Ended September 30,
	2014		2013
	(Dollars in Thousands)
Interest on debt securities	$	1,328	$	691
Dividends on equity securities		121		108
Interest on cash and cash equivalents		1		1
Total investment income	$	1,450	$	800
Net realized gains	$	659	$	780

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

	Nine Months Ended September 30,
	2014		2013
	(Dollars in Thousands)
Interest on debt securities	$	3,432	$	2,059
Dividends on equity securities		324		320
Interest on cash and cash equivalents		2		3
Total investment income	$	3,758	$	2,382
Net realized gains	$	4,047	$	2,480

Net realized and unrealized investment gains

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

	Three Months Ended September 30,
	2014		2013
	(Dollars in Thousands)
Net realized gains (losses)
Debt securities	$	221	$	(219	)
Equity securities		438		999
Total	$	659	$	780

The table below sets forth a summary of net realized investment gainsduring the nine months ended September 30, 2014 and 2013.

	Nine Months Ended September 30,
	2014		2013
	(Dollars in Thousands)
Net realized gains
Debt securities	$	415	$	673
Equity securities		3,632		1,807
Total	$	4,047	$	2,480

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

	Unrealized Gains
	September 30, 2014		December 31, 2013
	(Dollars in Thousands)
Net unrealized gains
Debt securities	$	2,677	$	401
Equity securities		7,243		9,161
Total	$	9,920	$	9,562