Investments (Tables)

3 Months Ended

Mar. 31, 2015

Investments [Abstract]

Schedule of investments

The following table summarizes, by type, our investments as of March 31, 2015 and December 31, 2014.

	March 31, 2015					December 31, 2014
	Carrying Amount		Percent of Total			Carrying Amount		Percent of Total
	(Dollars in Thousands)
Debt securities, at market:
United States government obligations and authorities	$	59,549		17.70	%	$	62,323		18.84	%
Obligations of states and political subdivisions		92,172		27.40	%		91,614		27.70	%
Corporate		125,021		37.18	%		119,024		35.99	%
International		11,451		3.40	%		11,138		3.37	%
		288,193		85.68	%		284,099		85.90	%
Debt securities, at amortized cost:
United States government obligations and authorities		4,564		1.36	%		4,490		1.36	%
Corporate		2,701		0.80	%		2,681		0.81	%
International		197		0.06	%		246		0.07	%
		7,462		2.22	%		7,417		2.24	%
Total debt securities		295,655		87.90	%		291,516		88.14	%
Equity securities, at market:		40,726		12.10	%		39,247		11.86	%
Total investments	$	336,381		100.00	%	$	330,763		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 March 31, 2015 and 2014.

	Three Months Ended March 31,
	2015					2014
	Gains (Losses)			Fair Value at Sale		Gains (Losses)			Fair Value at Sale
	(Dollars in Thousands)
Debt securities	$	515		$	34,860	$	135		$	9,668
Equity securities		1,395			3,084		1,610			4,815
Total realized gains		1,910			37,944		1,745			14,483
Debt securities		(103	)	$	15,072		(70	)		3,699
Equity securities		(103	)		459		(344	)		1,338
Total realized losses		(206	)		15,531		(414	)		5,037
Net realized gains on investments	$	1,704		$	53,475	$	1,331		$	19,520

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 March 31, 2015 and December 31, 2014 is as follows.

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(Dollars in Thousands)
March 31, 2015
Debt Securities  - Available-For-Sale:
United States government obligations and authorities	$	58,136	$	1,466	$	53	$	59,549
Obligations of states and political subdivisions		91,125		1,102		55		92,172
Corporate		122,736		2,396		111		125,021
International		11,340		118		7		11,451
	$	283,337	$	5,082	$	226	$	288,193
Debt Securities  - Held-To-Maturity:
United States government obligations and authorities	$	4,564	$	54	$	131	$	4,487
Corporate		2,701		52		1		2,752
International		197		3		-		200
	$	7,462	$	109	$	132	$	7,439
Equity securities - common stocks	$	31,200	$	10,231	$	705	$	40,726
December 31, 2014
Debt Securities  - Available-For-Sale:
United States government obligations and authorities	$	61,376	$	1,022	$	75	$	62,323
Obligations of states and political subdivisions		90,728		956		70		91,614
Corporate		117,778		1,578		332		119,024
International		11,139		53		54		11,138
	$	281,021	$	3,609	$	531	$	284,099
Debt Securities  - Held-To-Maturity:
United States government obligations and authorities	$	4,490	$	41	$	225	$	4,306
Corporate		2,681		31		5		2,707
International		246		1		1		246
	$	7,417	$	73	$	231	$	7,259
Equity securities - common stocks	$	29,908	$	9,836	$	497	$	39,247

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 March 31, 2015.

	Unrealized Losses		Less than 12 months		12 months or longer
	(Dollars in Thousands)
Debt securities:
United States government obligations and authorities	$	54	$	49	$	5
Obligations of states and political subdivisions		55		55		-
Corporate		111		68		43
International		5		5		-
		225		177		48
Equity securities:
Common stocks		706		672		34
Total debt and equity securities	$	931	$	849	$	82

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, 2014.

	Unrealized Losses		Less than 12 months		12 months or longer
	(Dollars in Thousands)
Debt securities:
United States government obligations and authorities	$	75	$	22	$	53
Obligations of states and political subdivisions		70		66		4
Corporate		332		260		72
International		54		54		-
		531		402		129
Equity securities:
Common stocks		497		461		36
Total debt and equity securities	$	1,028	$	863	$	165

Investments classified by contractual maturity date

Below is a summary of debt securities at March 31, 2015 and December 31, 2014, 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.

	March 31, 2015				December 31, 2014
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
	(Dollars in Thousands)
Due in one year or less	$	17,357	$	17,355	$	16,777	$	16,797
Due after one through five years		169,008		170,974		173,236		174,273
Due after five through ten years		104,439		107,274		98,404		100,259
Due after ten years		26		33		26		33
Total	$	290,830	$	295,636	$	288,443	$	291,362

Investment income

The table below sets forth investment results for the three months ended March 31, 2015 and 2014.

	Three Months Ended March 31,
	2015		2014
	(Dollars in Thousands)
Interest on debt securities	$	1,342	$	895
Dividends on equity securities		106		111
Interest on cash and cash equivalents		98		1
Total investment income	$	1,546	$	1,007
Net realized gains	$	1,704	$	1,331

Net realized and unrealized investment gains

The table below sets forth a summary of net realized investment gains during the three months ended March 31, 2015 and 2014.

	Three Months Ended March 31,
	2015		2014
	(Dollars in Thousands)
Net realized gains
Debt securities	$	412	$	65
Equity securities		1,292		1,266
Total	$	1,704	$	1,331

The table below sets forth a summary of net unrealized investment gains as of March 31, 2015 and December 31, 2014.

	Unrealized Gains
	March 31, 2015		December 31, 2014
	(Dollars in Thousands)
Net unrealized gains
Debt securities	$	4,856	$	3,078
Equity securities		9,526		9,339
Total	$	14,382	$	12,417