Investments (Tables)

6 Months Ended

Jun. 30, 2015

Investments [Abstract]

Summary of Investments by Type

The following table summarizes, by type, our investments as of June 30, 2015 and December 31, 2014.

	June 30, 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	$	67,829		18.53	%	$	62,323		18.84	%
Obligations of states and political subdivisions		100,284		27.40	%		91,614		27.70	%
Corporate		136,553		37.32	%		119,024		35.99	%
International		11,911		3.25	%		11,138		3.37	%
		316,577		86.50	%		284,099		85.90	%
Debt securities, at amortized cost:
United States government obligations and authorities		4,093		1.12	%		4,490		1.36	%
Corporate		2,219		0.61	%		2,681		0.81	%
International		125		0.03	%		246		0.07	%
		6,437		1.76	%		7,417		2.24	%
Total debt securities		323,014		88.26	%		291,516		88.14	%
Equity securities, at market:		43,003		11.74	%		39,247		11.86	%
Total investments	$	366,017		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 June 30, 2015 and 2014.

	Three Months Ended June 30,
	2015					2014
	Gains (Losses)			Fair Value at Sale		Gains (Losses)			Fair Value at Sale
	(Dollars in Thousands)
Debt securities	$	265		$	14,626	$	157		$	12,576
Equity securities		915			2,675		1,949			6,138
Total realized gains		1,180			17,301		2,106			18,714
Debt securities		(224	)		15,649		(28	)		3,007
Equity securities		(43	)		193		(22	)		183
Total realized losses		(267	)		15,842		(50	)		3,190
Net realized gains on investments	$	913		$	33,143	$	2,056		$	21,904

The following table shows the realized gains (losses) for debt and equity securities for the six months ended June 30, 2015 and 2014.

	Six Months Ended June 30,
	2015					2014
	Gains (Losses)			Fair Value at Sale		Gains (Losses)			Fair Value at Sale
	(Dollars in Thousands)
Debt securities	$	746		$	49,932	$	292		$	22,244
Equity securities		2,342			5,759		3,560			10,953
Total realized gains		3,088			55,691		3,852			33,197
Debt securities		(326	)		30,275		(98	)		6,706
Equity securities		(145	)		653		(366	)		1,521
Total realized losses		(471	)		30,928		(464	)		8,227
Net realized gains on investments	$	2,617		$	86,619	$	3,388		$	41,424

Summary of 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, 2015 and December 31, 2014 is as follows.

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(Dollars in Thousands)
June 30, 2015
Debt Securities  - Available-For-Sale:
United States government obligations and authorities	$	67,495	$	752	$	418	$	67,829
Obligations of states and political subdivisions		99,800		739		255		100,284
Corporate		136,049		1,266		762		136,553
International		11,948		58		95		11,911
	$	315,292	$	2,815	$	1,530	$	316,577
Debt Securities  - Held-To-Maturity:
United States government obligations and authorities	$	4,093	$	36	$	174	$	3,955
Corporate		2,219		25		4		2,240
International		125		1		1		125
	$	6,437	$	62	$	179	$	6,320
Equity securities - common stocks	$	33,882	$	10,111	$	989	$	43,004
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

Unrealized Investment Losses by Investment Class, Aged for Length of Time in 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, 2015.

	Unrealized Losses		Less than 12 months		12 months or longer
	(Dollars in Thousands)
Debt securities:
United States government obligations and authorities	$	418	$	401	$	17
Obligations of states and political subdivisions		255		255		-
Corporate		762		738		24
International		95		95		-
		1,530		1,489		41
Equity securities:
Common stocks		989		866		123
Total debt and equity securities	$	2,519	$	2,355	$	164

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

Summary of Debt Securities, by Contractual or Expected Maturity Periods

Below is a summary of debt securities at June 30, 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.

	June 30, 2015				December 31, 2014
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
	(Dollars in Thousands)
Due in one year or less	$	22,398	$	22,435	$	16,777	$	16,797
Due after one through five years		173,755		174,992		173,236		174,273
Due after five through ten years		123,587		123,471		98,404		100,259
Due after ten years		1,992		1,999		26		33
Total	$	321,732	$	322,897	$	288,443	$	291,362

Investment Results

The table below sets forth investment results for the three months ended June 30, 2015 and 2014.

	Three Months Ended June 30,
	2015			2014
	(Dollars in Thousands)
Interest on debt securities	$	1,616		$	1,209
Dividends on equity securities		128			92
Interest on cash and cash equivalents		(43	)		1
Total investment income	$	1,701		$	1,302
Net realized gains	$	913		$	2,056

The table below sets forth investment results for the six months ended June 30, 2015 and 2014.

	Six Months Ended June 30,
	2015		2014
	(Dollars in Thousands)
Interest on debt securities	$	2,959	$	2,104
Dividends on equity securities		234		203
Interest on cash and cash equivalents		55		1
Total investment income	$	3,248	$	2,308
Net realized gains	$	2,617	$	3,388

Summary of Net Realized Investment Gains

The table below sets forth a summary of net realized investment gains during the three months ended June 30, 2015 and 2014.

	Three Months Ended June 30,
	2015		2014
	(Dollars in Thousands)
Net realized gains
Debt securities	$	41	$	129
Equity securities		872		1,927
Total	$	913	$	2,056

The table below sets forth a summary of net realized investment gains during the six months ended June 30, 2015 and 2014.

	Six Months Ended June 30,
	2015		2014
	(Dollars in Thousands)
Net realized gains
Debt securities	$	420	$	194
Equity securities		2,197		3,194
Total	$	2,617	$	3,388

The table below sets forth a summary of net unrealized investment gains as of June 30, 2015 and December 31, 2014.

	Unrealized Gains
	June 30, 2015		December 31, 2014
	(Dollars in Thousands)
Net unrealized gains
Debt securities	$	1,285	$	3,078
Equity securities		9,122		9,339
Total	$	10,407	$	12,417