Investments (Tables)

9 Months Ended

Sep. 30, 2015

Investments [Abstract]

Summary of Investments by Type

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

	September 30, 2015					December 31, 2014
	Carrying Amount		Percent of Total			Carrying Amount		Percent of Total
	(Dollars in Thousands)
Debt securities, at fair value:
United States government obligations and authorities	$	65,994		17.08	%	$	62,323		18.84	%
Obligations of states and political subdivisions		108,597		28.11	%		91,614		27.70	%
Corporate		155,324		40.20	%		119,024		35.99	%
International		12,000		3.11	%		11,138		3.37	%
		341,915		88.50	%		284,099		85.90	%
Debt securities, at amortized cost:
United States government obligations and authorities		4,221		1.09	%		4,490		1.36	%
Corporate		2,101		0.54	%		2,681		0.81	%
International		65		0.02	%		246		0.07	%
		6,387		1.65	%		7,417		2.24	%
Total debt securities		348,302		90.15	%		291,516		88.14	%
Equity securities, at fair value:		38,086		9.85	%		39,247		11.86	%
Total investments	$	386,388		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 September 30, 2015 and 2014.

	Three Months Ended September 30,
	2015					2014
	Gains (Losses)			Fair Value at Sale		Gains (Losses)			Fair Value at Sale
	(Dollars in Thousands)
Debt securities	$	226		$	21,843	$	241		$	16,413
Equity securities		1,847			4,226		453			1,642
Total realized gains		2,073			26,069		694			18,055
Debt securities		(178	)		9,744		(20	)		1,627
Equity securities		(769	)		3,306		(15	)		118
Total realized losses		(947	)		13,050		(35	)		1,745
Net realized gains on investments	$	1,126		$	39,119	$	659		$	19,800

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

	Nine Months Ended September 30,
	2015					2014
	Gains (Losses)			Fair Value at Sale		Gains (Losses)			Fair Value at Sale
	(Dollars in Thousands)
Debt securities	$	973		$	71,869	$	533		$	38,657
Equity securities		4,189			9,985		4,013			12,595
Total realized gains		5,162			81,854		4,546			51,252
Debt securities		(504	)		39,926		(118	)		8,333
Equity securities		(915	)		3,959		(381	)		1,639
Total realized losses		(1,419	)		43,885		(499	)		9,972
Net realized gains on investments	$	3,743		$	125,739	$	4,047		$	61,224

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 September 30, 2015 and December 31, 2014 is as follows.

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(Dollars in Thousands)
September 30, 2015
Debt Securities - Available-For-Sale:
United States government obligations and authorities	$	64,876	$	1,233	$	115	$	65,994
Obligations of states and political subdivisions		107,211		1,428		42		108,597
Corporate		154,469		1,625		770		155,324
International		12,104		55		159		12,000
	$	338,660	$	4,341	$	1,086	$	341,915
Debt Securities - Held-To-Maturity:
United States government obligations and authorities	$	4,221	$	51	$	184	$	4,088
Corporate		2,101		25		6		2,120
International		65		-		-		65
	$	6,387	$	76	$	190	$	6,273
Equity securities - common stocks	$	33,605	$	6,391	$	1,910	$	38,086
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 September 30, 2015.

	Unrealized Losses		Less than 12 months		12 months or longer
	(Dollars in Thousands)
Debt securities:
United States government obligations and authorities	$	115	$	95	$	20
Obligations of states and political subdivisions		42		42		-
Corporate		770		740		30
International		159		159		-
		1,086		1,036		50
Equity securities:
Common stocks		1,910		1,881		29
Total debt and equity securities	$	2,996	$	2,917	$	79

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 September 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.

	September 30, 2015				December 31, 2014
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
	(Dollars in Thousands)
Due in one year or less	$	19,635	$	19,659	$	16,777	$	16,797
Due after one through five years		188,397		190,047		173,236		174,273
Due after five through ten years		136,989		138,449		98,404		100,259
Due after ten years		26		33		26		33
Total	$	345,047	$	348,188	$	288,443	$	291,362

Investment Results

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

	Three Months Ended September 30,
	2015		2014
	(Dollars in Thousands)
Interest on debt securities	$	1,755	$	1,328
Dividends on equity securities		147		121
Interest on cash and cash equivalents		5		1
Total investment income	$	1,907	$	1,450

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

	Nine Months Ended September 30,
	2015		2014
	(Dollars in Thousands)
Interest on debt securities	$	4,713	$	3,432
Dividends on equity securities		381		324
Interest on cash and cash equivalents		60		2
Total investment income	$	5,154	$	3,758

Summary of Net Realized Investment Gains

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

	Three Months Ended September 30,
	2015		2014
	(Dollars in Thousands)
Net realized gains
Debt securities	$	48	$	221
Equity securities		1,078		438
Total	$	1,126	$	659

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

	Nine Months Ended September 30,
	2015		2014
	(Dollars in Thousands)
Net realized gains
Debt securities	$	469	$	415
Equity securities		3,274		3,632
Total	$	3,743	$	4,047

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

	Unrealized Gains
	September 30, 2015		December 31, 2014
	(Dollars in Thousands)
Net unrealized gains
Debt securities	$	3,255	$	3,078
Equity securities		4,481		9,339
Total	$	7,736	$	12,417