INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2016

INVESTMENTS [Abstract]

Summary of Amortized Cost and Fair Value of Debt and Equity Securities

The amortized cost and the fair value of debt and equity securities as of March 31, 2016 and December 31, 2015 are summarized as follows:

	Amortized Cost or Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in thousands)
March 31, 2016
Debt Securities  - available-for-sale:
United States government obligations and authorities	$	52,406	$	1,075	$	8	$	53,473
Obligations of states and political subdivisions		122,143		2,206		39		124,310
Corporate		146,571		2,854		499		148,926
International		12,448		176		88		12,536
		333,568		6,311		634		339,245
Debt Securities  - held-to-maturity:
United States government obligations and authorities		4,238		65		82		4,221
Corporate		1,849		33		6		1,876
International		131		4		-		135
		6,218		102		88		6,232
Equity securities		36,312		6,297		1,779		40,830
Total investments	$	376,098	$	12,710	$	2,501	$	386,307

	Amortized Cost or Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in thousands)
December 31, 2015
Debt Securities  - available-for-sale:
United States government obligations and authorities	$	61,384	$	489	$	320	$	61,553
Obligations of states and political subdivisions		109,152		1,590		40		110,702
Corporate		154,957		1,153		1,490		154,620
International		12,528		18		243		12,303
		338,021		3,250		2,093		339,178
Debt Securities  - held-to-maturity:
United States government obligations and authorities		4,275		30		204		4,101
Corporate		2,253		14		20		2,247
International		91		-		-		91
		6,619		44		224		6,439
Equity securities		33,581		6,809		1,856		38,534
Total investments	$	378,221	$	10,103	$	4,173	$	384,151

Summary of Debt Securities, Contractual Maturity

The amortized cost and estimated fair value of debt securities as of March 31, 2016 and December 31, 2015 by contractual maturity are shown below.  Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	March 31, 2016				December 31, 2015
Securities with maturity dates:	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(in thousands)
Debt securities, available-for-sale:
One year or less	$	30,152	$	30,177	$	24,470	$	24,488
Over one through five years		173,698		175,777		170,797		171,113
Over five through ten years		129,692		133,258		142,728		143,545
Over ten years		26		33		26		32
		333,568		339,245		338,021		339,178
Debt securities, held-to-maturity:
One year or less		478		480		486		487
Over one through five years		1,927		1,976		1,899		1,915
Over five through ten years		3,813		3,776		4,234		4,037
		6,218		6,232		6,619		6,439
Total	$	339,786	$	345,477	$	344,640	$	345,617

Net Investment Income

Net investment income was as follows:

	Three Months Ended March 31,
	2016		2015
	(in thousands)
Interest income	$	1,853	$	1,440
Dividends income		187		106
Net investment income	$	2,040	$	1,546

Net Realized Gains and Losses

The amount of gross realized gains and losses were as follows:

	Three Months Ended March 31,
	2016			2015
	(in thousands)
Gross realized gains:
Debt securities	$	1,304		$	515
Equity securities		738			1,395
Total gross realized gains		2,042			1,910
Gross realized losses:
Debt securities		(540	)		(103	)
Equity securities		(575	)		(103	)
Total gross realized losses		(1,115	)		(206	)
Net realized gains on investments	$	927		$	1,704

Gross Unrealized Losses and Fair Values for Debt and Equity Securities in Continuous Unrealized Loss Position

As of March 31, 2016 and December 31, 2015, gross unrealized losses and related fair values for debt and equity securities, grouped by duration of time in a continuous unrealized loss position, were as follows:

	Less than 12 months				12 months or longer				Total
March 31, 2016	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
					(in thousands)
Debt securities:
United States government obligations and authorities	$	1,058	$	2	$	660	$	6	$	1,718	$	8
Obligations of states and political subdivisions		15,750		38		1,032		1		16,782		39
Corporate		31,204		466		2,935		33		34,139		499
International		2,092		60		603		28		2,695		88
		50,104		566		5,230		68		55,334		634
Equity securities		10,905		1,777		25		2		10,930		1,779
Total investments	$	61,009	$	2,343	$	5,255	$	70	$	66,264	$	2,413

	Less than 12 months				12 months or longer				Total
December 31, 2015	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
					(in thousands)
Debt securities:
United States government obligations and authorities	$	30,464	$	303	$	659	$	17	$	31,123	$	320
Obligations of states and political subdivisions		16,652		40		-		-		16,652		40
Corporate		87,176		1,420		3,590		70		90,766		1,490
International		8,660		191		281		52		8,941		243
		142,952		1,954		4,530		139		147,482		2,093
Equity securities		11,790		1,850		84		6		11,874		1,856
Total investments	$	154,742	$	3,804	$	4,614	$	145	$	159,356	$	3,949