Investments (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
|---|
| Investments, Debt and Equity Securities [Abstract] |
|
| Schedule of Available-for-sale Securities |
The cost or amortized cost, gross unrealized gain or loss, and estimated fair value of the investments in securities classified as available-for-sale at December 31, 2022 and 2021 were as follows (dollars in thousands):
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|
|
|
|
|
|
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|
|
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|
|
|
|
|
|
December 31, 2022 |
|
|
|
Cost or |
|
|
Gross Unrealized |
|
|
|
|
|
|
Amortized
Cost |
|
|
Gains |
|
|
Losses |
|
|
Estimated
Fair Value |
|
Debt securities: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government |
|
$ |
7,833 |
|
|
$ |
— |
|
|
$ |
(335 |
) |
|
$ |
7,498 |
|
State and local government |
|
|
25,487 |
|
|
|
1 |
|
|
|
(4,672 |
) |
|
|
20,816 |
|
Corporate debt |
|
|
35,347 |
|
|
|
— |
|
|
|
(4,788 |
) |
|
|
30,559 |
|
Asset-backed securities |
|
|
21,742 |
|
|
|
— |
|
|
|
(1,246 |
) |
|
|
20,496 |
|
Mortgage-backed securities |
|
|
29,194 |
|
|
|
— |
|
|
|
(5,157 |
) |
|
|
24,037 |
|
Commercial mortgage-backed securities |
|
|
3,414 |
|
|
|
— |
|
|
|
(186 |
) |
|
|
3,228 |
|
Collateralized mortgage obligations |
|
|
4,102 |
|
|
|
— |
|
|
|
(535 |
) |
|
|
3,567 |
|
Total debt securities available for sale |
|
$ |
127,119 |
|
|
$ |
1 |
|
|
$ |
(16,919 |
) |
|
$ |
110,201 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2021 |
|
|
|
Cost or |
|
|
Gross Unrealized |
|
|
|
|
|
|
Amortized
Cost |
|
|
Gains |
|
|
Losses |
|
|
Estimated
Fair Value |
|
Debt securities: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government |
|
$ |
20,723 |
|
|
$ |
74 |
|
|
$ |
(77 |
) |
|
$ |
20,720 |
|
State and local government |
|
|
30,063 |
|
|
|
555 |
|
|
|
(189 |
) |
|
|
30,429 |
|
Corporate debt |
|
|
30,808 |
|
|
|
88 |
|
|
|
(550 |
) |
|
|
30,346 |
|
Asset-backed securities |
|
|
28,652 |
|
|
|
10 |
|
|
|
(224 |
) |
|
|
28,438 |
|
Mortgage-backed securities |
|
|
33,178 |
|
|
|
105 |
|
|
|
(762 |
) |
|
|
32,521 |
|
Commercial mortgage-backed securities |
|
|
1,659 |
|
|
|
31 |
|
|
|
— |
|
|
|
1,690 |
|
Collateralized mortgage obligations |
|
|
5,649 |
|
|
|
35 |
|
|
|
(45 |
) |
|
|
5,639 |
|
Total debt securities available for sale |
|
$ |
150,732 |
|
|
$ |
898 |
|
|
$ |
(1,847 |
) |
|
$ |
149,783 |
|
|
| Schedule Of Unrealized Loss On Investments |
The following table summarizes the aggregate fair value and gross unrealized losses, by security type, of the available-for-sale securities in unrealized loss positions. The table segregates the holdings based on the length of time that individual securities have been in a continuous unrealized loss position (dollars in thousands):
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|
December 31, 2022 |
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|
Less than 12 months |
|
|
12 months or More |
|
|
Total |
|
|
|
No.
of
Issues |
|
|
Fair Value of
Investments
with
Unrealized
Losses |
|
|
Gross
Unrealized
Losses |
|
|
No.
of
Issues |
|
|
Fair Value of
Investments
with
Unrealized
Losses |
|
|
Gross
Unrealized
Losses |
|
|
No.
of
Issues |
|
|
Fair Value of
Investments
with
Unrealized
Losses |
|
|
Gross
Unrealized
Losses |
|
Debt securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government |
|
|
8 |
|
|
$ |
3,534 |
|
|
$ |
(135 |
) |
|
|
5 |
|
|
$ |
3,964 |
|
|
$ |
(200 |
) |
|
|
13 |
|
|
$ |
7,498 |
|
|
$ |
(335 |
) |
State and local government |
|
|
77 |
|
|
|
12,966 |
|
|
|
(2,318 |
) |
|
|
45 |
|
|
|
7,147 |
|
|
|
(2,354 |
) |
|
|
122 |
|
|
|
20,113 |
|
|
|
(4,672 |
) |
Corporate debt |
|
|
27 |
|
|
|
10,069 |
|
|
|
(1,373 |
) |
|
|
42 |
|
|
|
20,890 |
|
|
|
(3,415 |
) |
|
|
69 |
|
|
|
30,959 |
|
|
|
(4,788 |
) |
Asset-backed securities |
|
|
6 |
|
|
|
3,188 |
|
|
|
(76 |
) |
|
|
20 |
|
|
|
17,308 |
|
|
|
(1,170 |
) |
|
|
26 |
|
|
|
20,496 |
|
|
|
(1,246 |
) |
Mortgage-backed securities |
|
|
57 |
|
|
|
4,006 |
|
|
|
(573 |
) |
|
|
12 |
|
|
|
20,031 |
|
|
|
(4,584 |
) |
|
|
69 |
|
|
|
24,037 |
|
|
|
(5,157 |
) |
Commercial mortgage
-backed securities |
|
|
4 |
|
|
|
3,205 |
|
|
|
(186 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
4 |
|
|
|
3,205 |
|
|
|
(186 |
) |
Collateralized mortgage
obligations |
|
|
26 |
|
|
|
1,789 |
|
|
|
(196 |
) |
|
|
9 |
|
|
|
1,802 |
|
|
|
(339 |
) |
|
|
35 |
|
|
|
3,591 |
|
|
|
(535 |
) |
Total debt securities
available for sale |
|
|
205 |
|
|
|
38,757 |
|
|
|
(4,857 |
) |
|
|
133 |
|
|
|
71,142 |
|
|
|
(12,062 |
) |
|
|
338 |
|
|
|
109,899 |
|
|
|
(16,919 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2021 |
|
|
|
Less than 12 months |
|
|
12 months or More |
|
|
Total |
|
|
|
No.
of
Issues |
|
|
Fair Value of
Investments
with
Unrealized
Losses |
|
|
Gross
Unrealized
Losses |
|
|
No.
of
Issues |
|
|
Fair Value of
Investments
with
Unrealized
Losses |
|
|
Gross
Unrealized
Losses |
|
|
No.
of
Issues |
|
|
Fair Value of
Investments
with
Unrealized
Losses |
|
|
Gross
Unrealized
Losses |
|
Debt securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government |
|
|
6 |
|
|
$ |
10,323 |
|
|
$ |
(47 |
) |
|
|
1 |
|
|
$ |
4,728 |
|
|
$ |
(30 |
) |
|
|
7 |
|
|
$ |
15,051 |
|
|
$ |
(77 |
) |
State and local government |
|
|
41 |
|
|
|
8,875 |
|
|
|
(172 |
) |
|
|
4 |
|
|
|
446 |
|
|
|
(17 |
) |
|
|
45 |
|
|
|
9,321 |
|
|
|
(189 |
) |
Corporate debt |
|
|
41 |
|
|
|
22,748 |
|
|
|
(505 |
) |
|
|
1 |
|
|
|
705 |
|
|
|
(45 |
) |
|
|
42 |
|
|
|
23,453 |
|
|
|
(550 |
) |
Asset-backed securities |
|
|
24 |
|
|
|
24,305 |
|
|
|
(219 |
) |
|
|
2 |
|
|
|
1,893 |
|
|
|
(5 |
) |
|
|
26 |
|
|
|
26,198 |
|
|
|
(224 |
) |
Mortgage-backed securities |
|
|
12 |
|
|
|
27,034 |
|
|
|
(762 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
12 |
|
|
|
27,034 |
|
|
|
(762 |
) |
Commercial mortgage
-backed securities |
|
|
0 |
|
|
|
— |
|
|
|
0 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0 |
|
|
|
— |
|
|
|
0 |
|
Collateralized mortgage
obligations |
|
|
10 |
|
|
|
2,638 |
|
|
|
(45 |
) |
|
|
2 |
|
|
|
29 |
|
|
|
— |
|
|
|
12 |
|
|
|
2,667 |
|
|
|
(45 |
) |
Total debt securities
available for sale |
|
|
134 |
|
|
$ |
95,923 |
|
|
$ |
(1,750 |
) |
|
|
10 |
|
|
$ |
7,801 |
|
|
$ |
(97 |
) |
|
|
144 |
|
|
$ |
103,724 |
|
|
$ |
(1,847 |
) |
|
| Schedule of Investment Income |
The Company’s sources of net investment income are as follows (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
Debt securities |
|
$ |
2,517 |
|
|
$ |
2,217 |
|
|
$ |
3,213 |
|
Equity securities |
|
|
52 |
|
|
|
194 |
|
|
|
220 |
|
Cash, cash equivalents, and short-term investments |
|
|
776 |
|
|
|
2 |
|
|
|
138 |
|
Total investment income |
|
|
3,345 |
|
|
|
2,413 |
|
|
|
3,571 |
|
Investment expenses |
|
|
(302 |
) |
|
|
(445 |
) |
|
|
(415 |
) |
Net investment income |
|
$ |
3,043 |
|
|
$ |
1,968 |
|
|
$ |
3,156 |
|
|
| Schedule of Gross Realized Gains and Losses on Securities |
The following table summarizes the gross realized gains and losses from sales or maturities of available-for-sale debt securities and equity securities, as follows (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
Debt securities: |
|
|
|
|
|
|
|
|
|
Gross realized gains |
|
$ |
6 |
|
|
$ |
63 |
|
|
$ |
4,646 |
|
Gross realized losses |
|
|
(155 |
) |
|
|
(6 |
) |
|
|
(8 |
) |
Total debt securities |
|
|
(149 |
) |
|
|
57 |
|
|
|
4,638 |
|
Equity securities: |
|
|
|
|
|
|
|
|
|
Gross realized gains |
|
|
375 |
|
|
|
4,605 |
|
|
|
4,854 |
|
Gross realized losses |
|
|
(1,731 |
) |
|
|
(1,784 |
) |
|
|
(1,366 |
) |
Total equity securities |
|
|
(1,356 |
) |
|
|
2,821 |
|
|
|
3,488 |
|
Total net realized investment gains |
|
$ |
(1,505 |
) |
|
$ |
2,878 |
|
|
$ |
8,126 |
|
|
| Summary of Amortized Cost and Fair Value of Securities |
The table below summarizes the amortized cost and fair value of available-for-sale debt securities by contractual maturity at December 31, 2022. Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay obligations with or without call or prepayment penalties (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
Amortized
Cost |
|
|
Estimated
Fair Value |
|
Due in one year or less |
|
$ |
4,876 |
|
|
$ |
4,770 |
|
Due after one year through five years |
|
|
28,396 |
|
|
|
25,963 |
|
Due after five years through ten years |
|
|
23,974 |
|
|
|
19,782 |
|
Due after ten years |
|
|
11,421 |
|
|
|
8,358 |
|
Securities with contractual maturities |
|
|
68,667 |
|
|
|
58,873 |
|
Asset-backed securities |
|
|
21,742 |
|
|
|
20,496 |
|
Mortgage-backed securities |
|
|
29,194 |
|
|
|
24,037 |
|
Commercial mortgage-backed securities |
|
|
3,414 |
|
|
|
3,228 |
|
Collateralized mortgage obligations |
|
|
4,102 |
|
|
|
3,567 |
|
Total debt securities |
|
$ |
127,119 |
|
|
$ |
110,201 |
|
|