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):

	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):

	December 31, 2022
	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