Fair Value (Tables)

3 Months Ended

Mar. 31, 2014

Fair Value, Assets Measured on Recurring Basis

The following table presents for each of the fair value hierarchy levels, our assets that are measured at fair value on a recurring basis at March 31, 2014 and December 31, 2013 (in thousands):



	As of March 31, 2014
	Quoted Prices in	Other
	Active Markets for	Observable	Unobservable
	Identical Assets	Inputs	Inputs
	(Level 1)	(Level 2)	(Level 3)	Total

U.S. Treasury securities and
obligations of U.S. Government	$ -	$ 75,305	$ -	$ 75,305
Corporate bonds	-	40,837	-	40,837
Collateralized corporate bank loans	-	98,636	509	99,145
Municipal bonds	-	143,687	16,993	160,680
Mortgage-backed	-	39,566	-	39,566
Total debt securities	-	398,031	17,502	415,533

Total equity securities	49,987	-	-	49,987
Total debt and equity securities	$ 49,987	$ 398,031	$ 17,502	$ 465,520



	As of December 31, 2013
	Quoted Prices in	Other
	Active Markets for	Observable	Unobservable
	Identical Assets	Inputs	Inputs
	(Level 1)	(Level 2)	(Level 3)	Total

U.S. Treasury securities and
obligations of U.S. Government	$ -	$ 78,753	$ -	$ 78,753
Corporate bonds	-	43,875	-	43,875
Collateralized corporate bank loans	-	101,585	593	102,178
Municipal bonds	-	140,628	16,924	157,552
Mortgage-backed	-	27,737	-	27,737
Total debt securities	-	392,578	17,517	410,095

Total equity securities	51,230	-	-	51,230
Total debt and equity securities	$ 51,230	$ 392,578	$ 17,517	$ 461,325

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table summarizes the changes in fair value for all financial assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2014 and 2013 (in thousands):


Beginning balance as of January 1, 2014	$ 17,517

Sales	-
Settlements	(82)
Purchases	-
Issuances	-
Total realized/unrealized gains included in net income	-
Net gains included in other comprehensive income	67
Transfers into Level 3	-
Transfers out of Level 3	-
Ending balance as of March 31, 2014	$ 17,502

Beginning balance as of January 1, 2013	$ 19,668
Sales	-
Settlements	(74)
Purchases	-
Issuances	-
Total realized/unrealized gains included in net income	-
Net gains included in other comprehensive income	486
Transfers into Level 3	-
Transfers out of Level 3	-
Ending balance as of March 31, 2013	$ 20,080

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References+ Details