Fair Value (Tables)

9 Months Ended

Sep. 30, 2016

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 September 30, 2016 and December 31, 2015 (in thousands):



	As of September 30, 2016
	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	$	-	$	72,072	$	-	$	72,072
Corporate bonds		-		207,701		-		207,701
Collateralized corporate bank loans		-		86,435		-		86,435
Municipal bonds		-		161,258		8,222		169,480
Mortgage-backed		-		65,103		-		65,103
Total debt securities		-		592,569		8,222		600,791

Total equity securities		48,571		-		265		48,836
Total debt and equity securities	$	48,571	$	592,569	$	8,487	$	649,627



	As of December 31, 2015
	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	$	-	$	76,269	$	-	$	76,269
Corporate bonds		-		121,709		-		121,709
Collateralized corporate bank loans		-		81,596		-		81,596
Municipal bonds		-		178,281		14,087		192,368
Mortgage-backed		-		59,383		-		59,383
Total debt securities		-		517,238		14,087		531,325

Total equity securities		47,504		-		-		47,504
Total debt and equity securities	$	47,504	$	517,238	$	14,087	$	578,829

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 nine months ended September 30, 2016 and 2015 (in thousands):


Beginning balance as of January 1, 2016	$	14,087
Sales		-
Settlements		(6,025)
Purchases		-
Issuances		-
Total realized/unrealized gains included in net income		-
Net gains included in other comprehensive income		160
Transfers into Level 3		265
Transfers out of Level 3		-
Ending balance as of September 30, 2016	$	8,487


Beginning balance as of January 1, 2015	$	14,598

Sales		-
Settlements		(370)
Purchases		-
Issuances		-
Total realized/unrealized gains included in net income		-
Net losses included in other comprehensive income		(380)
Transfers into Level 3		-
Transfers out of Level 3		-
Ending balance as of September 30, 2015	$	13,848