Investments (Tables)

3 Months Ended

Mar. 31, 2015

Investments [Abstract]

Schedule of Amortized Cost and Aggregate Fair Values of Investments in Available-for-Sale Securities

The amortized cost and aggregate fair values of investments in available-for-sale securities as of March 31, 2015 are as follows (dollars in thousands):

Available-for-sale securities:	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Corporate debt securities	$	36,570	$	1,904	$	311	$	38,163
Mortgage backed securities	11,998		297		132		12,163
Private label mortgage backed securities	5,111		42		73		5,080
Obligations of states and political subdivisions	14,885		1,043		4		15,924
U.S. Treasury securities and obligations of U.S. Government corporations and agencies	17,890		727		46		18,571
Total fixed maturities	86,454		4,013		566		89,901
Equity securities	2,420		2,690		146		4,964
Total	$	88,874	$	6,703	$	712	$	94,865

The amortized cost and aggregate fair values of investments in available-for-sale securities as of December 31, 2014 are as follows (dollars in thousands):

Available-for-sale securities:	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Corporate debt securities	$	37,299	$	1,773	$	405	$	38,667
Mortgage backed securities	12,691		214		153		12,752
Private label mortgage backed securities	1,261		38		3		1,296
Obligations of states and political subdivisions	14,919		993		13		15,899
U.S. Treasury securities and obligations of U.S. Government corporations and agencies	17,854		525		107		18,272
Total fixed maturities	84,024		3,543		681		86,886
Equity securities	2,420		2,745		170		4,995
Total	$	86,444	$	6,288	$	851	$	91,881

Schedule of Amortized Cost and Aggregate Fair Values of Investments in Held-to-Maturity Securities

The amortized cost and aggregate fair values of investments in held-to-maturity securities as of March 31, 2015 are as follows (dollars in thousands):

Held-to-maturity securities:	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Mortgage backed securities	$	2,708	$	134	$	—	$	2,842
U.S. Treasury securities and obligations of U.S. Government corporations and agencies	59		4		—		63
Total	$	2,767	$	138	$	—	$	2,905

The amortized cost and aggregate fair values of investments in held-to-maturity securities as of December 31, 2014 are as follows (dollars in thousands):

Held-to-maturity securities:	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Mortgage backed securities	$	2,818	$	69	$	—	$	2,887
U.S. Treasury securities and obligations of U.S. Government corporations and agencies	290		5		—		295
Total	$	3,108	$	74	$	—	$	3,182

Schedule of Amortized Cost and Aggregate Fair Value of Debt Securities, by Contractual Maturity

The amortized cost and aggregate fair value of debt securities at March 31, 2015, by contractual maturity, are presented in the following table (dollars in thousands).  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.

(Dollars in Thousands)	Amortized Cost		Fair Value
Available-for-sale securities:
Due in one year or less	$	1,209	$	1,220
Due after one year through five years	17,042		18,112
Due after five years through ten years	29,435		30,121
Due after ten years	38,768		40,448
Total	$	86,454	$	89,901
Held-to-maturity securities:
Due in one year or less	$	—	$	—
Due after one year through five years	134		141
Due after five years through ten years	129		141
Due after ten years	2,504		2,623
Total	$	2,767	$	2,905

Schedule of Securities Available-for-Sale with Unrealized Losses

A summary of securities available-for-sale with unrealized losses as of December 31, 2014, along with the related fair value, aggregated by the length of time that investments have been in a continuous unrealized loss position, is as follows (dollars in thousands):

	Less than 12 months				12 months or longer				Total
December 31, 2014	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Total Securities in a Loss Position
Fixed maturities
Corporate debt securities	$	6,306	$	364	$	1,843	$	41	$	8,149	$	405	18
Mortgage backed securities	1,386		4		1,855		149		3,241		153		12
Private label mortgage backed securities	—		—		97		3		97		3		1
Obligations of state and political subdivisions	—		—		651		13		651		13		2
U.S. Treasury securities and obligations of U.S. Government corporations and agencies	1,475		6		3,499		101		4,974		107		10
Equity securities	—		—		1,116		170		1,116		170		1
	$	9,167	$	374	$	9,061	$	477	$	18,228	$	851	44

A summary of securities available-for-sale with unrealized losses as of March 31, 2015, along with the related fair value, aggregated by the length of time that investments have been in a continuous unrealized loss position, is as follows (dollars in thousands):

	Less than 12 months				12 months or longer				Total
March 31, 2015	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Total Securities in a Loss Position
Fixed maturities
Corporate debt securities	$	4,612	$	304	$	865	$	7	$	5,477	$	311	11
Mortgage backed securities	153		2		1,225		130		1,378		132		6
Private label mortgage backed securities	3,924		70		91		3		4,015		73		7
Obligations of state and political subdivisions	—		—		338		4		338		4		1
U.S. Treasury securities and obligations of U.S. Government corporations and agencies	—		—		2,492		46		2,492		46		4
Equity securities	—		—		1,140		146		1,140		146		1
	$	8,689	$	376	$	6,151	$	336	$	14,840	$	712	30

Summary of Major Categories of Investment Income

Major categories of investment income are summarized as follows (dollars in thousands):

	Three months ended March 31,
	2015		2014
Fixed maturities	$	894	$	859
Equity securities	30		29
Mortgage loans on real estate	4		4
Investment real estate	2		2
Policy loans	29		27
Company owned life insurance change in surrender value	44		30
Other	42		54
	1,045		1,005
Less: Investment expenses	71		57
Net investment income	$	974	$	948

Schedule of Realized Investments Gains (Losses)

Major categories of investment gains and losses are summarized as follows (dollars in thousands):

	Three months ended March 31,
	2015		2014
Fixed maturities	$	142	$	90
Other, principally real estate	—		(2		)
Net realized investment gains	$	142	$	88

Schedule of Net Change in Unrealized Appreciation

An analysis of the net change in unrealized appreciation on available-for-sale securities follows (dollars in thousands):

	March 31, 2015			December 31, 2014
Net change in unrealized appreciation on available-for-sale securities before deferred tax	$	553		$	3,123
Deferred income tax	(188		)	(1,062		)
Net change in unrealized appreciation on available-for-sale securities	$	365		$	2,061