Investments (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2015 are as follows (dollars in thousands):

Available-for-sale securities:	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Corporate debt securities	$	35,201	$	1,052	$	845	$	35,408
Mortgage backed securities	14,669		279		62		14,886
Private label mortgage backed securities	6,162		36		113		6,085
Obligations of states and political subdivisions	14,916		888		24		15,780
U.S. Treasury securities and obligations of U.S. Government corporations and agencies	15,822		570		22		16,370
Total fixed maturities	86,770		2,825		1,066		88,529
Equity securities	2,420		2,368		134		4,654
Total	$	89,190	$	5,193	$	1,200	$	93,183

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 September 30, 2015 are as follows (dollars in thousands):

Held-to-maturity securities:	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Mortgage backed securities	$	2,495	$	113	$	—	$	2,608
U.S. Treasury securities and obligations of U.S. Government corporations and agencies	49		3		—		52
Total	$	2,544	$	116	$	—	$	2,660

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 September 30, 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	$	237	$	262
Due after one year through five years	12,634		13,087
Due after five years through ten years	30,542		30,572
Due after ten years	43,357		44,608
Total	$	86,770	$	88,529
Held-to-maturity securities:
Due in one year or less	$	—	$	—
Due after one year through five years	97		101
Due after five years through ten years	113		122
Due after ten years	2,334		2,437
Total	$	2,544	$	2,660

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 September 30, 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
September 30, 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	$	10,806	$	403	$	3,336	$	442	$	14,142	$	845	28
Mortgage backed securities	2,087		18		725		44		2,812		62		6
Private label mortgage backed securities	4,456		111		93		2		4,549		113		7
Obligations of state and political subdivisions	1,459		19		337		5		1,796		24		4
U.S. Treasury securities and obligations of U.S. Government corporations and agencies	2,102		9		1,484		13		3,586		22		6
Equity securities	—		—		1,152		134		1,152		134		1
	$	20,910	$	560	$	7,127	$	640	$	28,037	$	1,200	52

Summary of Major Categories of Investment Income

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

	Three months ended September 30,						Nine months ended September 30,
	2015			2014			2015			2014
Fixed maturities	$	829		$	855		$	2,591		$	2,571
Equity securities	30			29			90			87
Mortgage loans on real estate	3			5			11			12
Investment real estate	3			1			7			4
Policy loans	30			29			89			84
Company owned life insurance change in surrender value	(156		)	(89		)	(208		)	49
Other	41			56			116			184
	780			886			2,696			2,991
Less: Investment expenses	66			62			224			189
Net investment income	$	714		$	824		$	2,472		$	2,802

Schedule of Realized Investments Gains (Losses)

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

	Three months ended September 30,				Nine months ended September 30,
	2015		2014		2015			2014
Fixed maturities	$	130	$	117	$	522		$	366
Other, principally real estate	—		24		(5		)	175
Net realized investment gains	$	130	$	141	$	517		$	541

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):

	September 30, 2015			December 31, 2014
Net change in unrealized appreciation on available-for-sale securities before deferred tax	$	(1,444	)	$	3,123
Deferred income tax	491			(1,062		)
Net change in unrealized appreciation on available-for-sale securities	$	(953	)	$	2,061