Investments (Tables)

6 Months Ended

Jun. 30, 2016

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 June 30, 2016 are as follows (dollars in thousands):

Available-for-sale securities:	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Corporate debt securities	$	40,660	$	1,571	$	482	$	41,749
Mortgage backed securities	12,379		368		62		12,685
Private label asset backed securities	8,765		44		507		8,302
Obligations of states and political subdivisions	14,612		951		1		15,562
U.S. Treasury securities and obligations of U.S. Government corporations and agencies	19,803		953		10		20,746
Total fixed maturities	96,219		3,887		1,062		99,044
Equity securities	2,420		2,919		66		5,273
Total	$	98,639	$	6,806	$	1,128	$	104,317

The amortized cost and aggregate fair values of investments in available-for-sale securities as of December 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	$	38,245	$	747	$	1,728	$	37,264
Mortgage backed securities	15,324		157		224		15,257
Private label asset backed securities	6,029		24		380		5,673
Obligations of states and political subdivisions	14,654		869		47		15,476
U.S. Treasury securities and obligations of U.S. Government corporations and agencies	17,825		413		96		18,142
Total fixed maturities	92,077		2,210		2,475		91,812
Equity securities	2,420		2,590		113		4,897
Total	$	94,497	$	4,800	$	2,588	$	96,709

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 December 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	$	2,395	$	62	$	—	$	2,457
U.S. Treasury securities and obligations of U.S. Government corporations and agencies	44		3		—		47
Total	$	2,439	$	65	$	—	$	2,504

The amortized cost and aggregate fair values of investments in held-to-maturity securities as of June 30, 2016 are as follows (dollars in thousands):

Held-to-maturity securities:	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Mortgage backed securities	$	2,201	$	119	$	—	$	2,320
U.S. Treasury securities and obligations of U.S. Government corporations and agencies	35		2		—		37
Total	$	2,236	$	121	$	—	$	2,357

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 June 30, 2016, 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	$	3,533	$	3,622
Due after one year through five years	14,967		15,451
Due after five years through ten years	35,639		36,295
Due after ten years	42,080		43,676
Total	$	96,219	$	99,044
Held-to-maturity securities:
Due in one year or less	$	—	$	—
Due after one year through five years	53		54
Due after five years through ten years	93		102
Due after ten years	2,090		2,201
Total	$	2,236	$	2,357

Schedule of Securities Available-for-Sale with Unrealized Losses

A summary of securities available-for-sale with unrealized losses as of December 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
December 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	$	18,205	$	821	$	3,783	$	907	$	21,988	$	1,728	44
Mortgage backed securities	9,069		161		675		63		9,744		224		20
Private label asset backed securities	4,962		379		84		1		5,046		380		10
Obligations of state and political subdivisions	1,920		36		331		11		2,251		47		5
U.S. Treasury securities and obligations of U.S. Government corporations and agencies	6,131		70		1,452		26		7,583		96		12
Equity securities	—		—		1,173		113		1,173		113		1
	$	40,287	$	1,467	$	7,498	$	1,121	$	47,785	$	2,588	92

A summary of securities available-for-sale with unrealized losses as of June 30, 2016, 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
June 30, 2016	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	$	3,313	$	39	$	5,048	$	443	$	8,361	$	482	15
Mortgage backed securities	927		60		316		2		1,243		62		6
Private label asset backed securities	3,477		264		2,386		243		5,863		507		9
Obligations of state and political subdivisions	1,089		1		—		—		1,089		1		2
U.S. Treasury securities and obligations of U.S. Government corporations and agencies	1,550		5		331		5		1,881		10		2
Equity securities	—		—		1,220		66		1,220		66		1
	$	10,356	$	369	$	9,301	$	759	$	19,657	$	1,128	35

Summary of Major Categories of Investment Income

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

	Three months ended June 30,					Six months ended June 30,
	2016		2015			2016		2015
Fixed maturities	$	948	$	868		$	1,849	$	1,762
Equity securities	26		30			54		60
Mortgage loans on real estate	6		4			7		8
Investment real estate	2		2			4		4
Policy loans	32		30			64		59
Company owned life insurance change in surrender value	19		(96		)	53		(52		)
Other	26		33			75		75
	1,059		871			2,106		1,916
Less: Investment expenses	30		58			86		101
Net investment income	$	1,029	$	813		$	2,020	$	1,815

Schedule of Realized Investments Gains (Losses)

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

	Three months ended June 30,						Six months ended June 30,
	2016			2015			2016			2015
Fixed maturities	$	243		$	250		$	260		$	392
Other, principally real estate	(1		)	(5		)	(11		)	(5		)
Net realized investment gains	$	242		$	245		$	249		$	387

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):

	June 30, 2016			December 31, 2015
Net change in unrealized appreciation on available-for-sale securities before deferred tax	$	3,466		$	(3,225	)
Deferred income tax	(1,178		)	1,097
Net change in unrealized appreciation on available-for-sale securities	$	2,288		$	(2,128	)