Investments (Tables)

9 Months Ended

Sep. 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 September 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	$	42,723	$	1,799	$	394	$	44,128
Mortgage backed securities	11,743		353		60		12,036
Private label asset backed securities	6,658		30		206		6,482
Obligations of states and political subdivisions	14,837		836		28		15,645
U.S. Treasury securities and obligations of U.S. Government corporations and agencies	21,493		719		49		22,163
Total fixed maturities	97,454		3,737		737		100,454
Equity securities	2,420		2,812		28		5,204
Total	$	99,874	$	6,549	$	765	$	105,658

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 September 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	$	2,042	$	100	$	—	$	2,142
U.S. Treasury securities and obligations of U.S. Government corporations and agencies	30		3		—		33
Total	$	2,072	$	103	$	—	$	2,175

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, 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	$	3,232	$	3,291
Due after one year through five years	15,624		15,986
Due after five years through ten years	34,761		35,867
Due after ten years	43,837		45,310
Total	$	97,454	$	100,454
Held-to-maturity securities:
Due in one year or less	$	1	$	1
Due after one year through five years	39		41
Due after five years through ten years	86		95
Due after ten years	1,946		2,038
Total	$	2,072	$	2,175

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 September 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
September 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	$	3,715	$	24	$	3,559	$	370	$	7,274	$	394	13
Mortgage backed securities	1,193		41		387		19		1,580		60		7
Private label asset backed securities	821		3		3,431		203		4,252		206		9
Obligations of state and political subdivisions	2,028		28		—		—		2,028		28		4
U.S. Treasury securities and obligations of U.S. Government corporations and agencies	4,236		42		313		7		4,549		49		5
Equity securities	—		—		1,258		28		1,258		28		1
	$	11,993	$	138	$	8,948	$	627	$	20,941	$	765	39

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,
	2016		2015			2016		2015
Fixed maturities	$	895	$	829		$	2,744	$	2,591
Equity securities	23		30			77		90
Mortgage loans on real estate	4		3			11		11
Investment real estate	1		3			5		7
Policy loans	32		30			96		89
Company owned life insurance change in surrender value	27		(156		)	80		(208		)
Other	61		41			136		116
	1,043		780			3,149		2,696
Less: Investment expenses	38		43			124		144
Net investment income	$	1,005	$	737		$	3,025	$	2,552

Schedule of Realized Investments Gains (Losses)

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

	Three months ended September 30,				Nine months ended September 30,
	2016		2015		2016		2015
Fixed maturities	$	78	$	130	$	338	$	522
Other, principally real estate	209		—		198		(5		)
Net realized investment gains	$	287	$	130	$	536	$	517

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, 2016			December 31, 2015
Net change in unrealized appreciation on available-for-sale securities before deferred tax	$	3,571		$	(3,225	)
Deferred income tax	(1,214		)	1,097
Net change in unrealized appreciation on available-for-sale securities	$	2,357		$	(2,128	)