Investments (Tables)

3 Months Ended

Mar. 31, 2018

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, 2018 are as follows (dollars in thousands):

Available-for-sale securities:	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Corporate debt securities	$	38,963	$	625	$	748	$	38,840
Mortgage backed securities	11,979		101		456		11,624
Private label asset backed securities	12,637		294		3		12,928
Obligations of states and political subdivisions	13,422		299		124		13,597
U.S. Treasury securities and obligations of U.S. Government corporations and agencies	19,276		63		503		18,836
Total	$	96,277	$	1,382	$	1,834	$	95,825

The amortized cost and aggregate fair values of investments in available-for-sale securities as of December 31, 2017 are as follows (dollars in thousands):

Available-for-sale securities:	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Corporate debt securities	$	39,127	$	1,103	$	321	$	39,909
Mortgage backed securities	12,892		177		274		12,795
Private label asset backed securities	10,128		382		—		10,510
Obligations of states and political subdivisions	13,758		389		54		14,093
U.S. Treasury securities and obligations of U.S. Government corporations and agencies	18,562		206		317		18,451
Total fixed maturities	94,467		2,257		966		95,758
Equity securities	1,842		2,667		—		4,509
Total	$	96,309	$	4,924	$	966	$	100,267

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

A summary of securities held-to-maturity with unrealized losses as of March 31, 2018 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:

	Less than 12 months				12 months or longer				Total
March 31, 2018	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Total Securities in a Loss Position
Fixed maturities:
Mortgage backed securities	$	1,145	$	14	$	—	$	—	$	1,145	$	14	1
	$	1,145	$	14	$	—	$	—	$	1,145	$	14	1

The amortized cost and aggregate fair values of investments in held-to-maturity securities as of December 31, 2017 are as follows (dollars in thousands):

Held-to-maturity securities:	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Mortgage backed securities	$	1,615	$	29	$	—	$	1,644
U.S. Treasury securities and obligations of U.S. Government corporations and agencies	1		—		—		1
Total	$	1,616	$	29	$	—	$	1,645

The amortized cost and aggregate fair values of investments in held-to-maturity securities as of March 31, 2018 are as follows (dollars in thousands):

Held-to-maturity securities:	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Mortgage backed securities	$	1,573	$	16	$	14	$	1,575
Total	$	1,573	$	16	$	14	$	1,575

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, 2018, by contractual maturity, are presented in the following table (dollars in thousands).  Expected maturities will differ from contractual maturities because issuers 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	$	1,284	$	1,284
Due after one year through five years	16,803		16,854
Due after five years through ten years	29,218		29,206
Due after ten years	48,972		48,481
Total	$	96,277	$	95,825
Held-to-maturity securities:
Due in one year or less	$	—	$	—
Due after one year through five years	—		—
Due after five years through ten years	57		61
Due after ten years	1,516		1,514
Total	$	1,573	$	1,575

Schedule of Securities Available-for-Sale with Unrealized Losses

A summary of securities available-for-sale with unrealized losses as of March 31, 2018, 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, 2018	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	$	17,812	$	471	$	5,950	$	277	$	23,762	$	748	40
Mortgage backed securities	7,180		257		2,124		199		9,304		456		21
Private asset backed securities	1,163		3		—		—		1,163		3		2
Obligations of state and political subdivisions	3,928		43		2,528		81		6,456		124		13
U.S. Treasury securities and obligations of U.S. Government corporations and agencies	8,188		223		6,349		280		14,537		503		22
	$	38,271	$	997	$	16,951	$	837	$	55,222	$	1,834	98

A summary of securities available-for-sale with unrealized losses as of December 31, 2017, 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, 2017	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	$	6,567	$	166	$	5,607	$	155	$	12,174	$	321	20
Mortgage backed securities	5,872		124		2,281		150		8,153		274		17
Obligations of state and political subdivisions	2,176		7		2,574		47		4,750		54		9
U.S. Treasury securities and obligations of U.S. Government corporations and agencies	4,878		111		6,667		206		11,545		317		18
	$	19,493	$	408	$	17,129	$	558	$	36,622	$	966	64

Summary of Major Categories of Investment Income

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

	Three months ended March 31,
	2018			2017
Fixed maturities	$	891		$	817
Equity securities	20			24
Mortgage loans on real estate	2			2
Investment real estate	1			2
Policy loans	35			33
Company owned life insurance change in surrender value	(139		)	43
Other	8			45
	818			966
Less: Investment expenses	37			40
Net investment income	$	781		$	926

Schedule of Realized Investments Gains (Losses)

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

	Three months ended March 31,
	2018			2017
Fixed maturities	$	81		$	160
Change in fair value of equity securities	(206		)	—
Net realized investment gains (losses)	$	(125	)	$	160

Schedule of Net Change in Unrealized Appreciation

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

	March 31, 2018			December 31, 2017
Net change in unrealized gains (losses) on available-for-sale securities before deferred tax	$	(1,742	)	$	1,402
Deferred income tax	366			(476		)
Net change in unrealized gains (losses) on available-for-sale securities	$	(1,376	)	$	926