Investments (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2018 are as follows (dollars in thousands):

Available-for-sale securities:	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Corporate debt securities	$	39,440	$	439	$	1,118	$	38,761
Mortgage backed securities	13,773		89		576		13,286
Private label asset backed securities	14,007		205		24		14,188
Obligations of states and political subdivisions	11,954		201		144		12,011
U.S. Treasury securities and obligations of U.S. Government corporations and agencies	19,340		34		584		18,790
Total	$	98,514	$	968	$	2,446	$	97,036

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 June 30, 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
June 30, 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	$	1,091	$	23	$	—	$	—	$	1,091	$	23	1
	$	1,091	$	23	$	—	$	—	$	1,091	$	23	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 June 30, 2018 are as follows (dollars in thousands):

Held-to-maturity securities:	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Mortgage backed securities	$	1,523	$	12	$	23	$	1,512
Total	$	1,523	$	12	$	23	$	1,512

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, 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	$	1,093	$	1,100
Due after one year through five years	17,858		17,806
Due after five years through ten years	27,667		27,317
Due after ten years	51,896		50,813
Total	$	98,514	$	97,036
Held-to-maturity securities:
Due in one year or less	$	—	$	—
Due after one year through five years	4		5
Due after five years through ten years	48		50
Due after ten years	1,471		1,457
Total	$	1,523	$	1,512

Schedule of Securities Available-for-Sale with Unrealized Losses

A summary of securities available-for-sale with unrealized losses as of June 30, 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
June 30, 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	$	19,523	$	676	$	7,400	$	442	$	26,923	$	1,118	47
Mortgage backed securities	6,380		164		4,869		412		11,249		576		25
Private asset backed securities	4,381		24		—		—		4,381		24		5
Obligations of state and political subdivisions	4,366		62		2,516		82		6,882		144		14
U.S. Treasury securities and obligations of U.S. Government corporations and agencies	8,691		198		7,677		386		16,368		584		24
	$	43,341	$	1,124	$	22,462	$	1,322	$	65,803	$	2,446	115

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 June 30,				Six months ended June 30,
	2018		2017		2018			2017
Fixed maturities	$	963	$	841	$	1,854		$	1,658
Equity securities	20		24		40			48
Mortgage loans on real estate	2		3		4			5
Investment real estate	—		—		1			2
Policy loans	35		33		70			66
Company owned life insurance change in surrender value	3		14		(136		)	57
Other	7		42		15			87
	1,030		957		1,848			1,923
Less: Investment expenses	32		27		69			67
Net investment income	$	998	$	930	$	1,779		$	1,856

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,
	2018			2017		2018			2017
Fixed maturities	$	48		$	75	$	129		$	235
Change in fair value of equity securities	(163		)	—		(369		)	—
Other, principally real estate	(88		)	2		(88		)	2
Net realized investment gains (losses)	$	(203	)	$	77	$	(328	)	$	237

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):

	June 30, 2018			December 31, 2017
Net change in unrealized gains (losses) on available-for-sale securities before deferred tax	$	(2,768	)	$	1,402
Deferred income tax	581			(476		)
Net change in unrealized gains (losses) on available-for-sale securities	$	(2,187	)	$	926