INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2019

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, 2019 are as follows (dollars in thousands):

Available-for-sale securities:	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Government corporations and agencies	$	4,818	$	61	$	48	$	4,831
Agency mortgage backed securities	30,582		351		313		30,620
Asset backed securities	10,826		10		241		10,595
Private label mortgage backed securities	5,836		280		—		6,116
Corporate bonds	35,786		753		500		36,039
States, municipalities and political subdivisions	10,028		110		35		10,103
Foreign governments	807		14		—		821
Total fixed maturities	98,683		1,579		1,137		99,125
Equity securities	1,849		2,590		—		4,439
Total	$	100,532	$	4,169	$	1,137	$	103,564

The amortized cost and aggregate fair values of investments in available-for-sale securities as of December 31, 2018 are as follows (dollars in thousands):

Available-for-sale securities:	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Government corporations and agencies	$	4,820	$	31	$	107	$	4,744
Agency mortgage backed securities	27,492		159		545		27,106
Asset backed securities	10,901		7		248		10,660
Private label mortgage backed securities	5,869		105		27		5,947
Corporate bonds	36,935		407		1,551		35,791
States, municipalities and political subdivisions	10,059		105		91		10,073
Foreign governments	801		3		—		804
Total fixed maturities	96,877		817		2,569		95,125
Equity securities	1,842		2,464		—		4,306
Total	$	98,719	$	3,281	$	2,569	$	99,431

Schedule of Held-to-Maturity Securities

The amortized cost and aggregate fair values of investments in held-to-maturity securities as of March 31, 2019 are as follows (dollars in thousands):

Held-to-maturity securities:	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Agency mortgage backed securities	$	1,429	$	23	$	3	$	1,449
Total	$	1,429	$	23	$	3	$	1,449

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

Held-to-maturity securities:	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Agency mortgage backed securities	$	1,449	$	16	$	22	$	1,443
Total	$	1,449	$	16	$	22	$	1,443

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, 2019, 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	$	2,188	$	2,210
Due after one year through five years	16,146		16,335
Due after five years through ten years	26,918		26,974
Due after ten years	53,431		53,606
Total	$	98,683	$	99,125
Held-to-maturity securities:
Due in one year or less	$	—	$	—
Due after one year through five years	39		41
Due after five years through ten years	5		6
Due after ten years	1,385		1,402
Total	$	1,429	$	1,449

Schedule of Securities with Unrealized Losses

A summary of securities available-for-sale with unrealized losses as of March 31, 2019, 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, 2019	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Total Securities in a Loss Position
U.S. Government corporations and agencies	$	—	$	—	$	3,147	$	48	$	3,147	$	48	4
Agency mortgage backed securities	36		2		10,533		311		10,569		313		25
Asset backed securities	5,067		130		3,443		111		8,510		241		12
Corporate bonds	3,168		79		13,956		421		17,124		500		30
States, municipalities and political subdivisions	—		—		4,446		35		4,446		35		8
	$	8,271	$	211	$	35,525	$	926	$	43,796	$	1,137	79

A summary of securities held-to-maturity with unrealized losses as of March 31, 2019 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, 2019	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Total Securities in a Loss Position
Agency mortgage backed securities	$	1,029	$	3	$	—	$	—	$	1,029	$	3	1
	$	1,029	$	3	$	—	$	—	$	1,029	$	3	1

A summary of securities available-for-sale with unrealized losses as of December 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
December 31, 2018	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Total Securities in a Loss Position
U.S. Government corporations and agencies	$	—	$	—	$	3,209	$	107	$	3,209	$	107	6
Agency mortgage backed securities	5,504		45		10,969		500		16,473		545		38
Asset backed securities	5,824		146		2,741		102		8,565		248		12
Private label mortgage backed securities	1,348		27		—		—		1,348		27		2
Corporate bonds	16,583		709		9,823		842		26,406		1,551		51
States, municipalities and political subdivisions	1,242		10		4,420		81		5,662		91		11
	$	30,501	$	937	$	31,162	$	1,632	$	61,663	$	2,569	120

A summary of securities held-to-maturity with unrealized losses as of December 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
December 31, 2018	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Total Securities in a Loss Position
Agency mortgage backed securities	$	1,026	$	22	$	—	$	—	$	1,026	$	22	2
	$	1,026	$	22	$	—	$	—	$	1,026	$	22	2

Summary of Major Categories of Investment Income

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

	Three months ended March 31,
	2019		2018
Fixed maturities	$	937	$	891
Equity securities	27		20
Mortgage loans on real estate	2		2
Investment real estate	2		1
Policy loans	34		35
Other	3		8
	1,005		957
Less: Investment expenses	43		37
Net investment income	$	962	$	920

Schedule of Realized Investments Gains (Losses)

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

	Three months ended March 31,
	2019		2018
Realized gains on fixed maturities	$	10	$	81
Gains (losses) on trading securities	3		—
Change in fair value of equity securities	126		(206		)
Change in surrender value of company owned life insurance	189		(139		)
Realized gain on company owned life insurance	1,792		—
Net investment gains (losses)	$	2,120	$	(264	)

Schedule of Net Change in Unrealized Appreciation

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

	March 31, 2019			December 31, 2018
Fixed maturities	$	2,195		$	(3,042	)
Deferred income tax	(461		)	638
Change in net unrealized gains (losses) on available-for-sale securities	$	1,734		$	(2,404	)