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INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2020

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, 2020 are as follows:


($ in thousands) Available-for-sale securities:	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Government corporations and agencies	$	4,527	$	343	$	—	$	4,870


Agency mortgage backed securities	23,769		1,033		88		24,714
Asset backed securities	9,456		123		349		9,230
Private label mortgage backed securities	1,429		47		11		1,465
Corporate bonds	37,441		3,351		265		40,527

States, municipalities and political subdivisions	5,069		163		30		5,202
Foreign governments	841		118		—		959
Total Fixed Maturities	82,532		5,178		743		86,967
Equity securities	2,127		2,924		21		5,030
Total	$	84,659	$	8,102	$	764	$	91,997

The amortized cost and aggregate fair values of investments in available-for-sale securities as of December 31, 2019 are as follows:


($ in thousands) Available-for-sale securities:	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Government corporations and agencies	$	4,131	$	150	$	—	$	4,281
Agency mortgage backed securities	32,283		861		157		32,987
Asset backed securities	10,307		71		104		10,274
Private label mortgage backed securities	6,815		441		4		7,252
Corporate bonds	36,074		1,816		70		37,820
States, municipalities and political subdivisions	6,669		109		1		6,777
Foreign governments	823		46		—		869
Total Fixed Maturities	97,102		3,494		336		100,260
Equity securities	2,127		3,176		—		5,303
Total	$	99,229	$	6,670	$	336	$	105,563

Schedule of Held-to-Maturity Securities

The amortized cost and aggregate fair values of investments in held-to-maturity securities as of September 30, 2020 are as follows:


($ in thousands) Held-to-maturity securities:	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

Agency mortgage backed securities	$	1,019	$	88	$	—	$	1,107



Total	$	1,019	$	88	$	—	$	1,107

The amortized cost and aggregate fair values of investments in held-to-maturity securities as of December 31, 2019 are as follows:


($ in thousands) Held-to-maturity securities:	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Agency mortgage backed securities	$	1,290	$	55	$	—	$	1,345



Total	$	1,290	$	55	$	—	$	1,345

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, 2020, by contractual maturity, are presented in the following table. 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.



($ in thousands)	Amortized Cost		Fair Value
Available-for-sale securities:
Due in one year or less	$	260	$	261
Due after one year through five years	18,449		19,374
Due after five years through ten years	26,124		27,471
Due after ten years	37,699		39,861
Total	$	82,532	$	86,967

Held-to-maturity securities:

Due after one year through five years	$	20	$	21
Due after five years through ten years	3		4
Due after ten years	996		1,082
Total	$	1,019	$	1,107

Schedule of Securities with Unrealized Losses

A summary of securities available-for-sale with unrealized losses as of September 30, 2020, 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:


($ in thousands)	Less than 12 months				12 months or longer				Total
September 30, 2020	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	$	4,896	$	80	$	4	$	8	$	4,900	$	88	10
Asset backed securities	3,529		143		1,770		206		5,299		349		7
Private label mortgage backed securities	924		11		—		—		924		11		1
Corporate bonds	4,366		256		491		9		4,857		265		9



States, municipalities and political subdivisions	778		30		—		—		778		30		1


Equity securities	137		21		—		—		137		21		2
	$	14,630	$	541	$	2,265	$	223	$	16,895	$	764	30

There were no securities held-to-maturity with unrealized losses as of September 30, 2020.

A summary of securities available-for-sale with unrealized losses as of December 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:


($ in thousands)	Less than 12 months				12 months or longer				Total
December 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	$	5,663	$	104	$	1,751	$	53	$	7,414	$	157	18
Asset backed securities	4,241		33		1,579		71		5,820		104		9
Private label mortgage backed securities	1,060		4		—		—		1,060		4		1
Corporate bonds	6,363		54		1,484		16		7,847		70		14



States, municipalities and political subdivisions	512		1		—		—		512		1		1



	$	17,839	$	196	$	4,814	$	140	$	22,653	$	336	43

There were no securities held-to-maturity with unrealized losses as of December 31, 2019.

Summary of Major Categories of Investment Income

Major categories of investment income are summarized as follows:


($ in thousands)	Three months ended September 30,				Nine months ended September 30,
	2020		2019		2020		2019
Fixed maturities	$	824	$	960	$	2,696	$	2,831
Equity securities	30		19		102		66
Mortgage loans on real estate	1		2		5		6
Investment real estate	—		—		1		3
Policy loans	36		37		108		106

Other	28		6		6		13
	919		1,024		2,918		3,025
Less: Investment expenses	35		35		109		117
Net investment income	$	884	$	989	$	2,809	$	2,908

Schedule of Realized Investments Gains (Losses)

Major categories of investment gains and losses are summarized as follows:


($ in thousands)	Three months ended September 30,				Nine months ended September 30,
	2020		2019		2020		2019
Realized gains (losses) on fixed maturities	$	1,091	$	(24)	$	1,107	$	(9)

Gains (losses) on trading securities	5		1		(1)		9
Change in fair value of equity securities	223		(80)		(272)		72
Change in surrender value of company owned life insurance	125		(14)		165		256
Realized gain on company owned life insurance	—		—		—		1,792
Other losses principally real estate	(14)		—		(11)		—

Net investment gains (losses)	$	1,430	$	(117)	$	988	$	2,120

Schedule of Net Change in Unrealized Appreciation

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


($ in thousands)	September 30, 2020		September 30, 2019
Fixed maturities	$	1,277	$	5,343
Deferred income tax	(268)		(1,122)
Change in net unrealized gains on available-for-sale securities	$	1,009	$	4,221