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INVESTMENTS
 12 Months Ended
Dec. 31, 2019
Investments [Abstract]  
INVESTMENTS INVESTMENTS Our investment in available-for-sale securities, which are reported at fair value, includes fixed maturity securities and equity securities. Net unrealized gains or losses on fixed maturities are reported after-tax as a component of
other comprehensive income. Changes in fair value of equity securities are reported in investment gains/losses as a component of net income.

The amortized cost and aggregate fair values of investments in available-for-sale securities as of December 31, 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$4,300 $323 $9 $4,614 
Agency mortgage backed securities19,773 919 63 20,629 
Asset backed securities8,233 137 27 8,343 
Private label mortgage backed securities1,418 50 55 1,413 
Corporate bonds35,930 3,771 50 39,651 
States, municipalities and political subdivisions6,587 189 27 6,749 
Total Fixed Maturities76,241 5,389 231 81,399 
Equity securities1,918 2,832 — 4,750 
Total$78,159 $8,221 $231 $86,149 

The amortized cost and aggregate fair values of investments in held-to-maturity securities as of December 31, 2020 are as follows:
($ in thousands)

Held-to-maturity securities:
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Agency mortgage backed securities$873 $73 $— $946 
Total$873 $73 $— $946 

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 securities32,283 861 157 32,987 
Asset backed securities10,307 71 104 10,274 
Private label mortgage backed securities6,815 441 4 7,252 
Corporate bonds36,074 1,816 70 37,820 
States, municipalities and political subdivisions6,669 109 1 6,777 
Foreign governments
823 46 — 869 
Total Fixed Maturities97,102 3,494 336 100,260 
Equity securities2,127 3,176 — 5,303 
Total$99,229 $6,670 $336 $105,563 
The amortized cost and aggregate fair values of investments in held-to-maturity securities as of December 31, 2019 are as follows:
($ 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 

The amortized cost and aggregate fair value of debt securities at December 31, 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$125 $125 
Due after one year through five years18,457 19,601 
Due after five years through ten years24,867 26,670 
Due after ten years32,792 35,003 
Total$76,241 $81,399 
Held-to-maturity securities:  
Due after one year through five years$17 $18 
Due after five years through ten years4 4 
Due after ten years852 924 
Total$873 $946 

A summary of securities available-for-sale with unrealized losses as of December 31, 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 months12 months or longerTotal
December 31, 2020Fair
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$666 $9 $— $— $666 $9 1
Agency mortgage backed securities2,264 56 2 7 2,266 63 8
Asset backed securities1,737 27 — — 1,737 27 2
Private label mortgage backed securities891 55 — — 891 55 1
Corporate bonds2,467 45 495 5 2,962 50 5
States, municipalities and political subdivisions1,713 27 — — 1,713 27 3
 $9,738 $219 $497 $12 $10,235 $231 20

There were no securities held-to-maturity with unrealized losses as of December 31, 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 months12 months or longerTotal
December 31, 2019Fair
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 securities4,241 33 1,579 71 5,820 104 9
Private label mortgage backed securities1,060 4 — — 1,060 4 1
Corporate bonds6,363 54 1,484 16 7,847 70 14
States, municipalities and political subdivisions512 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.

The Company conducts periodic reviews to identify and evaluate securities in an unrealized loss position in order to identify other-than-temporary impairments. For securities in an unrealized loss position, the Company assesses whether the Company has the intent to sell the security or more-likely-than-not will be required to sell the security before the anticipated recovery.  If either of these conditions is met, the Company is required to recognize an other-than-temporary impairment with the entire unrealized loss reported in earnings.  For securities in an unrealized loss position that do not meet these conditions, the Company assesses whether the impairment of a security is other-than-temporary.  If the impairment is determined to be other-than-temporary, the Company is required to separate the other-than-temporary impairments into two components:  the amount representing the credit loss and the amount related to all other factors.  The credit loss is the portion of the amortized book value in excess of the net present value of the projected future cash flows discounted at the effective interest rate implicit in the debt security prior to impairment.  The credit loss component of other-than-temporary impairments is reported in earnings, whereas the amount relating to factors other than credit losses are recorded in other comprehensive income, net of taxes.

Management has evaluated each security in a significant unrealized loss position in the fixed maturity investment portfolio. The Company has no material exposure to sub-prime mortgage loans and approximately 7% of the fixed income investment portfolio is rated below investment grade.  Based on a review of the available financial information, the prospect for future earnings of each company and consideration of the Company’s intent and ability to hold the securities until market values recovered, it was determined that, other than the impairment described below, the securities in an accumulated loss position in the portfolio were temporary impairments.

For the year ended December 31, 2020, the Company realized $180,000 other-than-temporary impairments. For the year ended December 31, 2019, the Company realized no other-than-temporary impairments. At December 31, 2020, the three largest losses not realized as an impairment in the fixed maturity portfolio totaled $55,000, $37,000 and $27,000. After evaluation by management, it was determined that each of these losses were driven by changes in market interest rates and, in some cases, a lack of liquidity in some sectors driven by market dislocation. However, management currently has the intent and ability to hold these investments until recovery so no other-than-temporary impairments were recognized. At December 31, 2019, the three largest losses not realized as an impairment in the fixed maturity portfolio totaled $60,000, $23,000 and $20,000.
Major categories of investment income are summarized as follows:
($ in thousands)Year ended
December 31,
20202019
Fixed maturities$3,482 $3,752 
Equity securities128 86 
Mortgage loans on real estate7 8 
Investment real estate1 4 
Policy loans143 142 
Other15 30 
3,776 4,022 
Less: Investment expenses143 146 
Net investment income$3,633 $3,876 

Major categories of investment gains and losses are summarized as follows:
($ in thousands)Year ended
December 31,
20202019
Realized gains on fixed maturities$1,361 $18 
Realized gains on equity securities426 233 
Gains on trading securities13 5 
Change in fair value of equity securities(344)712 
Change in surrender value of company owned life insurance343 295 
Realized gain on company owned life insurance— 1,792 
Other gains principally real estate4 — 
Other-than-temporary impairments(180)— 
Net investment gains$1,623 $3,055 

An analysis of the net change in unrealized gains (losses) on available-for-sale securities follows:
($ in thousands)December 31,
2020		December 31,
2019
Fixed maturities$2,000 $4,910 
Deferred income tax(420)(1,031)
Change in net unrealized gains on available-for-sale securities$1,580 $3,879