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INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 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 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 securities	19,773		919		63		20,629
Asset backed securities	8,233		137		27		8,343
Private label mortgage backed securities	1,418		50		55		1,413
Corporate bonds	35,930		3,771		50		39,651

States, municipalities and political subdivisions	6,587		189		27		6,749

Total Fixed Maturities	76,241		5,389		231		81,399
Equity securities	1,918		2,832		—		4,750
Total	$	78,159	$	8,221	$	231	$	86,149

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 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 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 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 years	18,457		19,601
Due after five years through ten years	24,867		26,670
Due after ten years	32,792		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 years	4		4
Due after ten years	852		924
Total	$	873	$	946

Schedule of Securities with Unrealized Losses

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 months				12 months or longer				Total
December 31, 2020	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	$	666	$	9	$	—	$	—	$	666	$	9	1
Agency mortgage backed securities	2,264		56		2		7		2,266		63		8
Asset backed securities	1,737		27		—		—		1,737		27		2
Private label mortgage backed securities	891		55		—		—		891		55		1
Corporate bonds	2,467		45		495		5		2,962		50		5



States, municipalities and political subdivisions	1,713		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 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)	Year ended December 31,
		2020		2019
Fixed maturities		$	3,482	$	3,752
Equity securities		128		86
Mortgage loans on real estate		7		8
Investment real estate		1		4
Policy loans		143		142

Other		15		30
		3,776		4,022
Less: Investment expenses		143		146
Net investment income		$	3,633	$	3,876

Schedule of Realized Investments Gains (Losses)

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


($ in thousands)	Year ended December 31,
		2020		2019
Realized gains on fixed maturities		$	1,361	$	18
Realized gains on equity securities		426		233
Gains on trading securities		13		5
Change in fair value of equity securities		(344)		712
Change in surrender value of company owned life insurance		343		295
Realized gain on company owned life insurance		—		1,792
Other gains principally real estate		4		—
Other-than-temporary impairments		(180)		—
Net investment gains		$	1,623	$	3,055

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)	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