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.


($ in thousands) Available-for-sale securities:	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Government corporations and agencies	$	5,861	$	251	$	72	$	6,040


Agency mortgage backed securities	19,979		598		219		20,358
Asset backed securities	8,199		158		19		8,338
Private label mortgage backed securities	1,795		42		19		1,818
Corporate bonds	41,212		2,814		320		43,706

States, municipalities and political subdivisions	7,334		96		221		7,209

Total Fixed Maturities	84,380		3,959		870		87,469
Equity securities	1,761		2,835		—		4,596
Total	$	86,141	$	6,794	$	870	$	92,065


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

Agency mortgage backed securities	$	768	$	67	$	—	$	835



Total	$	768	$	67	$	—	$	835


($ 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


($ 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 value of debt securities at March 31, 2021, 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 after one year through five years	$	21,645	$	22,766
Due after five years through ten years	23,899		24,934
Due after ten years	38,836		39,769
Total	$	84,380	$	87,469

Held-to-maturity securities:

Due after one year through five years	$	15	$	15
Due after five years through ten years	3		4
Due after ten years	750		816
Total	$	768	$	835

A summary of securities available-for-sale with unrealized losses as of March 31, 2021, 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
March 31, 2021	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	$	2,167	$	72	$	—	$	—	$	2,167	$	72	3
Agency mortgage backed securities	7,295		216		1		3		7,296		219		16
Asset backed securities	3,788		19		—		—		3,788		19		5
Private label mortgage backed securities	—		—		832		19		832		19		1
Corporate bonds	6,497		319		499		1		6,996		320		13



States, municipalities and political subdivisions	3,516		221		—		—		3,516		221		5



	$	23,263	$	847	$	1,332	$	23	$	24,595	$	870	43

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

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 6% 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 the securities in an accumulated loss position in the portfolio were temporary impairments.

For the three months ended March 31, 2021, the Company realized no other-than-temporary impairments. For the year ended December 31, 2020, the Company realized $180,000 other-than-temporary impairments. At March 31, 2021, the three largest losses not realized as an impairment in the fixed maturity portfolio totaled $104,000, $80,000 and $75,000. After evaluation by management, it was determined that each of these losses were driven by changes in market interest rates. Management currently has the intent and ability to hold these investments until recovery so no other-than-temporary impairments were recognized. 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.


($ in thousands)	Three months ended March 31,
		2021		2020
Fixed maturities		$	757	$	916
Equity securities		49		41
Mortgage loans on real estate		2		2
Investment real estate		—		1
Policy loans		34		36

Other		2		4
		844		1,000
Less: Investment expenses		40		36
Net investment income		$	804	$	964


($ in thousands)	Three months ended March 31,
		2021		2020
Realized gains on fixed maturities		$	—	$	121
Realized gains (losses) on equity securities		357		(25)
Gains on trading securities		7		—
Change in fair value of equity securities		3		(599)
Change in surrender value of company owned life insurance		(57)		(251)

Other gains principally real estate		—		2
Other-than-temporary impairments		—		(238)
Net investment gains (losses)		$	310	$	(990)


($ in thousands)	March 31, 2021		March 31, 2020
Fixed maturities	$	(2,069)	$	(2,456)
Deferred income tax	434		516
Change in net unrealized gains on available-for-sale securities	$	(1,635)	$	(1,940)