XML 37 R26.htm IDEA: XBRL DOCUMENT v3.21.1
INVESTMENTS (Tables)
 3 Months Ended
Mar. 31, 2021
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, 2021 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$5,861 $251 $72 $6,040 
Agency mortgage backed securities19,979 598 219 20,358 
Asset backed securities8,199 158 19 8,338 
Private label mortgage backed securities1,795 42 19 1,818 
Corporate bonds41,212 2,814 320 43,706 
States, municipalities and political subdivisions7,334 96 221 7,209 
Total Fixed Maturities84,380 3,959 870 87,469 
Equity securities1,761 2,835 — 4,596 
Total$86,141 $6,794 $870 $92,065 
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 $86,149 
Schedule of Held-to-Maturity Securities
The amortized cost and aggregate fair values of investments in held-to-maturity securities as of March 31, 2021 are as follows:
($ 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 $— $835 
The amortized cost and aggregate fair values of investments in held-to-maturity securities as of December 31, 2020 are as follows:
($ 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 $— $946 
Schedule of Amortized Cost and Aggregate Fair Value of Debt Securities, by Contractual Maturity
The amortized cost and aggregate fair value of debt securities at March 31, 2021, by contractual maturity, are presented in the following table.  Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
($ 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 years23,899 24,934 
Due after ten years38,836 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 years3 4 
Due after ten years750 816 
Total$768 $835 
Schedule of Securities with Unrealized Losses
A summary of securities available-for-sale with unrealized losses as of March 31, 2021, along with the related fair value, aggregated by the length of time that investments have been in a continuous unrealized loss position, is as follows:
($ in thousands)Less than 12 months12 months or longerTotal
March 31, 2021Fair
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 securities7,295 216 1 3 7,296 219 16
Asset backed securities3,788 19 — — 3,788 19 5
Private label mortgage backed securities— — 832 19 832 19 1
Corporate bonds6,497 319 499 1 6,996 320 13
States, municipalities and political subdivisions3,516 221 — — 3,516 221 5
 $23,263 $847 $1,332 $23 $24,595 $870 43

There were no securities held-to-maturity with unrealized losses as of March 31, 2021.

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.
Summary of Major Categories of Investment Income
Major categories of investment income are summarized as follows:
($ in thousands)Three months ended
March 31,
20212020
Fixed maturities$757 $916 
Equity securities49 41 
Mortgage loans on real estate2 2 
Investment real estate— 1 
Policy loans34 36 
Other2 4 
844 1,000 
Less: Investment expenses40 36 
Net investment income$804 $964 
Schedule of Realized Investments Gains (Losses)
Major categories of investment gains and losses are summarized as follows:
($ in thousands)Three months ended
March 31,
20212020
Realized gains on fixed maturities$— $121 
Realized gains (losses) on equity securities357 (25)
Gains on trading securities7 — 
Change in fair value of equity securities3 (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 $(990)
Schedule of Net Change in Unrealized Appreciation
An analysis of the net change in unrealized gains (losses) on available-for-sale securities follows:
($ in thousands)March 31,
2021		March 31,
2020
Fixed maturities$(2,069)$(2,456)
Deferred income tax434 516 
Change in net unrealized gains on available-for-sale securities$(1,635)$(1,940)