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INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2021

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, 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	$	5,171	$	173	$	19	$	5,325


Agency mortgage backed securities	18,407		333		217		18,523
Asset backed securities	4,710		63		17		4,756
Private label mortgage backed securities	2,878		17		38		2,857
Corporate bonds	51,391		2,635		418		53,608

States, municipalities and political subdivisions	9,629		131		86		9,674

Total Fixed Maturities	92,186		3,352		795		94,743
Equity securities	1,609		2,368		—		3,977
Total	$	93,795	$	5,720	$	795	$	98,720

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

Schedule of Held-to-Maturity Securities

The amortized cost and aggregate fair values of investments in held-to-maturity securities as of December 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	$	608	$	42	$	—	$	650



Total	$	608	$	42	$	—	$	650

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 December 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 in one year or less	$	3,002	$	3,032
Due after one year through five years	22,179		23,092
Due after five years through ten years	21,780		22,543
Due after ten years	45,225		46,076
Total	$	92,186	$	94,743

Held-to-maturity securities:

Due after one year through five years	$	8	$	8
Due after five years through ten years	3		3
Due after ten years	597		639
Total	$	608	$	650

Schedule of Securities with Unrealized Losses

A summary of securities available-for-sale with unrealized losses as of December 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
December 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	$	1,814	$	19	$	—	$	—	$	1,814	$	19	2
Agency mortgage backed securities	10,129		217		—		—		10,129		217		19
Asset backed securities	1,501		17		—		—		1,501		17		3
Private label mortgage backed securities	1,963		38		—		—		1,963		38		2
Corporate bonds	11,121		418		—		—		11,121		418		18



States, municipalities and political subdivisions	3,629		77		798		9		4,427		86		7



	$	30,157	$	786	$	798	$	9	$	30,955	$	795	51

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

Summary of Major Categories of Investment Income

Major categories of investment income are summarized as follows:


($ in thousands)	Year ended December 31,
		2021		2020
Fixed maturities		$	3,222	$	3,482
Equity securities		114		128
Mortgage loans on real estate		7		7
Investment real estate		—		1
Policy loans		137		143

Other		47		15
		3,527		3,776
Less: Investment expenses		144		143
Net investment income		$	3,383	$	3,633

Schedule of Realized Investments Gains (Losses)

Major categories of investment gains (losses) are summarized as follows:


($ in thousands)	Year ended December 31,
		2021		2020
Realized gains on fixed maturities		$	111	$	1,361
Realized gains on equity securities		1,237		426
Gains on trading securities		3		13
Change in fair value of equity securities		(464)		(344)
Change in surrender value of company owned life insurance		71		343

Other gains (losses) principally real estate		(73)		4
Other-than-temporary impairments		—		(180)
Net investment gains		$	885	$	1,623

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, 2021		December 31, 2020
Fixed maturities	$	(2,599)	$	2,000
Deferred income tax	546		(420)
Change in net unrealized gains (losses) on available-for-sale securities	$	(2,053)	$	1,580