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INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022 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	$	5,172	$	46	$	196	$	5,022


Agency mortgage backed securities	19,469		63		990		18,542
Asset backed securities	4,567		6		142		4,431
Private label mortgage backed securities	3,743		4		199		3,548
Corporate bonds	49,655		814		1,479		48,990

States, municipalities and political subdivisions	9,630		15		795		8,850

Total Fixed Maturities	92,236		948		3,801		89,383
Equity securities	1,609		2,474		—		4,083
Total	$	93,845	$	3,422	$	3,801	$	93,466

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

Schedule of Held-to-Maturity Securities

The amortized cost and aggregate fair values of investments in held-to-maturity securities as of March 31, 2022 are as follows:


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

Agency mortgage backed securities	$	581	$	12	$	3	$	590



Total	$	581	$	12	$	3	$	590

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

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, 2022, 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	$	3,103	$	3,122
Due after one year through five years	20,896		21,060
Due after five years through ten years	21,688		21,402
Due after ten years	46,549		43,799
Total	$	92,236	$	89,383

Held-to-maturity securities:

Due after one year through five years	$	6	$	6
Due after five years through ten years	3		3
Due after ten years	572		581
Total	$	581	$	590

Schedule of Securities with Unrealized Losses

A summary of securities available-for-sale with unrealized losses as of March 31, 2022, 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, 2022	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	$	3,263	$	196	$	—	$	—	$	3,263	$	196	3
Agency mortgage backed securities	15,030		856		1,076		134		16,106		990		45
Asset backed securities	4,073		142		—		—		4,073		142		8
Private label mortgage backed securities	3,505		199		—		—		3,505		199		5
Corporate bonds	20,900		1,227		1,403		252		22,303		1,479		35



States, municipalities and political subdivisions	5,517		705		716		90		6,233		795		11



	$	52,288	$	3,325	$	3,195	$	476	$	55,483	$	3,801	107

A summary of held-to-maturity securities with unrealized losses as of March 31, 2022, 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, 2022	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	$	209	$	3	$	—	$	—	$	209	$	3	1






	$	209	$	3	$	—	$	—	$	209	$	3	1

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.

Summary of Major Categories of Investment Income

Major categories of investment income are summarized as follows:


($ in thousands)	Three months ended March 31,
		2022		2021
Fixed maturities		$	814	$	757
Equity securities		42		49
Mortgage loans on real estate		2		2

Policy loans		33		34

Other		16		2
		907		844
Less: Investment expenses		39		40
Net investment income		$	868	$	804

Schedule of Realized Investments Gains (Losses)

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


($ in thousands)	Three months ended March 31,
		2022		2021
Realized gains on fixed maturities		$	3	$	—
Realized gains on equity securities		—		357
Gains (losses) on trading securities		(12)		7
Change in fair value of equity securities		106		3
Change in surrender value of company owned life insurance		(369)		(57)



Net investment gains (losses)		$	(272)	$	310

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, 2022		March 31, 2021
Fixed maturities	$	(5,410)	$	(2,069)
Deferred income tax	1,136		434
Change in net unrealized gains (losses) on available-for-sale securities	$	(4,274)	$	(1,635)