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Investments (Tables)
 6 Months Ended
Jun. 30, 2019
Investments, Debt and Equity Securities [Abstract]  
Cost or Amortized Cost and Fair Value of Securities Available for Sale
The following table provides the amortized cost and fair value of debt securities available for sale as of the dates presented (in thousands):
 
June 30, 2019
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
Debt Securities:
 
 
 
 
 
 
 
  U.S. government obligations and agencies
$
73,073

 
$
817

 
$
(314
)
 
$
73,576

  Corporate bonds
444,052

 
14,726

 
(335
)
 
458,443

  Mortgage-backed and asset-backed securities
329,492

 
7,056

 
(1,125
)
 
335,423

  Municipal bonds
3,401

 
112

 
(6
)
 
3,507

  Redeemable preferred stock
13,003

 
295

 
(154
)
 
13,144

Total
$
863,021

 
$
23,006

 
$
(1,934
)
 
$
884,093

 
December 31, 2018
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
Debt Securities:
 
 
 
 
 
 
 
  U.S. government obligations and agencies
$
67,435

 
$
241

 
$
(1,039
)
 
$
66,637

  Corporate bonds
434,887

 
714

 
(6,736
)
 
428,865

  Mortgage-backed and asset-backed securities
312,840

 
912

 
(4,155
)
 
309,597

  Municipal bonds
3,405

 
—

 
(43
)
 
3,362

  Redeemable preferred stock
12,560

 
55

 
(638
)
 
11,977

Total
$
831,127

 
$
1,922

 
$
(12,611
)
 
$
820,438
Schedule of Credit Quality of Available-for-sale Debt Securities With Contractual Maturities
The following table provides the credit quality of available-for-sale debt securities with contractual maturities as of the dates presented (dollars in thousands):
 
 
June 30, 2019
 
December 31, 2018
Equivalent S&P Credit Ratings
 
Fair Value
 
% of Total Fair Value
 
Fair Value
 
% of Total Fair Value
AAA
 
$
419,914

 
47.5
%
 
$
388,672

 
47.4
%
AA
 
102,686

 
11.6
%
 
100,791

 
12.3
%
A
 
232,297

 
26.3
%
 
214,503

 
26.1
%
BBB
 
124,880

 
14.1
%
 
112,613

 
13.7
%
BB and Below
 
—

 
—
%
 
494

 
0.1
%
No Rating Available
 
4,316

 
0.5
%
 
3,365

 
0.4
%
   Total
 
$
884,093

 
100.0
%
 
$
820,438

 
100.0
%
Schedule of Amortized Cost and Fair Value on Mortgage-Backed and Asset-Backed Securities
The following table summarizes the amortized cost and fair value of mortgage-backed and asset-backed securities as of the dates presented (in thousands):
 
June 30, 2019
 
December 31, 2018
 
Amortized
Cost
 
Fair Value
 
Amortized
Cost
 
Fair Value
Mortgage-backed Securities:
 
 
 
 
 
 
 
Agency
$
148,574

 
$
148,889

 
$
139,418

 
$
136,291

Non-agency
73,639

 
78,169

 
61,689

 
61,933

Asset-backed Securities:
 
 
 
 
 
 
 
Auto loan receivables
50,798

 
51,215

 
53,449

 
53,341

Credit card receivables
25,670

 
25,982

 
29,594

 
29,366

Other receivables
30,811

 
31,168

 
28,690

 
28,666

Total
$
329,492

 
$
335,423

 
$
312,840

 
$
309,597
Summarized Fair Value and Gross Unrealized Losses on Available-for-sale Debt Securities
The following table summarizes the fair value and gross unrealized losses on available-for-sale debt securities, aggregated by major investment category and length of time that individual securities have been in a continuous unrealized loss position as of the dates presented (in thousands):
 
June 30, 2019
 
Less Than 12 Months
 
12 Months or Longer
 
Number of
Issues
 
Fair Value
 
Unrealized
Losses
 
Number of
Issues
 
Fair Value
 
Unrealized
Losses
Debt Securities:
 
 
 
 
 
 
 
 
 
 
 
U.S. government obligations and agencies
—

 
$
—

 
$
—

 
9

 
$
46,478

 
$
(314
)
Corporate bonds
23

 
12,768

 
(28
)
 
79

 
68,066

 
(307
)
Mortgage-backed and asset-backed securities
10

 
13,813

 
(67
)
 
71

 
102,029

 
(1,058
)
Municipal bonds
—

 
—

 
—

 
1

 
274

 
(6
)
Redeemable preferred stock
26

 
3,337

 
(47
)
 
7

 
1,595

 
(107
)
Total
59

 
$
29,918

 
$
(142
)
 
167

 
$
218,442

 
$
(1,792
)

 
December 31, 2018
 
Less Than 12 Months
 
12 Months or Longer
 
Number of
Issues
 
Fair Value
 
Unrealized
Losses
 
Number of
Issues
 
Fair Value
 
Unrealized
Losses
Debt Securities:
 
 
 
 
 
 
 
 
 
 
 
U.S. government obligations and agencies
—

 
$
—

 
$
—

 
13

 
$
56,531

 
$
(1,039
)
Corporate bonds
228

 
210,152

 
(3,318
)
 
160

 
131,225

 
(3,418
)
Mortgage-backed and asset-backed securities
36

 
57,487

 
(196
)
 
103

 
148,436

 
(3,959
)
Municipal bonds
6

 
3,362

 
(43
)
 
—

 
—

 
—

Redeemable preferred stock
61

 
8,092

 
(506
)
 
5

 
1,034

 
(132
)
Total
331

 
$
279,093

 
$
(4,063
)
 
281

 
$
337,226

 
$
(8,548
)
Amortized Cost and Fair Value of Investments With Contractual Maturities
The following table presents the amortized cost and fair value of investments with maturities as of the date presented (in thousands):
 
June 30, 2019
 
Amortized Cost
 
Fair Value
Due in one year or less
$
125,392

 
$
125,260

Due after one year through five years
430,647

 
437,007

Due after five years through ten years
296,314

 
310,958

Due after ten years
9,515

 
9,656

Perpetual maturity securities
1,153

 
1,212

Total
$
863,021

 
$
884,093
Schedule of Securities Available for Sale
The following table provides certain information related to available-for-sale debt securities, equity securities and investment real estate during the periods presented (in thousands):
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2019
 
2018
 
2019
 
2018
Proceeds from sales and maturities (fair value):
 
 
 
 
 
 
 
  Available-for-sale debt securities
$
60,545

 
$
68,875

 
$
111,730

 
$
193,702

  Equity securities
$
11,976

 
$
3,082

 
$
29,137

 
$
4,127

Gross realized gains on sale of securities:
 
 
 
 
 
 
 
  Available-for-sale debt securities
$
112

 
$
10

 
$
299

 
$
317

  Equity securities
$
170

 
$
177

 
$
335

 
$
301

Gross realized losses on sale of securities:
 
 
 
 
 
 
 
  Available-for-sale debt securities
$
(148
)
 
$
(42
)
 
$
(190
)
 
$
(3,114
)
  Equity securities
$
(2,952
)
 
$
—

 
$
(14,787
)
 
$
—

Realized gains on sale of real estate investment
$
1,213

 
$
—

 
$
1,213

 
$
—
Investment Income (Expense) Comprised Primarily of Interest and Dividends
The following table presents the components of net investment income, comprised primarily of interest and dividends, for the periods presented (in thousands):
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2019
 
2018
 
2019
 
2018
Available-for-sale debt securities
$
6,041

 
$
4,095

 
$
12,192

 
$
7,795

Equity securities
562

 
711

 
1,604

 
1,294

Available-for-sale short-term investments
—

 
56

 
—

 
145

Cash and cash equivalents (1)
1,392

 
1,359

 
2,692

 
2,246

Other (2)
252

 
246

 
511

 
413

  Total investment income
8,247

 
6,467

 
16,999

 
11,893

Less: Investment expenses (3)
(837
)
 
(681
)
 
(1,447
)
 
(1,322
)
  Net investment income
$
7,410

 
$
5,786

 
$
15,552

 
$
10,571

(1
)
 
Includes interest earned on restricted cash and cash equivalents.
(2
)
 
Includes investment income earned on real estate investments.
(3
)
 
Includes custodial fees, investment accounting and advisory fees, and expenses associated with real estate investments.
Summary of Details on Realized and Unrealized Gains and Losses Related to Equity Securities
The following table provides the unrealized gains and losses recorded during the periods presented on equity securities still held at the end of the reporting period (in thousands):
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2019
 
2018
 
2019
 
2018
Unrealized gains and (losses) recognized during the reporting
 period on equity securities still held at the reporting period
$
880

 
$
(1,521
)
 
$
2,766

 
$
(6,630
)
Schedule of Real Estate Investment
Investment real estate consisted of the following as of the dates presented (in thousands):
 
June 30,
2019
 
December 31,
2018
Income Producing:
 
 
 
Investment real estate
$
14,679

 
$
14,619

Less: Accumulated depreciation
(1,077
)
 
(870
)
 
13,602

 
13,749

Non-Income Producing:
 

 
 

Investment real estate
2,190

 
10,690

Investment real estate, net
$
15,792

 
$
24,439
Schedule of Depreciation Expense Related to Investment Real Estate
Depreciation expense related to investment real estate for the periods presented (in thousands):
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2019
 
2018
 
2019
 
2018
Depreciation expense on investment real estate
$
104

 
$
101

 
$
207

 
$
204