Investments (Tables)
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6 Months Ended |
Jun. 30, 2019 |
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| Investments, Debt and Equity Securities [Abstract] |
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| 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 |
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| | | | | | | | | | | | | | | | | | 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 |
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| 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 | % |
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| 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 |
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| 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 | ) |
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| 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 |
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| 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 |
| | $ | — |
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| 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 |
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| | | | | (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. |
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| 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 | ) |
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| 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 |
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| 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 |
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