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Investments
 6 Months Ended
Jun. 30, 2016
Investments [Abstract]  
Investments
(2) Investments:
The following is a summary of available-for-sale securities at June 30, 2016 and December 31, 2015:


              
Net
 
     
Cost or
  
Gross
  
Gross
  
Unrealized
 
  
Fair
  
Amortized
  
Unrealized
  
Unrealized
  
Gains
 
  
Value
  
Cost
  
Gains
  
Losses
  
(Losses)
 
June 30, 2016
               
Fixed maturities
               
   U.S. government obligations
 
$
109,031
  
$
108,414
  
$
618
  
$
(1
)
 
$
617
 
   Residential mortgage-backed securities
  
5,797
   
5,652
   
236
   
(91
)
  
145
 
   Commercial mortgage-backed securities
  
30,227
   
30,523
   
634
   
(930
)
  
(296
)
   States and municipal obligations
  
125,098
   
123,605
   
1,579
   
(86
)
  
1,493
 
   Corporate securities
  
177,696
   
179,254
   
3,663
   
(5,221
)
  
(1,558
)
   Foreign government obligations
  
24,515
   
25,770
   
411
   
(1,666
)
  
(1,255
)
      Total fixed maturities
  
472,364
   
473,218
   
7,141
   
(7,995
)
  
(854
)
Equity securities:
                    
   Financial institutions
  
24,918
   
15,060
   
10,454
   
(596
)
  
9,858
 
   Industrial & miscellaneous
  
112,826
   
68,485
   
47,625
   
(3,284
)
  
44,341
 
      Total equity securities
  
137,744
   
83,545
   
58,079
   
(3,880
)
  
54,199
 
                     
      Total
 
$
610,108
  
$
556,763
  
$
65,220
  
$
(11,875
)
  
53,345
 
                     
              
Applicable federal income taxes
   
(18,671
)
                     
              
Net unrealized gains - net of tax
  
$
34,674
 
                     
December 31, 2015
                    
Fixed maturities
                    
   U.S. government obligations
 
$
103,245
  
$
103,448
  
$
56
  
$
(259
)
 
$
(203
)
   Residential mortgage-backed securities
  
4,776
   
4,668
   
162
   
(54
)
  
108
 
   Commercial mortgage-backed securities
  
30,595
   
30,977
   
247
   
(629
)
  
(382
)
   State and municipal obligations
  
110,578
   
109,932
   
806
   
(160
)
  
646
 
   Corporate securities
  
164,025
   
168,137
   
2,445
   
(6,557
)
  
(4,112
)
   Foreign government obligations
  
23,965
   
25,416
   
404
   
(1,855
)
  
(1,451
)
      Total fixed maturities
  
437,184
   
442,578
   
4,120
   
(9,514
)
  
(5,394
)
Equity securities:
                    
   Financial institutions
  
21,694
   
10,836
   
11,069
   
(211
)
  
10,858
 
   Industrial & miscellaneous
  
123,804
   
69,385
   
59,338
   
(4,919
)
  
54,419
 
      Total equity securities
  
145,498
   
80,221
   
70,407
   
(5,130
)
  
65,277
 
                     
      Total
 
$
582,682
  
$
522,799
  
$
74,527
  
$
(14,644
)
  
59,883
 
                     
              
Applicable federal income taxes
   
(20,959
)
                     
              
Net unrealized gains - net of tax
  
$
38,924
 
 
The following table summarizes, for fixed maturity and equity security investments in an unrealized loss position at June 30, 2016 and December 31, 2015, respectively, the aggregate fair value and gross unrealized loss categorized by the duration those securities have been continuously in an unrealized loss position.


  
June 30, 2016
  
December 31, 2015
 
  
Number of Securities
  
Fair Value
  
Gross Unrealized Loss
  
Number of Securities
  
Fair Value
  
Gross Unrealized Loss
 
Fixed maturity securities:
                  
12 months or less
  
213
  
$
119,094
  
$
(5,585
)
  
328
  
$
205,475
  
$
(5,070
)
Greater than 12 months
  
54
   
15,236
   
(2,410
)
  
168
   
108,043
   
(4,444
)
Total fixed maturities
  
267
   
134,330
   
(7,995
)
  
496
   
313,518
   
(9,514
)
                         
Equity securities:
                        
12 months or less
  
60
   
33,335
   
(3,880
)
  
73
   
26,517
   
(5,130
)
Greater than 12 months
  
-
   
-
   
-
   
-
   
-
   
-
 
Total equity securities
  
60
   
33,335
   
(3,880
)
  
73
   
26,517
   
(5,130
)
Total fixed maturity and equity securities
  
327
  
$
167,665
  
$
(11,875
)
  
569
  
$
340,035
  
$
(14,644
)


 
The fair value and the cost or amortized costs of fixed maturity investments at June 30, 2016, by contractual maturity, are shown below.  Actual maturities may ultimately differ from contractual maturities because borrowers have, in some cases, the right to call or prepay obligations with or without call or prepayment penalties. Pre-refunded municipal bonds are classified based on their pre-refunded call dates.

 
  
Fair Value
  
Cost or Amortized Cost
 
       
One year or less
 
$
116,328
  
$
116,599
 
Excess of one year to five years
  
236,062
   
235,283
 
Excess of five years to ten years
  
36,580
   
36,124
 
Excess of ten years
  
1,967
   
2,123
 
   Contractual maturities
  
390,937
   
390,129
 
Asset-backed securities
  
81,427
   
83,089
 
Total
 
$
472,364
  
$
473,218
 
 
Following is a summary of the components of net realized gains (losses) on investments for the periods presented in the accompanying consolidated statements of income.


  
Three Months Ended
  
Six Months Ended
 
  
June 30
  
June 30
 
  
2016
  
2015
  
2016
  
2015
 
Fixed maturities:
            
   Gross gains
 
$
565
  
$
985
  
$
1,842
  
$
2,132
 
   Gross losses
  
(1,140
)
  
(1,856
)
  
(4,036
)
  
(3,789
)
      Net realized losses
  
(575
)
  
(871
)
  
(2,194
)
  
(1,657
)
                 
Equity securities:
                
   Gross gains
  
1,126
   
1,230
   
16,636
   
1,979
 
   Gross losses
  
(1,248
)
  
(1,232
)
  
(3,948
)
  
(1,985
)
      Net realized gains (losses)
  
(122
)
  
(2
)
  
12,688
   
(6
)
                 
Limited partnerships - net gain (loss)
  
977
   
(293
)
  
(1,202
)
  
4,240
 
                 
                 
      Total net gains (losses)
 
$
280
  
$
(1,166
)
 
$
9,292
  
$
2,577
 

 
Net realized gains activity for investments, as shown in the previous table, are further detailed as follows:


  
Three Months Ended
  
Six Months Ended
 
  
June 30
  
June 30
 
  
2016
  
2015
  
2016
  
2015
 
             
Realized net gains (losses) on the disposal of securities
 
$
(1,142
)
 
$
(125
)
 
$
7,167
  
$
(413
)
Mark-to-market adjustment
  
(133
)
  
(104
)
  
(434
)
  
(392
)
Equity in gains (losses) of limited partnership
                
  investments - realized and unrealized
  
977
   
(293
)
  
(1,202
)
  
4,240
 
Impairment:
                
  Write-downs based upon objective criteria
  
(1,095
)
  
(893
)
  
(3,155
)
  
(1,107
)
  Recovery of prior write-downs
                
    upon sale or disposal
  
1,673
   
249
   
6,916
   
249
 
                 
Total net gains (losses)
 
$
280
  
$
(1,166
)
 
$
9,292
  
$
2,577
 


The mark-to-market adjustments in the table above represent the changes in fair value of (1) options embedded in convertible debt securities and (2) insurance-linked securities held by the Company.
 
The income from limited partnerships for the quarter and year-to-date periods ending June 30, 2016 includes an estimated $155 of net unrealized losses and $719 of net unrealized gains respectively, reported to the Company as part of the underlying assets of the various limited partnerships.  The value of limited partnerships at June 30, 2016 includes approximately $5,780 of accumulated net unrealized gains reported to the Company as part of the underlying assets of the various limited partnerships. Shareholders' equity at June 30, 2016 includes approximately $25,680, net of federal income taxes, of reported earnings which remain undistributed by limited partnerships.
As of June 30, 2016, the Company had no committed funds related to bridge loan agreements.  When funds are committed, the Company retains possession of these funds which will only be loaned in the unlikely event that long-term financing is unavailable to the counter party in the market.

At June 30, 2016, limited partnership investments include approximately $44,400 consisting of two partnerships which are managed by organizations in which certain of the Company's directors are officers, directors, general partners or owners.  Each of these investments contains profit sharing agreements, pursuant to which, a portion of the gains will be paid to the affiliated organizations.

At June 30, 2016, invested assets other than limited partnerships include approximately $62,600 in portfolios managed by organizations in which certain of the Company's directors are officers, directors, general partners or owners.