Available For Sale Securities

12 Months Ended

Dec. 31, 2016

Available for Sale Securities

The amortized cost, gross unrealized gains and losses and estimated fair value of investments classified as available for sale at December 31, 2016 and 2015 are as follows (in thousands):



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
2016
Bonds and notes:
U.S. government securities	$	174,938	$	8	$	13	$	174,933
Residential mortgage-backed securities	19,129		108		104		19,133
Commercial mortgage-backed securities	8,275		64		2		8,337
Other asset-backed securities	18,918		124		—		19,042
All other corporates	180		—		1		179
Total fixed maturities	221,440		304		120		221,624

Equity securities:
Common stocks:
Banks, trusts and insurance companies	35,071		15,115		—		50,186
Industrial, miscellaneous and all other	17,946		11,293		—		29,239
Total equity securities	53,017		26,408		—		79,425

	$	274,457	$	26,712	$	120	$	301,049

2015
Bonds and notes:
U.S. government securities	$	63,968	$	2	$	25	$	63,945
Residential mortgage-backed securities	23,033		308		101		23,240
Commercial mortgage-backed securities	2,392		—		18		2,374
Other asset-backed securities	39,633		—		160		39,473
All other corporates	4,794		7		57		4,744
Total fixed maturities	133,820		317		361		133,776

Equity securities:
Common stocks:
Banks, trusts and insurance companies	35,071		10,201		—		45,272
Industrial, miscellaneous and all other	17,946		10,361		—		28,307
Total equity securities	53,017		20,562		—		73,579

	$	186,837	$	20,879	$	361	$	207,355

The amortized cost and estimated fair value of investments classified as available for sale at December 31, 2016, by contractual maturity, are shown below. Expected maturities are likely to differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.



	Amortized Cost		Estimated Fair Value
	(In thousands)

Due within one year	$	174,938	$	174,933
Due after one year through five years	180		179
	175,118		175,112
Mortgage-backed and asset-backed securities	46,322		46,512
	$	221,440	$	221,624

At December 31, 2016, the unrealized losses on investments which have been in a continuous unrealized loss position for less than 12 months and 12 months or longer were not significant.