Investments (Tables)

3 Months Ended

Mar. 31, 2025

Gross Unrecognized Gains and Losses and Cost or Amortized Cost, Allowance for Credit Losses, Carrying Amount and Fair Value of Investments Classified as Held-to-Maturity

The amortized cost, allowance for credit losses, carrying amount, gross unrecognized gains and losses, and the fair value of those investments classified as held-to-maturity at March 31, 2025 are summarized as follows:

	Amortized Cost		Allowance for Credit Losses			Carrying Amount		Gross Unrecognized Gains		Gross Unrecognized Losses			Fair Value
	(in thousands)
States and political subdivisions	$	360,026	$	(29	)	$	359,997	$	1,250	$	(13,333	)	$	347,914
Corporate bonds		28,110		(71	)		28,039		10		(888	)		27,161
U.S. agency-based mortgage-backed securities		2,696		—			2,696		19		(120	)		2,595
U.S. Treasury securities and obligations    of U.S. government agencies		8,500		—			8,500		10		(208	)		8,302
Asset-backed securities		9		—			9		—		—			9
Totals	$	399,341	$	(100	)	$	399,241	$	1,289	$	(14,549	)	$	385,981

The amortized cost, allowance for credit losses, carrying amount, gross unrecognized gains and losses, and the fair value of those investments classified as held-to-maturity at December 31, 2024 are summarized as follows:

	Amortized Cost		Allowance for Credit Losses			Carrying Amount		Gross Unrecognized Gains		Gross Unrecognized Losses			Fair Value
	(in thousands)
States and political subdivisions	$	368,056	$	(30	)	$	368,026	$	1,810	$	(13,568	)	$	356,268
Corporate bonds		33,849		(86	)		33,763		6		(1,099	)		32,670
U.S. agency-based mortgage-backed securities		2,781		—			2,781		11		(149	)		2,643
U.S. Treasury securities and obligations    of U.S. government agencies		8,478		—			8,478		11		(362	)		8,127
Asset-backed securities		13		—			13		—		—			13
Totals	$	413,177	$	(116	)	$	413,061	$	1,838	$	(15,178	)	$	399,721

Gross Unrealized Gains and Losses and Cost or Amortized Cost, Allowance for Credit Losses and Fair Value of Investments Classified as Available-for-sale

The amortized cost, gross unrealized gains and losses, fair value, and the allowance for credit losses of those investments classified as available-for-sale at March 31, 2025 are summarized as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Allowance for Credit Losses
	(in thousands)
States and political subdivisions	$	163,615	$	208	$	(8,157	)	$	155,666	$	—
Corporate bonds		141,024		1,766		(1,880	)		140,910		—
U.S. agency-based mortgage-backed securities		4,406		—		(403	)		4,003		—
U.S. Treasury securities and obligations    of U.S. government agencies		14,886		—		(739	)		14,147		—
Totals	$	323,931	$	1,974	$	(11,179	)	$	314,726	$	—

The amortized cost, gross unrealized gains and losses, fair value, and the allowance for credit losses of those investments classified as available-for-sale at December 31, 2024 are summarized as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Allowance for Credit Losses
	(in thousands)
States and political subdivisions	$	156,488	$	148	$	(8,430	)	$	148,206	$	—
Corporate bonds		143,070		1,248		(2,783	)		141,535		—
U.S. agency-based mortgage-backed securities		4,545		—		(486	)		4,059		—
U.S. Treasury securities and obligations    of U.S. government agencies		14,872		—		(922	)		13,950		—
Totals	$	318,975	$	1,396	$	(12,621	)	$	307,750	$	—

Gross Unrealized Gains and Losses and Cost of Equity

The cost, gross unrealized gains and losses, and the fair value of equity securities at March 31, 2025 are summarized as follows:

	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
Equity securities:
Domestic common stock - Exchange Traded Funds	$	36,020	$	19,465	$	(9	)	$	55,476
Total equity securities	$	36,020	$	19,465	$	(9	)	$	55,476

The cost, gross unrealized gains and losses, and the fair value of equity securities at December 31, 2024 are summarized as follows:

	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in thousands)
Equity securities:
Domestic common stock - Exchange Traded Funds	$	36,020	$	22,609	$	—	$	58,629
Total equity securities	$	36,020	$	22,609	$	—	$	58,629

Investment Securities Continuous Unrealized Loss Position

The following table summarizes the fair value and gross unrealized losses on securities classified as available-for-sale, aggregated by major investment category and length of time that the individual securities have been in a continuous unrealized loss position as of March 31, 2025.

	Less Than 12 Months				12 Months or Greater				Total
	Fair Value of Investments with Unrealized Losses		Gross Unrealized Losses		Fair Value of Investments with Unrealized Losses		Gross Unrealized Losses		Fair Value of Investments with Unrealized Losses		Gross Unrealized Losses
	(in thousands)
March 31, 2025
Available-for-Sale
States and political subdivisions	$	66,649	$	1,276	$	70,620	$	6,881	$	137,269	$	8,157
Corporate bonds		24,309		304		43,472		1,576		67,781		1,880
U.S. agency-based mortgage-backed securities		—		—		4,003		403		4,003		403
U.S. Treasury securities and obligations    of U.S. government agencies		—		—		14,147		739		14,147		739
Total available-for-sale securities	$	90,958	$	1,580	$	132,242	$	9,599	$	223,200	$	11,179

The following table summarizes the fair value and gross unrealized losses on securities classified as available-for-sale, aggregated by major investment category and length of time that the individual securities have been in a continuous unrealized loss position as of December 31, 2024.

	Less Than 12 Months				12 Months or Greater				Total
	Fair Value of Investments with Unrealized Losses		Gross Unrealized Losses		Fair Value of Investments with Unrealized Losses		Gross Unrealized Losses		Fair Value of Investments with Unrealized Losses		Gross Unrealized Losses
	(in thousands)
December 31, 2024
Available-for-Sale
States and political subdivisions	$	100,190	$	5,748	$	27,446	$	2,682	$	127,636	$	8,430
Corporate bonds		71,069		1,790		19,000		993		90,069		2,783
U.S. agency-based mortgage-backed securities		3,840		446		219		40		4,059		486
U.S. Treasury securities and obligations    of U.S. government agencies		—		—		13,950		922		13,950		922
Total available-for-sale securities	$	175,099	$	7,984	$	60,615	$	4,637	$	235,714	$	12,621

Changes in Allowance for Credit Losses by Major Security Type of Investments Classified as Held-to-Maturity

The following table illustrates the changes in the allowance for credit losses by major security type of the investments classified as held-to-maturity for the quarter ended March 31, 2025.

	States and Political Subdivisions			Corporate Bonds			U.S. Agency -Based Mortgage- Backed Securities		U.S. Treasury Securities and Obligations of U.S. Government Agencies		Asset-Backed Securities		Totals
	(in thousands)
Balance at December 31, 2024	$	30		$	86		$	—	$	—	$	—	$	116
Provision for credit loss benefit		(1	)		(15	)		—		—		—		(16	)
Balance at March 31, 2025	$	29		$	71		$	—	$	—	$	—	$	100

Schedule of Amortized Cost Held-to-Maturity Securities Aggregated By Credit Quality Indicator

The table below presents the amortized cost of held-to-maturity securities aggregated by credit quality indicator as of March 31, 2025.

	States and Political Subdivisions		Corporate Bonds		U.S. Agency -Based Mortgage- Backed Securities		U.S. Treasury Securities and Obligations of U.S. Government Agencies		Asset-Backed Securities		Totals
	Amortized Cost
	(in thousands)
AAA/AA/A ratings	$	359,370	$	13,104	$	2,696	$	8,500	$	—	$	383,670
Baa/BBB ratings		656		15,006		—		—		9		15,671
Total	$	360,026	$	28,110	$	2,696	$	8,500	$	9	$	399,341

Held-to-Maturity Securities [Member]

Summary of Carrying Amount, Amortized Cost and Fair Value of Investments in Fixed Maturity Securities, by Contractual Maturity

A summary of the carrying amounts and fair value of investments in fixed maturity securities classified as held-to-maturity, by contractual maturity, is as follows:

	March 31, 2025				December 31, 2024
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(in thousands)
Maturity:
Within one year	$	46,809	$	46,468	$	49,303	$	48,831
After one year through five years		84,055		81,338		93,087		89,418
After five years through ten years		119,428		113,802		115,307		109,812
After ten years		146,244		141,769		152,570		149,004
U.S. agency-based mortgage-backed securities		2,696		2,595		2,781		2,643
Asset-backed securities		9		9		13		13
Totals	$	399,241	$	385,981	$	413,061	$	399,721

Available-for-Sale Securities [Member]

Summary of Carrying Amount, Amortized Cost and Fair Value of Investments in Fixed Maturity Securities, by Contractual Maturity

A summary of the amortized cost and fair value of investments in fixed maturity securities classified as available-for-sale, by contractual maturity, is as follows:

	March 31, 2025				December 31, 2024
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(in thousands)
Maturity:
Within one year	$	31,138	$	30,931	$	23,944	$	23,806
After one year through five years		86,691		85,258		97,996		95,500
After five years through ten years		75,622		73,575		71,233		68,494
After ten years		126,074		120,959		121,257		115,891
U.S. agency-based mortgage-backed securities		4,406		4,003		4,545		4,059
Totals	$	323,931	$	314,726	$	318,975	$	307,750