The difference between amortized cost or cost and estimated fair value and gross unrealized gains and losses, by major investment category, consisted of the following:


	Amortized		Gross		Gross
	Cost		Unrealized		Unrealized
	or Cost		Gains		Losses		Fair Value
	(In thousands)
September 30, 2021
Debt securities - available-for-sale:
United States government obligations and authorities	$	94,569	$	1,019	$	459	$	95,129
Obligations of states and political subdivisions	19,970		554		68		20,456
Corporate	198,574		5,679		1,331		202,922
International	30,506		373		87		30,792
	$	343,619	$	7,625	$	1,945	$	349,299


	Amortized		Gross		Gross
	Cost		Unrealized		Unrealized
	or Cost		Gains		Losses		Fair Value
	(In thousands)
December 31, 2020
Debt securities - available-for-sale:
United States government obligations and authorities	$	169,947	$	1,866	$	38	$	171,775
Obligations of states and political subdivisions	21,560		704		—		22,264
Corporate	254,618		11,989		79		266,528
International	27,001		659		17		27,643
	$	473,126	$	15,218	$	134	$	488,210

The Company calculates the gain or loss realized on the sale of investments by comparing the sales price (fair value) to the cost or amortized cost of the security sold. Net realized gains and losses on investments are determined in accordance with the specific identification method.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
	(In thousands)
Gross realized and unrealized gains:
Debt securities	$	1,590	$	919	$	2,758	$	11,708
Equity securities	(32)		1,361		81		3,566
Total gross realized and unrealized gains	1,558		2,280		2,839		15,274

Gross realized and unrealized losses:
Debt securities	(275)		(121)		(1,297)		(2,608)
Equity securities	(10)		(835)		(18)		(3,784)
Total gross realized and unrealized losses	(285)		(956)		(1,315)		(6,392)
Net realized and unrealized gains (losses) on investments	$	1,273	$	1,324	$	1,524	$	8,882

The above line item, net realized and unrealized gains (losses) on investments, includes the following equity securities gains (losses) recognized in earnings:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
	(In thousands)
Net gains (losses) on equity securities:
Realized	$	—	$	222	$	—	$	(585)
Unrealized	(42)		304		63		367
	(42)		526		63		(218)
Less:
Net realized and unrealized gains (losses) on securities sold	—		2,635		—		2,053
Net unrealized gains (losses) still held as of the end-of-period	$	(42)	$	(2,109)	$	63	$	(2,271)


	September 30, 2021
	Amortized
	Cost		Fair Value
Securities with Maturity Dates	(In thousands)
Debt securities, available-for-sale:
One year or less	$	24,729	$	25,274
Over one through five years	93,795		96,141
Over five through ten years	123,677		124,403
Over ten years	101,418		103,481







Total	$	343,619	$	349,299


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
	(In thousands)
Interest income	$	1,632	$	2,374	$	4,975	$	9,445
Dividends income	53		30		117		192
Net investment income	$	1,685	$	2,404	$	5,092	$	9,637

Gross unrealized losses and related fair values for debt securities, grouped by duration of time in a continuous unrealized loss position, consisted of the following:


	Less than 12 months				12 months or longer				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
					(In thousands)
September 30, 2021
Debt securities - available-for-sale:
United States government obligations and authorities	$	31,430	$	451	$	660	$	8	$	32,090	$	459
Obligations of states and political subdivisions	6,141		68		—		—		6,141		68
Corporate	68,698		1,331		4		—		68,702		1,331
International	8,276		87		—		—		8,276		87
	$	114,545	$	1,937	$	664	$	8	$	115,209	$	1,945


	Less than 12 months				12 months or longer				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
					(In thousands)
December 31, 2020
Debt securities - available-for-sale:
United States government obligations and authorities	$	25,521	$	38	$	—	$	—	$	25,521	$	38

Corporate	7,989		79		—		—		7,989		79
International	2,175		16		132		1		2,307		17
	$	35,685	$	133	$	132	$	1	$	35,817	$	134

As of September 30, 2021, the Company held a total of 281 debt securities that were in an unrealized loss position, of which 4 securities were in an unrealized loss position continuously for 12 months or more. As of December 31, 2020, the Company held a total of 47 debt securities that were in an unrealized loss position, of which 2 securities were in an unrealized loss position continuously for 12 months or more. The unrealized losses associated with these securities consisted primarily of losses related to corporate securities. Refer to Note 6 below for information regarding the assessment of allowances for credit losses.

Cash and cash equivalents and investments, the majority of which were debt securities, with fair values of $9.4 million and $11.5 million, were deposited with governmental authorities and into custodial bank accounts as required by law or contractual obligations as of September 30, 2021 and December 31, 2020, respectively.

The Company sold held-to-maturity securities with a carrying value of $70 thousand and realized a loss of less than $1 thousand during the second quarter of 2020 due to credit concerns for certain securities. The Company, as of the date of the aforementioned sales, reclassified its remaining held-to-maturity securities to available-for-sale. The held-to-maturity securities transferred had an amortized cost of $4.2 million and fair value of $4.3 million and resulted in $0 and $58 thousand of unrealized gains, pre-tax, recognized in other comprehensive income in the three and nine months ended September 30, 2020.