Investments (Tables)

9 Months Ended

Sep. 30, 2013

Investments [Abstract]

Schedule of investments

The following table summarizes, by type, our investments as of September 30, 2013 and December 31, 2012.

	September 30, 2013					December 31, 2012
	Carrying		Percent			Carrying		Percent
	Amount		of Total			Amount		of Total
	(Dollars in Thousands)
Debt securities, at market:
United States government obligations and authorities	$	23,745		14.13	%	$	27,392		21.06	%
Obligations of states and political subdivisions		23,677		14.09	%		3,939		3.03	%
Corporate		75,201		44.75	%		67,313		51.74	%
International		3,390		2.02	%		3,111		2.39	%
		126,013		74.99	%		101,755		78.22	%
Debt securities, at amortized cost:
United States government obligations and authorities		5,150		3.07	%		6,016		4.62	%
Corporate		2,036		1.21	%		1,203		0.92	%
International		109		0.06	%		140		0.11	%
		7,295		4.34	%		7,359		5.65	%
Total debt securities		133,308		79.33	%		109,114		83.87	%
Equity securities, at market:		34,734		20.67	%		20,982		16.13	%
Total investments	$	168,042		100.00	%	$	130,096		100.00	%

Realized gains (losses)

The following table shows the realized gains (losses) for debt and equity securities for the three months ended September 30, 2013 and 2012.

	Three Months Ended September 30,
	2013					2012
	Gains			Fair Value		Gains			Fair Value
	(Losses)			at Sale		(Losses)			at Sale
	(Dollars in Thousands)
Debt securities	$	202		$	6,183	$	410		$	9,716
Equity securities		1,274			5,619		145			1,349
Total realized gains		1,476			11,802		555			11,065
Debt securities		(421	)		14,462		(56	)		1,637
Equity securities		(275	)		1,471		(354	)		682
Total realized losses		(696	)		15,933		(410	)		2,319
Net realized gains on investments	$	780		$	27,735	$	145		$	13,384

The following table shows the realized gains (losses) for debt and equity securities for the nine months ended September 30, 2013 and 2012.

	Nine Months Ended September 30,
	2013					2012
	Gains			Fair Value		Gains			Fair Value
	(Losses)			at Sale		(Losses)			at Sale
	(Dollars in Thousands)
Debt securities	$	1,595		$	36,918	$	958		$	27,760
Equity securities		2,437			10,063		805			5,437
Total realized gains		4,032			46,981		1,763			33,197
Debt securities		(922	)		37,493		(371	)		11,050
Equity securities		(630	)		3,049		(1,475	)		6,073
Total realized losses		(1,552	)		40,542		(1,846	)		17,123
Net realized gains (losses) on investments	$	2,480		$	87,523	$	(83	)	$	50,320

Unrealized gain (loss)

A summary of the amortized cost, estimated fair value and gross unrealized gains and losses of debt and equity securities at September 30, 2013 and December 31, 2012 is as follows.

			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
	Cost		Gains		Losses		Fair Value
	(Dollars in Thousands)
September 30, 2013
Debt Securities  - Available-For-Sale:
United States government obligations and authorities	$	23,713	$	227	$	195	$	23,745
Obligations of states and political subdivisions		23,537		192		52		23,677
Corporate		74,541		1,277		617		75,201
International		3,407		6		23		3,390
	$	125,198	$	1,702	$	887	$	126,013
Debt Securities  - Held-To-Maturity:
United States government obligations and authorities	$	5,150	$	72	$	255	$	4,967
Corporate		2,036		22		13		2,045
International		109		-		1		108
	$	7,295	$	94	$	269	$	7,120
Equity securities - common stocks	$	28,697	$	6,433	$	396	$	34,734
December 31, 2012
Debt Securities  - Available-For-Sale:
United States government obligations and authorities	$	26,825	$	632	$	65	$	27,392
Obligations of states and political subdivisions		3,738		202		1		3,939
Corporate		63,553		3,794		34		67,313
International		3,005		107		1		3,111
	$	97,121	$	4,735	$	101	$	101,755
Debt Securities  - Held-To-Maturity:
United States government obligations and authorities	$	6,016	$	149	$	12	$	6,153
Corporate		1,203		61		2		1,262
International		140		-		1		139
	$	7,359	$	210	$	15	$	7,554
Equity securities - common stocks	$	19,095	$	2,505	$	618	$	20,982

Continuous unrealized loss position

The table below reflects our unrealized investment losses by investment class, aged for length of time in a continuous unrealized loss position as of September 30, 2013.

	Unrealized Losses		Less than 12 months		12 months or longer
	(Dollars in Thousands)
Debt securities:
United States government obligations and authorities	$	195	$	189	$	6
Obligations of states and political subdivisions		52		52		-
Corporate		617		617		-
International		23		23		-
		887		881		6
Equity securities:
Common stocks		396		250		146
Total debt and equity securities	$	1,283	$	1,131	$	152

The table below reflects our unrealized investment losses by investment class, aged for length of time in a continuous unrealized loss position as of December 31, 2012.

	Unrealized Losses		Less than 12 months		12 months or longer
	(Dollars in Thousands)
Debt securities:
United States government obligations and authorities	$	65	$	65	$	-
Obligations of states and political subdivisions		1		1		-
Corporate		34		34		-
International		1		1		-
		101		101		-
Equity securities:
Common stocks		618		430		188
Total debt and equity securities	$	719	$	531	$	188

Investments classified by contractual maturity date

Below is a summary of debt securities at September 30, 2013 and December 31, 2012, by contractual or expected maturity periods. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	September 30, 2013				December 31, 2012
	Amortized		Estimated		Amortized		Estimated
	Cost		Fair Value		Cost		Fair Value
	(Dollars in Thousands)
Due in one year or less	$	4,651	$	4,689	$	2,925	$	2,944
Due after one through five years		81,448		82,071		49,826		51,523
Due after five through ten years		45,663		45,626		35,070		37,182
Due after ten years		731		747		16,659		17,660
Total	$	132,493	$	133,133	$	104,480	$	109,309

Investment income

The table below sets forth investment results for the three months ended September 30, 2013 and 2012.

	Three Months Ended September 30,
	2013		2012
	(Dollars in Thousands)
Interest on debt securities	$	691	$	839
Dividends on equity securities		108		113
Interest on cash and cash equivalents		1		1
Total investment income	$	800	$	953
Net realized gains	$	780	$	145

The table below sets forth investment results for the nine months ended September 30, 2013 and 2012.

	Nine Months Ended September 30,
	2013		2012
	(Dollars in Thousands)
Interest on debt securities	$	2,059	$	2,563
Dividends on equity securities		320		279
Interest on cash and cash equivalents		3		7
Total investment income	$	2,382	$	2,849
Net realized gains (losses)	$	2,480	$	(83	)

Net realized and unrealized investment gains (losses)

The table below sets forth a summary of net realized gains and unrealized investment gains during the three months ended September 30, 2013 and 2012.

	Three Months Ended September 30,
	2013			2012
	(Dollars in Thousands)
Net realized gains
Debt securities	$	(219	)	$	354
Equity securities		999			(209	)
Total	$	780		$	145
Net unrealized gains
Debt securities	$	814		$	5,682
Equity securities		6,038			1,928
Total	$	6,852		$	7,610

The table below sets forth a summary of net realized gains (losses) and unrealized investment gains during the nine months ended September 30, 2013 and 2012.

	Nine Months Ended September 30,
	2013		2012
	(Dollars in Thousands)
Net realized gains (losses)
Debt securities	$	673	$	587
Equity securities		1,807		(670	)
Total	$	2,480	$	(83	)
Net unrealized gains
Debt securities	$	814	$	5,682
Equity securities		6,038		1,928
Total	$	6,852	$	7,610