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Investments (Tables)
 3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Available-for-sale Securities

The cost or amortized cost, gross unrealized gains or losses, and estimated fair value of the investments in securities classified as available for sale at March 31, 2024 and December 31, 2023 were as follows (dollars in thousands):

 

 

 

March 31, 2024

 

 

 

Cost or

 

 

Gross Unrealized

 

 

Estimated

 

 

 

Amortized Cost

 

 

Gains

 

 

Losses

 

 

Fair Value

 

Debt Securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government

 

$

5,702

 

 

$

—

 

 

$

(172

)

 

$

5,530

 

State and local government

 

 

23,961

 

 

 

—

 

 

 

(3,799

)

 

 

20,162

 

Corporate debt

 

 

33,880

 

 

 

—

 

 

 

(3,667

)

 

 

30,213

 

Asset-backed securities

 

 

37,813

 

 

 

75

 

 

 

(485

)

 

 

37,403

 

Mortgage-backed securities

 

 

26,320

 

 

 

—

 

 

 

(5,044

)

 

 

21,276

 

Commercial mortgage-backed securities

 

 

3,382

 

 

 

—

 

 

 

(142

)

 

 

3,240

 

Collateralized mortgage obligations

 

 

3,161

 

 

 

—

 

 

 

(451

)

 

 

2,710

 

Total debt securities available for sale

 

$

134,219

 

 

$

75

 

 

$

(13,760

)

 

$

120,534

 

 

 

 

December 31, 2023

 

 

 

Cost or

 

 

Gross Unrealized

 

 

Estimated

 

 

 

Amortized Cost

 

 

Gains

 

 

Losses

 

 

Fair Value

 

Debt Securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government

 

$

5,405

 

 

$

3

 

 

$

(161

)

 

$

5,247

 

State and local government

 

 

24,274

 

 

 

—

 

 

 

(3,810

)

 

 

20,464

 

Corporate debt

 

 

34,002

 

 

 

—

 

 

 

(3,507

)

 

 

30,495

 

Asset-backed securities

 

 

38,289

 

 

 

47

 

 

 

(584

)

 

 

37,752

 

Mortgage-backed securities

 

 

26,768

 

 

 

—

 

 

 

(4,641

)

 

 

22,127

 

Commercial mortgage-backed securities

 

 

3,404

 

 

 

—

 

 

 

(160

)

 

 

3,244

 

Collateralized mortgage obligations

 

 

3,228

 

 

 

—

 

 

 

(444

)

 

 

2,784

 

Total debt securities available for sale

 

$

135,370

 

 

$

50

 

 

$

(13,307

)

 

$

122,113

 
Schedule Of Unrealized Loss On Investments

The following table summarizes the aggregate fair value and gross unrealized losses, by security type, of the available-for-sale securities in unrealized loss positions. The table segregates the holdings based on the length of time that individual securities have been in a continuous unrealized loss position (dollars in thousands):

 

 

 

March 31, 2024

 

 

 

Less than 12 months

 

 

Greater than 12 months

 

 

Total

 

 

 

No. of
Issues

 

 

Fair Value of
Investments
with Unrealized
Losses

 

 

Gross
Unrealized
Losses

 

 

No. of
Issues

 

 

Fair Value of
Investments
with Unrealized
Losses

 

 

Gross
Unrealized
Losses

 

 

No. of
Issues

 

 

Fair Value of
Investments
with Unrealized
Losses

 

 

Gross
Unrealized
Losses

 

Debt Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government

 

 

3

 

 

$

1,938

 

 

$

(27

)

 

 

9

 

 

$

3,407

 

 

$

(145

)

 

 

12

 

 

$

5,345

 

 

$

(172

)

State and local government

 

 

1

 

 

 

300

 

 

 

(1

)

 

 

114

 

 

 

19,862

 

 

 

(3,798

)

 

 

115

 

 

 

20,162

 

 

 

(3,799

)

Corporate debt

 

 

—

 

 

 

—

 

 

 

—

 

 

 

65

 

 

 

30,213

 

 

 

(3,667

)

 

 

65

 

 

 

30,213

 

 

 

(3,667

)

Asset-backed securities

 

 

7

 

 

 

3,453

 

 

 

(4

)

 

 

11

 

 

 

11,175

 

 

 

(481

)

 

 

18

 

 

 

14,628

 

 

 

(485

)

Mortgage-backed securities

 

 

1

 

 

 

5

 

 

 

(1

)

 

 

66

 

 

 

21,271

 

 

 

(5,043

)

 

 

67

 

 

 

21,276

 

 

 

(5,044

)

Commercial mortgage-backed securities

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4

 

 

 

3,240

 

 

 

(142

)

 

 

4

 

 

 

3,240

 

 

 

(142

)

Collateralized mortgage obligations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

31

 

 

 

2,710

 

 

 

(451

)

 

 

31

 

 

 

2,710

 

 

 

(451

)

Total debt securities available for sale

 

 

12

 

 

$

5,696

 

 

$

(33

)

 

 

300

 

 

$

91,878

 

 

$

(13,727

)

 

 

312

 

 

$

97,574

 

 

$

(13,760

)

 

 

 

 

December 31, 2023

 

 

 

Less than 12 months

 

 

Greater than 12 months

 

 

Total

 

 

 

No. of
Issues

 

 

Fair Value of
Investments
with Unrealized
Losses

 

 

Gross
Unrealized
Losses

 

 

No. of
Issues

 

 

Fair Value of
Investments
with Unrealized
Losses

 

 

Gross
Unrealized
Losses

 

 

No. of
Issues

 

 

Fair Value of
Investments
with Unrealized
Losses

 

 

Gross
Unrealized
Losses

 

Debt Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government

 

 

1

 

 

$

649

 

 

$

(7

)

 

 

9

 

 

$

3,400

 

 

$

(154

)

 

 

10

 

 

$

4,049

 

 

$

(161

)

State and local government

 

 

3

 

 

 

1,193

 

 

 

(7

)

 

 

113

 

 

 

19,096

 

 

 

(3,803

)

 

 

116

 

 

 

20,289

 

 

 

(3,810

)

Corporate debt

 

 

—

 

 

 

—

 

 

 

—

 

 

 

66

 

 

 

30,495

 

 

 

(3,507

)

 

 

66

 

 

 

30,495

 

 

 

(3,507

)

Asset-backed securities

 

 

1

 

 

 

1,090

 

 

 

(1

)

 

 

21

 

 

 

16,270

 

 

 

(583

)

 

 

22

 

 

 

17,360

 

 

 

(584

)

Mortgage-backed securities

 

 

4

 

 

 

11

 

 

 

(1

)

 

 

64

 

 

 

22,116

 

 

 

(4,640

)

 

 

68

 

 

 

22,127

 

 

 

(4,641

)

Commercial mortgage-backed securities

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4

 

 

 

3,225

 

 

 

(160

)

 

 

4

 

 

 

3,225

 

 

 

(160

)

Collateralized mortgage obligations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

32

 

 

 

2,803

 

 

 

(444

)

 

 

32

 

 

 

2,803

 

 

 

(444

)

Total debt securities available for sale

 

 

9

 

 

$

2,943

 

 

$

(16

)

 

 

309

 

 

$

97,405

 

 

$

(13,291

)

 

 

318

 

 

$

100,348

 

 

$

(13,307

)

 
Schedule of Investment Income and Losses

The Company’s sources of net investment income and losses are as follows (dollars in thousands):

 

 

 

Three Months Ended
March 31,

 

 

 

2024

 

 

2023

 

Debt securities

 

$

1,225

 

 

$

853

 

Equity securities

 

 

11

 

 

 

11

 

Cash, cash equivalents and short-term investments

 

 

377

 

 

 

503

 

Total investment income

 

 

1,613

 

 

 

1,367

 

Investment expenses

 

 

(61

)

 

 

(60

)

Net investment income

 

$

1,552

 

 

$

1,307

 
Summary of Amortized Cost and Fair Value of Securities

The table below summarizes the amortized cost and fair value of available-for-sale debt securities by contractual maturity at March 31, 2024. Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay obligations with or without call or prepayment penalties (dollars in thousands):

 

 

 

Amortized
Cost

 

 

Estimated
Fair Value

 

Due in one year or less

 

$

4,629

 

 

$

4,564

 

Due after one year through five years

 

 

30,738

 

 

 

28,557

 

Due after five years through ten years

 

 

17,489

 

 

 

14,648

 

Due after ten years

 

 

10,687

 

 

 

8,136

 

Securities with contractual maturities

 

 

63,543

 

 

 

55,905

 

Asset-backed securities

 

 

37,813

 

 

 

37,403

 

Mortgage-backed securities

 

 

26,320

 

 

 

21,276

 

Commercial mortgage-backed securities

 

 

3,382

 

 

 

3,240

 

Collateralized mortgage obligations

 

 

3,161

 

 

 

2,710

 

Total debt securities

 

$

134,219

 

 

$

120,534