XML 46 R34.htm IDEA: XBRL DOCUMENT v3.25.1
Investments (Tables)
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Available-for-sale Securities

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

 

 

 

December 31, 2024

 

 

 

Cost or

 

 

Gross Unrealized

 

 

 

 

 

 

Amortized
Cost

 

 

Gains

 

 

Losses

 

 

Estimated
Fair Value

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government

 

$

4,573

 

 

$

4

 

 

$

(75

)

 

$

4,502

 

State and local government

 

 

21,933

 

 

 

—

 

 

 

(3,810

)

 

 

18,123

 

Corporate debt

 

 

33,543

 

 

 

—

 

 

 

(2,903

)

 

 

30,640

 

Asset-backed securities

 

 

28,432

 

 

 

84

 

 

 

(83

)

 

 

28,433

 

Mortgage-backed securities

 

 

24,605

 

 

 

—

 

 

 

(4,940

)

 

 

19,665

 

Commercial mortgage-backed securities

 

 

1,899

 

 

 

1

 

 

 

(69

)

 

 

1,831

 

Collateralized mortgage obligations

 

 

2,842

 

 

 

—

 

 

 

(371

)

 

 

2,471

 

Total debt securities available for sale

 

$

117,827

 

 

$

89

 

 

$

(12,251

)

 

$

105,665

 

 

 

 

 

December 31, 2023

 

 

 

Cost or

 

 

Gross Unrealized

 

 

 

 

 

 

Amortized
Cost

 

 

Gains

 

 

Losses

 

 

Estimated
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):

 

 

 

December 31, 2024

 

 

 

Less than 12 months

 

 

12 months or More

 

 

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

 

 

5

 

 

$

2,208

 

 

$

(13

)

 

 

5

 

 

$

1,657

 

 

$

(62

)

 

 

10

 

 

$

3,865

 

 

$

(75

)

State and local government

 

 

3

 

 

 

1,068

 

 

 

(23

)

 

 

104

 

 

 

17,055

 

 

 

(3,787

)

 

 

107

 

 

 

18,123

 

 

 

(3,810

)

Corporate debt

 

 

1

 

 

 

95

 

 

 

(5

)

 

 

63

 

 

 

30,545

 

 

 

(2,898

)

 

 

64

 

 

 

30,640

 

 

 

(2,903

)

Asset-backed securities

 

 

1

 

 

 

298

 

 

 

(1

)

 

 

6

 

 

 

5,630

 

 

 

(82

)

 

 

7

 

 

 

5,928

 

 

 

(83

)

Mortgage-backed securities

 

 

1

 

 

 

5

 

 

 

(1

)

 

 

65

 

 

 

19,660

 

 

 

(4,939

)

 

 

66

 

 

 

19,665

 

 

 

(4,940

)

Commercial mortgage
  -backed securities

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2

 

 

 

1,066

 

 

 

(69

)

 

 

2

 

 

 

1,066

 

 

 

(69

)

Collateralized mortgage
  obligations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

29

 

 

 

2,471

 

 

 

(371

)

 

 

29

 

 

 

2,471

 

 

 

(371

)

Total debt securities
  available for sale

 

 

11

 

 

 

3,674

 

 

 

(43

)

 

 

274

 

 

 

78,084

 

 

 

(12,208

)

 

 

285

 

 

 

81,758

 

 

 

(12,251

)

 

 

 

December 31, 2023

 

 

 

Less than 12 months

 

 

12 months or More

 

 

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

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

 

 

 

December 31,

 

 

 

2024

 

 

2023

 

Debt securities

 

$

4,450

 

 

$

4,121

 

Equity securities

 

 

31

 

 

 

36

 

Cash, cash equivalents, and short-term investments

 

 

1,505

 

 

 

1,524

 

Total investment income

 

 

5,986

 

 

 

5,681

 

Investment expenses

 

 

(223

)

 

 

(234

)

Net investment income

 

$

5,763

 

 

$

5,447

 
Schedule of Gross Realized Gains and Losses on Securities

The following table summarizes the gross realized gains and losses from sales or maturities of available-for-sale debt securities and equity securities, as follows (dollars in thousands):

 

 

 

December 31,

 

 

 

2024

 

 

2023

 

Debt securities:

 

 

 

 

 

 

Gross realized gains

 

$

10

 

 

$

—

 

Gross realized losses

 

 

(17

)

 

 

(20

)

Total debt securities

 

 

(7

)

 

 

(20

)

Equity securities:

 

 

 

 

 

 

Gross realized gains

 

 

—

 

 

 

—

 

Gross realized losses

 

 

(118

)

 

 

—

 

Total equity securities

 

 

(118

)

 

 

—

 

Total net realized investment gains

 

$

(125

)

 

$

(20

)
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 December 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

 

$

3,123

 

 

$

3,057

 

Due after one year through five years

 

 

31,279

 

 

 

29,602

 

Due after five years through ten years

 

 

15,600

 

 

 

13,172

 

Due after ten years

 

 

10,047

 

 

 

7,434

 

Securities with contractual maturities

 

 

60,049

 

 

 

53,265

 

Asset-backed securities

 

 

28,432

 

 

 

28,433

 

Mortgage-backed securities

 

 

24,605

 

 

 

19,665

 

Commercial mortgage-backed securities

 

 

1,899

 

 

 

1,831

 

Collateralized mortgage obligations

 

 

2,842

 

 

 

2,471

 

Total debt securities

 

$

117,827

 

 

$

105,665