XML 44 R32.htm IDEA: XBRL DOCUMENT v3.23.1
Investments (FY)
 3 Months Ended 12 Months Ended
Mar. 31, 2023
Dec. 31, 2022
Investments Debt And Equity Securities [Abstract]    
Investments
2. Investments

Results for reporting periods occurring before January 1, 2023 continue to be reported in accordance with previously applicable U.S. GAAP and note presented under ASC 326, which was adopted by the Company on January 1, 2023. The Company analyzed its investment portfolio in accordance with its credit loss review policy and determined it did not need to record a credit loss for the three months ended March 31, 2023 and 2022. The Company holds only investment grade securities from high credit quality issuers. The gross unrealized losses of $14.6 million as of March 31, 2023, from the Company's available-for-sale securities are due to market conditions and interest rate changes.

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, 2023 and December 31, 2022 were as follows (dollars in thousands):
 
 ​ ​
March 31, 2023
 
 ​ ​
Cost or
Amortized
Cost
 ​ ​
Gross Unrealized
 ​ ​
Estimated
Fair Value
 
 ​ ​
Gains
 ​ ​
Losses
 ​
Debt Securities:
​ ​
 
 ​ ​
 
 ​ ​
 
 ​ ​
 
U.S. Government
 ​ ​
$7,220
 ​ ​
$—
 ​ ​
$(249)
 ​ ​
$6,971
State and local government
 ​ ​
26,063
 ​ ​
1
 ​ ​
(3,866)
 ​ ​
22,198
Corporate debt
 ​ ​
35,070
 ​ ​
—
 ​ ​
(4,139)
 ​ ​
30,931
Asset-backed securities
 ​ ​
21,150
 ​ ​
—
 ​ ​
(1,045)
 ​ ​
20,105
 
 ​ ​
March 31, 2023
 
 ​ ​
Cost or
Amortized
Cost
 ​ ​
Gross Unrealized
 ​ ​
Estimated
Fair Value
 
 ​ ​
Gains
 ​ ​
Losses
 ​
Mortgage-backed securities
 ​ ​
28,524
 ​ ​
—
 ​ ​
(4,739)
 ​ ​
23,785
Commercial mortgage-backed securities
 ​ ​
3,413
 ​ ​
—
 ​ ​
(125)
 ​ ​
3,288
Collateralized mortgage obligations
 ​ ​
3,834
 ​ ​
—
 ​ ​
(479)
 ​ ​
3,355
Total debt securities available for sale
 ​ ​
$125,274
 ​ ​
$1
 ​ ​
$(14,642)
 ​ ​
$110,633
 
 ​ ​
December 31, 2022
 
 ​ ​
Cost or
Amortized
Cost
 ​ ​
Gross Unrealized
 ​ ​
Estimated
Fair Value
 
 ​ ​
Gains
 ​ ​
Losses
 ​
Debt Securities:
​ ​
 
 ​ ​
 
 ​ ​
 
 ​ ​
 
U.S. Government
 ​ ​
$7,833
 ​ ​
$—
 ​ ​
$(335)
 ​ ​
$7,498
State and local government
 ​ ​
25,487
 ​ ​
1
 ​ ​
(4,672)
 ​ ​
20,816
Corporate debt
 ​ ​
35,347
 ​ ​
—
 ​ ​
(4,788)
 ​ ​
30,559
Asset-backed securities
 ​ ​
21,742
 ​ ​
—
 ​ ​
(1,246)
 ​ ​
20,496
Mortgage-backed securities
 ​ ​
29,194
 ​ ​
—
 ​ ​
(5,157)
 ​ ​
24,037
Commercial mortgage-backed securities
 ​ ​
3,414
 ​ ​
—
 ​ ​
(186)
 ​ ​
3,228
Collateralized mortgage obligations
 ​ ​
4,102
 ​ ​
—
 ​ ​
(535)
 ​ ​
3,567
Total debt securities available for sale
 ​ ​
$127,119
 ​ ​
$1
 ​ ​
$(16,919)
 ​ ​
$110,201

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, 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
 ​ ​
2
 ​ ​
$   900
 ​ ​
$(6)
 ​ ​
10
 ​ ​
$   6,071
 ​ ​
$(243)
 ​ ​
12
 ​ ​
$   6,971
 ​ ​
$(249)
State and local government
 ​ ​
13
 ​ ​
3,229
 ​ ​
(80)
 ​ ​
110
 ​ ​
18,267
 ​ ​
(3,786)
 ​ ​
123
 ​ ​
21,496
 ​ ​
(3,866)
Corporate debt
 ​ ​
4
 ​ ​
1,509
 ​ ​
(41)
 ​ ​
64
 ​ ​
29,422
 ​ ​
(4,098)
 ​ ​
68
 ​ ​
30,931
 ​ ​
(4,139)
Asset-backed securities
 ​ ​
3
 ​ ​
1,085
 ​ ​
(28)
 ​ ​
22
 ​ ​
19,020
 ​ ​
(1,017)
 ​ ​
25
 ​ ​
20,105
 ​ ​
(1,045)
Mortgage-backed securities
 ​ ​
33
 ​ ​
279
 ​ ​
(12)
 ​ ​
35
 ​ ​
23,499
 ​ ​
(4,727)
 ​ ​
68
 ​ ​
23,778
 ​ ​
(4,739)
Commercial mortgage-backed securities
 ​ ​
1
 ​ ​
209
 ​ ​
(20)
 ​ ​
3
 ​ ​
3,056
 ​ ​
(105)
 ​ ​
4
 ​ ​
3,265
 ​ ​
(125)
Collateralized mortgage obligations
 ​ ​
11
 ​ ​
166
 ​ ​
(6)
 ​ ​
23
 ​ ​
3,212
 ​ ​
(473)
 ​ ​
34
 ​ ​
3,378
 ​ ​
(479)
Total debt securities available for sale
 ​ ​
67
 ​ ​
$7,377
 ​ ​
$(193)
 ​ ​
267
 ​ ​
$102,547
 ​ ​
$(14,449)
 ​ ​
334
 ​ ​
$109,924
 ​ ​
$(14,642)
 
 ​ ​
December 31, 2022
 
 ​ ​
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
 ​ ​
8
 ​ ​
$  3,534
 ​ ​
$(135)
 ​ ​
5
 ​ ​
$  3,964
 ​ ​
$(200)
 ​ ​
13
 ​ ​
$   7,498
 ​ ​
$(335)
State and local government
 ​ ​
77
 ​ ​
12,966
 ​ ​
(2,318)
 ​ ​
45
 ​ ​
7,147
 ​ ​
(2,354)
 ​ ​
122
 ​ ​
20,113
 ​ ​
(4,672)
Corporate debt
 ​ ​
27
 ​ ​
10,069
 ​ ​
(1,373)
 ​ ​
42
 ​ ​
20,890
 ​ ​
(3,415)
 ​ ​
69
 ​ ​
30,959
 ​ ​
(4,788)
Asset-backed securities
 ​ ​
6
 ​ ​
3,188
 ​ ​
(76)
 ​ ​
20
 ​ ​
17,308
 ​ ​
(1,170)
 ​ ​
26
 ​ ​
20,496
 ​ ​
(1,246)
Mortgage-backed securities
 ​ ​
57
 ​ ​
4,006
 ​ ​
(573)
 ​ ​
12
 ​ ​
20,031
 ​ ​
(4,584)
 ​ ​
69
 ​ ​
24,037
 ​ ​
(5,157)
Commercial mortgage-backed securities
 ​ ​
4
 ​ ​
3,205
 ​ ​
(186)
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
4
 ​ ​
3,205
 ​ ​
(186)
Collateralized mortgage obligations
 ​ ​
26
 ​ ​
1,789
 ​ ​
(196)
 ​ ​
9
 ​ ​
1,802
 ​ ​
(339)
 ​ ​
35
 ​ ​
3,591
 ​ ​
(535)
Total debt securities available for sale
 ​ ​
205
 ​ ​
$38,757
 ​ ​
$(4,857)
 ​ ​
133
 ​ ​
$71,142
 ​ ​
$(12,062)
 ​ ​
338
 ​ ​
$109,899
 ​ ​
$(16,919)

The Company’s sources of net investment income and losses are as follows (dollars in thousands):
 
 ​ ​
Three Months Ended
March 31,
 
 ​ ​
2023
 ​ ​
2022
Debt securities
 ​ ​
$853
 ​ ​
$ 582
Equity securities
 ​ ​
11
 ​ ​
28
Cash, cash equivalents and short-term investments
 ​ ​
503
 ​ ​
1
Total investment income
 ​ ​
1,367
 ​ ​
611
Investment expenses
 ​ ​
(60)
 ​ ​
(104)
Net investment income
 ​ ​
$1,307
 ​ ​
$507

The following table summarizes the gross realized gains and losses from sales, calls and maturities of available-for-sale debt and equity securities (dollars in thousands):
 
 ​ ​
Three Months Ended
March 31,
 
 ​ ​
2023
 ​ ​
2022
Debt securities:
​ ​
 
 ​ ​
 
Gross realized gains
 ​ ​
$—
 ​ ​
$—
Gross realized losses
 ​ ​
—
 ​ ​
—
Total debt securities
 ​ ​
—
 ​ ​
—
Equity securities:
​ ​
 
 ​ ​
 
Gross realized gains
 ​ ​
$—
 ​ ​
19
Gross realized losses
 ​ ​
—
 ​ ​
(88)
Total equity securities
 ​ ​
—
 ​ ​
(69)
Total net realized investment gains (losses)
 ​ ​
$—
 ​ ​
$(69)

Proceeds from available-for-sale debt securities were $23.6 million and $6.7 million for the three months ended March 31, 2023 and 2022, respectively.

There were no gross realized gains or losses from the sale of available-for-sale debt securities for the three months ended March 31, 2023 and 2022.

As of March 31, 2023 and 2022, there were $0 and $750,000 of payables from securities purchased, respectively. There were $0 and $1.3 million of receivables from securities sold as of March 31, 2023, and 2022, respectively.

The Company's gross unrealized gains related to its equity investments were $523,000 and $0 as of March 31, 2023 and December 31, 2022, respectively. The Company’s gross unrealized losses related to its equity investments were $467,000 and $638,000 as of March 31, 2023 and December 31, 2022, respectively. The Company also carries other equity investments that do not have a readily determinable fair value at cost, less impairment or observable changes in price. We review these investments for impairment during each reporting period. There were no impairments or observable changes in price recorded during 2023 related to the Company's equity securities without readily determinable fair value. These investments are included in Other Assets in the Consolidated Balance Sheets and amounted to $1.4 million as of March 31, 2023 and $1.8 million as of December 31, 2022.

The table below summarizes the amortized cost and fair value of available-for-sale debt securities by contractual maturity at March 31, 2023. 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
 ​ ​
$4,668
 ​ ​
$4,592
Due after one year through five years
 ​ ​
28,614
 ​ ​
26,543
Due after five years through ten years
 ​ ​
23,810
 ​ ​
20,267
Due after ten years
 ​ ​
11,261
 ​ ​
8,698
Securities with contractual maturities
 ​ ​
68,353
 ​ ​
60,100
Asset-backed securities
 ​ ​
21,150
 ​ ​
20,105
Mortgage-backed securities
 ​ ​
28,524
 ​ ​
23,785
Commercial mortgage-backed securities
 ​ ​
3,413
 ​ ​
3,288
Collateralized mortgage obligations
 ​ ​
3,834
 ​ ​
3,355
Total debt securities
 ​ ​
$125,274
 ​ ​
$110,633

At March 31, 2023 and December 31, 2022, the Insurance Company Subsidiaries had $8.1 million and $8.0 million, respectively, on deposit in trust accounts to meet the deposit requirements of various state insurance departments. At March 31, 2023 and December 31, 2022, the Company had $98.1 million and $95.7 million, respectively, held in trust accounts to meet collateral requirements with other third-party insurers, relating to various fronting arrangements. There are withdrawal and other restrictions on these deposits, including the type of investments that may be held, however, the Company may generally invest in high-grade bonds and short-term investments and earn interest on the funds.
4. Investments

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, 2022 and 2021 were as follows (dollars in thousands):
 
 ​ ​
December 31, 2022
 
 ​ ​
Cost or
Amortized
Cost
 ​ ​
Gross Unrealized
 ​ ​
Estimated
Fair Value
 
 ​ ​
Gains
 ​ ​
Losses
 ​
Debt securities:
​ ​
 
 ​ ​
 
 ​ ​
 
 ​ ​
 
U.S. Government
 ​ ​
$7,833
 ​ ​
$—
 ​ ​
$(335)
 ​ ​
$7,498
State and local government
 ​ ​
25,487
 ​ ​
1
 ​ ​
(4,672)
 ​ ​
20,816
Corporate debt
 ​ ​
35,347
 ​ ​
—
 ​ ​
(4,788)
 ​ ​
30,559
Asset-backed securities
 ​ ​
21,742
 ​ ​
—
 ​ ​
(1,246)
 ​ ​
20,496
Mortgage-backed securities
 ​ ​
29,194
 ​ ​
—
 ​ ​
(5,157)
 ​ ​
24,037
Commercial mortgage-backed securities
 ​ ​
3,414
 ​ ​
—
 ​ ​
(186)
 ​ ​
3,228
Collateralized mortgage obligations
 ​ ​
4,102
 ​ ​
—
 ​ ​
(535)
 ​ ​
3,567
Total debt securities available for sale
 ​ ​
$127,119
 ​ ​
$1
 ​ ​
$(16,919)
 ​ ​
$110,201
 
 ​ ​
December 31, 2021
 
 ​ ​
Cost or
Amortized
Cost
 ​ ​
Gross Unrealized
 ​ ​
Estimated
Fair Value
 
 ​ ​
Gains
 ​ ​
Losses
 ​
Debt securities:
​ ​
 
 ​ ​
 
 ​ ​
 
 ​ ​
 
U.S. Government
 ​ ​
$20,723
 ​ ​
$74
 ​ ​
$(77)
 ​ ​
$20,720
State and local government
 ​ ​
30,063
 ​ ​
555
 ​ ​
(189)
 ​ ​
30,429
Corporate debt
 ​ ​
30,808
 ​ ​
88
 ​ ​
(550)
 ​ ​
30,346
Asset-backed securities
 ​ ​
28,652
 ​ ​
10
 ​ ​
(224)
 ​ ​
28,438
Mortgage-backed securities
 ​ ​
33,178
 ​ ​
105
 ​ ​
(762)
 ​ ​
32,521
Commercial mortgage-backed securities
 ​ ​
1,659
 ​ ​
31
 ​ ​
—
 ​ ​
1,690
Collateralized mortgage obligations
 ​ ​
5,649
 ​ ​
35
 ​ ​
(45)
 ​ ​
5,639
Total debt securities available for sale
 ​ ​
$150,732
 ​ ​
$898
 ​ ​
$(1,847)
 ​ ​
$149,783

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, 2022
 
 ​ ​
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
 ​ ​
8
 ​ ​
$3,534
 ​ ​
$(135)
 ​ ​
5
 ​ ​
$3,964
 ​ ​
$(200)
 ​ ​
13
 ​ ​
$7,498
 ​ ​
$(335)
State and local government
 ​ ​
77
 ​ ​
12,966
 ​ ​
(2,318)
 ​ ​
45
 ​ ​
7,147
 ​ ​
(2,354)
 ​ ​
122
 ​ ​
20,113
 ​ ​
(4,672)
Corporate debt
 ​ ​
27
 ​ ​
10,069
 ​ ​
(1,373)
 ​ ​
42
 ​ ​
20,890
 ​ ​
(3,415)
​ ​
69
 ​ ​
30,959
 ​ ​
(4,788)
Asset-backed securities
 ​ ​
6
 ​ ​
3,188
 ​ ​
(76)
 ​ ​
20
 ​ ​
17,308
 ​ ​
(1,170)
​ ​
26
 ​ ​
20,496
 ​ ​
(1,246)
Mortgage-backed securities
 ​ ​
57
 ​ ​
4,006
 ​ ​
(573)
 ​ ​
12
 ​ ​
20,031
 ​ ​
(4,584)
​ ​
69
 ​ ​
24,037
 ​ ​
(5,157)
Commercial mortgage -backed securities
 ​ ​
4
 ​ ​
3,205
 ​ ​
(186)
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
4
 ​ ​
3,205
 ​ ​
(186)
Collateralized mortgage obligations
 ​ ​
26
 ​ ​
1,789
 ​ ​
(196)
 ​ ​
9
 ​ ​
1,802
 ​ ​
(339)
​ ​
35
 ​ ​
3,591
 ​ ​
(535)
Total debt securities available for sale
 ​ ​
205
 ​ ​
38,757
 ​ ​
(4,857)
 ​ ​
133
 ​ ​
71,142
 ​ ​
(12,062)
​ ​
338
 ​ ​
109,899
 ​ ​
(16,919)
 
 ​ ​
December 31, 2021
 
 ​ ​
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
 ​ ​
6
 ​ ​
$10,323
 ​ ​
$(47)
 ​ ​
1
 ​ ​
$4,728
 ​ ​
$(30)
 ​ ​
7
 ​ ​
$15,051
 ​ ​
$(77)
State and local government
 ​ ​
41
 ​ ​
8,875
 ​ ​
(172)
 ​ ​
4
 ​ ​
446
 ​ ​
(17)
 ​ ​
45
 ​ ​
9,321
 ​ ​
(189)
Corporate debt
 ​ ​
41
 ​ ​
22,748
 ​ ​
(505)
 ​ ​
1
 ​ ​
705
 ​ ​
(45)
 ​ ​
42
 ​ ​
23,453
 ​ ​
(550)
Asset-backed securities
 ​ ​
24
 ​ ​
24,305
 ​ ​
(219)
 ​ ​
2
 ​ ​
1,893
 ​ ​
(5)
 ​ ​
26
 ​ ​
26,198
 ​ ​
(224)
Mortgage-backed securities
 ​ ​
12
 ​ ​
27,034
 ​ ​
(762)
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
12
 ​ ​
27,034
 ​ ​
(762)
Commercial mortgage -backed securities
 ​ ​
0
 ​ ​
—
 ​ ​
0
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
0
 ​ ​
—
 ​ ​
0
Collateralized mortgage obligations
 ​ ​
10
 ​ ​
2,638
 ​ ​
(45)
 ​ ​
2
 ​ ​
29
 ​ ​
—
 ​ ​
12
 ​ ​
2,667
 ​ ​
(45)
Total debt securities available for sale
 ​ ​
134
 ​ ​
$95,923
 ​ ​
$(1,750)
 ​ ​
10
 ​ ​
$7,801
 ​ ​
$(97)
 ​ ​
144
 ​ ​
$103,724
 ​ ​
$(1,847)

The Company analyzed its investment portfolio in accordance with its OTTI review procedures and determined the Company did not need to record a credit-related OTTI loss, nor recognize a non credit-related OTTI loss in other comprehensive income for the years ended December 31, 2022, 2021, and 2020.

The Company’s sources of net investment income are as follows (dollars in thousands):
 
 ​ ​
December 31,
 
 ​ ​
2022
 ​ ​
2021
 ​ ​
2020
Debt securities
 ​ ​
$2,517
 ​ ​
$2,217
 ​ ​
$3,213
Equity securities
 ​ ​
52
 ​ ​
194
 ​ ​
220
Cash, cash equivalents, and short-term investments
 ​ ​
776
 ​ ​
2
 ​ ​
138
Total investment income
 ​ ​
3,345
 ​ ​
2,413
 ​ ​
3,571
Investment expenses
 ​ ​
(302)
 ​ ​
(445)
 ​ ​
(415)
Net investment income
 ​ ​
$3,043
 ​ ​
$1,968
 ​ ​
$3,156

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,
 
 ​ ​
2022
 ​ ​
2021
 ​ ​
2020
Debt securities:
​ ​
 
 ​ ​
 
 ​ ​
 
Gross realized gains
 ​ ​
$6
 ​ ​
$63
 ​ ​
$4,646
Gross realized losses
 ​ ​
(155)
 ​ ​
(6)
 ​ ​
(8)
Total debt securities
 ​ ​
(149)
 ​ ​
57
 ​ ​
4,638
Equity securities:
​ ​
 
 ​ ​
 
 ​ ​
 
Gross realized gains
 ​ ​
375
 ​ ​
4,605
 ​ ​
4,854
Gross realized losses
 ​ ​
(1,731)
 ​ ​
(1,784)
 ​ ​
(1,366)
Total equity securities
 ​ ​
(1,356)
 ​ ​
2,821
 ​ ​
3,488
Total net realized investment gains
 ​ ​
$(1,505)
 ​ ​
$2,878
 ​ ​
$8,126

Proceeds from the sales of available-for-sale securities were $32.0 million, $31.7 million and $101.2 million for the years ended December 31, 2022, 2021, and 2020, respectively. The gross realized gains from sales of available-for-sale securities for the years ended December 31, 2022, 2021, and 2020 were $5,000, $27,000, and $4.6 million, respectively. The gross realized losses from sales of available-for-sale securities for the years ended December 31, 2022, 2021, and 2020 were $155,000, $6,000, and $0, respectively.

As of December 31, 2022, 2021, and 2020 there were $0, $1.0 million, and $1.7 million of payables from securities purchased, respectively. As of December 31, 2022, 2021, and 2020 there were $650,000, $523,000, and $809,000 of receivables from securities sold, respectively.

The Company's gross unrealized losses related to its equity investments were $638,000, $1.0 million, and $0 as of December 31, 2022, 2021, and 2020, respectively. The Company had no gross unrealized gains related to its equity investments as of December 31, 2022 and 2021, respectively. The Company's gross unrealized gains related to its equity investments were $1.0 million as of December 31, 2020. The Company also carries other equity investments that do not have a readily determinable fair value and are recorded at cost, less impairment or observable changes in price. We review these investments for impairment during each reporting period. There was no impairment or observable changes in price recorded during 2022 related to the Company's equity securities without readily determinable fair value. These investments are a component of Other Assets in the Consolidated Balance Sheets. The value of these investments as of December 31, 2022 were $1.8 million.

The table below summarizes the amortized cost and fair value of available-for-sale debt securities by contractual maturity at December 31, 2022. 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
 ​ ​
$4,876
 ​ ​
$4,770
Due after one year through five years
 ​ ​
28,396
 ​ ​
25,963
Due after five years through ten years
 ​ ​
23,974
 ​ ​
19,782
 
 ​ ​
Amortized
Cost
 ​ ​
Estimated
Fair Value
Due after ten years
 ​ ​
11,421
 ​ ​
8,358
Securities with contractual maturities
 ​ ​
68,667
 ​ ​
58,873
Asset-backed securities
 ​ ​
21,742
 ​ ​
20,496
Mortgage-backed securities
 ​ ​
29,194
 ​ ​
24,037
Commercial mortgage-backed securities
 ​ ​
3,414
 ​ ​
3,228
Collateralized mortgage obligations
 ​ ​
4,102
 ​ ​
3,567
Total debt securities
 ​ ​
$127,119
 ​ ​
$110,201

At December 31, 2022 and 2021, the Insurance Companies Subsidiaries had an aggregate of $8.0 million and $8.5 million, respectively, on deposit in trust accounts to meet the deposit requirements of various state insurance departments. At
December 31, 2022 and 2021, the Company had $95.7 million and $76.1 million held in trust accounts to meet collateral requirements with other third-party insurers, relating to various fronting arrangements. There are withdrawal and other restrictions on these deposits, including the type of investments that may be held, however, the Company may generally invest in high-grade bonds and short-term investments and earn interest on the funds.