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Investments (Tables)
 9 Months Ended
Sep. 30, 2019
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 September 30, 2019 and December 31, 2018, were as follows (dollars in thousands):
 
September 30, 2019
 
Cost or
Amortized
Cost
Gross Unrealized
Estimated
Fair Value 
 
 
Gains
Losses
Debt Securities:
 
 
 
 
U.S. Government
$
13,917

$
72

$
(10
)
$
13,979

State and local government
14,091

582

—

14,673

Corporate debt
37,308

855

(14
)
38,149

Asset-backed securities
20,167

84

(57
)
20,194

Mortgage-backed securities
30,206

147

(221
)
30,132

Commercial mortgage-backed securities
4,271

193

—

4,464

Collateralized mortgage obligations
4,086

31

(4
)
4,113

Total debt securities available for sale
$
124,046

$
1,964

$
(306
)
$
125,704


 
December 31, 2018
 
Cost or
Amortized
Cost
Gross Unrealized
Estimated
Fair Value 
 
Gains
Losses
Debt Securities:
 
 
 
 
U.S. Government
$
15,360

$
3

$
(178
)
$
15,185

State and local government
15,847

115

(174
)
15,788

Corporate debt
30,423

74

(651
)
29,846

Asset-backed securities
24,468

24

(208
)
24,284

Mortgage-backed securities
30,377

18

(1,155
)
29,240

Commercial mortgage-backed securities
4,025

5

(77
)
3,953

Collateralized mortgage obligations
2,178

9

(43
)
2,144

Total debt securities available for sale
$
122,678

$
248

$
(2,486
)
$
120,440
Schedule of Unrealized Loss Positions
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, as follows (dollars in thousands):  
 
September 30, 2019
 
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

$
5,768

$
(10
)
 
8

$
5,768

$
(10
)
State and local government
—

—

—

 
1

63

—

 
1

63

—

Corporate debt
1

504

(5
)
 
3

1,692

(9
)
 
4

2,196

(14
)
Asset-backed securities
7

4,658

(10
)
 
17

9,035

(47
)
 
24

13,693

(57
)
Mortgage-backed securities
3

3,111

(1
)
 
23

14,731

(220
)
 
26

17,842

(221
)
Commercial mortgage-backed securities
1

4

—

 
1

457

—

 
2

461

—

Collateralized mortgage obligations
7

1,420

(4
)
 
—

—

—

 
7

1,420

(4
)
Total debt securities available for sale
19

$
9,697

$
(20
)
 
53

$
31,746

$
(286
)
 
72

$
41,443

$
(306
)
 
December 31, 2018
 
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

$
2,470

$
(24
)
 
16

$
11,725

$
(154
)
 
17

$
14,195

$
(178
)
State and local government
21

4,935

(40
)
 
16

4,273

(134
)
 
37

9,208

(174
)
Corporate debt
36

12,096

(140
)
 
25

11,993

(511
)
 
61

24,089

(651
)
Asset-backed securities
25

17,743

(148
)
 
9

4,166

(60
)
 
34

21,909

(208
)
Mortgage-backed securities
20

5,474

(138
)
 
30

21,715

(1,017
)
 
50

27,189

(1,155
)
Commercial mortgage-backed securities
4

1,082

(12
)
 
3

2,632

(65
)
 
7

3,714

(77
)
Collateralized mortgage obligations
4

116

(1
)
 
6

1,587

(42
)
 
10

1,703

(43
)
Total debt securities available for sale
111

$
43,916

$
(503
)
 
105

$
58,091

$
(1,983
)
 
216

$
102,007

$
(2,486
)
Schedule of Investment Income
The Company’s sources of net investment income are as follows (dollars in thousands):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Debt securities
$
861

 
$
801

 
$
2,716

 
$
2,495

Equity securities
247

 
33

 
322

 
98

Cash, cash equivalents and short-term investments
156

 
19

 
342

 
55

Total investment income
1,264

 
853

 
3,380

 
2,648

Investment expenses
(54
)
 
(67
)
 
(209
)
 
(223
)
Net investment income
$
1,210

 
$
786

 
$
3,171

 
$
2,425
Schedule of Gross Realized Gains and Losses on Securities
The following table summarizes the gross realized gains and losses from sales, calls or maturities of available-for-sale debt and equity securities (dollars in thousands):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Debt securities:
 
 
 
 
 
 
 
Gross realized gains
$
8

 
$
52

 
$
231

 
$
54

Gross realized losses
(1
)
 
(131
)
 
(53
)
 
(146
)
Total debt securities
7

 
(79
)
 
178

 
(92
)
Equity securities:
 
 
 
 
 
 
 
Gross realized gains
397

 
84

 
985

 
290

Gross realized losses
(14
)
 
(26
)
 
(39
)
 
(46
)
Total equity securities
383

 
58

 
946

 
244

Total net realized investment gains (losses)
$
390

 
$
(21
)
 
$
1,124

 
$
152
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 September 30, 2019. 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
$
9,583

 
$
9,588

Due after one year through five years
31,619

 
32,158

Due after five years through ten years
14,762

 
15,314

Due after ten years
9,352

 
9,741

Securities with contractual maturities
65,316

 
66,801

Asset-backed securities
20,167

 
20,194

Mortgage-backed securities
30,206

 
30,132

Commercial mortgage-backed securities
4,271

 
4,464

Collateralized mortgage obligations
4,086

 
4,113

Total debt securities
$
124,046

 
$
125,704