Investments (Tables)

6 Months Ended

Jun. 30, 2020

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 June 30, 2020 and December 31, 2019, were as follows (dollars in thousands):

	June 30, 2020
	Cost or		Gross Unrealized					Estimated
	Amortized Cost		Gains		Losses			Fair Value
Debt Securities:
U.S. Government	$	9,778	$	292	$	—		$	10,070
State and local government		19,968		890		(1	)		20,857
Corporate debt		47,741		2,712		(147	)		50,306
Asset-backed securities		24,951		260		(310	)		24,901
Mortgage-backed securities		23,187		590		—			23,777
Commercial mortgage-backed securities		9,941		621		(81	)		10,481
Collateralized mortgage obligations		6,385		123		(12	)		6,496
Total debt securities available for sale	$	141,951	$	5,488	$	(551	)	$	146,888

	December 31, 2019
	Cost or		Gross Unrealized					Estimated
	Amortized Cost		Gains		Losses			Fair Value
Debt Securities:
U.S. Government	$	9,392	$	66	$	(6	)	$	9,452
State and local government		14,388		545		—			14,933
Corporate debt		39,550		865		(21	)		40,394
Asset-backed securities		19,549		81		(55	)		19,575
Mortgage-backed securities		31,389		238		(112	)		31,515
Commercial mortgage-backed securities		9,972		116		(45	)		10,043
Collateralized mortgage obligations		5,073		29		(14	)		5,088
Total debt securities available for sale	$	129,313	$	1,940	$	(253	)	$	131,000

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 (dollars in thousands):

	June 30, 2020
	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		—	$	—	$	—			—	$	—	$	—			—	$	—	$	—
State and local government		1		175		(1	)		—		—		—			1		175		(1	)
Corporate debt		3		1,677		(147	)		—		—		—			3		1,677		(147	)
Asset-backed securities		9		6,626		(118	)		13		7,140		(192	)		22		13,766		(310	)
Mortgage-backed securities									—		—		—			—		—		—
Commercial mortgage-backed securities		1		843		(81	)		—		—		—			1		843		(81	)
Collateralized mortgage obligations		3		1,130		(12	)		—		—		—			3		1,130		(12	)
Total debt securities available for sale		17		10,451		(359	)		13		7,140		(192	)		30		17,591		(551	)

	December 31, 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		—	$	—	$	—			4	$	1,047	$	(6	)		4	$	1,047	$	(6	)
State and local government		—		—		—			—		—		—			—		—		—
Corporate debt		7		3,720		(17	)		3		1,697		(4	)		10		5,417		(21	)
Asset-backed securities		3		2,596		(1	)		18		11,836		(54	)		21		14,432		(55	)
Mortgage-backed securities		3		715		(1	)		13		7,812		(111	)		16		8,527		(112	)
Commercial mortgage-backed securities		6		6,837		(45	)		—		—		—			6		6,837		(45	)
Collateralized mortgage obligations		8		2,081		(14	)		—		—		—			8		2,081		(14	)
Total debt securities available for sale		27	$	15,949	$	(78	)		38	$	22,392	$	(175	)		65	$	38,341	$	(253	)

Schedule of Investment Income

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

	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Debt securities	$	929		$	998		$	1,796		$	1,855
Equity securities		53			35			108			75
Cash, cash equivalents and short-term investments		24			116			143			186
Total investment income		1,006			1,149			2,047			2,116
Investment expenses		(143	)		(98	)		(230	)		(155	)
Net investment income	$	863		$	1,051		$	1,817		$	1,961

Schedule of Gross Realized Gains and Losses on Securities

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 June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Debt securities:
Gross realized gains	$	—		$	204		$	720		$	223
Gross realized losses		—			(3	)		(4	)		(52	)
Total debt securities		—			201			716			171
Equity securities:
Gross realized gains		604			539			948			588
Gross realized losses		(359	)		(25	)		(491	)		(25	)
Total equity securities		245			514			457			563
Total net realized investment gains (losses)	$	245		$	715		$	1,173		$	734

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 June 30, 2020.  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	$	7,571	$	7,631
Due after one year through five years		45,467		47,594
Due after five years through ten years		16,261		17,503
Due after ten years		8,188		8,505
Securities with contractual maturities		77,487		81,233
Asset-backed securities		24,951		24,901
Mortgage-backed securities		23,187		23,777
Commercial mortgage-backed securities		9,941		10,481
Collateralized mortgage obligations		6,385		6,496
Total debt securities	$	141,951	$	146,888