Investments (Tables)

3 Months Ended

Mar. 31, 2021

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 March 31, 2021 and December 31, 2020, were as follows (dollars in thousands):

	March 31, 2021
	Cost or		Gross Unrealized					Estimated
	Amortized Cost		Gains		Losses			Fair Value
Debt Securities:
U.S. Government	$	22,015	$	172	$	(27	)	$	22,160
State and local government		31,896		584		(601	)		31,879
Corporate debt		16,379		172		(410	)		16,141
Asset-backed securities		31,905		36		(118	)		31,823
Mortgage-backed securities		36,724		184		(861	)		36,047
Commercial mortgage-backed securities		1,849		40		(32	)		1,857
Collateralized mortgage obligations		7,666		91		(35	)		7,722
Total debt securities available for sale	$	148,434	$	1,279	$	(2,084	)	$	147,629

	December 31, 2020
	Cost or		Gross Unrealized					Estimated
	Amortized Cost		Gains		Losses			Fair Value
Debt Securities:
U.S. Government	$	30,743	$	225	$	(1	)	$	30,967
State and local government		32,253		1,040		(28	)		33,265
Corporate debt		19,015		311		(23	)		19,303
Asset-backed securities		20,987		49		(73	)		20,963
Mortgage-backed securities		38,512		345		(3	)		38,854
Commercial mortgage-backed securities		2,083		65		(22	)		2,126
Collateralized mortgage obligations		6,361		161		(1	)		6,521
Total debt securities available for sale	$	149,954	$	2,196	$	(151	)	$	151,999

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):

	March 31, 2021
	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		5	$	7,664	$	(27	)		—	$	—	$	—			5	$	7,664	$	(27	)
State and local government		70		14,758		(601	)		—		—		—			70		14,758		(601	)
Corporate debt		13		9,144		(410	)		—		—		—			13		9,144		(410	)
Asset-backed securities		14		17,644		(114	)		7		4,578		(4	)		21		22,222		(118	)
Mortgage-backed securities		9		28,941		(861	)		—		—		—			9		28,941		(861	)
Commercial mortgage-backed securities		—		—		—			1		888		(32	)		1		888		(32	)
Collateralized mortgage obligations		9		3,427		(34	)		1		81		(1	)		10		3,508		(35	)
Total debt securities available for sale		120	$	81,578	$	(2,047	)		9	$	5,547	$	(37	)		129	$	87,125	$	(2,084	)

	December 31, 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		2	$	6,764	$	(1	)		—	$	—	$	—			2	$	6,764	$	(1	)
State and local government		16		3,905		(28	)		—		—		—			16		3,905		(28	)
Corporate debt		2		1,051		(23	)		—		—		—			2		1,051		(23	)
Asset-backed securities		7		6,050		(34	)		11		6,551		(39	)		18		12,601		(73	)
Mortgage-backed securities		2		1,652		(3	)		—		—		—			2		1,652		(3	)
Commercial mortgage-backed securities		1		899		(22	)		—		—		—			1		899		(22	)
Collateralized mortgage obligations		2		195		(1	)		—		—		—			2		195		(1	)
Total debt securities available for sale		32	$	20,516	$	(112	)		11	$	6,551	$	(39	)		43	$	27,067	$	(151	)

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,
	2021			2020
Debt securities	$	600		$	867
Equity securities		48			55
Cash, cash equivalents and short-term investments		1			119
Total investment income		649			1,041
Investment expenses		(117	)		(87	)
Net investment income	$	532		$	954

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 March 31,
	2021			2020
Debt securities:
Gross realized gains	$	27		$	720
Gross realized losses		(6	)		(4	)
Total debt securities		21			716
Equity securities:
Gross realized gains		2,903			344
Gross realized losses		—			(132	)
Total equity securities		2,903			212
Total net realized investment gains (losses)	$	2,924		$	928

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, 2021.  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	$	9,062	$	9,175
Due after one year through five years		29,289		29,744
Due after five years through ten years		13,602		13,324
Due after ten years		18,337		17,937
Securities with contractual maturities		70,290		70,180
Asset-backed securities		31,905		31,823
Mortgage-backed securities		36,724		36,047
Commercial mortgage-backed securities		1,849		1,857
Collateralized mortgage obligations		7,666		7,722
Total debt securities	$	148,434	$	147,629