Investments (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of gain and losses on investments

The following table summarizes investment income and realized gains and losses on investments during the periods presented.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Investment income, net of investment expenses	$	2,515	$	384	$	4,618	$	962
Realized gains on investments	61		10		72		16
Realized losses on investments	(91)		(59)		(198)		(203)
Investment income and realized gains (losses), net of investment expenses	$	2,485	$	335	$	4,492	$	775

Summary of amortized cost, market value and unrealized gains (losses) of debt securities

The following tables summarize the amortized cost, fair value, and unrealized gains and losses of investment securities.


	As of September 30, 2023
	Amortized Cost		Gross Unrealized				Fair Value
			Gains		Losses
U.S. Treasuries	$	32,651	$	15	$	(600)	$	32,066
Obligations of states, municipalities and political subdivisions	14,939		—		(1,405)		13,534
Corporate bonds	47,258		2		(3,634)		43,626
Residential and commercial mortgage-backed securities	24,173		3		(1,648)		22,528
Other loan-backed and structured securities	3,990		—		(376)		3,614
Total investment securities	$	123,011	$	20	$	(7,663)	$	115,368


	As of December 31, 2022
	Amortized Cost		Gross Unrealized				Fair Value
			Gains		Losses
U.S. Treasuries	$	35,637	$	5	$	(320)	$	35,322
Obligations of states, municipalities and political subdivisions	11,549		2		(1,326)		10,225
Corporate bonds	31,032		32		(2,837)		28,227
Residential and commercial mortgage-backed securities	12,790		11		(1,268)		11,533
Other loan-backed and structured securities	6,804		6		(476)		6,334
Total investment securities	$	97,812	$	56	$	(6,227)	$	91,641

Summary of remaining time to maturity

Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


	As of September 30, 2023
Remaining Time to Maturity	Amortized Cost		Fair Value
Due in one year or less	$	27,913	$	27,785
Due after one year through five years	31,760		29,980
Due after five years through ten years	26,597		23,797
Due after ten years	8,575		7,664
Residential and commercial mortgage-backed securities	24,175		22,528
Other loan-backed and structured securities	3,991		3,614
Total	$	123,011	$	115,368

Summary of securities with gross unrealized loss position

Securities with gross unrealized loss position, aggregated by investment category and length of time the individual securities have been in a continuous loss position, are as follows:


	Less Than Twelve Months				Twelve Months or Greater				Total
As of September 30, 2023	Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value
U.S. Treasuries	$	(533)	$	31,214	$	(67)	$	520	$	(600)	$	31,734
Obligations of states, municipalities and political subdivisions	(1,174)		11,564		(231)		1,559		(1,405)		13,123
Corporate bonds	(3,070)		37,402		(564)		5,218		(3,634)		42,620
Residential and commercial mortgage-backed securities	(1,110)		19,031		(538)		2,967		(1,648)		21,998
Other loan-backed and structured securities	(366)		3,564		(10)		51		(376)		3,615
Total securities	$	(6,253)	$	102,775	$	(1,410)	$	10,315	$	(7,663)	$	113,090


	Less Than Twelve Months				Twelve Months or Greater				Total
As of December 31, 2022	Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value
U.S. Treasuries	$	(127)	$	10,748	$	(193)	$	9,824	$	(320)	$	20,572
Obligations of states, municipalities and political subdivisions	(929)		6,258		(397)		3,504		(1,326)		9,762
Corporate bonds	(1,623)		16,531		(1,214)		10,328		(2,837)		26,859
Residential and commercial mortgage-backed securities	(687)		6,565		(581)		4,952		(1,268)		11,517
Other loan-backed and structured securities	(359)		4,633		(117)		1,094		(476)		5,727
Total securities	$	(3,725)	$	44,735	$	(2,502)	$	29,702	$	(6,227)	$	74,437