Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

12 Months Ended

Dec. 31, 2019

Notes

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure

Note 4.Investment Securities    The cost (amortized cost with respect to certain fixed maturities), gross unrealized gains, gross unrealized losses and fair value of fixed maturities available-for-sale are as follows for the periods indicated (in thousands):

		December 31, 2019
				GROSS		GROSS
		AMORTIZED		UNREALIZED		UNREALIZED		FAIR
		COST		GAINS		LOSSES		VALUE
FIXED MATURITIES
AVAILABLE-FOR-SALE:
Corporate securities	$	161,369	$	1,832	$	(1,178)	$	162,023
CMOs – residential (1)		5,328		54		-		5,382
U.S. Government obligations		50,340		257		(48)		50,549
GSEs (3)		6,230		-		(107)		6,123
States and political subdivisions		153,439		1,512		(943)		154,008
Foreign government obligations		6,719		172		(2)		6,889
Total fixed maturities	$	383,425	$	3,827	$	(2,278)	$	384,974

		December 31, 2018
				GROSS		GROSS
		AMORTIZED		UNREALIZED		UNREALIZED		FAIR
		COST		GAINS		LOSSES		VALUE
FIXED MATURITIES
AVAILABLE-FOR-SALE:
Corporate securities	$	202,194	$	701	$	(5,406)	$	197,489
CMOs - residential (1)		6,092		-		(252)		5,840
U.S. Government obligations		63,231		1		(423)		62,809
Agency MBS - residential (2)		3		-		-		3
GSEs (3)		6,596		-		(110)		6,486
States and political subdivisions		172,860		302		(5,228)		167,934
Foreign government obligations		7,039		51		(46)		7,044
Redeemable preferred stocks		5,970		-		(111)		5,859
Total fixed maturities	$	463,985	$	1,055	$	(11,576)	$	453,464

(1)Collateralized mortgage obligations (“CMOs”). 

(2) Mortgage-backed securities (“MBS”). 

(3)Government-sponsored enterprises (“GSEs”) are private enterprises established and chartered by the Federal Government or its various insurance and lease programs which carry the full faith and credit obligation of the U.S. Government. 

The amortized cost and fair value of fixed maturities available-for-sale at December 31, 2019, by contractual maturity, are shown below (in thousands). Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. 

		AMORTIZED		FAIR
		COST		VALUE
Due in one year or less	$	16,095	$	16,094
Due after one year through five years		183,263		185,045
Due after five years through ten years		102,605		103,320
Due after ten years		69,904		69,010
Fixed maturities with no single maturity date		11,558		11,505
	$	383,425	$	384,974

The following tables summarize, for all fixed maturities available-for-sale in an unrealized loss position, the aggregate fair value and gross unrealized loss by length of time those securities that have continuously been in an unrealized loss position for the periods indicated (in thousands): 

		December 31, 2019
		Less than 12 Months				12 Months or Longer				Total
		Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
		Value		Losses		Value		Losses		Value		Losses
Corporate securities	$	18,151	$	455	$	32,301	$	723	$	50,452	$	1,178
U.S. Government obligations		-		-		7,167		48		7,167		48
GSEs		-		-		6,173		107		6,173		107
States and political subdivisions		29,872		114		29,462		829		59,334		943
Foreign government obligations		-		-		1,603		2		1,603		2
Fixed maturities in an
unrealized loss position	$	48,023	$	569	$	76,706	$	1,709	$	124,729	$	2,278
Number of fixed maturities in an
unrealized loss position		18				43				61

		December 31, 2018
		Less than 12 Months				12 Months or Longer				Total
		Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
		Value		Losses		Value		Losses		Value		Losses
Corporate securities	$	46,988	$	1,045	$	108,738	$	4,361	$	155,726	$	5,406
CMOs - residential		847		37		4,993		215		5,840		252
U.S. Government obligations		6,138		15		31,693		408		37,831		423
GSEs		-		-		6,478		110		6,478		110
States and political subdivisions		33,021		522		113,297		4,706		146,318		5,228
Foreign government obligations		-		-		2,835		46		2,835		46
Redeemable preferred stocks		5,859		111		-		-		5,859		111
Fixed maturities in an
unrealized loss position	$	92,853	$	1,730	$	268,034	$	9,846	$	360,887	$	11,576
Number of fixed maturities in an
unrealized loss position		47				115				162

Substantially all of the unrealized losses on fixed maturities available-for-sale at December 31, 2019 and 2018 relate to investment grade securities and are attributable to changes in market interest rates. Because the Company does not intend to sell, nor is it more likely than not that the Company will have to sell such investments before recovery of their amortized cost bases, which may be maturity, the Company does not consider these investments to be other-than-temporarily impaired at December 31, 2019.

The following table summarizes the Company’s net investment income for the years indicated (in thousands): 

		2019		2018
Fixed maturities	$	14,128	$	13,826
Equity securities		386		595
Cash, cash equivalents and other short-term investments		1,004		308
Other		239		420
Investment income, gross		15,757		15,149
Investment expenses		(114)		(128)
Net investment income	$	15,643	$	15,021

Net investment gains (losses) are as follows for years indicated (in thousands):

		2019		2018
Realized gains (losses):
Fixed maturities available-for-sale	$	4,105	$	(775)
Equity securities		(13)		(7)
Total realized gains (losses) on debt and equity securities		4,092		(782)
Unrealized gains (losses) on equity securities		613		(249)
Gains (losses) on debt and equity securities		4,705		(1,031)
Gains (losses) on other investments		-		(2)
Net investment gains (losses)	$	4,705	$	(1,033)

For the years ended December 31, 2019 and 2018, the Company realized gross gains of $5,144,000 and $531,000, respectively, and gross losses of $1,039,000 and $1,306,000, respectively, from sales, maturities and prepayments of fixed maturities available-for-sale.

We recognize other-than-temporary impairment losses on fixed maturities available-for-sale in earnings in the period that we determine: 1) we intend to sell the security; 2) it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis; or 3) the security has a credit loss. Any non-credit portion of the other-than-temporary impairment loss is recognized in other comprehensive income (loss). The Company recognized other-than-temporary impairment losses of $646,000 on certain fixed maturities available-for-sale securities in the year ended December 31, 2019. The Company determined that it was more likely than not that we would sell the securities before the recovery of their amortized cost basis.  The Company did not recognize any other-than-temporary impairments on available for sale securities in 2018.