Fair Value (Tables)

9 Months Ended

Sep. 30, 2013

Fair Value, Assets Measured on Recurring Basis

The following table presents for each of the fair value hierarchy levels, our assets that are measured at fair value on a recurring basis at September 30, 2013 and December 31, 2012 (in thousands):



	As of September 30, 2013
	Quoted Prices in	Other
	Active Markets for	Observable	Unobservable
	Identical Assets	Inputs	Inputs
	(Level 1)	(Level 2)	(Level 3)	Total

U.S. Treasury securities and
obligations of U.S. Government	$ -	$ 34,114	$ -	$ 34,114
Corporate bonds	-	59,393	-	59,393
Collateralized corporate bank loans	-	118,852	700	119,552
Municipal bonds	-	134,906	19,590	154,496
Mortgage-backed	-	29,092	-	29,092
Total debt securities	-	376,357	20,290	396,647

Financial services	7,690	-	-	7,690
All other	38,250	-	-	38,250
Total equity securities	45,940	-	-	45,940
Total debt and equity securities	$ 45,940	$ 376,357	$ 20,290	$ 442,587



	As of December 31, 2012
	Quoted Prices in	Other
	Active Markets for	Observable	Unobservable
	Identical Assets	Inputs	Inputs
	(Level 1)	(Level 2)	(Level 3)	Total

U.S. Treasury securities and
obligations of U.S. Government	$ -	$ 40,061	$ -	$ 40,061
Corporate bonds	-	81,547	-	81,547
Collateralized corporate bank loans	-	105,463	908	106,371
Municipal bonds	-	144,972	18,760	163,732
Mortgage-backed	-	9,724	-	9,724
Total debt securities	-	381,767	19,668	401,435

Financial services	14,887	-	-	14,887
All other	29,038	-	-	29,038
Total equity securities	43,925	-	-	43,925
Total debt and equity securities	$ 43,925	$ 381,767	$ 19,668	$ 445,360

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table summarizes the changes in fair value for all financial assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the nine months ended September 30, 2013 and 2012 (in thousands):


Beginning balance as of January 1, 2013	$ 19,668

Sales	-
Settlements	(302)
Purchases	-
Issuances	-
Total realized/unrealized gains included in net income	-
Net gains included in other comprehensive income	924
Transfers into Level 3	-
Transfers out of Level 3	-
Ending balance as of September 30, 2013	$ 20,290

Beginning balance as of January 1, 2012	$ 20,608
Sales	-
Settlements	(307)
Purchases	-
Issuances	-
Total realized/unrealized gains included in net income	-
Net losses included in other comprehensive income	(530)
Transfers into Level 3	-
Transfers out of Level 3	-
Ending balance as of September 30, 2012	$ 19,771

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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