Fair Value (Tables)

12 Months Ended

Dec. 31, 2013

Fair Value of Assets Measured on a 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 December 31, 2013 and December 31, 2012 (in thousands).


	As of December 31, 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	$	-	$	78,753	$	-	$	78,753
Corporate bonds		-		43,875		-		43,875
Collateralized corporate bank loans		-		101,585		593		102,178
Municipal bonds		-		140,628		16,924		157,552
Mortgage-backed		-		27,737		-		27,737
Total debt securities		-		392,578		17,517		410,095

Total equity securities		51,230		-		-		51,230
Total debt and equity securities	$	51,230	$	392,578	$	17,517	$	461,325


	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

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 Using Significant Unobservable Inputs (Level 3)

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 year ended December 31, 2013 and 2012 (in thousands).


	2013			2012

Beginning balance as of January 1	$	19,668		$	20,608
Sales		(3,157	)		(429	)
Settlements		-			-
Purchases		-			-
Issuances		-			-
Total realized/unrealized gains included in net income		-			-
Net gains (losses) included in other comprehensive income		1,006			(511	)
Transfers into Level 3		-			-
Transfers out of Level 3		-			-
Ending balance as of December 31	$	17,517		$	19,668

- 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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