Fair Value (Tables)

6 Months Ended

Jun. 30, 2014

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 June 30, 2014 and December 31, 2013 (in thousands):



	As of June 30, 2014
	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	$ -	$ 75,445	$ -	$ 75,445
Corporate bonds	-	37,241	-	37,241
Collateralized corporate bank loans	-	104,303	424	104,727
Municipal bonds	-	143,202	14,112	157,314
Mortgage-backed	-	52,420	-	52,420
Total debt securities	-	412,611	14,536	427,147

Total equity securities	52,553	-	-	52,553
Total debt and equity securities	$ 52,553	$ 412,611	$ 14,536	$ 479,700



	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

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 six months ended June 30, 2014 and 2013 (in thousands):


Beginning balance as of January 1, 2014	$ 17,517

Sales	-
Settlements	(3,315)
Purchases	-
Issuances	-
Total realized/unrealized gains included in net income	-
Net gains included in other comprehensive income	334
Transfers into Level 3	-
Transfers out of Level 3	-
Ending balance as of June 30, 2014	$ 14,536

Beginning balance as of January 1, 2013	$ 19,668
Sales	-
Settlements	(225)
Purchases	-
Issuances	-
Total realized/unrealized gains included in net income	-
Net gains included in other comprehensive income	938
Transfers into Level 3	-
Transfers out of Level 3	-
Ending balance as of June 30, 2013	$ 20,381

- 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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