Investments (Tables)

6 Months Ended

Jun. 30, 2014

Investments [Abstract]

Amortized Cost and Estimated Fair Value of Investments in Debt and Equity Securities by Category

The amortized cost and estimated fair value of investments in debt and equity securities by category is as follows (in thousands):

		Gross	Gross
	Amortized	Unrealized	Unrealized	Fair
As of June 30, 2014	Cost	Gains	Losses	Value
U.S. Treasury securities and
obligations of U.S. Government	$              75,389	$                  59	$                 (3)	$               75,445
Corporate bonds	35,874	1,384	(17)	37,241
Collateralized corporate bank loans	105,096	468	(837)	104,727
Municipal bonds	155,771	2,834	(1,291)	157,314
Mortgage-backed	52,630	498	(708)	52,420
Total debt securities	424,760	5,243	(2,856)	427,147
Total equity securities	24,830	27,725	(2)	52,553
Total debt and equity securities	$ 449,590	$ 32,968	$ (2,858)	$ 479,700
As of December 31, 2013
U.S. Treasury securities and
obligations of U.S. Government	$ 78,894	$ 24	$ (165)	$ 78,753
Corporate bonds	42,946	1,379	(450)	43,875
Collateralized corporate bank loans	102,053	614	(489)	102,178
Municipal bonds	156,950	2,577	(1,975)	157,552
Mortgage-backed	27,784	460	(507)	27,737
Total debt securities	408,627	5,054	(3,586)	410,095
Total equity securities	24,902	26,642	(314)	51,230
Total debt and equity securities	$ 433,529	$ 31,696	$ (3,900)	$ 461,325

Summary of Realized Gain (Loss) on Investments

Major categories of net realized gains (losses) on investments are summarized as follows (in thousands):

	Three Months Ended		Six Months Ended
	June 30		June 30
	2014	2013	2014	2013
U.S. Treasury securities and
obligations of U.S. Government	$             -	$         -	$       -	$      -
Corporate bonds	(21)	467	133	825
Collateralized corporate bank loans	30	98	89	271
Municipal bonds	(26)	48	(54)	40
Mortgage-backed	3	-	3	-
Equity securities	4	984	4	1,637
(Loss) gain on investments	(10)	1,597	175	2,773
Other-than-temporary impairments	(274)	-	(274)	-
Net realized (losses) gains	$ (284)	$       1,597	$ (99)	$  2,773

Summary of Gross Unrealized Losses for Investments that have been Continuously in Unrealized Loss Position

The following schedules summarize the gross unrealized losses showing the length of time that investments have been continuously in an unrealized loss position as of June 30, 2014 and December 31, 2013 (in thousands):

	As of June 30, 2014
	12 months or less		Longer than 12 months			Total
		Unrealized			Unrealized			Unrealized
	Fair Value	Losses		Fair Value	Losses		Fair Value	Losses
U.S. Treasury securities and obligations
of U.S. Government	$ 14,770	$ (3)		$                -	$                 -		$ 14,770	$ (3)
Corporate bonds	3,344	(17)		-	-		3,344	(17)
Collateralized corporate bank loans	32,977	(761)		5,902	(76)		38,879	(837)
Municipal bonds	24,360	(205)		26,097	(1,086)		50,457	(1,291)
Mortgage-backed	22,501	(204)		4,043	(504)		26,544	(708)
Total debt securities	97,952	(1,190)		36,042	(1,666)		133,994	(2,856)
Total equity securities	579	(2)		-	-		579	(2)
Total debt and equity securities	$ 98,531	$ (1,192)		$ 36,042	$ (1,666)		$ 134,573	$ (2,858)
	As of  December 31, 2013
	12 months or less		Longer than 12 months			Total
		Unrealized			Unrealized			Unrealized
	Fair Value	Losses		Fair Value	Losses		Fair Value	Losses
U.S. Treasury securities and obligations
of U.S. Government	$ 47,162	$ (165)		$              -	$             -		$ 47,162	$ (165)
Corporate bonds	5,649	(56)		4,421	(394)		10,070	(450)
Collateralized corporate bank loans	23,026	(422)		6,968	(67)		29,994	(489)
Municipal bonds	35,719	(413)		34,684	(1,562)		70,403	(1,975)
Mortgage-backed	1,383	(229)		4,840	(278)		6,223	(507)
Total debt securities	112,939	(1,285)		50,913	(2,301)		163,852	(3,586)
Total equity securities	316	(2)		2,721	(312)		3,037	(314)
Total debt and equity securities	$ 113,255	$ (1,287)		$ 53,634	$ (2,613)		$ 166,889	$ (3,900)

Schedule of Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturities

	Amortized	Fair
	Cost	Value
	(in thousands)
Due in one year or less	$ 59,432	$ 59,573
Due after one year through five years	174,590	176,780
Due after five years through ten years	107,098	107,371
Due after ten years	31,010	31,003
Mortgage-backed	52,630	52,420
	$ 424,760	$ 427,147