Fair Value (Tables)

12 Months Ended

Dec. 31, 2014

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, 2014 and December 31, 2013 (in thousands).



	As of December 31, 2014
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
U.S. Treasury securities and obligations of U.S. Government	$	-	$	93,305	$	-	$	93,305
Corporate bonds		-		29,442		-		29,442
Collateralized corporate bank loans		-		113,402		247		113,649
Municipal bonds		-		147,978		14,351		162,329
Mortgage-backed		-		52,060		-		52,060
Total debt securities		-		436,187		14,598		450,785

Total equity securities		56,444		-		-		56,444
Total debt and equity securities	$	56,444	$	436,187	$	14,598	$	507,229



	As of December 31, 2013
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (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 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, 2014 and 2013 (in thousands).



	2014		2013
Beginning balance as of January 1	$	17,517	$	19,668
Sales		(3,490)		(3,157)
Settlements		-		-
Purchases		-		-
Issuances		-		-
Total realized/unrealized gains included in net income		-		-
Net gains included in other comprehensive income		571		1,006
Transfers into Level 3		-		-
Transfers out of Level 3		-		-
Ending balance as of December 31	$	14,598	$	17,517

- 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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