Fair Value (Tables)

9 Months Ended

Sep. 30, 2015

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, 2015 and December 31, 2014 (in thousands):



	As of September 30, 2015
	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	$	-	$	91,681	$	-	$	91,681
Corporate bonds		-		50,610		-		50,610
Collateralized corporate bank loans		-		122,134		-		122,134
Municipal bonds		-		178,100		13,848		191,948
Mortgage-backed		-		62,790		-		62,790
Total debt securities		-		505,315		13,848		519,163

Total equity securities		48,229		-		-		48,229
Total debt and equity securities	$	48,229	$	505,315	$	13,848	$	567,392



	As of December 31, 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	$	-	$	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

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, 2015 and 2014 (in thousands):


Beginning balance as of January 1, 2015	$	14,598
Sales		-
Settlements		(370)
Purchases		-
Issuances		-
Total realized/unrealized gains included in net income		-
Net losses included in other comprehensive income		(380)
Transfers into Level 3		-
Transfers out of Level 3		-
Ending balance as of September 30, 2015	$	13,848


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

Sales		-
Settlements		(3,434)
Purchases		-
Issuances		-
Total realized/unrealized gains included in net income		-
Net gains included in other comprehensive income		460
Transfers into Level 3		-
Transfers out of Level 3		-
Ending balance as of September 30, 2014	$	14,543