Fair Value (Tables)

3 Months Ended

Mar. 31, 2016

Fair Value [Abstract]

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 March 31, 2016 and December 31, 2015 (in thousands):

	As of March 31, 2016
	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	$	-	$	74,569	$	-	$	74,569
Corporate bonds		-		160,695		-		160,695
Collateralized corporate bank loans		-		80,391		-		80,391
Municipal bonds		-		178,564		14,116		192,680
Mortgage-backed		-		56,423		-		56,423
Total debt securities		-		550,642		14,116		564,758
Total equity securities		48,706		-		622		49,328
Total debt and equity securities	$	48,706	$	550,642	$	14,738	$	614,086

	As of December 31, 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	$	-	$	76,269	$	-	$	76,269
Corporate bonds		-		121,709		-		121,709
Collateralized corporate bank loans		-		81,596		-		81,596
Municipal bonds		-		178,281		14,087		192,368
Mortgage-backed		-		59,383		-		59,383
Total debt securities		-		517,238		14,087		531,325
Total equity securities		47,504		-		-		47,504
Total debt and equity securities	$	47,504	$	517,238	$	14,087	$	578,829

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 three months ended March 31, 2016 and 2015 (in thousands): 

Beginning balance as of January 1, 2016	$	14,087
Sales		-
Settlements		-
Purchases		-
Issuances		-
Total realized/unrealized gains included in net income		-
Net gains included in other comprehensive income		29
Transfers into Level 3		622
Transfers out of Level 3		-
Ending balance as of March 31, 2016	$	14,738
Beginning balance as of January 1, 2015	$	14,598
Sales		-
Settlements		(59)
Purchases		-
Issuances		-
Total realized/unrealized gains included in net income		-
Net losses included in other comprehensive income		(105)
Transfers into Level 3		-
Transfers out of Level 3		-
Ending balance as of March 31, 2015	$	14,434