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Investments | 12 Months Ended
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Dec. 31, 2022
Investments |
Investments | 3. Investments The following table provides the Company’s investment income, and realized gains on investments: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ | 2022 |  | 2021
Investment income, net of investment expenses | ​ | $ | 1,544 | ​ | $ | 768
Realized gains on investments | ​ | ​ | 22 | ​ | ​ | 62
Realized losses on investments | ​ | ​ | (392) | ​ | ​ | (129)
Investment income and realized gains, net of investment expenses | ​ | $ | 1,174 | ​ | $ | 701
​ The following table provides the amortized cost, fair value and unrealized gains and (losses) of the Company’s investment securities: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31, 2022
​ | ​ | ​ | ​ | ​ | Gross Unrealized | ​ | ​ | ​
​ |  | Amortized Cost |  | Gains |  | Losses |  | Fair Value
U.S. Treasuries | ​ | $ | 35,637 | ​ | $ | 5 | ​ | $ | (320) | ​ | $ | 35,322
Obligations of states, municipalities and political subdivisions | ​ | ​ | 11,549 | ​ | ​ | 2 | ​ | ​ | (1,326) | ​ | ​ | 10,225
Corporate bonds | ​ |  | 31,032 | ​ |  | 32 | ​ |  | (2,837) | ​ |  | 28,227
Residential and commercial mortgage-backed securities | ​ | ​ | 12,790 | ​ | ​ | 11 | ​ | ​ | (1,268) | ​ | ​ | 11,533
Other loan-backed and structured securities | ​ | ​ | 6,804 | ​ | ​ | 6 | ​ | ​ | (476) | ​ | ​ | 6,334
Total investment securities | ​ | $ | 97,812 | ​ | $ | 56 | ​ | $ | (6,227) | ​ | $ | 91,641
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31, 2021
​ | ​ | ​ | ​ | ​ | Gross Unrealized | ​ | ​ | ​
​ |  | Amortized Cost |  | Gains |  | Losses |  | Fair Value
U.S. Treasuries | ​ | $ | 5,452 | ​ | $ | 1 | ​ | $ | (36) | ​ | $ | 5,417
Obligations of states, municipalities and political subdivisions | ​ | ​ | 8,913 | ​ | ​ | 21 | ​ | ​ | (84) | ​ | ​ | 8,850
Corporate bonds | ​ |  | 31,491 | ​ |  | 89 | ​ |  | (155) | ​ |  | 31,425
Residential and commercial mortgage-backed securities | ​ | ​ | 14,387 | ​ | ​ | 34 | ​ | ​ | (139) | ​ | ​ | 14,282
Other loan-backed and structured securities | ​ | ​ | 7,637 | ​ | ​ | 5 | ​ | ​ | (41) | ​ | ​ | 7,601
Total investment securities | ​ | $ | 67,880 | ​ | $ | 150 | ​ | $ | (455) | ​ | $ | 67,575
​ The amortized cost and fair value of securities at December 31, 2022, by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31, 2022
Remaining Time to Maturity |  | Amortized Cost |  | Fair Value
Due in one year or less | ​ | $ | 34,972 | ​ | $ | 34,878
Due after one year through five years | ​ | ​ | 18,899 | ​ | ​ | 17,293
Due after five years through ten years | ​ | ​ | 19,938 | ​ | ​ | 17,665
Due after ten years | ​ |  | 4,409 | ​ |  | 3,938
Residential and commercial mortgage-backed securities | ​ | ​ | 12,790 | ​ | ​ | 11,533
Other loan-backed and structured securities | ​ | ​ | 6,804 | ​ | ​ | 6,334
Total | ​ | $ | 97,812 | ​ | $ | 91,641
​ Other-than-temporary Impairment The Company regularly reviews its individual investment securities for other-than-temporarily impairment. The Company considers various factors in determining whether each individual security is other-than-temporarily impaired, including:
| - | the financial condition and near-term prospects of the issuer, including any specific events that may affect its operations or earnings;
| - | the extent to which the market value of the security is below its cost or amortized cost;
| - | general market conditions and industry or sector specific factors;
| - | nonpayment by the issuer of its contractually obligated interest and principal payments; and
| - | the Company’s intent and ability to hold the investment for a period of time sufficient to allow for the recovery of costs.
Securities with gross unrealized loss position at December 31, 2022 and 2021, aggregated by investment category and length of time the individual securities have been in a continuous loss position, are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Less Than Twelve Months | ​ | Twelve Months or Greater | ​ | Total
​ | ​ | Gross | ​ | ​ | ​ | Gross | ​ | ​ | ​ | Gross | ​ | ​
​ | ​ | Unrealized | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized | ​ | Fair
At December 31, 2022 | ​ | Loss | ​ | Value |  | Loss | ​ | Value |  | Loss | ​ | Value
U.S. Treasuries | ​ | $ | (127) | ​ | $ | 10,748 | ​ | $ | (193) | ​ | $ | 9,824 | ​ | $ | (320) | ​ | $ | 20,572
Obligations of states, municipalities and political subdivisions | ​ | ​ | (929) | ​ | ​ | 6,258 | ​ | ​ | (397) | ​ | ​ | 3,504 | ​ | ​ | (1,326) | ​ | ​ | 9,762
Corporate bonds | ​ | ​ | (1,623) | ​ | ​ | 16,531 | ​ | ​ | (1,214) | ​ | ​ | 10,328 | ​ | ​ | (2,837) | ​ | ​ | 26,859
Residential and commercial mortgage-backed securities | ​ | ​ | (687) | ​ | ​ | 6,565 | ​ | ​ | (581) | ​ | ​ | 4,952 | ​ | ​ | (1,268) | ​ | ​ | 11,517
Other loan-backed and structured securities | ​ | ​ | (359) | ​ | ​ | 4,633 | ​ | ​ | (117) | ​ | ​ | 1,094 | ​ | ​ | (476) | ​ | ​ | 5,727
Total securities | ​ | $ | (3,725) | ​ | $ | 44,735 | ​ | $ | (2,502) | ​ | $ | 29,702 | ​ | $ | (6,227) | ​ | $ | 74,437
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Less Than Twelve Months | ​ | Twelve Months or Greater | ​ | Total
​ | ​ | Gross | ​ | ​ | ​ | Gross | ​ | ​ | ​ | Gross | ​ | ​
​ | ​ | Unrealized | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized | ​ | Fair
At December 31, 2021 | ​ | Loss | ​ | Value |  | Loss | ​ | Value |  | Loss | ​ | Value
U.S. Treasuries | ​ | $ | (36) | ​ | $ | 5,007 | ​ | $ | — | ​ | $ | — | ​ | $ | (36) | ​ | $ | 5,007
Obligations of states, municipalities and political subdivisions | ​ | ​ | (84) | ​ | ​ | 4,292 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (84) | ​ | ​ | 4,292
Corporate bonds | ​ | ​ | (155) | ​ | ​ | 15,446 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (155) | ​ | ​ | 15,446
Residential and commercial mortgage-backed securities | ​ | ​ | (139) | ​ | ​ | 9,687 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (139) | ​ | ​ | 9,687
Other loan-backed and structured securities | ​ | ​ | (41) | ​ | ​ | 6,818 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (41) | ​ | ​ | 6,818
Total securities | ​ | $ | (455) | ​ | $ | 41,250 | ​ | $ | — | ​ | $ | — | ​ | $ | (455) | ​ | $ | 41,250
​ At December 31, 2022 and 2021, there were 483 and 358 securities, respectively, in an unrealized loss position. Of these securities, 218 had been in an unrealized loss position for 12 months or longer as of December 31, 2022. No securities were in an unrealized loss position for 12 months or longer at December 31, 2021. The Company believes there were no fundamental issues such as credit losses or other factors with respect to any of its available-for-sale securities. The unrealized losses on investments in fixed-maturity securities were caused primarily by interest rate changes and market conditions. It is expected that the securities would not be settled at a price less than par value of the investments. Because the declines in fair value are attributable to changes in interest rates or market conditions and not credit quality, and because the Company has the ability and intent to hold its available-for-sale investments until a market price recovery or maturity, the Company does not consider any of its investments to be other-than-temporarily impaired at December 31, 2022 or 2021.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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