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Investments (Tables) | 6 Months Ended
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Jun. 30, 2022
Gross Unrecognized Gains and Losses and Cost or Amortized Cost, Allowance for Credit Losses, Carrying Amount and Fair Value of Investments Classified as Held-to-Maturity | The amortized cost, allowance for credit losses, carrying amount, gross unrecognized gains and losses, and the fair value of those investments classified as held-to-maturity at June 30, 2022 are summarized as follows:
|  | Amortized Cost |  |  | Allowance for Credit Losses |  |  | Carrying Amount |  |  | Gross Unrecognized Gains |  |  | Gross Unrecognized Losses |  |  | Fair Value |
|  | (in thousands) |
States and political subdivisions |  | $ | 453,781 |  |  | $ | (44 | ) |  | $ | 453,737 |  |  | $ | 2,160 |  |  | $ | (14,707 | ) |  | $ | 441,190 |
Corporate bonds |  |  | 66,419 |  |  |  | (228 | ) |  |  | 66,191 |  |  |  | 37 |  |  |  | (3,073 | ) |  |  | 63,155 |
U.S. agency-based mortgage-backed securities |  |  | 4,102 |  |  |  | — |  |  |  | 4,102 |  |  |  | 106 |  |  |  | (57 | ) |  |  | 4,151 |
U.S. Treasury securities and obligations of U.S. government agencies |  |  | 17,182 |  |  |  | — |  |  |  | 17,182 |  |  |  | 67 |  |  |  | (196 | ) |  |  | 17,053 |
Asset-backed securities |  |  | 89 |  |  |  | (4 | ) |  |  | 85 |  |  |  | 4 |  |  |  | (1 | ) |  |  | 88 |
Totals |  | $ | 541,573 |  |  | $ | (276 | ) |  | $ | 541,297 |  |  | $ | 2,374 |  |  | $ | (18,034 | ) |  | $ | 525,637 |
The amortized cost, allowance for credit losses, carrying amount, gross unrecognized gains and losses, and the fair value of those investments classified as held-to-maturity at December 31, 2021 are summarized as follows:
|  | Amortized Cost |  |  | Allowance for Credit Losses |  |  | Carrying Amount |  |  | Gross Unrecognized Gains |  |  | Gross Unrecognized Losses |  |  | Fair Value |
|  | (in thousands) |
States and political subdivisions |  | $ | 471,688 |  |  | $ | (48 | ) |  | $ | 471,640 |  |  | $ | 25,175 |  |  | $ | (263 | ) |  | $ | 496,552 |
Corporate bonds |  |  | 56,756 |  |  |  | (143 | ) |  |  | 56,613 |  |  |  | 1,344 |  |  |  | (114 | ) |  |  | 57,843 |
U.S. agency-based mortgage-backed securities |  |  | 4,623 |  |  |  | — |  |  |  | 4,623 |  |  |  | 377 |  |  |  | — |  |  |  | 5,000 |
U.S. Treasury securities and obligations of U.S. government agencies |  |  | 16,251 |  |  |  | — |  |  |  | 16,251 |  |  |  | 132 |  |  |  | (36 | ) |  |  | 16,347 |
Asset-backed securities |  |  | 108 |  |  |  | (4 | ) |  |  | 104 |  |  |  | 4 |  |  |  | — |  |  |  | 108 |
Totals |  | $ | 549,426 |  |  | $ | (195 | ) |  | $ | 549,231 |  |  | $ | 27,032 |  |  | $ | (413 | ) |  | $ | 575,850 |
Gross Unrealized Gains and Losses and Cost or Amortized Cost, Allowance for Credit Losses and Fair Value of Investments Classified as Available-for-sale | The amortized cost, gross unrealized gains and losses, fair value, and the allowance for credit losses of those investments classified as available-for-sale at June 30, 2022 are summarized as follows:
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Allowance for Credit Losses |
|  | (in thousands) |
States and political subdivisions |  | $ | 198,330 |  |  | $ | 1,150 |  |  | $ | (6,933 | ) |  | $ | 192,547 |  |  | $ | — |
Corporate bonds |  |  | 118,677 |  |  |  | 76 |  |  |  | (4,155 | ) |  |  | 114,598 |  |  |  | — |
U.S. agency-based mortgage-backed securities |  |  | 6,555 |  |  |  | — |  |  |  | (307 | ) |  |  | 6,248 |  |  |  | — |
U.S. Treasury securities and obligations of U.S. government agencies |  |  | 17,735 |  |  |  | — |  |  |  | (993 | ) |  |  | 16,742 |  |  |  | — |
Totals |  | $ | 341,297 |  |  | $ | 1,226 |  |  | $ | (12,388 | ) |  | $ | 330,135 |  |  | $ | — |
The amortized cost, gross unrealized gains and losses, fair value, and the allowance for credit losses of those investments classified as available-for-sale at December 31, 2021 are summarized as follows:
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Allowance for Credit Losses |
|  | (in thousands) |
States and political subdivisions |  | $ | 202,008 |  |  | $ | 14,538 |  |  | $ | (240 | ) |  | $ | 216,306 |  |  | $ | — |
Corporate bonds |  |  | 93,947 |  |  |  | 2,751 |  |  |  | (272 | ) |  |  | 96,426 |  |  |  | — |
U.S. agency-based mortgage-backed securities |  |  | 7,944 |  |  |  | 158 |  |  |  | (13 | ) |  |  | 8,089 |  |  |  | — |
U.S. Treasury securities and obligations of U.S. government agencies |  |  | 20,698 |  |  |  | 382 |  |  |  | (132 | ) |  |  | 20,948 |  |  |  | — |
Totals |  | $ | 324,597 |  |  | $ | 17,829 |  |  | $ | (657 | ) |  | $ | 341,769 |  |  | $ | — |
Gross Unrealized Gains and Losses and Cost of Equity | The cost, gross unrealized gains and losses, and the fair value of equity securities at June 30, 2022 are summarized as follows:
|  | Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
|  | (in thousands) |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Domestic common stock |  | $ | 49,422 |  |  | $ | 11,063 |  |  | $ | — |  |  | $ | 60,485 |
Total equity securities |  | $ | 49,422 |  |  | $ | 11,063 |  |  | $ | — |  |  | $ | 60,485 |
The cost, gross unrealized gains and losses, and the fair value of equity securities at December 31, 2021 are summarized as follows:
|  | Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
|  | (in thousands) |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Domestic common stock |  | $ | 44,175 |  |  | $ | 19,965 |  |  | $ | — |  |  | $ | 64,140 |
Total equity securities |  | $ | 44,175 |  |  | $ | 19,965 |  |  | $ | — |  |  | $ | 64,140 |
Investment Securities Continuous Unrealized Loss Position | The following table summarizes the fair value and gross unrealized losses on securities classified as available-for-sale, aggregated by major investment category and length of time that the individual securities have been in a continuous unrealized loss position as of June 30, 2022:
|  | Less Than 12 Months |  |  | 12 Months or Greater |  |  | Total |
|  | Fair Value of Investments with Unrealized Losses |  |  | Gross Unrealized Losses |  |  | Fair Value of Investments with Unrealized Losses |  |  | Gross Unrealized Losses |  |  | Fair Value of Investments with Unrealized Losses |  |  | Gross Unrealized Losses |
|  | (in thousands) |
June 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions |  | $ | 124,916 |  |  | $ | 6,933 |  |  | $ | — |  |  | $ | — |  |  | $ | 124,916 |  |  | $ | 6,933 |
Corporate bonds |  |  | 95,865 |  |  |  | 4,155 |  |  |  | — |  |  |  | — |  |  |  | 95,865 |  |  |  | 4,155 |
U.S. agency-based mortgage-backed securities |  |  | 6,248 |  |  |  | 307 |  |  |  | — |  |  |  | — |  |  |  | 6,248 |  |  |  | 307 |
U.S. Treasury securities and obligations of U.S. government agencies |  |  | 13,741 |  |  |  | 993 |  |  |  | — |  |  |  | — |  |  |  | 13,741 |  |  |  | 993 |
Total available-for-sale securities |  | $ | 240,770 |  |  | $ | 12,388 |  |  | $ | — |  |  | $ | — |  |  | $ | 240,770 |  |  | $ | 12,388 |
The following table summarizes the fair value and gross unrealized losses on securities classified as available-for-sale, aggregated by major investment category and length of time that the individual securities have been in a continuous unrealized loss position as of December 31, 2021:
|  | Less Than 12 Months |  |  | 12 Months or Greater |  |  | Total |
|  | Fair Value of Investments with Unrealized Losses |  |  | Gross Unrealized Losses |  |  | Fair Value of Investments with Unrealized Losses |  |  | Gross Unrealized Losses |  |  | Fair Value of Investments with Unrealized Losses |  |  | Gross Unrealized Losses |
|  | (in thousands) |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions |  | $ | 23,465 |  |  | $ | 240 |  |  | $ | — |  |  | $ | — |  |  | $ | 23,465 |  |  | $ | 240 |
Corporate bonds |  |  | 36,443 |  |  |  | 272 |  |  |  | — |  |  |  | — |  |  |  | 36,443 |  |  |  | 272 |
U.S. agency-based mortgage-backed securities |  |  | 1,146 |  |  |  | 13 |  |  |  | — |  |  |  | — |  |  |  | 1,146 |  |  |  | 13 |
U.S. Treasury securities and obligations of U.S. government agencies |  |  | 6,771 |  |  |  | 132 |  |  |  | — |  |  |  | — |  |  |  | 6,771 |  |  |  | 132 |
Total available-for-sale securities |  | $ | 67,825 |  |  | $ | 657 |  |  | $ | — |  |  | $ | — |  |  | $ | 67,825 |  |  | $ | 657 |
Changes in Allowance for Credit Losses by Major Security Type of Investments Classified as Held-to-Maturity | The following table illustrates the changes in the allowance for credit losses by major security type of the investments classified as held-to-maturity for the quarter ended June 30, 2022.
|  | States and Political Subdivisions |  |  | Corporate Bonds |  |  | U.S. Agency -Based Mortgage- Backed Securities |  |  | U.S. Treasury Securities and Obligations of U.S. Government Agencies |  |  | Asset-Backed Securities |  |  | Totals |
|  | (in thousands) |
Balance at March 31, 2022 |  | $ | 45 |  |  | $ | 241 |  |  | $ | — |  |  | $ | — |  |  | $ | 4 |  |  | $ | 290 |
Provision for credit loss benefit |  |  | (1 | ) |  |  | (13 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (14 | )
Balance at June 30, 2022 |  | $ | 44 |  |  | $ | 228 |  |  | $ | — |  |  | $ | — |  |  | $ | 4 |  |  | $ | 276 |
The following table illustrates the changes in the allowance for credit losses by major security type of the investments classified as held-to-maturity for the six months ended June 30, 2022.
|  | States and Political Subdivisions |  |  | Corporate Bonds |  |  | U.S. Agency -Based Mortgage- Backed Securities |  |  | U.S. Treasury Securities and Obligations of U.S. Government Agencies |  |  | Asset-Backed Securities |  |  | Totals |
|  | (in thousands) |
Balance at December 31, 2021 |  | $ | 48 |  |  | $ | 143 |  |  | $ | — |  |  | $ | — |  |  | $ | 4 |  |  | $ | 195 |
Provision for credit loss expense (benefit) |  |  | (4 | ) |  |  | 85 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 81 |
Balance at June 30, 2022 |  | $ | 44 |  |  | $ | 228 |  |  | $ | — |  |  | $ | — |  |  | $ | 4 |  |  | $ | 276 |
Schedule of Amortized Cost Held-to-Maturity Securities Aggregated By Credit Quality Indicator | The table below presents the amortized cost of held-to-maturity securities aggregated by credit quality indicator as of June 30, 2022.
|  | States and Political Subdivisions |  |  | Corporate Bonds |  |  | U.S. Agency -Based Mortgage- Backed Securities |  |  | U.S. Treasury Securities and Obligations of U.S. Government Agencies |  |  | Asset-Backed Securities |  |  | Totals |
|  | Amortized cost |
|  | (in thousands) |
AAA/AA/A ratings |  | $ | 450,801 |  |  | $ | 26,995 |  |  | $ | 4,102 |  |  | $ | 17,182 |  |  | $ | 62 |  |  | $ | 499,142 |
Baa/BBB ratings |  |  | 2,980 |  |  |  | 39,424 |  |  |  | — |  |  |  | — |  |  |  | 12 |  |  |  | 42,416 |
B ratings |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 15 |  |  |  | 15 |
Total |  | $ | 453,781 |  |  | $ | 66,419 |  |  | $ | 4,102 |  |  | $ | 17,182 |  |  | $ | 89 |  |  | $ | 541,573 |
Held-to-Maturity Securities [Member] |
Summary of Carrying Amount, Amortized Cost and Fair Value of Investments in Fixed Maturity Securities, by Contractual Maturity | A summary of the carrying amounts and fair value of investments in fixed maturity securities classified as held-to-maturity, by contractual maturity, is as follows:
|  | June 30, 2022 |  |  | December 31, 2021 |
|  | Carrying Amount |  |  | Fair Value |  |  | Carrying Amount |  |  | Fair Value |
|  | (in thousands) |
Maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Within one year |  | $ | 66,348 |  |  | $ | 66,309 |  |  | $ | 70,859 |  |  | $ | 71,455 |
After one year through five years |  |  | 172,853 |  |  |  | 170,260 |  |  |  | 174,157 |  |  |  | 180,376 |
After five years through ten years |  |  | 111,775 |  |  |  | 105,557 |  |  |  | 100,543 |  |  |  | 104,851 |
After ten years |  |  | 186,134 |  |  |  | 179,272 |  |  |  | 198,945 |  |  |  | 214,060 |
U.S. agency-based mortgage-backed securities |  |  | 4,102 |  |  |  | 4,151 |  |  |  | 4,623 |  |  |  | 5,000 |
Asset-backed securities |  |  | 85 |  |  |  | 88 |  |  |  | 104 |  |  |  | 108 |
Totals |  | $ | 541,297 |  |  | $ | 525,637 |  |  | $ | 549,231 |  |  | $ | 575,850 |
Available-for-Sale Securities [Member] |
Summary of Carrying Amount, Amortized Cost and Fair Value of Investments in Fixed Maturity Securities, by Contractual Maturity | A summary of the amortized cost and fair value of investments in fixed maturity securities classified as available-for-sale, by contractual maturity, is as follows:
|  | June 30, 2022 |  |  | December 31, 2021 |
|  | Amortized Cost |  |  | Fair Value |  |  | Amortized Cost |  |  | Fair Value |
|  | (in thousands) |
Maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Within one year |  | $ | 40,763 |  |  | $ | 40,363 |  |  | $ | 30,925 |  |  | $ | 31,258 |
After one year through five years |  |  | 80,218 |  |  |  | 78,350 |  |  |  | 97,830 |  |  |  | 100,716 |
After five years through ten years |  |  | 80,396 |  |  |  | 75,876 |  |  |  | 58,050 |  |  |  | 60,137 |
After ten years |  |  | 133,365 |  |  |  | 129,298 |  |  |  | 129,848 |  |  |  | 141,569 |
U.S. agency-based mortgage-backed securities |  |  | 6,555 |  |  |  | 6,248 |  |  |  | 7,944 |  |  |  | 8,089 |
Totals |  | $ | 341,297 |  |  | $ | 330,135 |  |  | $ | 324,597 |  |  | $ | 341,769 |

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