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v3.22.2.2

Investments (Tables) | 9 Months Ended
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Sep. 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 September 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 |  | $ | 434,938 |  |  | $ | (44 | ) |  | $ | 434,894 |  |  | $ | 265 |  |  | $ | (30,096 | ) |  | $ | 405,063 |
Corporate bonds |  |  | 62,390 |  |  |  | (208 | ) |  |  | 62,182 |  |  |  | 2 |  |  |  | (4,242 | ) |  |  | 57,942 |
U.S. agency-based mortgage-backed securities |  |  | 3,812 |  |  |  | — |  |  |  | 3,812 |  |  |  | 32 |  |  |  | (185 | ) |  |  | 3,659 |
U.S. Treasury securities and obligations of U.S. government agencies |  |  | 13,647 |  |  |  | — |  |  |  | 13,647 |  |  |  | 27 |  |  |  | (504 | ) |  |  | 13,170 |
Asset-backed securities |  |  | 78 |  |  |  | (3 | ) |  |  | 75 |  |  |  | 3 |  |  |  | (1 | ) |  |  | 77 |
Totals |  | $ | 514,865 |  |  | $ | (255 | ) |  | $ | 514,610 |  |  | $ | 329 |  |  | $ | (35,028 | ) |  | $ | 479,911 |
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 September 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 |  | $ | 180,244 |  |  | $ | 118 |  |  | $ | (14,201 | ) |  | $ | 166,161 |  |  | $ | — |
Corporate bonds |  |  | 149,008 |  |  |  | — |  |  |  | (8,960 | ) |  |  | 140,048 |  |  |  | — |
U.S. agency-based mortgage-backed securities |  |  | 6,208 |  |  |  | — |  |  |  | (629 | ) |  |  | 5,579 |  |  |  | — |
U.S. Treasury securities and obligations of U.S. government agencies |  |  | 15,658 |  |  |  | 6 |  |  |  | (1,561 | ) |  |  | 14,103 |  |  |  | — |
Totals |  | $ | 351,118 |  |  | $ | 124 |  |  | $ | (25,351 | ) |  | $ | 325,891 |  |  | $ | — |
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 September 30, 2022 are summarized as follows:
|  | Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
|  | (in thousands) |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |
Domestic common stock |  | $ | 50,394 |  |  | $ | 6,981 |  |  | $ | — |  |  | $ | 57,375 |
Total equity securities |  | $ | 50,394 |  |  | $ | 6,981 |  |  | $ | — |  |  | $ | 57,375 |
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 September 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) |
September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions |  | $ | 150,390 |  |  | $ | 11,587 |  |  | $ | 13,456 |  |  | $ | 2,614 |  |  | $ | 163,846 |  |  | $ | 14,201 |
Corporate bonds |  |  | 124,596 |  |  |  | 7,146 |  |  |  | 15,452 |  |  |  | 1,814 |  |  |  | 140,048 |  |  |  | 8,960 |
U.S. agency-based mortgage-backed securities |  |  | 5,120 |  |  |  | 558 |  |  |  | 458 |  |  |  | 71 |  |  |  | 5,578 |  |  |  | 629 |
U.S. Treasury securities and obligations of U.S. government agencies |  |  | 7,978 |  |  |  | 850 |  |  |  | 5,208 |  |  |  | 711 |  |  |  | 13,186 |  |  |  | 1,561 |
Total available-for-sale securities |  | $ | 288,084 |  |  | $ | 20,141 |  |  | $ | 34,574 |  |  | $ | 5,210 |  |  | $ | 322,658 |  |  | $ | 25,351 |
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 September 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 June 30, 2022 |  | $ | 44 |  |  | $ | 228 |  |  | $ | — |  |  | $ | — |  |  | $ | 4 |  |  | $ | 276 |
Provision for credit loss benefit |  |  | — |  |  |  | (20 | ) |  |  | — |  |  |  | — |  |  |  | (1 | ) |  |  | (21 | )
Balance at September 30, 2022 |  | $ | 44 |  |  | $ | 208 |  |  | $ | — |  |  | $ | — |  |  | $ | 3 |  |  | $ | 255 |
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 nine months ended September 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 | ) |  |  | 65 |  |  |  | — |  |  |  | — |  |  |  | (1 | ) |  |  | 60 |
Balance at September 30, 2022 |  | $ | 44 |  |  | $ | 208 |  |  | $ | — |  |  | $ | — |  |  | $ | 3 |  |  | $ | 255 |
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 September 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 |  | $ | 431,963 |  |  | $ | 26,782 |  |  | $ | 3,812 |  |  | $ | 13,647 |  |  | $ | 56 |  |  | $ | 476,260 |
Baa/BBB ratings |  |  | 2,975 |  |  |  | 35,608 |  |  |  | — |  |  |  | — |  |  |  | 10 |  |  |  | 38,593 |
B ratings |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 12 |  |  |  | 12 |
Total |  | $ | 434,938 |  |  | $ | 62,390 |  |  | $ | 3,812 |  |  | $ | 13,647 |  |  | $ | 78 |  |  | $ | 514,865 |
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:
|  | September 30, 2022 |  |  | December 31, 2021 |
|  | Carrying Amount |  |  | Fair Value |  |  | Carrying Amount |  |  | Fair Value |
|  | (in thousands) |
Maturity: |  |  |  |  |  |  |  |  |  |  |  |
Within one year |  | $ | 49,585 |  |  | $ | 49,329 |  |  | $ | 70,859 |  |  | $ | 71,455 |
After one year through five years |  |  | 170,447 |  |  |  | 163,167 |  |  |  | 174,157 |  |  |  | 180,376 |
After five years through ten years |  |  | 113,055 |  |  |  | 101,641 |  |  |  | 100,543 |  |  |  | 104,851 |
After ten years |  |  | 177,636 |  |  |  | 162,038 |  |  |  | 198,945 |  |  |  | 214,060 |
U.S. agency-based mortgage-backed securities |  |  | 3,812 |  |  |  | 3,659 |  |  |  | 4,623 |  |  |  | 5,000 |
Asset-backed securities |  |  | 75 |  |  |  | 77 |  |  |  | 104 |  |  |  | 108 |
Totals |  | $ | 514,610 |  |  | $ | 479,911 |  |  | $ | 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:
|  | September 30, 2022 |  |  | December 31, 2021 |
|  | Amortized Cost |  |  | Fair Value |  |  | Amortized Cost |  |  | Fair Value |
|  | (in thousands) |
Maturity: |  |  |  |  |  |  |  |  |  |  |  |
Within one year |  | $ | 38,171 |  |  | $ | 37,570 |  |  | $ | 30,925 |  |  | $ | 31,258 |
After one year through five years |  |  | 71,031 |  |  |  | 67,053 |  |  |  | 97,830 |  |  |  | 100,716 |
After five years through ten years |  |  | 100,619 |  |  |  | 91,651 |  |  |  | 58,050 |  |  |  | 60,137 |
After ten years |  |  | 135,089 |  |  |  | 124,038 |  |  |  | 129,848 |  |  |  | 141,569 |
U.S. agency-based mortgage-backed securities |  |  | 6,208 |  |  |  | 5,579 |  |  |  | 7,944 |  |  |  | 8,089 |
Totals |  | $ | 351,118 |  |  | $ | 325,891 |  |  | $ | 324,597 |  |  | $ | 341,769 |

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