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v3.23.1

Investments (Tables) | 3 Months Ended
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Mar. 31, 2023
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 March 31, 2023 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 |  | $ | 412,038 |  |  | $ | (40 | ) |  | $ | 411,998 |  |  | $ | 1,965 |  |  | $ | (14,777 | ) |  | $ | 399,186 |
Corporate bonds |  |  | 53,528 |  |  |  | (178 | ) |  |  | 53,350 |  |  |  | 2 |  |  |  | (3,170 | ) |  |  | 50,182 |
U.S. agency-based mortgage-backed securities |  |  | 3,606 |  |  |  | — |  |  |  | 3,606 |  |  |  | 30 |  |  |  | (126 | ) |  |  | 3,510 |
U.S. Treasury securities and obligations of U.S. government agencies |  |  | 11,125 |  |  |  | — |  |  |  | 11,125 |  |  |  | 25 |  |  |  | (276 | ) |  |  | 10,874 |
Asset-backed securities |  |  | 65 |  |  |  | (2 | ) |  |  | 63 |  |  |  | — |  |  |  | (1 | ) |  |  | 62 |
Totals |  | $ | 480,362 |  |  | $ | (220 | ) |  | $ | 480,142 |  |  | $ | 2,022 |  |  | $ | (18,350 | ) |  | $ | 463,814 |
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, 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 |  | $ | 415,136 |  |  | $ | (40 | ) |  | $ | 415,096 |  |  | $ | 922 |  |  | $ | (20,074 | ) |  | $ | 395,944 |
Corporate bonds |  |  | 59,903 |  |  |  | (196 | ) |  |  | 59,707 |  |  |  | 1 |  |  |  | (3,857 | ) |  |  | 55,851 |
U.S. agency-based mortgage-backed securities |  |  | 3,696 |  |  |  | — |  |  |  | 3,696 |  |  |  | 33 |  |  |  | (153 | ) |  |  | 3,576 |
U.S. Treasury securities and obligations of U.S. government agencies |  |  | 13,123 |  |  |  | — |  |  |  | 13,123 |  |  |  | 25 |  |  |  | (442 | ) |  |  | 12,706 |
Asset-backed securities |  |  | 69 |  |  |  | (3 | ) |  |  | 66 |  |  |  | 2 |  |  |  | (1 | ) |  |  | 67 |
Totals |  | $ | 491,927 |  |  | $ | (239 | ) |  | $ | 491,688 |  |  | $ | 983 |  |  | $ | (24,527 | ) |  | $ | 468,144 |
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 March 31, 2023 are summarized as follows:
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Allowance for Credit Losses |
|  | (in thousands) |
States and political subdivisions |  | $ | 159,914 |  |  | $ | 904 |  |  | $ | (7,384 | ) |  | $ | 153,434 |  |  | $ | — |
Corporate bonds |  |  | 175,574 |  |  |  | 1,200 |  |  |  | (4,960 | ) |  |  | 171,814 |  |  |  | — |
U.S. agency-based mortgage-backed securities |  |  | 5,803 |  |  |  | — |  |  |  | (468 | ) |  |  | 5,335 |  |  |  | — |
U.S. Treasury securities and obligations of U.S. government agencies |  |  | 15,693 |  |  |  | 22 |  |  |  | (1,210 | ) |  |  | 14,505 |  |  |  | — |
Totals |  | $ | 356,984 |  |  | $ | 2,126 |  |  | $ | (14,022 | ) |  | $ | 345,088 |  |  | $ | — |
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, 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 |  | $ | 166,019 |  |  | $ | 463 |  |  | $ | (9,826 | ) |  | $ | 156,656 |  |  | $ | — |
Corporate bonds |  |  | 150,915 |  |  |  | 530 |  |  |  | (6,657 | ) |  |  | 144,788 |  |  |  | — |
U.S. agency-based mortgage-backed securities |  |  | 5,984 |  |  |  | — |  |  |  | (538 | ) |  |  | 5,446 |  |  |  | — |
U.S. Treasury securities and obligations of U.S. government agencies |  |  | 15,675 |  |  |  | 9 |  |  |  | (1,453 | ) |  |  | 14,231 |  |  |  | — |
Totals |  | $ | 338,593 |  |  | $ | 1,002 |  |  | $ | (18,474 | ) |  | $ | 321,121 |  |  | $ | — |
Gross Unrealized Gains and Losses and Cost of Equity | The cost, gross unrealized gains and losses, and the fair value of equity securities at March 31, 2023 are summarized as follows:
|  | Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
|  | (in thousands) |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |
Domestic common stock |  | $ | 50,115 |  |  | $ | 13,242 |  |  | $ | — |  |  | $ | 63,357 |
Total equity securities |  | $ | 50,115 |  |  | $ | 13,242 |  |  | $ | — |  |  | $ | 63,357 |
The cost, gross unrealized gains and losses, and the fair value of equity securities at December 31, 2022 are summarized as follows:
|  | Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
|  | (in thousands) |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |
Domestic common stock |  | $ | 50,185 |  |  | $ | 11,873 |  |  | $ | — |  |  | $ | 62,058 |
Total equity securities |  | $ | 50,185 |  |  | $ | 11,873 |  |  | $ | — |  |  | $ | 62,058 |
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 March 31, 2023:
|  | 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) |
March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions |  | $ | 31,492 |  |  | $ | 299 |  |  | $ | 62,296 |  |  | $ | 7,085 |  |  | $ | 93,788 |  |  | $ | 7,384 |
Corporate bonds |  |  | 97,774 |  |  |  | 2,018 |  |  |  | 46,059 |  |  |  | 2,942 |  |  |  | 143,833 |  |  |  | 4,960 |
U.S. agency-based mortgage-backed securities |  |  | — |  |  |  | — |  |  |  | 5,335 |  |  |  | 468 |  |  |  | 5,335 |  |  |  | 468 |
U.S. Treasury securities and obligations of U.S. government agencies |  |  | — |  |  |  | — |  |  |  | 13,564 |  |  |  | 1,210 |  |  |  | 13,564 |  |  |  | 1,210 |
Total available-for-sale securities |  | $ | 129,266 |  |  | $ | 2,317 |  |  | $ | 127,254 |  |  | $ | 11,705 |  |  | $ | 256,520 |  |  | $ | 14,022 |
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, 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) |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions |  | $ | 87,522 |  |  | $ | 5,319 |  |  | $ | 24,980 |  |  | $ | 4,507 |  |  | $ | 112,502 |  |  | $ | 9,826 |
Corporate bonds |  |  | 98,590 |  |  |  | 4,549 |  |  |  | 30,011 |  |  |  | 2,108 |  |  |  | 128,601 |  |  |  | 6,657 |
U.S. agency-based mortgage-backed securities |  |  | 4,732 |  |  |  | 444 |  |  |  | 714 |  |  |  | 94 |  |  |  | 5,446 |  |  |  | 538 |
U.S. Treasury securities and obligations of U.S. government agencies |  |  | 5,589 |  |  |  | 313 |  |  |  | 7,719 |  |  |  | 1,140 |  |  |  | 13,308 |  |  |  | 1,453 |
Total available-for-sale securities |  | $ | 196,433 |  |  | $ | 10,625 |  |  | $ | 63,424 |  |  | $ | 7,849 |  |  | $ | 259,857 |  |  | $ | 18,474 |
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 three months ended March 31, 2023.
|  | 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, 2022 |  | $ | 40 |  |  | $ | 196 |  |  | $ | — |  |  | $ | — |  |  | $ | 3 |  |  | $ | 239 |
Provision for credit loss benefit |  |  | — |  |  |  | (18 | ) |  |  | — |  |  |  | — |  |  |  | (1 | ) |  |  | (19 | )
Balance at March 31, 2023 |  | $ | 40 |  |  | $ | 178 |  |  | $ | — |  |  | $ | — |  |  | $ | 2 |  |  | $ | 220 |
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 March 31, 2023.
|  | 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 |  | $ | 409,073 |  |  | $ | 26,353 |  |  | $ | 3,606 |  |  | $ | 11,125 |  |  | $ | 56 |  |  | $ | 450,213 |
Baa/BBB ratings |  |  | 2,965 |  |  |  | 27,175 |  |  |  | — |  |  |  | — |  |  |  | 9 |  |  |  | 30,149 |
B ratings |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | 412,038 |  |  | $ | 53,528 |  |  | $ | 3,606 |  |  | $ | 11,125 |  |  | $ | 65 |  |  | $ | 480,362 |
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:
|  | March 31, 2023 |  |  | December 31, 2022 |
|  | Carrying Amount |  |  | Fair Value |  |  | Carrying Amount |  |  | Fair Value |
|  | (in thousands) |
Maturity: |  |  |  |  |  |  |  |  |  |  |  |
Within one year |  | $ | 41,342 |  |  | $ | 41,136 |  |  | $ | 41,878 |  |  | $ | 41,652 |
After one year through five years |  |  | 157,097 |  |  |  | 152,035 |  |  |  | 165,216 |  |  |  | 159,006 |
After five years through ten years |  |  | 122,498 |  |  |  | 116,231 |  |  |  | 121,739 |  |  |  | 112,665 |
After ten years |  |  | 155,536 |  |  |  | 150,840 |  |  |  | 159,093 |  |  |  | 151,178 |
U.S. agency-based mortgage-backed securities |  |  | 3,606 |  |  |  | 3,510 |  |  |  | 3,696 |  |  |  | 3,576 |
Asset-backed securities |  |  | 63 |  |  |  | 62 |  |  |  | 66 |  |  |  | 67 |
Totals |  | $ | 480,142 |  |  | $ | 463,814 |  |  | $ | 491,688 |  |  | $ | 468,144 |
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:
|  | March 31, 2023 |  |  | December 31, 2022 |
|  | Amortized Cost |  |  | Fair Value |  |  | Amortized Cost |  |  | Fair Value |
|  | (in thousands) |
Maturity: |  |  |  |  |  |  |  |  |  |  |  |
Within one year |  | $ | 34,379 |  |  | $ | 34,006 |  |  | $ | 28,290 |  |  | $ | 27,814 |
After one year through five years |  |  | 84,849 |  |  |  | 81,150 |  |  |  | 68,876 |  |  |  | 65,406 |
After five years through ten years |  |  | 103,517 |  |  |  | 99,831 |  |  |  | 102,296 |  |  |  | 95,366 |
After ten years |  |  | 128,436 |  |  |  | 124,766 |  |  |  | 133,147 |  |  |  | 127,089 |
U.S. agency-based mortgage-backed securities |  |  | 5,803 |  |  |  | 5,335 |  |  |  | 5,984 |  |  |  | 5,446 |
Totals |  | $ | 356,984 |  |  | $ | 345,088 |  |  | $ | 338,593 |  |  | $ | 321,121 |

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