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Investments (Tables)
 9 Months Ended
Sep. 30, 2024
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, 2024 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

 

$

387,702

 

 

$

(35

)

 

$

387,667

 

 

$

4,190

 

 

$

(9,006

)

 

$

382,851

 

Corporate bonds

 

 

37,453

 

 

 

(100

)

 

 

37,353

 

 

 

12

 

 

 

(1,094

)

 

 

36,271

 

U.S. agency-based mortgage-backed securities

 

 

2,877

 

 

 

—

 

 

 

2,877

 

 

 

33

 

 

 

(81

)

 

 

2,829

 

U.S. Treasury securities and obligations
   of U.S. government agencies

 

 

8,456

 

 

 

—

 

 

 

8,456

 

 

 

31

 

 

 

(101

)

 

 

8,386

 

Asset-backed securities

 

 

17

 

 

 

(1

)

 

 

16

 

 

 

—

 

 

 

—

 

 

 

16

 

Totals

 

$

436,505

 

 

$

(136

)

 

$

436,369

 

 

$

4,266

 

 

$

(10,282

)

 

$

430,353

 

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, 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

 

$

416,916

 

 

$

(38

)

 

$

416,878

 

 

$

4,166

 

 

$

(12,074

)

 

$

408,970

 

Corporate bonds

 

 

52,321

 

 

 

(142

)

 

 

52,179

 

 

 

—

 

 

 

(2,231

)

 

 

49,948

 

U.S. agency-based mortgage-backed securities

 

 

3,297

 

 

 

—

 

 

 

3,297

 

 

 

25

 

 

 

(123

)

 

 

3,199

 

U.S. Treasury securities and obligations
   of U.S. government agencies

 

 

11,186

 

 

 

—

 

 

 

11,186

 

 

 

26

 

 

 

(273

)

 

 

10,939

 

Asset-backed securities

 

 

37

 

 

 

(2

)

 

 

35

 

 

 

1

 

 

 

—

 

 

 

36

 

Totals

 

$

483,757

 

 

$

(182

)

 

$

483,575

 

 

$

4,218

 

 

$

(14,701

)

 

$

473,092

 
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, 2024 are summarized as follows:

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

Allowance for
Credit Losses

 

 

 

(in thousands)

 

States and political subdivisions

 

$

147,821

 

 

$

939

 

 

$

(5,153

)

 

$

143,607

 

 

$

—

 

Corporate bonds

 

 

151,114

 

 

 

3,404

 

 

 

(1,439

)

 

 

153,079

 

 

 

—

 

U.S. agency-based mortgage-backed securities

 

 

4,702

 

 

 

—

 

 

 

(341

)

 

 

4,361

 

 

 

—

 

U.S. Treasury securities and obligations
   of U.S. government agencies

 

 

14,858

 

 

 

—

 

 

 

(791

)

 

 

14,067

 

 

 

—

 

Totals

 

$

318,495

 

 

$

4,343

 

 

$

(7,724

)

 

$

315,114

 

 

$

—

 

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, 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

 

$

138,031

 

 

$

583

 

 

$

(6,719

)

 

$

131,895

 

 

$

—

 

Corporate bonds

 

 

168,134

 

 

 

2,105

 

 

 

(3,486

)

 

 

166,753

 

 

 

—

 

U.S. agency-based mortgage-backed securities

 

 

5,190

 

 

 

—

 

 

 

(445

)

 

 

4,745

 

 

 

—

 

U.S. Treasury securities and obligations
   of U.S. government agencies

 

 

14,816

 

 

 

—

 

 

 

(1,145

)

 

 

13,671

 

 

 

—

 

Totals

 

$

326,171

 

 

$

2,688

 

 

$

(11,795

)

 

$

317,064

 

 

$

—

 
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, 2024 are summarized as follows:

 

 

 

Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

 

(in thousands)

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

Domestic common stock

 

$

36,020

 

 

$

21,692

 

 

$

—

 

 

$

57,712

 

Total equity securities

 

$

36,020

 

 

$

21,692

 

 

$

—

 

 

$

57,712

 

The cost, gross unrealized gains and losses, and the fair value of equity securities at December 31, 2023 are summarized as follows:

 

 

 

Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

 

(in thousands)

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

Domestic common stock

 

$

44,046

 

 

$

13,101

 

 

$

—

 

 

$

57,147

 

Total equity securities

 

$

44,046

 

 

$

13,101

 

 

$

—

 

 

$

57,147

 
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, 2024:

 

 

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, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-Sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

States and political subdivisions

 

$

61,392

 

 

$

3,595

 

 

$

21,334

 

 

$

1,558

 

 

$

82,726

 

 

$

5,153

 

Corporate bonds

 

 

30,359

 

 

 

786

 

 

 

25,343

 

 

 

653

 

 

 

55,702

 

 

 

1,439

 

U.S. agency-based mortgage-backed securities

 

 

4,122

 

 

 

312

 

 

 

239

 

 

 

29

 

 

 

4,361

 

 

 

341

 

U.S. Treasury securities and obligations
   of U.S. government agencies

 

 

—

 

 

 

—

 

 

 

14,067

 

 

 

791

 

 

 

14,067

 

 

 

791

 

Total available-for-sale securities

 

$

95,873

 

 

$

4,693

 

 

$

60,983

 

 

$

3,031

 

 

$

156,856

 

 

$

7,724

 

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, 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)

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-Sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

States and political subdivisions

 

$

14,115

 

 

$

111

 

 

$

72,358

 

 

$

6,608

 

 

$

86,473

 

 

$

6,719

 

Corporate bonds

 

 

26,178

 

 

 

96

 

 

 

93,538

 

 

 

3,390

 

 

 

119,716

 

 

 

3,486

 

U.S. agency-based mortgage-backed securities

 

 

—

 

 

 

—

 

 

 

4,745

 

 

 

445

 

 

 

4,745

 

 

 

445

 

U.S. Treasury securities and obligations
   of U.S. government agencies

 

 

—

 

 

 

—

 

 

 

13,672

 

 

 

1,145

 

 

 

13,672

 

 

 

1,145

 

Total available-for-sale securities

 

$

40,293

 

 

$

207

 

 

$

184,313

 

 

$

11,588

 

 

$

224,606

 

 

$

11,795

 
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, 2024.

 

 

 

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, 2024

 

$

36

 

 

$

111

 

 

$

—

 

 

$

—

 

 

$

2

 

 

$

149

 

Provision for credit loss benefit

 

 

(1

)

 

 

(11

)

 

 

—

 

 

 

—

 

 

 

(1

)

 

 

(13

)

Balance at September 30, 2024

 

$

35

 

 

$

100

 

 

$

—

 

 

$

—

 

 

$

1

 

 

$

136

 

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, 2024.

 

 

 

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, 2023

 

$

38

 

 

$

142

 

 

$

—

 

 

$

—

 

 

$

2

 

 

$

182

 

Provision for credit loss benefit

 

 

(3

)

 

 

(42

)

 

 

—

 

 

 

—

 

 

 

(1

)

 

 

(46

)

Balance at September 30, 2024

 

$

35

 

 

$

100

 

 

$

—

 

 

$

—

 

 

$

1

 

 

$

136

 
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, 2024.

 

 

 

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

 

$

385,526

 

 

$

13,367

 

 

$

2,877

 

 

$

8,456

 

 

$

7

 

 

$

410,233

 

Baa/BBB ratings

 

 

2,176

 

 

 

24,086

 

 

 

—

 

 

 

—

 

 

 

10

 

 

 

26,272

 

Total

 

$

387,702

 

 

$

37,453

 

 

$

2,877

 

 

$

8,456

 

 

$

17

 

 

$

436,505

 
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, 2024

 

 

December 31, 2023

 

 

 

Carrying
Amount

 

 

Fair
Value

 

 

Carrying
Amount

 

 

Fair
Value

 

 

 

(in thousands)

 

Maturity:

 

 

 

 

 

 

 

 

 

 

 

 

Within one year

 

$

47,290

 

 

$

46,978

 

 

$

64,129

 

 

$

63,703

 

After one year through five years

 

 

115,402

 

 

 

112,425

 

 

 

136,854

 

 

 

131,396

 

After five years through ten years

 

 

113,949

 

 

 

110,703

 

 

 

114,990

 

 

 

110,814

 

After ten years

 

 

156,835

 

 

 

157,402

 

 

 

164,270

 

 

 

163,944

 

U.S. agency-based mortgage-backed securities

 

 

2,877

 

 

 

2,829

 

 

 

3,297

 

 

 

3,199

 

Asset-backed securities

 

 

16

 

 

 

16

 

 

 

35

 

 

 

36

 

Totals

 

$

436,369

 

 

$

430,353

 

 

$

483,575

 

 

$

473,092

 
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, 2024

 

 

December 31, 2023

 

 

 

Amortized
Cost

 

 

Fair
Value

 

 

Amortized
Cost

 

 

Fair
Value

 

 

 

(in thousands)

 

Maturity:

 

 

 

 

 

 

 

 

 

 

 

 

Within one year

 

$

17,898

 

 

$

17,728

 

 

$

25,995

 

 

$

25,875

 

After one year through five years

 

 

104,803

 

 

 

103,134

 

 

 

106,178

 

 

 

102,201

 

After five years through ten years

 

 

73,094

 

 

 

73,199

 

 

 

82,664

 

 

 

80,911

 

After ten years

 

 

117,998

 

 

 

116,692

 

 

 

106,144

 

 

 

103,332

 

U.S. agency-based mortgage-backed securities

 

 

4,702

 

 

 

4,361

 

 

 

5,190

 

 

 

4,745

 

Totals

 

$

318,495

 

 

$

315,114

 

 

$

326,171

 

 

$

317,064