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Investments (Tables) | 3 Months Ended
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Mar. 31, 2025
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, 2025 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 |  | $ | 360,026 |  |  | $ | (29 | ) |  | $ | 359,997 |  |  | $ | 1,250 |  |  | $ | (13,333 | ) |  | $ | 347,914 |
Corporate bonds |  |  | 28,110 |  |  |  | (71 | ) |  |  | 28,039 |  |  |  | 10 |  |  |  | (888 | ) |  |  | 27,161 |
U.S. agency-based mortgage-backed securities |  |  | 2,696 |  |  |  | — |  |  |  | 2,696 |  |  |  | 19 |  |  |  | (120 | ) |  |  | 2,595 |
U.S. Treasury securities and obligations of U.S. government agencies |  |  | 8,500 |  |  |  | — |  |  |  | 8,500 |  |  |  | 10 |  |  |  | (208 | ) |  |  | 8,302 |
Asset-backed securities |  |  | 9 |  |  |  | — |  |  |  | 9 |  |  |  | — |  |  |  | — |  |  |  | 9 |
Totals |  | $ | 399,341 |  |  | $ | (100 | ) |  | $ | 399,241 |  |  | $ | 1,289 |  |  | $ | (14,549 | ) |  | $ | 385,981 |
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, 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 |  | $ | 368,056 |  |  | $ | (30 | ) |  | $ | 368,026 |  |  | $ | 1,810 |  |  | $ | (13,568 | ) |  | $ | 356,268 |
Corporate bonds |  |  | 33,849 |  |  |  | (86 | ) |  |  | 33,763 |  |  |  | 6 |  |  |  | (1,099 | ) |  |  | 32,670 |
U.S. agency-based mortgage-backed securities |  |  | 2,781 |  |  |  | — |  |  |  | 2,781 |  |  |  | 11 |  |  |  | (149 | ) |  |  | 2,643 |
U.S. Treasury securities and obligations of U.S. government agencies |  |  | 8,478 |  |  |  | — |  |  |  | 8,478 |  |  |  | 11 |  |  |  | (362 | ) |  |  | 8,127 |
Asset-backed securities |  |  | 13 |  |  |  | — |  |  |  | 13 |  |  |  | — |  |  |  | — |  |  |  | 13 |
Totals |  | $ | 413,177 |  |  | $ | (116 | ) |  | $ | 413,061 |  |  | $ | 1,838 |  |  | $ | (15,178 | ) |  | $ | 399,721 |
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, 2025 are summarized as follows:
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Allowance for Credit Losses |
|  | (in thousands) |
States and political subdivisions |  | $ | 163,615 |  |  | $ | 208 |  |  | $ | (8,157 | ) |  | $ | 155,666 |  |  | $ | — |
Corporate bonds |  |  | 141,024 |  |  |  | 1,766 |  |  |  | (1,880 | ) |  |  | 140,910 |  |  |  | — |
U.S. agency-based mortgage-backed securities |  |  | 4,406 |  |  |  | — |  |  |  | (403 | ) |  |  | 4,003 |  |  |  | — |
U.S. Treasury securities and obligations of U.S. government agencies |  |  | 14,886 |  |  |  | — |  |  |  | (739 | ) |  |  | 14,147 |  |  |  | — |
Totals |  | $ | 323,931 |  |  | $ | 1,974 |  |  | $ | (11,179 | ) |  | $ | 314,726 |  |  | $ | — |
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, 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 |  | $ | 156,488 |  |  | $ | 148 |  |  | $ | (8,430 | ) |  | $ | 148,206 |  |  | $ | — |
Corporate bonds |  |  | 143,070 |  |  |  | 1,248 |  |  |  | (2,783 | ) |  |  | 141,535 |  |  |  | — |
U.S. agency-based mortgage-backed securities |  |  | 4,545 |  |  |  | — |  |  |  | (486 | ) |  |  | 4,059 |  |  |  | — |
U.S. Treasury securities and obligations of U.S. government agencies |  |  | 14,872 |  |  |  | — |  |  |  | (922 | ) |  |  | 13,950 |  |  |  | — |
Totals |  | $ | 318,975 |  |  | $ | 1,396 |  |  | $ | (12,621 | ) |  | $ | 307,750 |  |  | $ | — |
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, 2025 are summarized as follows:
|  | Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
|  | (in thousands) |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |
Domestic common stock - Exchange Traded Funds |  | $ | 36,020 |  |  | $ | 19,465 |  |  | $ | (9 | ) |  | $ | 55,476 |
Total equity securities |  | $ | 36,020 |  |  | $ | 19,465 |  |  | $ | (9 | ) |  | $ | 55,476 |
The cost, gross unrealized gains and losses, and the fair value of equity securities at December 31, 2024 are summarized as follows:
|  | Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
|  | (in thousands) |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |
Domestic common stock - Exchange Traded Funds |  | $ | 36,020 |  |  | $ | 22,609 |  |  | $ | — |  |  | $ | 58,629 |
Total equity securities |  | $ | 36,020 |  |  | $ | 22,609 |  |  | $ | — |  |  | $ | 58,629 |
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, 2025.
|  | 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, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions |  | $ | 66,649 |  |  | $ | 1,276 |  |  | $ | 70,620 |  |  | $ | 6,881 |  |  | $ | 137,269 |  |  | $ | 8,157 |
Corporate bonds |  |  | 24,309 |  |  |  | 304 |  |  |  | 43,472 |  |  |  | 1,576 |  |  |  | 67,781 |  |  |  | 1,880 |
U.S. agency-based mortgage-backed securities |  |  | — |  |  |  | — |  |  |  | 4,003 |  |  |  | 403 |  |  |  | 4,003 |  |  |  | 403 |
U.S. Treasury securities and obligations of U.S. government agencies |  |  | — |  |  |  | — |  |  |  | 14,147 |  |  |  | 739 |  |  |  | 14,147 |  |  |  | 739 |
Total available-for-sale securities |  | $ | 90,958 |  |  | $ | 1,580 |  |  | $ | 132,242 |  |  | $ | 9,599 |  |  | $ | 223,200 |  |  | $ | 11,179 |
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, 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) |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions |  | $ | 100,190 |  |  | $ | 5,748 |  |  | $ | 27,446 |  |  | $ | 2,682 |  |  | $ | 127,636 |  |  | $ | 8,430 |
Corporate bonds |  |  | 71,069 |  |  |  | 1,790 |  |  |  | 19,000 |  |  |  | 993 |  |  |  | 90,069 |  |  |  | 2,783 |
U.S. agency-based mortgage-backed securities |  |  | 3,840 |  |  |  | 446 |  |  |  | 219 |  |  |  | 40 |  |  |  | 4,059 |  |  |  | 486 |
U.S. Treasury securities and obligations of U.S. government agencies |  |  | — |  |  |  | — |  |  |  | 13,950 |  |  |  | 922 |  |  |  | 13,950 |  |  |  | 922 |
Total available-for-sale securities |  | $ | 175,099 |  |  | $ | 7,984 |  |  | $ | 60,615 |  |  | $ | 4,637 |  |  | $ | 235,714 |  |  | $ | 12,621 |
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 March 31, 2025.
|  | 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, 2024 |  | $ | 30 |  |  | $ | 86 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 116 |
Provision for credit loss benefit |  |  | (1 | ) |  |  | (15 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (16 | )
Balance at March 31, 2025 |  | $ | 29 |  |  | $ | 71 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 100 |
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, 2025.
|  | 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 |  | $ | 359,370 |  |  | $ | 13,104 |  |  | $ | 2,696 |  |  | $ | 8,500 |  |  | $ | — |  |  | $ | 383,670 |
Baa/BBB ratings |  |  | 656 |  |  |  | 15,006 |  |  |  | — |  |  |  | — |  |  |  | 9 |  |  |  | 15,671 |
Total |  | $ | 360,026 |  |  | $ | 28,110 |  |  | $ | 2,696 |  |  | $ | 8,500 |  |  | $ | 9 |  |  | $ | 399,341 |
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, 2025 |  |  | December 31, 2024 |
|  | Carrying Amount |  |  | Fair Value |  |  | Carrying Amount |  |  | Fair Value |
|  | (in thousands) |
Maturity: |  |  |  |  |  |  |  |  |  |  |  |
Within one year |  | $ | 46,809 |  |  | $ | 46,468 |  |  | $ | 49,303 |  |  | $ | 48,831 |
After one year through five years |  |  | 84,055 |  |  |  | 81,338 |  |  |  | 93,087 |  |  |  | 89,418 |
After five years through ten years |  |  | 119,428 |  |  |  | 113,802 |  |  |  | 115,307 |  |  |  | 109,812 |
After ten years |  |  | 146,244 |  |  |  | 141,769 |  |  |  | 152,570 |  |  |  | 149,004 |
U.S. agency-based mortgage-backed securities |  |  | 2,696 |  |  |  | 2,595 |  |  |  | 2,781 |  |  |  | 2,643 |
Asset-backed securities |  |  | 9 |  |  |  | 9 |  |  |  | 13 |  |  |  | 13 |
Totals |  | $ | 399,241 |  |  | $ | 385,981 |  |  | $ | 413,061 |  |  | $ | 399,721 |
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, 2025 |  |  | December 31, 2024 |
|  | Amortized Cost |  |  | Fair Value |  |  | Amortized Cost |  |  | Fair Value |
|  | (in thousands) |
Maturity: |  |  |  |  |  |  |  |  |  |  |  |
Within one year |  | $ | 31,138 |  |  | $ | 30,931 |  |  | $ | 23,944 |  |  | $ | 23,806 |
After one year through five years |  |  | 86,691 |  |  |  | 85,258 |  |  |  | 97,996 |  |  |  | 95,500 |
After five years through ten years |  |  | 75,622 |  |  |  | 73,575 |  |  |  | 71,233 |  |  |  | 68,494 |
After ten years |  |  | 126,074 |  |  |  | 120,959 |  |  |  | 121,257 |  |  |  | 115,891 |
U.S. agency-based mortgage-backed securities |  |  | 4,406 |  |  |  | 4,003 |  |  |  | 4,545 |  |  |  | 4,059 |
Totals |  | $ | 323,931 |  |  | $ | 314,726 |  |  | $ | 318,975 |  |  | $ | 307,750 |

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