XML 30 R24.htm IDEA: XBRL DOCUMENT v3.25.2
Investments (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 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

 

$

351,907

 

 

$

(27

)

 

$

351,880

 

 

$

593

 

 

$

(13,102

)

 

$

339,371

 

Corporate bonds

 

 

21,899

 

 

 

(61

)

 

 

21,838

 

 

 

6

 

 

 

(697

)

 

 

21,147

 

U.S. agency-based mortgage-backed securities

 

 

2,573

 

 

 

—

 

 

 

2,573

 

 

 

21

 

 

 

(114

)

 

 

2,480

 

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

 

 

8,522

 

 

 

—

 

 

 

8,522

 

 

 

9

 

 

 

(183

)

 

 

8,348

 

Asset-backed securities

 

 

9

 

 

 

—

 

 

 

9

 

 

 

—

 

 

 

—

 

 

 

9

 

Totals

 

$

384,910

 

 

$

(88

)

 

$

384,822

 

 

$

629

 

 

$

(14,096

)

 

$

371,355

 

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 June 30, 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

 

$

165,127

 

 

$

164

 

 

$

(9,592

)

 

$

155,699

 

 

$

—

 

Corporate bonds

 

 

131,993

 

 

 

2,136

 

 

 

(1,276

)

 

 

132,853

 

 

 

—

 

U.S. agency-based mortgage-backed securities

 

 

4,265

 

 

 

—

 

 

 

(377

)

 

 

3,888

 

 

 

—

 

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

 

 

14,901

 

 

 

—

 

 

 

(626

)

 

 

14,275

 

 

 

—

 

Totals

 

$

316,286

 

 

$

2,300

 

 

$

(11,871

)

 

$

306,715

 

 

$

—

 

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 June 30, 2025 are summarized as follows:

 

 

 

Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

 

(in thousands)

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

Domestic common stock - Exchange Traded Funds

 

$

31,164

 

 

$

21,287

 

 

$

—

 

 

$

52,451

 

Total equity securities

 

$

31,164

 

 

$

21,287

 

 

$

—

 

 

$

52,451

 

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 June 30, 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)

 

June 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-Sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

States and political subdivisions

 

$

74,676

 

 

$

3,173

 

 

$

70,884

 

 

$

6,419

 

 

$

145,560

 

 

$

9,592

 

Corporate bonds

 

 

13,152

 

 

 

120

 

 

 

37,848

 

 

 

1,156

 

 

 

51,000

 

 

 

1,276

 

U.S. agency-based mortgage-backed securities

 

 

—

 

 

 

—

 

 

 

3,888

 

 

 

377

 

 

 

3,888

 

 

 

377

 

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

 

 

—

 

 

 

—

 

 

 

14,275

 

 

 

626

 

 

 

14,275

 

 

 

626

 

Total available-for-sale securities

 

$

87,828

 

 

$

3,293

 

 

$

126,895

 

 

$

8,578

 

 

$

214,723

 

 

$

11,871

 

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 June 30, 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 March 31, 2025

 

$

29

 

 

$

71

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

100

 

Provision for credit loss benefit

 

 

(2

)

 

 

(10

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(12

)

Balance at June 30, 2025

 

$

27

 

 

$

61

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

88

 

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, 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

 

 

(3

)

 

 

(25

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(28

)

Balance at June 30, 2025

 

$

27

 

 

$

61

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

88

 
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, 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

 

$

351,252

 

 

$

9,987

 

 

$

2,573

 

 

$

8,522

 

 

$

—

 

 

$

372,334

 

Baa/BBB ratings

 

 

655

 

 

 

11,912

 

 

 

—

 

 

 

—

 

 

 

9

 

 

 

12,576

 

Total

 

$

351,907

 

 

$

21,899

 

 

$

2,573

 

 

$

8,522

 

 

$

9

 

 

$

384,910

 
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, 2025

 

 

December 31, 2024

 

 

 

Carrying
Amount

 

 

Fair
Value

 

 

Carrying
Amount

 

 

Fair
Value

 

 

 

(in thousands)

 

Maturity:

 

 

 

 

 

 

 

 

 

 

 

 

Within one year

 

$

40,378

 

 

$

40,159

 

 

$

49,303

 

 

$

48,831

 

After one year through five years

 

 

83,088

 

 

 

80,890

 

 

 

93,087

 

 

 

89,418

 

After five years through ten years

 

 

122,326

 

 

 

117,611

 

 

 

115,307

 

 

 

109,812

 

After ten years

 

 

136,448

 

 

 

130,206

 

 

 

152,570

 

 

 

149,004

 

U.S. agency-based mortgage-backed securities

 

 

2,573

 

 

 

2,480

 

 

 

2,781

 

 

 

2,643

 

Asset-backed securities

 

 

9

 

 

 

9

 

 

 

13

 

 

 

13

 

Totals

 

$

384,822

 

 

$

371,355

 

 

$

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:

 

 

 

June 30, 2025

 

 

December 31, 2024

 

 

 

Amortized
Cost

 

 

Fair
Value

 

 

Amortized
Cost

 

 

Fair
Value

 

 

 

(in thousands)

 

Maturity:

 

 

 

 

 

 

 

 

 

 

 

 

Within one year

 

$

33,100

 

 

$

32,828

 

 

$

23,944

 

 

$

23,806

 

After one year through five years

 

 

79,530

 

 

 

78,719

 

 

 

97,996

 

 

 

95,500

 

After five years through ten years

 

 

73,355

 

 

 

72,208

 

 

 

71,233

 

 

 

68,494

 

After ten years

 

 

126,036

 

 

 

119,072

 

 

 

121,257

 

 

 

115,891

 

U.S. agency-based mortgage-backed securities

 

 

4,265

 

 

 

3,888

 

 

 

4,545

 

 

 

4,059

 

Totals

 

$

316,286

 

 

$

306,715

 

 

$

318,975

 

 

$

307,750