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v3.20.1

Investments (Tables) | 3 Months Ended
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Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract] |
Cost or Amortized Cost and Fair Value of Securities Available for Sale | The following table provides the amortized cost and fair value of debt securities available for sale as of the dates presented (in thousands):
| March 31, 2020 |  |  |  |  |  |  |  |
| Amortized Cost |  | Allowance for Expected Credit Losses |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Debt Securities: |  |  |  |  |  |  |  |  |
U.S. government obligations and agencies | $ | 59,090 |  |  | $ | — |  |  | $ | 2,997 |  |  | $ | (3) |  |  | $ | 62,084 |
Corporate bonds | 464,387 |  |  | (665) |  |  | 11,412 |  |  | (6,409) |  |  | 468,725 |
Mortgage-backed and asset-backed securities | 314,936 |  |  | — |  |  | 9,839 |  |  | (1,393) |  |  | 323,382 |
Municipal bonds | 3,395 |  |  | — |  |  | 194 |  |  | (3) |  |  | 3,586 |
Redeemable preferred stock | 10,018 |  |  | (126) |  |  | 90 |  |  | (510) |  |  | 9,472 |
Total | $ | 851,826 |  |  | $ | (791) |  |  | $ | 24,532 |  |  | $ | (8,318) |  |  | $ | 867,249 |
| December 31, 2019 |  |  |  |  |  |
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Debt Securities: |  |  |  |  |  |  |
U.S. government obligations and agencies | $ | 53,688 |  |  | $ | 864 |  |  | $ | (188) |  |  | $ | 54,364 |
Corporate bonds | 457,180 |  |  | 19,179 |  |  | (141) |  |  | 476,218 |
Mortgage-backed and asset-backed securities | 304,285 |  |  | 7,400 |  |  | (606) |  |  | 311,079 |
Municipal bonds | 3,397 |  |  | 103 |  |  | (4) |  |  | 3,496 |
Redeemable preferred stock | 9,786 |  |  | 427 |  |  | (86) |  |  | 10,127 |
Total | $ | 828,336 |  |  | $ | 27,973 |  |  | $ | (1,025) |  |  | $ | 855,284 |
Schedule of Credit Quality of Available-for-sale Debt Securities With Contractual Maturities | The following table provides the credit quality of available-for-sale debt securities with contractual maturities as of the dates presented (dollars in thousands):
|  | March 31, 2020 |  |  |  | December 31, 2019 |  |
Equivalent S&P Credit Ratings |  | Fair Value |  | % of Total Fair Value |  | Fair Value |  | % of Total Fair Value
AAA |  | $ | 388,197 |  |  | 44.8 | % |  | $ | 372,442 |  |  | 43.6 | %
AA |  | 95,823 |  |  | 11.0 | % |  | 99,103 |  |  | 11.6 | %
A |  | 242,406 |  |  | 28.0 | % |  | 238,766 |  |  | 27.9 | %
BBB |  | 136,794 |  |  | 15.8 | % |  | 143,889 |  |  | 16.8 | %
BB and Below |  | 242 |  |  | — | % |  | — |  |  | — |
No Rating Available |  | 3,787 |  |  | 0.4 | % |  | 1,084 |  |  | 0.1 | %
Total |  | $ | 867,249 |  |  | 100.0 | % |  | $ | 855,284 |  |  | 100.0 | %
Schedule of Amortized Cost and Fair Value on Mortgage-Backed and Asset-Backed Securities | The following table summarizes the amortized cost and fair value of mortgage-backed and asset-backed securities as of the dates presented (in thousands):
| March 31, 2020 |  |  |  | December 31, 2019 |  |
| Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Mortgage-backed Securities: |  |  |  |  |  |  |
Agency | $ | 154,253 |  |  | $ | 159,262 |  |  | $ | 143,723 |  |  | $ | 144,729 |
Non-agency | 69,919 |  |  | 74,088 |  |  | 71,140 |  |  | 75,896 |
Asset-backed Securities: |  |  |  |  |  |  |
Auto loan receivables | 42,796 |  |  | 42,658 |  |  | 42,767 |  |  | 43,127 |
Credit card receivables | 20,677 |  |  | 20,594 |  |  | 21,145 |  |  | 21,487 |
Other receivables | 27,291 |  |  | 26,780 |  |  | 25,510 |  |  | 25,840 |
Total | $ | 314,936 |  |  | $ | 323,382 |  |  | $ | 304,285 |  |  | $ | 311,079 |
Summarized Fair Value and Gross Unrealized Losses on Available-for-sale Debt Securities | The following tables summarize debt securities available-for-sale for which an allowance for expected credit losses has not been recorded at March 31, 2020, and December 31, 2019 aggregated by major security type and length of time in a continuous unrealized loss position as of the dates presented (in thousands):
| March 31, 2020 |  |  |  |  |  |  |  |  |  |
| Less Than 12 Months |  |  |  |  |  | 12 Months or Longer |  |  |  |
| Number of Issues |  | Fair Value |  | Unrealized Losses |  | Number of Issues |  | Fair Value |  | Unrealized Losses
Debt Securities: |  |  |  |  |  |  |  |  |  |  |
U.S. government obligations and agencies | — |  |  | $ | — |  |  | $ | — |  |  | 1 |  |  | $ | 129 |  |  | $ | (3) |
Corporate bonds | 75 |  |  | 63,401 |  |  | (2,868) |  |  | 1 |  |  | 215 |  |  | (38) |
Mortgage-backed and asset-backed securities | 58 |  |  | 66,017 |  |  | (1,354) |  |  | 5 |  |  | 3,534 |  |  | (39) |
Municipal bonds | — |  |  | — |  |  | — |  |  | 1 |  |  | 277 |  |  | (3) |
Redeemable preferred stock | 16 |  |  | 1,149 |  |  | (75) |  |  | — |  |  | — |  |  | — |
Total | 149 |  |  | $ | 130,567 |  |  | $ | (4,297) |  |  | 8 |  |  | $ | 4,155 |  |  | $ | (83) |
| December 31, 2019 |  |  |  |  |  |  |  |  |  |
| Less Than 12 Months |  |  |  |  |  | 12 Months or Longer |  |  |  |
| Number of Issues |  | Fair Value |  | Unrealized Losses |  | Number of Issues |  | Fair Value |  | Unrealized Losses
Debt Securities: |  |  |  |  |  |  |  |  |  |  |
U.S. government obligations and agencies | 2 |  |  | $ | 3,836 |  |  | $ | (108) |  |  | 4 |  |  | $ | 23,186 |  |  | $ | (80) |
Corporate bonds | 18 |  |  | 16,808 |  |  | (107) |  |  | 7 |  |  | 5,866 |  |  | (34) |
Mortgage-backed and asset-backed securities | 42 |  |  | 58,023 |  |  | (245) |  |  | 26 |  |  | 34,985 |  |  | (361) |
Municipal bonds | — |  |  | — |  |  | — |  |  | 1 |  |  | 276 |  |  | (4) |
Redeemable preferred stock | 6 |  |  | 630 |  |  | (8) |  |  | 4 |  |  | 1,489 |  |  | (78) |
Total | 68 |  |  | $ | 79,297 |  |  | $ | (468) |  |  | 42 |  |  | $ | 65,802 |  |  | $ | (557) |
Amortized Cost and Fair Value of Investments With Contractual Maturities | The following table presents the amortized cost and fair value of investments with maturities as of the date presented (in thousands):
| March 31, 2020 |  |
| Amortized Cost |  | Fair Value
Due in one year or less | $ | 127,107 |  |  | $ | 127,033 |
Due after one year through five years | 423,886 |  |  | 433,632 |
Due after five years through ten years | 268,618 |  |  | 276,846 |
Due after ten years | 30,512 |  |  | 28,046 |
Perpetual maturity securities | 1,703 |  |  | 1,692 |
Total | $ | 851,826 |  |  | $ | 867,249 |
Schedule of Securities Available for Sale | The following table provides certain information related to available-for-sale debt securities and equity securities during the periods presented (in thousands):
| Three Months Ended March 31, |  |  |  |  |  |
| 2020 |  | 2019 |  |  |  |
Proceeds from sales and maturities (fair value): |  |  |  |  |  |  |
Available-for-sale debt securities | $ | 42,513 |  |  | $ | 51,185 |  |  |  |  |
Equity securities | $ | — |  |  | $ | 17,161 |  |  |  |  |
Gross realized gains on sale of securities: |  |  |  |  |  |  |
Available-for-sale debt securities | $ | 346 |  |  | $ | 187 |  |  |  |  |
Equity securities | $ | — |  |  | $ | 165 |  |  |  |  |
Gross realized losses on sale of securities: |  |  |  |  |  |  |
Available-for-sale debt securities | $ | (47) |  |  | $ | (42) |  |  |  |  |
Equity securities | $ | — |  |  | $ | (11,835) |  |  |  |  |
Investment Income (Expense) Comprised Primarily of Interest and Dividends | The following table presents the components of net investment income, comprised primarily of interest and dividends, for the periods presented (in thousands):
| Three Months Ended March 31, |  |  |  |  |  |
| 2020 |  | 2019 |  |  |  |
Available-for-sale debt securities | $ | 6,015 |  |  | $ | 6,151 |  |  |  |  |
Equity securities | 545 |  |  | 1,042 |  |  |  |  |
Cash and cash equivalents (1) | 791 |  |  | 1,300 |  |  |  |  |
Other (2) | 254 |  |  | 259 |  |  |  |  |
Total investment income | 7,605 |  |  | 8,752 |  |  |  |  |
Less: Investment expenses (3) | (771) |  |  | (610) |  |  |  |  |
Net investment income | $ | 6,834 |  |  | $ | 8,142 |  |  |  |  |
(1) |  |  | Includes interest earned on restricted cash and cash equivalents.
(2) |  |  | Includes investment income earned on real estate investments.
(3) |  |  | Includes custodial fees, investment accounting and advisory fees, and expenses associated with real estate investments.
Summary of Details on Realized and Unrealized Gains and Losses Related to Equity Securities | The following table provides the unrealized gains and losses recorded during the periods presented on equity securities still held at the end of the reported period (in thousands):
| Three Months Ended March 31, |  |  |  |  |  |
| 2020 |  | 2019 |  |  |  |
Unrealized gains and (losses) recognized during the reported period on equity securities still held at the end of the reported period | $ | (8,024) |  |  | $ | 2,400 |  |  |  |  |
Schedule of Real Estate Investment | Investment real estate consisted of the following as of the dates presented (in thousands):
| March 31, |  | December 31,
| 2020 |  | 2019
Income Producing: |  |  |
Investment real estate | $ | 14,679 |  |  | $ | 14,679 |
Less: Accumulated depreciation | (1,388) |  |  | (1,284) |
| 13,291 |  |  | 13,395 |
Non-Income Producing: |  |  |  |  |
Investment real estate | 2,190 |  |  | 2,190 |
Investment real estate, net | $ | 15,481 |  |  | $ | 15,585 |
Schedule of Depreciation Expense Related to Investment Real Estate | Depreciation expense related to investment real estate for the periods presented (in thousands):
| Three Months Ended March 31, |  |  |  |  |  |
| 2020 |  | 2019 |  |  |  |
Depreciation expense on investment real estate | $ | 104 |  |  | $ | 103 |  |  |  |  |

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