
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
March 31, 2026:
Obligations of states and political subdivisions	$	298,112	$	863	$	(34,875)	$	264,100


December 31, 2025:
Obligations of states and political subdivisions	$	302,996	$	1,993	$	(29,648)	$	275,341


	Amortized Cost		Estimated Fair Value

Due in one year or less	$	—	$	—
Due after one year through five years	5,773		5,800
Due after five years through ten years	46,026		45,180
Due after ten years	246,313		213,120
Total	$	298,112	$	264,100


	March 31, 2026
	Less than 12 Months				12 Months or Longer				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Available-for-Sale:
Obligations of states and political subdivisions	$	86,488	$	(2,605)	$	129,856	$	(32,270)	$	216,344	$	(34,875)


	December 31, 2025
	Less than 12 Months				12 Months or Longer				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Available-for-Sale:
Obligations of states and political subdivisions	$	7,537	$	(121)	$	167,845	$	(29,527)	$	175,382	$	(29,648)

The previous two tables represent 228 and 179 investments held by the Company at March 31, 2026 and December 31, 2025, respectively, the majority of which are rated “A” or higher by Moody’s and/or Standard & Poor’s. The unrealized losses on the Company’s investments listed in the above table were primarily the result of interest rate and market fluctuations. Based on the credit ratings of these investments, along with the consideration of whether the Company has the intent to sell or will be more likely than not required to sell the applicable investment before recovery of amortized cost basis, no other than temporary impairment was determined to be necessary as of March 31, 2026 and December 31, 2025.

There were no investment securities sold during the three-month period ended March 31, 2026. Proceeds from redemption of investments due to the exercise of call provisions by the issuers thereof and regularly scheduled maturities totaled $5.0 million with no net gains as of March 31, 2026.

There were no investment securities sold during the year ended December 31, 2025. Proceeds from redemption of investments due to the exercise of call provisions by the issuers thereof and regularly scheduled maturities totaled $0.6 million with no net gains as of December 31, 2025.

The Company’s insurance subsidiaries, Frandisco Property and Casualty Insurance Company and Frandisco Life Insurance Company (collectively, "the Frandiscos"), internally designate certain investments as restricted to cover policy reserves and loss reserves. Funds are held in separate trusts for the benefit of each insurance subsidiary at U.S. Bank National Association ("US Bank"). US Bank serves as trustee under trust agreements with Frandisco Property and Casualty Insurance Company. These trusts held $68.7 million and $63.9 million in available-for-sale investment securities at market value at March 31, 2026 and December 31, 2025, respectively. US Bank also serves as trustee under trust agreements with Frandisco Life Insurance Company. At March 31, 2026, these trusts held $43.1 million in available-for-sale investment securities at market value compared to $39.9 million at December 31, 2025. The amounts required to be held in each trust change as required reserves change. All earnings on assets in the trusts are remitted to the Company's insurance subsidiaries.