v3.26.1
Investments (Tables)
 6 Months Ended
Jun. 30, 2026
Gross Unrealized 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 unrealized gains and losses, and the fair value of those investments classified as held-to-maturity at June 30, 2026 are summarized as follows:

 

 

 

Amortized
Cost

 

 

Allowance for Credit Losses

 

 

Carrying
Amount

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

 

(in thousands)

 

States and political subdivisions

 

$

305,868

 

 

$

(21

)

 

$

305,847

 

 

$

2,175

 

 

$

(6,972

)

 

$

301,050

 

Corporate bonds

 

 

16,050

 

 

 

(39

)

 

 

16,011

 

 

 

—

 

 

 

(446

)

 

 

15,565

 

U.S. agency-based mortgage-backed securities

 

 

2,234

 

 

 

—

 

 

 

2,234

 

 

 

12

 

 

 

(102

)

 

 

2,144

 

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

 

 

8,613

 

 

 

—

 

 

 

8,613

 

 

 

1

 

 

 

(224

)

 

 

8,390

 

Asset-backed securities

 

 

9

 

 

 

—

 

 

 

9

 

 

 

—

 

 

 

—

 

 

 

9

 

Totals

 

$

332,774

 

 

$

(60

)

 

$

332,714

 

 

$

2,188

 

 

$

(7,744

)

 

$

327,158

 

The amortized cost, allowance for credit losses, carrying amount, gross unrealized gains and losses, and the fair value of those investments classified as held-to-maturity at December 31, 2025 are summarized as follows:

 

 

 

Amortized
Cost

 

 

Allowance for Credit Losses

 

 

Carrying
Amount

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

 

(in thousands)

 

States and political subdivisions

 

$

322,430

 

 

$

(23

)

 

$

322,407

 

 

$

2,030

 

 

$

(6,908

)

 

$

317,529

 

Corporate bonds

 

 

16,751

 

 

 

(50

)

 

 

16,701

 

 

 

—

 

 

 

(456

)

 

 

16,245

 

U.S. agency-based mortgage-backed securities

 

 

2,403

 

 

 

—

 

 

 

2,403

 

 

 

26

 

 

 

(81

)

 

 

2,348

 

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

 

 

8,567

 

 

 

—

 

 

 

8,567

 

 

 

6

 

 

 

(128

)

 

 

8,445

 

Asset-backed securities

 

 

9

 

 

 

—

 

 

 

9

 

 

 

—

 

 

 

—

 

 

 

9

 

Totals

 

$

350,160

 

 

$

(73

)

 

$

350,087

 

 

$

2,062

 

 

$

(7,573

)

 

$

344,576

 
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, 2026 are summarized as follows:

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

Allowance for
Credit Losses

 

 

 

(in thousands)

 

States and political subdivisions

 

$

163,451

 

 

$

881

 

 

$

(5,242

)

 

$

159,090

 

 

$

—

 

Corporate bonds

 

 

114,358

 

 

 

1,085

 

 

 

(949

)

 

 

114,494

 

 

 

—

 

U.S. agency-based mortgage-backed securities

 

 

3,668

 

 

 

—

 

 

 

(339

)

 

 

3,329

 

 

 

—

 

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

 

 

8,787

 

 

 

—

 

 

 

(451

)

 

 

8,336

 

 

 

—

 

Totals

 

$

290,264

 

 

$

1,966

 

 

$

(6,981

)

 

$

285,249

 

 

$

—

 

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, 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

 

$

163,042

 

 

$

630

 

 

$

(5,482

)

 

$

158,190

 

 

$

—

 

Corporate bonds

 

 

137,198

 

 

 

2,231

 

 

 

(725

)

 

 

138,704

 

 

 

—

 

U.S. agency-based mortgage-backed securities

 

 

3,946

 

 

 

—

 

 

 

(305

)

 

 

3,641

 

 

 

—

 

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

 

 

12,930

 

 

 

—

 

 

 

(427

)

 

 

12,503

 

 

 

—

 

Totals

 

$

317,116

 

 

$

2,861

 

 

$

(6,939

)

 

$

313,038

 

 

$

—

 
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, 2026 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

 

 

$

32,788

 

 

$

—

 

 

$

63,952

 

Total equity securities

 

$

31,164

 

 

$

32,788

 

 

$

—

 

 

$

63,952

 

The cost, gross unrealized gains and losses, and the fair value of equity securities at December 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

 

$

31,165

 

 

$

26,328

 

 

$

—

 

 

$

57,493

 

Total equity securities

 

$

31,165

 

 

$

26,328

 

 

$

—

 

 

$

57,493

 
Investment Securities Continuous Unrealized Loss Position

The following table summarizes the fair value and gross unrealized losses on fixed maturity 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, 2026.

 

 

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, 2026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-Sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

States and political subdivisions

 

$

31,270

 

 

$

346

 

 

$

61,717

 

 

$

4,896

 

 

$

92,987

 

 

$

5,242

 

Corporate bonds

 

 

37,261

 

 

 

292

 

 

 

19,093

 

 

 

657

 

 

 

56,354

 

 

 

949

 

U.S. agency-based mortgage-backed securities

 

 

—

 

 

 

—

 

 

 

3,329

 

 

 

339

 

 

 

3,329

 

 

 

339

 

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

 

 

3,821

 

 

 

18

 

 

 

4,515

 

 

 

433

 

 

 

8,336

 

 

 

451

 

Total available-for-sale securities

 

$

72,352

 

 

$

656

 

 

$

88,654

 

 

$

6,325

 

 

$

161,006

 

 

$

6,981

 

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, 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)

 

December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-Sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

States and political subdivisions

 

$

28,892

 

 

$

634

 

 

$

76,440

 

 

$

4,848

 

 

$

105,332

 

 

$

5,482

 

Corporate bonds

 

 

5,537

 

 

 

8

 

 

 

31,115

 

 

 

717

 

 

 

36,652

 

 

 

725

 

U.S. agency-based mortgage-backed securities

 

 

—

 

 

 

—

 

 

 

3,641

 

 

 

305

 

 

 

3,641

 

 

 

305

 

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

 

 

—

 

 

 

—

 

 

 

12,503

 

 

 

427

 

 

 

12,503

 

 

 

427

 

Total available-for-sale securities

 

$

34,429

 

 

$

642

 

 

$

123,699

 

 

$

6,297

 

 

$

158,128

 

 

$

6,939

 
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, 2026.

 

 

 

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, 2026

 

$

22

 

 

$

43

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

65

 

Provision for credit loss benefit

 

 

(1

)

 

 

(4

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(5

)

Balance at June 30, 2026

 

$

21

 

 

$

39

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

60

 

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, 2026.

 

 

 

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, 2025

 

$

23

 

 

$

50

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

73

 

Provision for credit loss benefit

 

 

(2

)

 

 

(11

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(13

)

Balance at June 30, 2026

 

$

21

 

 

$

39

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

60

 
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, 2026.

 

 

 

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

 

$

305,868

 

 

$

9,580

 

 

$

2,234

 

 

$

8,613

 

 

$

—

 

 

$

326,295

 

Baa/BBB ratings

 

 

—

 

 

 

6,470

 

 

 

—

 

 

 

—

 

 

 

9

 

 

 

6,479

 

Total

 

$

305,868

 

 

$

16,050

 

 

$

2,234

 

 

$

8,613

 

 

$

9

 

 

$

332,774

 
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, 2026

 

 

December 31, 2025

 

 

 

Carrying
Amount

 

 

Fair
Value

 

 

Carrying
Amount

 

 

Fair
Value

 

 

 

(in thousands)

 

Maturity:

 

 

 

 

 

 

 

 

 

 

 

 

Within one year

 

$

30,276

 

 

$

30,143

 

 

$

28,620

 

 

$

28,561

 

After one year through five years

 

 

71,888

 

 

 

69,852

 

 

 

76,161

 

 

 

74,506

 

After five years through ten years

 

 

115,642

 

 

 

112,707

 

 

 

119,321

 

 

 

116,970

 

After ten years

 

 

112,665

 

 

 

112,303

 

 

 

123,573

 

 

 

122,182

 

U.S. agency-based mortgage-backed securities

 

 

2,234

 

 

 

2,144

 

 

 

2,403

 

 

 

2,348

 

Asset-backed securities

 

 

9

 

 

 

9

 

 

 

9

 

 

 

9

 

Totals

 

$

332,714

 

 

$

327,158

 

 

$

350,087

 

 

$

344,576

 
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, 2026

 

 

December 31, 2025

 

 

 

Amortized
Cost

 

 

Fair
Value

 

 

Amortized
Cost

 

 

Fair
Value

 

 

 

(in thousands)

 

Maturity:

 

 

 

 

 

 

 

 

 

 

 

 

Within one year

 

$

3,044

 

 

$

3,034

 

 

$

41,029

 

 

$

40,939

 

After one year through five years

 

 

83,038

 

 

 

81,661

 

 

 

76,260

 

 

 

75,796

 

After five years through ten years

 

 

71,621

 

 

 

70,416

 

 

 

76,895

 

 

 

76,076

 

After ten years

 

 

128,893

 

 

 

126,809

 

 

 

118,986

 

 

 

116,586

 

U.S. agency-based mortgage-backed securities

 

 

3,668

 

 

 

3,329

 

 

 

3,946

 

 

 

3,641

 

Totals

 

$

290,264

 

 

$

285,249

 

 

$

317,116

 

 

$

313,038