The amortized cost, gross unrealized gains and losses, and fair value of the Company’s debt securities available-for-sale are as follows for the periods presented:


June 30, 2026	Cost or Adjusted / Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt Securities Available-for-sale	(In thousands)
U.S. government and agency securities	$	130,483	$	247	$	420	$	130,310
States, municipalities and political subdivisions		359,301		849		14,593		345,557
Corporate bonds		251,733		1,378		4,797		248,314
Mortgage-backed securities		77,020		50		2,638		74,432
Asset-backed securities		991		—		24		967
Other		2,330		—		—		2,330
Total	$	821,858	$	2,524	$	22,472	$	801,910

During June 2026, the Company repaid in full the borrowings collateralized by investment securities under advance agreements entered into in 2024. As a result, debt securities with a carrying amount of $3.6 million were no longer pledged as collateral as of June 30, 2026.


December 31, 2025	Cost or Adjusted / Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt Securities Available-for-sale	(In thousands)
U.S. government and agency securities (1)	$	89,380	$	1,014	$	210	$	90,184
States, municipalities and political subdivisions		347,487		2,147		14,152		335,482
Corporate bonds		226,541		3,431		4,250		225,722
Mortgage-backed securities (1)		59,087		339		1,826		57,600
Asset-backed securities		1,199		—		30		1,169
Other		3,080		—		—		3,080
Total	$	726,774	$	6,931	$	20,468	$	713,237

(1)

Includes debt securities at December 31, 2025 with a carrying amount of $3.8 million that were pledged as collateral for the advance agreements entered into with a financial institution in 2024. The Company is permitted to withdraw or exchange any portion of the pledged collateral over the minimum requirement at any time.

The following table presents net realized gain (losses) on debt securities available‑for‑sale for the three and six months ended June 30, 2026 and 2025.


	Three Months Ended June 30, 2026					Three Months Ended June 30, 2025
	Gains (Losses)			Fair Value at Sale		Gains (Losses)			Fair Value at Sale
	(In thousands)
Debt Securities Available-for-Sale
Total realized gains	$	7		$	1,605	$	6		$	—
Total realized losses		(51	)		973		(2	)		35
Net realized (losses) gains on debt securities available-for-sale	$	(44	)	$	2,578	$	4		$	35


	Six Months Ended June 30, 2026					Six Months Ended June 30, 2025
	Gains (Losses)			Fair Value at Sale		Gains (Losses)			Fair Value at Sale
	(In thousands)
Debt Securities Available-for-Sale
Total realized gains	$	26		$	3,943	$	10		$	—
Total realized losses		(60	)		27,658		(10	)		—
Net realized (losses) gains on debt securities available-for-sale	$	(34	)	$	31,601	$	—		$	—

The following table presents the reconciliation of net realized gains (losses) from debt securities and other investments on the Company’s investments reported for the three and six months ended June 30, 2026 and 2025, respectively:


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Gross realized gains on sales of available-for-sale securities	$	7		$	6		$	26		$	10
Gross realized losses on sales of available-for-sale securities		(51	)		(2	)		(60	)		(10	)
Gross realized losses on other investments		—			—			—			—
Gross realized gains on other investments		7			—			13			—
Net realized (losses) gains on investments	$	(37	)	$	4		$	(21	)	$	—

The table below summarizes the Company’s debt securities at June 30, 2026 by contractual maturity periods. Actual results may differ as issuers may have the right to call or prepay obligations, with or without penalties, prior to the contractual maturity of those obligations.


	June 30, 2026
	Cost or Amortized Cost		Percent of Total			Fair Value		Percent of Total
Maturity dates:	(In thousands)					(In thousands)
Due in one year or less	$	128,596		15.6	%	$	127,900		15.9	%
Due after one year through five years		410,554		50.0	%		399,655		49.8	%
Due after five years through ten years		180,145		21.9	%		174,508		21.8	%
Due after ten years		102,563		12.5	%		99,847		12.5	%
Total	$	821,858		100.0	%	$	801,910		100.0	%

The following table summarizes the Company’s net investment income by major investment category for the three and six months ended June 30, 2026 and 2025, respectively:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(In thousands)				(In thousands)
Debt securities	$	7,320	$	5,695	$	14,244	$	11,043
Equity securities		6		12		32		45
Cash and cash equivalents		3,807		3,653		7,204		7,058
Other investments		—		146		46		455
Net investment income		11,133		9,506		21,526		18,601
Less: Investment expenses		538		472		1,064		992
Net investment income, less investment expenses	$	10,595	$	9,034	$	20,462	$	17,609


	Less Than Twelve Months						Twelve Months or More
June 30, 2026	Number of Securities		Gross Unrealized Losses		Fair Value		Number of Securities		Gross Unrealized Losses		Fair Value
Debt Securities Available-for-sale
U.S. government and agency securities		24	$	308	$	59,103		12	$	112	$	11,273
States, municipalities and political subdivisions		45		786		58,681		270		13,807		206,623
Corporate bonds		80		731		79,848		86		4,066		57,767
Mortgage-backed securities		33		723		48,898		106		1,915		12,269
Asset-backed securities		—		—		—		19		24		967
Total		182		2,548		246,530		493		19,924		288,899


	Less Than Twelve Months						Twelve Months or More
December 31, 2025	Number of Securities		Gross Unrealized Losses		Fair Value		Number of Securities		Gross Unrealized Losses		Fair Value
Debt Securities Available-for-sale
U.S. government and agency securities		—	$	—	$	—		12	$	210	$	11,164
States, municipalities and political subdivisions		7		55		10,937		302		14,097		232,460
Corporate bonds		9		11		11,734		115		4,239		77,501
Mortgage-backed securities		—		—		—		112		1,826		13,336
Asset-backed securities		—		—		—		20		30		1,170
Total		16		66		22,672		561		20,402		335,631

The Company’s unrealized losses on debt securities have not been recognized because the securities are of a high credit quality with investment grade ratings. After reviewing the Company's portfolio, if (i) the Company does not have the intent to sell, or (ii) it is more likely than not it will not be required to sell the security before its anticipated recovery, then the Company's intent is to hold the investment securities to recovery, or maturity if necessary to recover the decline in valuation as prices accrete to par. However, the Company's intent may change prior to maturity due to certain types of events, which include, but are not limited to, changes in the financial markets, the Company's analysis of an issuer’s credit metrics and prospects, changes in tax laws or the regulatory environment, or as a result of significant unforeseen changes in liquidity needs. As such, the Company may, from time to time, sell invested assets subsequent to the balance sheet date that it did not intend to sell at the balance sheet date. Conversely, the Company may not sell invested assets that the Company asserted it intended to sell at the balance sheet date. Such changes in intent are due to unforeseen events occurring subsequent to the balance sheet date.

The Company evaluated available‑for‑sale debt securities in unrealized loss positions at June 30, 2026 and determined that the losses were driven by interest rate movements, changes in yield curve dynamics, market liquidity conditions, and broader fixed‑income market volatility, none of which indicated credit deterioration; accordingly, no allowance for credit losses was recorded for the three or six months ended June 30, 2026.

The Company makes passive investments in limited partnerships (“LPs”), which is accounted for using the equity method, with income reported in net realized and unrealized gains and losses. The Company also makes passive investments in a Real Estate Investment Trust (“REIT”), which are accounted for using the measurement alternative method, which is reported at cost less impairment (if any), plus or minus changes from observable price changes, as described in the table below.

The Company’s maximum exposure to loss with respect to these investments is limited to the investment carrying amounts reported as “other investments” in the Company’s consolidated balance sheet. No agreements exist requiring the Company to provide additional funding to any of the non-consolidated VIEs in excess of the Company’s initial investment.