Investments (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Schedule of Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Debt Securities Available-for-Sale |
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:
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June 30, 2026 |
|
Cost or Adjusted /
Amortized Cost |
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|
Gross Unrealized
Gains |
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|
Gross Unrealized
Losses |
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Fair Value |
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Debt Securities Available-for-sale |
|
(In thousands) |
|
U.S. government and agency securities |
|
$ |
130,483 |
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|
$ |
247 |
|
|
$ |
420 |
|
|
$ |
130,310 |
|
States, municipalities and political subdivisions |
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|
359,301 |
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|
849 |
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|
14,593 |
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|
|
345,557 |
|
Corporate bonds |
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|
251,733 |
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|
1,378 |
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|
4,797 |
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|
248,314 |
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Mortgage-backed securities |
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|
77,020 |
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|
50 |
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2,638 |
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|
74,432 |
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Asset-backed securities |
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|
991 |
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|
— |
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|
24 |
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|
967 |
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Other |
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|
2,330 |
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— |
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|
|
— |
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|
2,330 |
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Total |
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$ |
821,858 |
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|
$ |
2,524 |
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|
$ |
22,472 |
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|
$ |
801,910 |
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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 $3.6 million were no longer pledged as collateral as of June 30, 2026.
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December 31, 2025 |
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Cost or Adjusted /
Amortized Cost |
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Gross Unrealized
Gains |
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Gross Unrealized
Losses |
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Fair Value |
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Debt Securities Available-for-sale |
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(In thousands) |
|
U.S. government and agency securities (1) |
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$ |
89,380 |
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|
$ |
1,014 |
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$ |
210 |
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$ |
90,184 |
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States, municipalities and political subdivisions |
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347,487 |
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2,147 |
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14,152 |
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335,482 |
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Corporate bonds |
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226,541 |
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3,431 |
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4,250 |
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225,722 |
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Mortgage-backed securities (1) |
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59,087 |
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|
339 |
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1,826 |
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|
57,600 |
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Asset-backed securities |
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|
1,199 |
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— |
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|
30 |
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1,169 |
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Other |
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3,080 |
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— |
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— |
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3,080 |
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Total |
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$ |
726,774 |
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$ |
6,931 |
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$ |
20,468 |
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$ |
713,237 |
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(1)Includes debt securities at December 31, 2025 with a carrying amount of $3.8 million that were pledged as collateral for the advance agreements entered into with a financial institution in 2024. The Company is permitted to withdraw or exchange any portion of the pledged collateral over the minimum requirement at any time.
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| Schedule of Net Realized Gain (Losses) on Company's Debt Securities Available-for-Sale |
The following table presents net realized gain (losses) on debt securities available‑for‑sale for the three and six months ended June 30, 2026 and 2025.
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Three Months Ended June 30, 2026 |
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Three Months Ended June 30, 2025 |
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Gains
(Losses) |
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Fair Value at Sale |
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Gains
(Losses) |
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Fair Value at Sale |
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(In thousands) |
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Debt Securities Available-for-Sale |
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Total realized gains |
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$ |
7 |
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$ |
1,605 |
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$ |
6 |
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$ |
— |
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Total realized losses |
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(51 |
) |
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|
973 |
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(2 |
) |
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|
35 |
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Net realized (losses) gains on debt securities available-for-sale |
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$ |
(44 |
) |
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$ |
2,578 |
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$ |
4 |
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$ |
35 |
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Six Months Ended June 30, 2026 |
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Six Months Ended June 30, 2025 |
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Gains
(Losses) |
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Fair Value at Sale |
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Gains
(Losses) |
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Fair Value at Sale |
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(In thousands) |
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Debt Securities Available-for-Sale |
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Total realized gains |
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$ |
26 |
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$ |
3,943 |
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$ |
10 |
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$ |
— |
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Total realized losses |
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(60 |
) |
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27,658 |
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(10 |
) |
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— |
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Net realized (losses) gains on debt securities available-for-sale |
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$ |
(34 |
) |
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$ |
31,601 |
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$ |
— |
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$ |
— |
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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:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Gross realized gains on sales of available-for-sale securities |
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$ |
7 |
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$ |
6 |
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$ |
26 |
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$ |
10 |
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Gross realized losses on sales of available-for-sale securities |
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(51 |
) |
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(2 |
) |
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(60 |
) |
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(10 |
) |
Gross realized losses on other investments |
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— |
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— |
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— |
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— |
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Gross realized gains on other investments |
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7 |
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— |
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|
13 |
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— |
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Net realized (losses) gains on investments |
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$ |
(37 |
) |
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$ |
4 |
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$ |
(21 |
) |
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$ |
— |
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|
| Schedule of Debt Securities by Contractual Maturity Periods |
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.
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June 30, 2026 |
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Cost or Amortized Cost |
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Percent of Total |
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Fair Value |
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Percent of Total |
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Maturity dates: |
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(In thousands) |
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(In thousands) |
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Due in one year or less |
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$ |
128,596 |
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15.6 |
% |
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$ |
127,900 |
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15.9 |
% |
Due after one year through five years |
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|
410,554 |
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|
50.0 |
% |
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|
399,655 |
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|
49.8 |
% |
Due after five years through ten years |
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|
180,145 |
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21.9 |
% |
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|
174,508 |
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21.8 |
% |
Due after ten years |
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|
102,563 |
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12.5 |
% |
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|
99,847 |
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12.5 |
% |
Total |
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$ |
821,858 |
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|
100.0 |
% |
|
$ |
801,910 |
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|
|
100.0 |
% |
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| Schedule of Net Investment Income |
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:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2026 |
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2025 |
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|
2026 |
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2025 |
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(In thousands) |
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|
(In thousands) |
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Debt securities |
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$ |
7,320 |
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$ |
5,695 |
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$ |
14,244 |
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$ |
11,043 |
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Equity securities |
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6 |
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12 |
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|
32 |
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|
45 |
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Cash and cash equivalents |
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3,807 |
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3,653 |
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7,204 |
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|
7,058 |
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Other investments |
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— |
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|
146 |
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|
46 |
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|
455 |
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Net investment income |
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11,133 |
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|
9,506 |
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|
21,526 |
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|
18,601 |
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Less: Investment expenses |
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|
538 |
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|
472 |
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|
1,064 |
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|
992 |
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Net investment income, less investment expenses |
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$ |
10,595 |
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$ |
9,034 |
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$ |
20,462 |
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$ |
17,609 |
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|
| Schedule of Debt Securities Available-for-Sale in an Unrealized Loss Position, Aggregate Fair Value |
The following tables present, for all debt securities available-for-sale in an unrealized loss position (including securities pledged) and for which no credit loss allowance has been established to date, the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position at June 30, 2026 and December 31, 2025, respectively (in thousands):
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Less Than Twelve Months |
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Twelve Months or More |
|
June 30, 2026 |
|
Number of
Securities |
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|
Gross
Unrealized
Losses |
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|
Fair Value |
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|
Number of
Securities |
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|
Gross
Unrealized
Losses |
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|
Fair Value |
|
Debt Securities Available-for-sale |
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|
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U.S. government and agency securities |
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|
24 |
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$ |
308 |
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$ |
59,103 |
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|
12 |
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$ |
112 |
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$ |
11,273 |
|
States, municipalities and political subdivisions |
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|
45 |
|
|
|
786 |
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|
58,681 |
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|
|
270 |
|
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|
13,807 |
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|
|
206,623 |
|
Corporate bonds |
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|
80 |
|
|
|
731 |
|
|
|
79,848 |
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|
|
86 |
|
|
|
4,066 |
|
|
|
57,767 |
|
Mortgage-backed securities |
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|
33 |
|
|
|
723 |
|
|
|
48,898 |
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|
|
106 |
|
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|
1,915 |
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|
|
12,269 |
|
Asset-backed securities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
19 |
|
|
|
24 |
|
|
|
967 |
|
Total |
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|
182 |
|
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|
2,548 |
|
|
|
246,530 |
|
|
|
493 |
|
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|
19,924 |
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|
288,899 |
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Less Than Twelve Months |
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Twelve Months or More |
|
December 31, 2025 |
|
Number of
Securities |
|
|
Gross
Unrealized
Losses |
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|
Fair Value |
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|
Number of
Securities |
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|
Gross
Unrealized
Losses |
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|
Fair Value |
|
Debt Securities Available-for-sale |
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|
|
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|
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|
|
|
|
|
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|
|
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|
U.S. government and agency securities |
|
|
— |
|
|
$ |
— |
|
|
$ |
— |
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|
|
12 |
|
|
$ |
210 |
|
|
$ |
11,164 |
|
States, municipalities and political subdivisions |
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|
7 |
|
|
|
55 |
|
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|
10,937 |
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|
|
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 |
|
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| Schedule of Carrying Value and Maximum Loss Exposure of Company's Non-consolidated VIEs by Category |
The following table summarizes the carrying value and maximum loss exposure of the Company’s non-consolidated VIEs at June 30, 2026 and December 31, 2025, respectively:
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June 30, 2026 |
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December 31, 2025 |
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Carrying Value |
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Maximum Loss Exposure |
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Carrying Value |
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Maximum Loss Exposure |
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Investments in non-consolidated VIEs - Equity method |
|
$ |
833 |
|
|
$ |
833 |
|
|
$ |
839 |
|
|
$ |
839 |
|
Investments in non-consolidated VIEs - Measurement alternative |
|
$ |
426 |
|
|
$ |
426 |
|
|
$ |
446 |
|
|
$ |
446 |
|
Total non-consolidated VIEs |
|
$ |
1,259 |
|
|
$ |
1,259 |
|
|
$ |
1,285 |
|
|
$ |
1,285 |
|
|