Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Nov. 03, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'FIRST ACCEPTANCE CORP /DE/ | ' |
Entity Central Index Key | '0001017907 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 40,999,909 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Investments, available-for-sale at fair value (amortized cost of $115,854 and $126,873, respectively) | $121,513 | $130,248 |
Cash and cash equivalents | 96,496 | 72,033 |
Premiums and fees receivable, net of allowance of $445 and $311 | 58,401 | 46,228 |
Other investments | 9,922 | 7,513 |
Other assets | 6,320 | 6,471 |
Property and equipment, net | 3,187 | 3,512 |
Deferred acquisition costs | 3,776 | 2,902 |
Identifiable intangible assets | 4,800 | 4,800 |
TOTAL ASSETS | 304,415 | 273,707 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ' | ' |
Loss and loss adjustment expense reserves | 91,244 | 84,286 |
Unearned premiums and fees | 70,235 | 55,983 |
Debentures payable | 40,330 | 40,301 |
Other liabilities | 17,115 | 16,205 |
Total liabilities | 218,924 | 196,775 |
Stockholders’ equity: | ' | ' |
Preferred stock, $.01 par value, 10,000 shares authorized | ' | ' |
Common stock, $.01 par value, 75,000 shares authorized; 41,000 and 40,983 shares issued and outstanding, respectively | 410 | 410 |
Additional paid-in capital | 457,168 | 456,993 |
Accumulated other comprehensive income | 5,659 | 3,375 |
Accumulated deficit | -377,746 | -383,846 |
Total stockholders’ equity | 85,491 | 76,932 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $304,415 | $273,707 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Amortized cost of investments | $115,854 | $126,873 |
Allowance for premiums and fees receivable | $445 | $311 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 10,000 | 10,000 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 75,000 | 75,000 |
Common stock, shares issued | 41,000 | 41,000 |
Common stock, shares outstanding | 40,983 | 40,983 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenues: | ' | ' | ' | ' |
Premiums earned | $54,369 | $49,467 | $161,971 | $150,988 |
Commission and fee income | 10,097 | 8,632 | 29,323 | 26,391 |
Investment income | 1,142 | 1,473 | 3,936 | 4,017 |
Net realized gains (losses) on investments, available-for-sale (includes $(4), $6, $36 and $(36), respectively, of accumulated other comprehensive income reclassification for unrealized gains (losses)) | -4 | 6 | 36 | -36 |
Total revenues | 65,604 | 59,578 | 195,266 | 181,360 |
Costs and expenses: | ' | ' | ' | ' |
Losses and loss adjustment expenses | 41,440 | 36,132 | 119,323 | 108,724 |
Insurance operating expenses | 20,654 | 20,145 | 65,845 | 62,394 |
Other operating expenses | 244 | 235 | 722 | 687 |
Stock-based compensation | 39 | 54 | 151 | 194 |
Depreciation and amortization | 423 | 485 | 1,303 | 1,593 |
Interest expense | 427 | 431 | 1,275 | 1,301 |
Total costs and expenses | 63,227 | 57,482 | 188,619 | 174,893 |
Income before income taxes | 2,377 | 2,096 | 6,647 | 6,467 |
Provision for income taxes (includes $(1), $2, $13 and $(13), respectively, of income tax expense from reclassification items) | 257 | 164 | 547 | 445 |
Net income | 2,120 | 1,932 | 6,100 | 6,022 |
Net income per share: | ' | ' | ' | ' |
Basic | $0.05 | $0.05 | $0.15 | $0.15 |
Diluted | $0.05 | $0.05 | $0.15 | $0.15 |
Number of shares used to calculate net income per share: | ' | ' | ' | ' |
Basic | 40,995 | 40,942 | 40,981 | 40,925 |
Diluted | 41,297 | 41,161 | 41,285 | 40,948 |
Reconciliation of net income to other comprehensive income : | ' | ' | ' | ' |
Net income | 2,120 | 1,932 | 6,100 | 6,022 |
Net unrealized change in investments | -667 | -419 | 2,284 | -4,446 |
Comprehensive income | 1,453 | 1,513 | 8,384 | 1,576 |
Detail of net realized gains (losses) on investments, available-for-sale: | ' | ' | ' | ' |
Net realized gains (losses) on sales and redemptions | -4 | 39 | 36 | 25 |
OTTI charges reclassified from other comprehensive income and recognized in net income | ' | -33 | ' | -61 |
Net realized gains (losses) on investments, available-for-sale | ($4) | $6 | $36 | ($36) |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Accumulated other comprehensive income reclassification for unrealized gains (losses) | ($4) | $6 | $36 | ($36) |
Income tax expense from reclassification items | ($1) | $2 | $13 | ($13) |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $6,100 | $6,022 |
Adjustments to reconcile net income to cash provided by operating activities: | ' | ' |
Depreciation and amortization | 1,303 | 1,593 |
Stock-based compensation | 151 | 194 |
Other-than-temporary impairment on investment securities | ' | 61 |
Net realized (gains) losses on sales and redemptions of investments | -36 | -25 |
Investment income and equity in earnings from other investments | -248 | -128 |
Other | 244 | 174 |
Change in: | ' | ' |
Premiums and fees receivable | -12,307 | -4,624 |
Loss and loss adjustment expense reserves | 6,958 | 5,557 |
Unearned premiums and fees | 14,252 | 5,664 |
Other | 218 | 109 |
Net cash provided by operating activities | 16,635 | 14,597 |
Cash flows from investing activities: | ' | ' |
Purchases of investments, available-for-sale | -5,441 | -17,612 |
Purchases of other investments | -2,336 | -6,316 |
Maturities and redemptions of investments, available-for-sale | 16,379 | 16,506 |
Capital expenditures | -978 | -795 |
Other | 173 | -2 |
Net cash provided by (used in) investing activities | 7,797 | -8,219 |
Cash flows from financing activities: | ' | ' |
Net proceeds from issuance of common stock | 31 | 24 |
Net cash provided by financing activities | 31 | 24 |
Net change in cash and cash equivalents | 24,463 | 6,402 |
Cash and cash equivalents, beginning of period | 72,033 | 59,104 |
Cash and cash equivalents, end of period | $96,496 | $65,506 |
General
General | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
General | ' |
1. General | |
The consolidated financial statements of First Acceptance Corporation (the “Company”) included herein have been prepared without audit pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been omitted. In the opinion of management, the consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair statement of the interim periods. | |
The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year. These consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2013. |
Fair_Value
Fair Value | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value | ' | ||||||||||||||||
2. Fair Value | |||||||||||||||||
Fair value is the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are generally based upon observable and unobservable inputs. Observable inputs are based on market data from independent sources, while unobservable inputs reflect the Company’s view of market assumptions in the absence of observable market information. All assets and liabilities that are carried at fair value are classified and disclosed in one of the following categories: | |||||||||||||||||
Level 1 - | Quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||
Level 2 - | Quoted market prices for similar assets or liabilities in active markets; quoted prices by independent pricing services for identical or similar assets or liabilities in markets that are not active; and valuations, using models or other valuation techniques, that use observable market data. All significant inputs are observable, or derived from observable information in the marketplace, or are supported by observable levels at which transactions are executed in the marketplace. | ||||||||||||||||
Level 3 - | Instruments that use non-binding broker quotes or model driven valuations that do not have observable market data or those that are estimated based on an ownership interest to which a proportionate share of net assets is attributed. | ||||||||||||||||
The Company categorizes valuation methods used in its identifiable intangible assets impairment tests as Level 3. To determine the fair value of acquired trademarks and trade names, the Company uses the relief-from-royalty method, which requires the Company to estimate the future revenue for the related brands, the appropriate royalty rate and the weighted average cost of capital. The Company also categorizes valuation methods used to fair value its investments in other investments as Level 3, since these investments have redemptions and transfer restrictions and are therefore not readily marketable. | |||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||
The carrying values and fair values of certain of the Company’s financial instruments were as follows (in thousands). | |||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Value | Value | Value | Value | ||||||||||||||
Assets: | |||||||||||||||||
Investments, available-for-sale | $ | 121,513 | $ | 121,513 | $ | 130,248 | $ | 130,248 | |||||||||
Other investments | 9,922 | 9,922 | 7,513 | 7,513 | |||||||||||||
Liabilities: | |||||||||||||||||
Debentures payable | 40,330 | 19,507 | 40,301 | 15,006 | |||||||||||||
FIRST ACCEPTANCE CORPORATION 10-Q | |||||||||||||||||
The fair values as presented represent the Company’s best estimates and may not be substantiated by comparisons to independent markets. The fair value of the debentures payable is categorized as Level 3, since it was based on current market rates offered for debt with similar risks and maturities, an unobservable input categorized as Level 3. Carrying values of certain financial instruments, such as cash and cash equivalents and premiums and fees receivable, approximate fair value due to the short-term nature of the instruments and are not required to be disclosed. Therefore, the aggregate of the fair values presented in the preceding table do not purport to represent the Company’s underlying value. | |||||||||||||||||
The Company holds available-for-sale investments and other investments, which are carried at either net asset value or under the equity method which approximates fair value. The following tables present the fair-value measurements for each major category of assets that are measured on a recurring basis (in thousands). | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
September 30, 2014 | Total | Quoted Prices | Significant | Significant | |||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Fixed maturities, available-for-sale: | |||||||||||||||||
U.S. government and agencies | $ | 4,287 | $ | 4,287 | $ | - | $ | - | |||||||||
State | 731 | - | 731 | - | |||||||||||||
Political subdivisions | 508 | - | 508 | - | |||||||||||||
Revenue and assessment | 12,519 | - | 12,519 | - | |||||||||||||
Corporate bonds | 76,426 | - | 76,426 | - | |||||||||||||
Collateralized mortgage obligations: | |||||||||||||||||
Agency backed | 7,071 | - | 7,071 | - | |||||||||||||
Non-agency backed – residential | 4,358 | - | 4,358 | - | |||||||||||||
Non-agency backed – commercial | 3,121 | - | 3,121 | - | |||||||||||||
Total fixed maturities, available-for-sale | 109,021 | 4,287 | 104,734 | - | |||||||||||||
Preferred stock, available-for-sale | 1,721 | 1,721 | - | - | |||||||||||||
Mutual funds, available-for-sale | 10,771 | 10,771 | - | - | |||||||||||||
Total investments, available-for-sale | 121,513 | 16,779 | 104,734 | - | |||||||||||||
Other investments | 9,922 | - | - | 9,922 | |||||||||||||
Cash and cash equivalents | 96,496 | 96,496 | - | - | |||||||||||||
Total | $ | 227,931 | $ | 113,275 | $ | 104,734 | $ | 9,922 | |||||||||
Fair Value Measurements Using | |||||||||||||||||
December 31, 2013 | Total | Quoted Prices | Significant | Significant | |||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Fixed maturities, available-for-sale: | |||||||||||||||||
U.S. government and agencies | $ | 12,485 | $ | 12,485 | $ | — | $ | — | |||||||||
State | 736 | — | 736 | — | |||||||||||||
Political subdivisions | 612 | — | 612 | — | |||||||||||||
Revenue and assessment | 14,658 | — | 14,658 | — | |||||||||||||
Corporate bonds | 73,325 | — | 73,325 | — | |||||||||||||
Collateralized mortgage obligations: | |||||||||||||||||
Agency backed | 7,514 | — | 7,514 | — | |||||||||||||
Non-agency backed – residential | 4,660 | — | 4,660 | — | |||||||||||||
Non-agency backed – commercial | 3,943 | — | 3,943 | — | |||||||||||||
Total fixed maturities, available-for-sale | 117,933 | 12,485 | 105,448 | — | |||||||||||||
Preferred stock available-for-sale | 1,578 | 1,578 | — | — | |||||||||||||
Mutual funds, available-for-sale | 10,737 | 10,737 | — | — | |||||||||||||
Total investments, available-for-sale | 130,248 | 24,800 | 105,448 | — | |||||||||||||
Other investments | 7,513 | — | — | 7,513 | |||||||||||||
Cash and cash equivalents | 72,033 | 72,033 | — | — | |||||||||||||
Total | $ | 209,794 | $ | 96,833 | $ | 105,448 | $ | 7,513 | |||||||||
The fair values of the Company’s investments are determined by management after taking into consideration available sources of data. All of the portfolio valuations classified as Level 1 or Level 2 in the above tables are priced exclusively by utilizing the services of independent pricing sources using observable market data. The Level 2 classified security valuations are obtained from a single independent pricing service. The Level 3 classified securities in the table above consist of other investments for which fair value is estimated based on the Company’s ownership interest. There were no transfers between Level 1 and Level 2 for the three and nine months ended September 30, 2014 and 2013. The Company’s policy is to recognize transfers between levels at the end of the reporting period based on specific identification. The Company has not made any adjustments to the prices obtained from the independent pricing sources. | |||||||||||||||||
The Company has reviewed the pricing techniques and methodologies of the independent pricing service for Level 2 investments and believes that its policies adequately consider market activity, either based on specific transactions for the security valued or based on modeling of securities with similar credit quality, duration, yield and structure that were recently traded. The Company monitored security-specific valuation trends and has made inquiries with the pricing service about material changes or the absence of expected changes to understand the underlying factors and inputs and to validate the reasonableness of the pricing. | |||||||||||||||||
The following table represents the quantitative disclosure for those assets classified as Level 3 during the nine months ended September 30, 2014 (in thousands). | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Significant Unobservable Inputs (Level 3) | |||||||||||||||||
Limited partnership interests | |||||||||||||||||
carried at | |||||||||||||||||
Net Asset | Equity | Common Stock at Fair Value | Total | ||||||||||||||
Value | Method | ||||||||||||||||
Balance at December 31, 2013 | $ | 3,314 | $ | 4,199 | $ | - | $ | 7,513 | |||||||||
Gains included in net income | 117 | 131 | - | 248 | |||||||||||||
Investments and capital calls | 1,616 | - | 720 | 2,336 | |||||||||||||
Distributions received | -175 | - | - | -175 | |||||||||||||
Transfers into and out of Level 3 | - | - | - | - | |||||||||||||
Balance at September 30, 2014 | $ | 4,872 | $ | 4,330 | $ | 720 | $ | 9,922 | |||||||||
Investments
Investments | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||
Investments | ' | ||||||||||||||||||||
3. Investments | |||||||||||||||||||||
Investments, Available-for-Sale | |||||||||||||||||||||
The following tables summarize the Company’s investment securities (in thousands). | |||||||||||||||||||||
September 30, 2014 | Amortized | Gross | Gross | Fair | |||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||
Gains | Losses | ||||||||||||||||||||
U.S. government and agencies | $ | 4,005 | $ | 290 | $ | -8 | $ | 4,287 | |||||||||||||
State | 698 | 33 | - | 731 | |||||||||||||||||
Political subdivisions | 500 | 8 | - | 508 | |||||||||||||||||
Revenue and assessment | 11,346 | 1,173 | - | 12,519 | |||||||||||||||||
Corporate bonds | 74,950 | 2,483 | -1,007 | 76,426 | |||||||||||||||||
Collateralized mortgage obligations: | |||||||||||||||||||||
Agency backed | 6,848 | 223 | - | 7,071 | |||||||||||||||||
Non-agency backed – residential | 3,682 | 676 | - | 4,358 | |||||||||||||||||
Non-agency backed – commercial | 2,425 | 696 | - | 3,121 | |||||||||||||||||
Total fixed maturities, available-for-sale | 104,454 | 5,582 | -1,015 | 109,021 | |||||||||||||||||
Preferred stock, available-for-sale | 1,500 | 221 | - | 1,721 | |||||||||||||||||
Mutual funds, available-for-sale | 9,900 | 871 | - | 10,771 | |||||||||||||||||
$ | 115,854 | $ | 6,674 | $ | -1,015 | $ | 121,513 | ||||||||||||||
December 31, 2013 | Amortized | Gross | Gross | Fair | |||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||
Gains | Losses | ||||||||||||||||||||
U.S. government and agencies | $ | 12,006 | $ | 495 | $ | (16 | ) | $ | 12,485 | ||||||||||||
State | 697 | 39 | — | 736 | |||||||||||||||||
Political subdivisions | 601 | 11 | — | 612 | |||||||||||||||||
Revenue and assessment | 14,050 | 619 | (11 | ) | 14,658 | ||||||||||||||||
Corporate bonds | 73,461 | 2,127 | (2,263 | ) | 73,325 | ||||||||||||||||
Collateralized mortgage obligations: | |||||||||||||||||||||
Agency backed | 7,113 | 401 | — | 7,514 | |||||||||||||||||
Non-agency backed – residential | 4,181 | 480 | (1 | ) | 4,660 | ||||||||||||||||
Non-agency backed – commercial | 3,363 | 580 | — | 3,943 | |||||||||||||||||
Total fixed maturities, available-for-sale | 115,472 | 4,752 | (2,291 | ) | 117,933 | ||||||||||||||||
Preferred stock, available-for-sale | 1,500 | 78 | — | 1,578 | |||||||||||||||||
Mutual funds, available-for-sale | 9,901 | 836 | — | 10,737 | |||||||||||||||||
$ | 126,873 | $ | 5,666 | $ | (2,291 | ) | $ | 130,248 | |||||||||||||
The following tables set forth the scheduled maturities of the Company’s fixed maturity securities based on their fair values (in thousands). Actual maturities may differ from contractual maturities because certain securities may be called or prepaid by the issuers. | |||||||||||||||||||||
September 30, 2014 | Securities | Securities | Securities | All | |||||||||||||||||
with | with | with No | Fixed | ||||||||||||||||||
Unrealized | Unrealized | Unrealized | Maturity | ||||||||||||||||||
Gains | Losses | Gains or | Securities | ||||||||||||||||||
Losses | |||||||||||||||||||||
One year or less | $ | 5,106 | $ | - | $ | - | $ | 5,106 | |||||||||||||
After one through five years | 27,068 | 10,941 | - | 38,009 | |||||||||||||||||
After five through ten years | 21,873 | 20,890 | - | 42,763 | |||||||||||||||||
After ten years | 6,858 | 1,735 | - | 8,593 | |||||||||||||||||
No single maturity date | 14,453 | 97 | - | 14,550 | |||||||||||||||||
$ | 75,358 | $ | 33,663 | $ | - | $ | 109,021 | ||||||||||||||
December 31, 2013 | Securities | Securities | Securities | All | |||||||||||||||||
with | with | with No | Fixed | ||||||||||||||||||
Unrealized | Unrealized | Unrealized | Maturity | ||||||||||||||||||
Gains | Losses | Gains or | Securities | ||||||||||||||||||
Losses | |||||||||||||||||||||
One year or less | $ | 14,305 | $ | — | $ | — | $ | 14,305 | |||||||||||||
After one through five years | 25,667 | 10,888 | — | 36,555 | |||||||||||||||||
After five through ten years | 20,445 | 22,836 | — | 43,281 | |||||||||||||||||
After ten years | 3,667 | 4,008 | — | 7,675 | |||||||||||||||||
No single maturity date | 15,928 | 189 | — | 16,117 | |||||||||||||||||
$ | 80,012 | $ | 37,921 | $ | — | $ | 117,933 | ||||||||||||||
The following table reflects the number of fixed maturity securities with gross unrealized gains and losses. Gross unrealized losses are further segregated by the length of time that individual securities have been in a continuous unrealized loss position. | |||||||||||||||||||||
Gross Unrealized Losses | Gross | ||||||||||||||||||||
Unrealized | |||||||||||||||||||||
At: | Less than | Greater | Gains | ||||||||||||||||||
or equal to | than 12 | ||||||||||||||||||||
12 months | months | ||||||||||||||||||||
September 30, 2014 | 5 | 11 | 81 | ||||||||||||||||||
December 31, 2013 | 12 | 7 | 83 | ||||||||||||||||||
The following tables reflect the fair value and gross unrealized losses of those fixed maturity securities in a continuous unrealized loss position for greater than 12 months. Gross unrealized losses are further segregated by the percentage of amortized cost (in thousands, except number of securities). | |||||||||||||||||||||
Gross Unrealized Losses | Number | Fair | Gross | ||||||||||||||||||
at September 30, 2014: | of | Value | Unrealized | ||||||||||||||||||
Securities | Losses | ||||||||||||||||||||
Less than or equal to 10% | 11 | $ | 25,555 | $ | -974 | ||||||||||||||||
Greater than 10% | - | — | — | ||||||||||||||||||
11 | $ | 25,555 | $ | -974 | |||||||||||||||||
Gross Unrealized Losses | Number | Fair | Gross | ||||||||||||||||||
at December 31, 2013: | of | Value | Unrealized | ||||||||||||||||||
Securities | Losses | ||||||||||||||||||||
Less than or equal to 10% | 7 | $ | 13,980 | $ | (1,270 | ) | |||||||||||||||
Greater than 10% | — | — | — | ||||||||||||||||||
7 | $ | 13,980 | $ | (1,270 | ) | ||||||||||||||||
The following tables set forth the amount of gross unrealized losses by current severity (as compared to amortized cost) and length of time that individual securities have been in a continuous unrealized loss position (in thousands). | |||||||||||||||||||||
Length of | Fair Value of | Gross | Severity of Gross Unrealized Losses | ||||||||||||||||||
Gross Unrealized Losses | Securities with | Unrealized | |||||||||||||||||||
at September 30, 2014: | Gross | Losses | |||||||||||||||||||
Unrealized | |||||||||||||||||||||
Losses | Less | 5% to | Greater | ||||||||||||||||||
than 5% | 10% | than 10% | |||||||||||||||||||
Less than or equal to: | |||||||||||||||||||||
Three months | $ | 1,198 | $ | -1 | $ | -1 | $ | - | $ | - | |||||||||||
Six months | 3,038 | -16 | -16 | - | - | ||||||||||||||||
Nine months | 2,876 | -16 | -16 | - | - | ||||||||||||||||
Twelve months | 996 | -8 | -8 | - | - | ||||||||||||||||
Greater than twelve months | 25,555 | -974 | -518 | -456 | - | ||||||||||||||||
Total | $ | 33,663 | $ | -1,015 | $ | -559 | $ | -456 | $ | - | |||||||||||
Length of | Fair Value of | Gross | Severity of Gross Unrealized Losses | ||||||||||||||||||
Gross Unrealized Losses | Securities with | Unrealized | |||||||||||||||||||
at December 31, 2013: | Gross | Losses | |||||||||||||||||||
Unrealized | |||||||||||||||||||||
Losses | Less | 5% to | Greater | ||||||||||||||||||
than 5% | 10% | than 10% | |||||||||||||||||||
Less than or equal to: | |||||||||||||||||||||
Three months | $ | 6,417 | $ | (40 | ) | $ | (40 | ) | $ | — | $ | — | |||||||||
Six months | 1,653 | (129 | ) | — | (129 | ) | — | ||||||||||||||
Nine months | 15,871 | (852 | ) | (153 | ) | (699 | ) | — | |||||||||||||
Twelve months | — | — | — | — | — | ||||||||||||||||
Greater than twelve months | 13,980 | (1,270 | ) | (85 | ) | (1,185 | ) | — | |||||||||||||
Total | $ | 37,921 | $ | (2,291 | ) | $ | (278 | ) | $ | (2,013 | ) | $ | — | ||||||||
Other Investments | |||||||||||||||||||||
Other investments consist of the common stock of a real estate investment trust and limited partnership interests in three funds that invest in (i) commercial real estate and secured commercial real estate loans acquired from financial intuitions, (ii) small balance distressed secured loans and debt securities and (iii) undervalued international publicly-traded equities. These investments have redemption and transfer restrictions; however, the Company does not intend to sell these investments, and it is more likely than not that the Company will not be required to sell them before the expiration of such restrictions. At September 30, 2014, the Company had unfunded commitments of $3.0 million with two of these investments. | |||||||||||||||||||||
Net income from other investments is recorded in investment income in the consolidated statements of comprehensive income (loss). | |||||||||||||||||||||
Restrictions | |||||||||||||||||||||
At September 30, 2014, fixed maturities and cash equivalents with a fair value and amortized cost of $5.2 million were on deposit with various insurance departments as a requirement of doing business in those states. Cash equivalents with a fair value and amortized cost of $9.4 million were on deposit with another insurance company as collateral for an assumed reinsurance contract. | |||||||||||||||||||||
Investment Income and Net Realized Gains and Losses | |||||||||||||||||||||
The major categories of investment income follow (in thousands). | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Fixed maturities, available-for-sale | $ | 1,089 | $ | 1,213 | $ | 3,442 | $ | 3,717 | |||||||||||||
Mutual funds, available-for-sale | 151 | 176 | 458 | 462 | |||||||||||||||||
Other investments | -29 | 128 | 248 | 128 | |||||||||||||||||
Other | 54 | 73 | 156 | 163 | |||||||||||||||||
Investment expenses | -123 | (117 | ) | -368 | (453 | ) | |||||||||||||||
$ | 1,142 | $ | 1,473 | $ | 3,936 | $ | 4,017 | ||||||||||||||
The components of net realized gains (losses) on investments, available-for-sale at fair value follow (in thousands). | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Gains | $ | - | $ | 44 | $ | 85 | $ | 92 | |||||||||||||
Losses | -4 | (5 | ) | -49 | (67 | ) | |||||||||||||||
Other-than-temporary impairment | - | (33 | ) | - | (61 | ) | |||||||||||||||
$ | -4 | $ | 6 | $ | 36 | $ | (36 | ) | |||||||||||||
Realized gains and losses on sales and redemptions are computed based on specific identification. The non-credit related portion of other-than-temporary impairment (“OTTI”) is included in other comprehensive income. The amounts of non-credit OTTI for securities still owned was $0.9 million for non-agency backed residential collateralized mortgage obligations (“CMOs”) and $0.2 million related to non-agency backed commercial CMOs at both September 30, 2014 and December 31, 2013. | |||||||||||||||||||||
Other-Than-Temporary Impairment | |||||||||||||||||||||
The Company separates OTTI into the following two components: (i) the amount related to credit losses, which is recognized in the consolidated statement of comprehensive income (loss) and (ii) the amount related to all other factors, which is recorded in comprehensive income (loss). The credit-related portion of an OTTI is measured by comparing a security’s amortized cost to the present value of its current expected cash flows discounted at its effective yield prior to the impairment charge. | |||||||||||||||||||||
The determination of whether unrealized losses are “other-than-temporary” requires judgment based on subjective as well as objective factors. The Company routinely monitors its investment portfolio for changes in fair value that might indicate potential impairments and performs detailed reviews on such securities. Changes in fair value are evaluated to determine the extent to which such changes are attributable to (i) fundamental factors specific to the issuer or (ii) market-related factors such as interest rates or sector declines. | |||||||||||||||||||||
Securities with declines attributable to issuer-specific fundamentals are reviewed to identify all available evidence to estimate the potential for impairment. Resources used include historical financial data included in filings with the SEC for corporate bonds and performance data regarding the underlying loans for CMOs. Securities with declines attributable solely to market or sector declines where the Company does not intend to sell the security and it is more likely than not that the Company will not be required to sell the security before the full recovery of its amortized cost basis are not deemed to be other-than-temporarily impaired. | |||||||||||||||||||||
The issuer-specific factors considered in reaching the conclusion that securities with declines are not other-than-temporary include (i) the extent and duration of the decline in fair value, including the duration of any significant decline in value, (ii) whether the security is current as to payments of principal and interest, (iii) a valuation of any underlying collateral, (iv) current and future conditions and trends for both the business and its industry, (v) changes in cash flow assumptions for CMOs and (vi) rating agency actions. Based on these factors, the Company makes a determination as to the probability of recovering principal and interest on the security. | |||||||||||||||||||||
For the three and nine months ended September 30, 2013, the Company recognized OTTI charges in net income of $33 thousand and $61 thousand, respectively, related to one non-agency backed residential CMO. | |||||||||||||||||||||
The following is a progression of the credit-related portion of OTTI on investments owned at September 30, 2014 and 2013 (in thousands). | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Beginning balance | $ | -2,632 | $ | (2,599 | ) | $ | -2,632 | $ | (2,666 | ) | |||||||||||
Additional credit impairments on: | |||||||||||||||||||||
Previously impaired securities | — | (33 | ) | — | (61 | ) | |||||||||||||||
Securities without previous impairments | — | — | — | — | |||||||||||||||||
— | (33 | ) | — | (61 | ) | ||||||||||||||||
Reductions for securities sold (realized) | — | — | — | 95 | |||||||||||||||||
$ | -2,632 | $ | (2,632 | ) | $ | -2,632 | $ | (2,632 | ) | ||||||||||||
The Company believes that the remaining securities having unrealized losses at September 30, 2014 were not other-than-temporarily impaired. The Company also does not intend to sell any of these securities and it is more likely than not that the Company will not be required to sell any of these securities before the recovery of their amortized cost basis. |
Net_Income_Per_Share
Net Income Per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Net Income Per Share | ' | ||||||||||||||||
4. Net Income Per Share | |||||||||||||||||
The following table sets forth the computation of basic and diluted net income per share (in thousands, except per share data). | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net income | $ | 2,120 | $ | 1,932 | $ | 6,100 | $ | 6,022 | |||||||||
Weighted average common basic shares | 40,995 | 40,942 | 40,981 | 40,925 | |||||||||||||
Effect of dilutive securities | 302 | 219 | 304 | 23 | |||||||||||||
Weighted average common dilutive shares | 41,297 | 41,161 | 41,285 | 40,948 | |||||||||||||
Basic and diluted net income per share | $ | 0.05 | $ | 0.05 | $ | 0.15 | $ | 0.15 | |||||||||
For the three months ended September 30, 2014, the computation of diluted net income per share included 5 thousand shares of unvested restricted common stock and options to purchase approximately $0.8 million shares that had a dilutive effect of 297 thousand shares. For the nine months ended September 30, 2014, the computation of diluted net income per share included 5 thousand shares of unvested restricted common stock and options to purchase approximately $0.8 million shares that had a dilutive effect of 299 thousand shares. Options to purchase 345 thousand shares were not included in the computation of diluted net income per share for the three and nine months ended September 30, 2014, as their exercise prices were in excess of the average stock prices for the periods. | |||||||||||||||||
For the three months ended September 30, 2013, the computation of diluted net income per share included 23 thousand shares of unvested restricted common stock and options to purchase approximately 0.8 million shares that had a dilutive effect of 196 thousand shares. For the nine months ended September 30, 2013, the computation of diluted net income per share included 23 thousand shares of unvested restricted common stock. Options to purchase 440 thousand and 1.3 million shares were not included in the computation of diluted net income per share for the three and nine months ended September 30, 2013, respectively, as their exercise prices were in excess of the average stock prices for the periods. |
Income_Taxes
Income Taxes | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Income Taxes | ' | ||||||||||||||||
5. Income Taxes | |||||||||||||||||
The provision for income taxes consisted of the following (in thousands). | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Federal: | |||||||||||||||||
Current | $ | 80 | $ | 35 | $ | 170 | $ | 102 | |||||||||
Deferred | — | — | -1 | — | |||||||||||||
80 | 35 | 169 | 102 | ||||||||||||||
State: | |||||||||||||||||
Current | 176 | 128 | 376 | 341 | |||||||||||||
Deferred | 1 | 1 | 2 | 2 | |||||||||||||
177 | 129 | 378 | 343 | ||||||||||||||
$ | 257 | $ | 164 | $ | 547 | $ | 445 | ||||||||||
The provision for income taxes differs from the amounts computed by applying the statutory federal corporate tax rate of 35% to income before income taxes as a result of the following (in thousands). | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Provision for income taxes at statutory rate | $ | 832 | $ | 733 | $ | 2,327 | $ | 2,264 | |||||||||
Tax effect of: | |||||||||||||||||
Tax-exempt investment income | -5 | (10 | ) | -16 | (21 | ) | |||||||||||
Change in the beginning of the period balance of the valuation allowance for deferred tax assets allocated to federal income taxes | -760 | (716 | ) | -2,216 | (2,352 | ) | |||||||||||
Stock-based compensation | 3 | 22 | 48 | 193 | |||||||||||||
State income taxes, net of federal income tax benefit and valuation allowance | 177 | 129 | 378 | 343 | |||||||||||||
Other | 10 | 6 | 26 | 18 | |||||||||||||
$ | 257 | $ | 164 | $ | 547 | $ | 445 | ||||||||||
The Company had a valuation allowance of $21.2 million and $24.2 million at September 30, 2014 and December 31, 2013, respectively, to reduce deferred tax assets to the amount that is more likely than not to be realized. The change in the total valuation allowance for the nine months ended September 30, 2014 was a decrease of $3.0 million. For the nine months ended September 30, 2014, the change in the valuation allowance included an increase of $0.8 million related to unrealized change in investments included in other comprehensive income and was net of the utilization of $8.0 million in net operating loss carryforwards. | |||||||||||||||||
In assessing the realization of deferred tax assets, management considered whether it was more likely than not that some portion or all of the deferred tax assets will not be realized. The Company is required to assess whether a valuation allowance should be established against the Company’s net deferred tax assets based on the consideration of all available evidence using a more likely than not standard. In making such judgments, significant weight is given to evidence that can be objectively verified. In assessing the Company’s ability to support the realizability of its deferred tax assets, management considered both positive and negative evidence. The Company placed greater weight on historical results than on the Company’s outlook for future profitability and established a deferred tax valuation allowance at September 30, 2014 and December 31, 2013. The Company’s historical results now reflect nine consecutive quarters of taxable income which management considers to be a trend of positive evidence in assessing the realizability of its deferred tax assets. Although management decided not to adjust the valuation allowance at September 30, 2014, the deferred tax valuation allowance may be adjusted in future periods if management determines that it is more likely than not that some portion or all of the deferred tax assets will be realized. In the event the deferred tax valuation allowance is adjusted, the Company would record an income tax benefit for the adjustment. |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Information | ' | ||||||||||||||||
6. Segment Information | |||||||||||||||||
The Company operates in two business segments with its primary focus being the selling, servicing and underwriting of non-standard personal automobile insurance. The real estate and corporate segment consists of the activities related to the disposition of foreclosed real estate held for sale, interest expense associated with all debt and other general corporate overhead expenses. | |||||||||||||||||
The following table presents selected financial data by business segment (in thousands). | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenues: | |||||||||||||||||
Insurance | $ | 65,588 | $ | 59,564 | $ | 195,221 | $ | 181,323 | |||||||||
Real estate and corporate | 16 | 14 | 45 | 37 | |||||||||||||
Consolidated total | $ | 65,604 | $ | 59,578 | $ | 195,266 | $ | 181,360 | |||||||||
Income (loss) before income taxes: | |||||||||||||||||
Insurance | $ | 3,071 | $ | 2,802 | $ | 8,750 | $ | 8,613 | |||||||||
Real estate and corporate | -694 | (706 | ) | -2,103 | (2,146 | ) | |||||||||||
Consolidated total | $ | 2,377 | $ | 2,096 | $ | 6,647 | $ | 6,467 | |||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Total assets: | |||||||||||||||||
Insurance. | $ | 288,819 | $ | 262,869 | |||||||||||||
Real estate and corporate | 15,596 | 10,838 | |||||||||||||||
Consolidated total | $ | 304,415 | $ | 273,707 | |||||||||||||
Litigation
Litigation | 9 Months Ended |
Sep. 30, 2014 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Litigation | ' |
7. Litigation | |
The Company is named as a defendant in various lawsuits, arising in the ordinary course of business, generally relating to its insurance operations. All legal actions relating to claims made under insurance policies are considered by the Company in establishing its loss and loss adjustment expense reserves. The Company also faces lawsuits from time to time that seek damages beyond policy limits, commonly known as bad faith claims, as well as class action and individual lawsuits that involve issues arising in the course of the Company’s business. The Company continually evaluates potential liabilities and reserves for litigation of these types using the criteria established by FASB ASC 450, Contingencies (“FASB ASC 450”). Pursuant to FASB ASC 450, reserves for a loss may only be recognized if the likelihood of occurrence is probable and the amount can be reasonably estimated. If a loss, while not probable, is judged to be reasonably possible, management will disclose, if it can be estimated, a possible range of loss or state that an estimate cannot be made. Management evaluates each legal action and records reserves for losses as warranted by establishing a reserve in its consolidated balance sheets in loss and loss adjustment expense reserves for bad faith claims and in other liabilities for other lawsuits. Amounts incurred are recorded in the Company’s consolidated statements of comprehensive income in losses and loss adjustment expenses for bad faith claims and in insurance operating expenses for other lawsuits unless otherwise disclosed. | |
In January 2014, one current and three former employees filed a class action lawsuit against the Company in the U.S. District Court for the Middle District of Tennessee. The case is styled Lykins, et al. v. First Acceptance Corporation, et al. The suit alleges the Company violated the Fair Labor Standards Act by misclassifying its insurance agents as exempt employees. Plaintiffs seek unpaid wages, overtime, attorneys’ fees and costs. The Company answered the plaintiffs’ Complaint and denied all of the allegations contained therein. In April 2014, the case was conditionally certified as a class action, and a notice regarding the case was sent to all potential class members. Approximately 200 individuals chose to participate in the case during the opt-in period which closed on July 15, 2014. The Company strongly disagrees with the allegations and will put forth a vigorous defense. The case is still in its early stages of discovery. This litigation will likely have a lengthy duration. Therefore, an estimate of the ultimate impact of this litigation on the Company, if any, cannot be made at this time. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Changes And Error Corrections [Abstract] | ' |
Recent Accounting Pronouncements | ' |
8. Recent Accounting Pronouncements | |
In May 2014, the Financial Standards Board (“FASB”) and the International Accounting Standards Board (“IASB”) jointly issued a new revenue recognition standard, Accounting Standard Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers”, that will supersede virtually all revenue recognition guidance in GAAP and International Financial Reporting Standards (“IFRS”). This guidance has an effective date for public companies for annual and interim periods beginning after December 15, 2016, with early adoption not permitted. The standard is intended to increase comparability across industries and jurisdictions. The underlying principle of the new standard is that a business or other organization will recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects what it expects in exchange for the goods or services. The new standard will not change accounting guidance for insurance contracts. However, the Company is currently evaluating this guidance as it relates to non-insurance arrangements and any impact it will have on future consolidated financial statements. At this time the impact is unknown. | |
In June 2014, the FASB made a decision to require insurance companies to make additional disclosures about short-term duration contracts. This guidance has an effective date for public companies for annual reporting periods beginning after December 15, 2014 and interim reporting periods beginning after December 15, 2015, with early adoption permitted. The Company believes that it will be reasonably able to comply with these requirements. |
Fair_Value_Tables
Fair Value (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Presentation of Carrying Values and Fair Values of Certain of Company's Financial Instruments | ' | ||||||||||||||||
The carrying values and fair values of certain of the Company’s financial instruments were as follows (in thousands). | |||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Value | Value | Value | Value | ||||||||||||||
Assets: | |||||||||||||||||
Investments, available-for-sale | $ | 121,513 | $ | 121,513 | $ | 130,248 | $ | 130,248 | |||||||||
Other investments | 9,922 | 9,922 | 7,513 | 7,513 | |||||||||||||
Liabilities: | |||||||||||||||||
Debentures payable | 40,330 | 19,507 | 40,301 | 15,006 | |||||||||||||
Presentation of Fair-Value Measurements for Each Major Category of Assets Measured on Recurring Basis | ' | ||||||||||||||||
The following tables present the fair-value measurements for each major category of assets that are measured on a recurring basis (in thousands). | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
September 30, 2014 | Total | Quoted Prices | Significant | Significant | |||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Fixed maturities, available-for-sale: | |||||||||||||||||
U.S. government and agencies | $ | 4,287 | $ | 4,287 | $ | - | $ | - | |||||||||
State | 731 | - | 731 | - | |||||||||||||
Political subdivisions | 508 | - | 508 | - | |||||||||||||
Revenue and assessment | 12,519 | - | 12,519 | - | |||||||||||||
Corporate bonds | 76,426 | - | 76,426 | - | |||||||||||||
Collateralized mortgage obligations: | |||||||||||||||||
Agency backed | 7,071 | - | 7,071 | - | |||||||||||||
Non-agency backed – residential | 4,358 | - | 4,358 | - | |||||||||||||
Non-agency backed – commercial | 3,121 | - | 3,121 | - | |||||||||||||
Total fixed maturities, available-for-sale | 109,021 | 4,287 | 104,734 | - | |||||||||||||
Preferred stock, available-for-sale | 1,721 | 1,721 | - | - | |||||||||||||
Mutual funds, available-for-sale | 10,771 | 10,771 | - | - | |||||||||||||
Total investments, available-for-sale | 121,513 | 16,779 | 104,734 | - | |||||||||||||
Other investments | 9,922 | - | - | 9,922 | |||||||||||||
Cash and cash equivalents | 96,496 | 96,496 | - | - | |||||||||||||
Total | $ | 227,931 | $ | 113,275 | $ | 104,734 | $ | 9,922 | |||||||||
Fair Value Measurements Using | |||||||||||||||||
December 31, 2013 | Total | Quoted Prices | Significant | Significant | |||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Fixed maturities, available-for-sale: | |||||||||||||||||
U.S. government and agencies | $ | 12,485 | $ | 12,485 | $ | — | $ | — | |||||||||
State | 736 | — | 736 | — | |||||||||||||
Political subdivisions | 612 | — | 612 | — | |||||||||||||
Revenue and assessment | 14,658 | — | 14,658 | — | |||||||||||||
Corporate bonds | 73,325 | — | 73,325 | — | |||||||||||||
Collateralized mortgage obligations: | |||||||||||||||||
Agency backed | 7,514 | — | 7,514 | — | |||||||||||||
Non-agency backed – residential | 4,660 | — | 4,660 | — | |||||||||||||
Non-agency backed – commercial | 3,943 | — | 3,943 | — | |||||||||||||
Total fixed maturities, available-for-sale | 117,933 | 12,485 | 105,448 | — | |||||||||||||
Preferred stock available-for-sale | 1,578 | 1,578 | — | — | |||||||||||||
Mutual funds, available-for-sale | 10,737 | 10,737 | — | — | |||||||||||||
Total investments, available-for-sale | 130,248 | 24,800 | 105,448 | — | |||||||||||||
Other investments | 7,513 | — | — | 7,513 | |||||||||||||
Cash and cash equivalents | 72,033 | 72,033 | — | — | |||||||||||||
Total | $ | 209,794 | $ | 96,833 | $ | 105,448 | $ | 7,513 | |||||||||
Quantitative Disclosure for Assets Classified as Level 3 | ' | ||||||||||||||||
The following table represents the quantitative disclosure for those assets classified as Level 3 during the nine months ended September 30, 2014 (in thousands). | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Significant Unobservable Inputs (Level 3) | |||||||||||||||||
Limited partnership interests | |||||||||||||||||
carried at | |||||||||||||||||
Net Asset | Equity | Common Stock at Fair Value | Total | ||||||||||||||
Value | Method | ||||||||||||||||
Balance at December 31, 2013 | $ | 3,314 | $ | 4,199 | $ | - | $ | 7,513 | |||||||||
Gains included in net income | 117 | 131 | - | 248 | |||||||||||||
Investments and capital calls | 1,616 | - | 720 | 2,336 | |||||||||||||
Distributions received | -175 | - | - | -175 | |||||||||||||
Transfers into and out of Level 3 | - | - | - | - | |||||||||||||
Balance at September 30, 2014 | $ | 4,872 | $ | 4,330 | $ | 720 | $ | 9,922 | |||||||||
Investments_Tables
Investments (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||
Summary of Company's Investment Securities | ' | ||||||||||||||||||||
The following tables summarize the Company’s investment securities (in thousands). | |||||||||||||||||||||
September 30, 2014 | Amortized | Gross | Gross | Fair | |||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||
Gains | Losses | ||||||||||||||||||||
U.S. government and agencies | $ | 4,005 | $ | 290 | $ | -8 | $ | 4,287 | |||||||||||||
State | 698 | 33 | - | 731 | |||||||||||||||||
Political subdivisions | 500 | 8 | - | 508 | |||||||||||||||||
Revenue and assessment | 11,346 | 1,173 | - | 12,519 | |||||||||||||||||
Corporate bonds | 74,950 | 2,483 | -1,007 | 76,426 | |||||||||||||||||
Collateralized mortgage obligations: | |||||||||||||||||||||
Agency backed | 6,848 | 223 | - | 7,071 | |||||||||||||||||
Non-agency backed – residential | 3,682 | 676 | - | 4,358 | |||||||||||||||||
Non-agency backed – commercial | 2,425 | 696 | - | 3,121 | |||||||||||||||||
Total fixed maturities, available-for-sale | 104,454 | 5,582 | -1,015 | 109,021 | |||||||||||||||||
Preferred stock, available-for-sale | 1,500 | 221 | - | 1,721 | |||||||||||||||||
Mutual funds, available-for-sale | 9,900 | 871 | - | 10,771 | |||||||||||||||||
$ | 115,854 | $ | 6,674 | $ | -1,015 | $ | 121,513 | ||||||||||||||
December 31, 2013 | Amortized | Gross | Gross | Fair | |||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||
Gains | Losses | ||||||||||||||||||||
U.S. government and agencies | $ | 12,006 | $ | 495 | $ | (16 | ) | $ | 12,485 | ||||||||||||
State | 697 | 39 | — | 736 | |||||||||||||||||
Political subdivisions | 601 | 11 | — | 612 | |||||||||||||||||
Revenue and assessment | 14,050 | 619 | (11 | ) | 14,658 | ||||||||||||||||
Corporate bonds | 73,461 | 2,127 | (2,263 | ) | 73,325 | ||||||||||||||||
Collateralized mortgage obligations: | |||||||||||||||||||||
Agency backed | 7,113 | 401 | — | 7,514 | |||||||||||||||||
Non-agency backed – residential | 4,181 | 480 | (1 | ) | 4,660 | ||||||||||||||||
Non-agency backed – commercial | 3,363 | 580 | — | 3,943 | |||||||||||||||||
Total fixed maturities, available-for-sale | 115,472 | 4,752 | (2,291 | ) | 117,933 | ||||||||||||||||
Preferred stock, available-for-sale | 1,500 | 78 | — | 1,578 | |||||||||||||||||
Mutual funds, available-for-sale | 9,901 | 836 | — | 10,737 | |||||||||||||||||
$ | 126,873 | $ | 5,666 | $ | (2,291 | ) | $ | 130,248 | |||||||||||||
Scheduled Maturities of Company's Fixed Maturity Securities Based on their Fair Values | ' | ||||||||||||||||||||
The following tables set forth the scheduled maturities of the Company’s fixed maturity securities based on their fair values (in thousands). Actual maturities may differ from contractual maturities because certain securities may be called or prepaid by the issuers. | |||||||||||||||||||||
September 30, 2014 | Securities | Securities | Securities | All | |||||||||||||||||
with | with | with No | Fixed | ||||||||||||||||||
Unrealized | Unrealized | Unrealized | Maturity | ||||||||||||||||||
Gains | Losses | Gains or | Securities | ||||||||||||||||||
Losses | |||||||||||||||||||||
One year or less | $ | 5,106 | $ | - | $ | - | $ | 5,106 | |||||||||||||
After one through five years | 27,068 | 10,941 | - | 38,009 | |||||||||||||||||
After five through ten years | 21,873 | 20,890 | - | 42,763 | |||||||||||||||||
After ten years | 6,858 | 1,735 | - | 8,593 | |||||||||||||||||
No single maturity date | 14,453 | 97 | - | 14,550 | |||||||||||||||||
$ | 75,358 | $ | 33,663 | $ | - | $ | 109,021 | ||||||||||||||
December 31, 2013 | Securities | Securities | Securities | All | |||||||||||||||||
with | with | with No | Fixed | ||||||||||||||||||
Unrealized | Unrealized | Unrealized | Maturity | ||||||||||||||||||
Gains | Losses | Gains or | Securities | ||||||||||||||||||
Losses | |||||||||||||||||||||
One year or less | $ | 14,305 | $ | — | $ | — | $ | 14,305 | |||||||||||||
After one through five years | 25,667 | 10,888 | — | 36,555 | |||||||||||||||||
After five through ten years | 20,445 | 22,836 | — | 43,281 | |||||||||||||||||
After ten years | 3,667 | 4,008 | — | 7,675 | |||||||||||||||||
No single maturity date | 15,928 | 189 | — | 16,117 | |||||||||||||||||
$ | 80,012 | $ | 37,921 | $ | — | $ | 117,933 | ||||||||||||||
Number of Fixed Maturity Securities with Gross Unrealized Gains and Losses | ' | ||||||||||||||||||||
The following table reflects the number of fixed maturity securities with gross unrealized gains and losses. Gross unrealized losses are further segregated by the length of time that individual securities have been in a continuous unrealized loss position. | |||||||||||||||||||||
Gross Unrealized Losses | Gross | ||||||||||||||||||||
Unrealized | |||||||||||||||||||||
At: | Less than | Greater | Gains | ||||||||||||||||||
or equal to | than 12 | ||||||||||||||||||||
12 months | months | ||||||||||||||||||||
September 30, 2014 | 5 | 11 | 81 | ||||||||||||||||||
December 31, 2013 | 12 | 7 | 83 | ||||||||||||||||||
Fair Value and Gross Unrealized Losses of Fixed Maturity Securities in Continuous Unrealized Loss Position for Greater than 12 Months | ' | ||||||||||||||||||||
The following tables reflect the fair value and gross unrealized losses of those fixed maturity securities in a continuous unrealized loss position for greater than 12 months. Gross unrealized losses are further segregated by the percentage of amortized cost (in thousands, except number of securities). | |||||||||||||||||||||
Gross Unrealized Losses | Number | Fair | Gross | ||||||||||||||||||
at September 30, 2014: | of | Value | Unrealized | ||||||||||||||||||
Securities | Losses | ||||||||||||||||||||
Less than or equal to 10% | 11 | $ | 25,555 | $ | -974 | ||||||||||||||||
Greater than 10% | - | — | — | ||||||||||||||||||
11 | $ | 25,555 | $ | -974 | |||||||||||||||||
Gross Unrealized Losses | Number | Fair | Gross | ||||||||||||||||||
at December 31, 2013: | of | Value | Unrealized | ||||||||||||||||||
Securities | Losses | ||||||||||||||||||||
Less than or equal to 10% | 7 | $ | 13,980 | $ | (1,270 | ) | |||||||||||||||
Greater than 10% | — | — | — | ||||||||||||||||||
7 | $ | 13,980 | $ | (1,270 | ) | ||||||||||||||||
Gross Unrealized Losses by Current Severity and Length of Time that Individual Securities have been in Continuous Unrealized Loss Position | ' | ||||||||||||||||||||
The following tables set forth the amount of gross unrealized losses by current severity (as compared to amortized cost) and length of time that individual securities have been in a continuous unrealized loss position (in thousands). | |||||||||||||||||||||
Length of | Fair Value of | Gross | Severity of Gross Unrealized Losses | ||||||||||||||||||
Gross Unrealized Losses | Securities with | Unrealized | |||||||||||||||||||
at September 30, 2014: | Gross | Losses | |||||||||||||||||||
Unrealized | |||||||||||||||||||||
Losses | Less | 5% to | Greater | ||||||||||||||||||
than 5% | 10% | than 10% | |||||||||||||||||||
Less than or equal to: | |||||||||||||||||||||
Three months | $ | 1,198 | $ | -1 | $ | -1 | $ | - | $ | - | |||||||||||
Six months | 3,038 | -16 | -16 | - | - | ||||||||||||||||
Nine months | 2,876 | -16 | -16 | - | - | ||||||||||||||||
Twelve months | 996 | -8 | -8 | - | - | ||||||||||||||||
Greater than twelve months | 25,555 | -974 | -518 | -456 | - | ||||||||||||||||
Total | $ | 33,663 | $ | -1,015 | $ | -559 | $ | -456 | $ | - | |||||||||||
Length of | Fair Value of | Gross | Severity of Gross Unrealized Losses | ||||||||||||||||||
Gross Unrealized Losses | Securities with | Unrealized | |||||||||||||||||||
at December 31, 2013: | Gross | Losses | |||||||||||||||||||
Unrealized | |||||||||||||||||||||
Losses | Less | 5% to | Greater | ||||||||||||||||||
than 5% | 10% | than 10% | |||||||||||||||||||
Less than or equal to: | |||||||||||||||||||||
Three months | $ | 6,417 | $ | (40 | ) | $ | (40 | ) | $ | — | $ | — | |||||||||
Six months | 1,653 | (129 | ) | — | (129 | ) | — | ||||||||||||||
Nine months | 15,871 | (852 | ) | (153 | ) | (699 | ) | — | |||||||||||||
Twelve months | — | — | — | — | — | ||||||||||||||||
Greater than twelve months | 13,980 | (1,270 | ) | (85 | ) | (1,185 | ) | — | |||||||||||||
Total | $ | 37,921 | $ | (2,291 | ) | $ | (278 | ) | $ | (2,013 | ) | $ | — | ||||||||
Major Categories of Investment Income | ' | ||||||||||||||||||||
The major categories of investment income follow (in thousands). | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Fixed maturities, available-for-sale | $ | 1,089 | $ | 1,213 | $ | 3,442 | $ | 3,717 | |||||||||||||
Mutual funds, available-for-sale | 151 | 176 | 458 | 462 | |||||||||||||||||
Other investments | -29 | 128 | 248 | 128 | |||||||||||||||||
Other | 54 | 73 | 156 | 163 | |||||||||||||||||
Investment expenses | -123 | (117 | ) | -368 | (453 | ) | |||||||||||||||
$ | 1,142 | $ | 1,473 | $ | 3,936 | $ | 4,017 | ||||||||||||||
Components of Net Realized Gains (Losses) on Investments, Available-For-Sale at Fair Value | ' | ||||||||||||||||||||
The components of net realized gains (losses) on investments, available-for-sale at fair value follow (in thousands). | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Gains | $ | - | $ | 44 | $ | 85 | $ | 92 | |||||||||||||
Losses | -4 | (5 | ) | -49 | (67 | ) | |||||||||||||||
Other-than-temporary impairment | - | (33 | ) | - | (61 | ) | |||||||||||||||
$ | -4 | $ | 6 | $ | 36 | $ | (36 | ) | |||||||||||||
Progression of Credit-Related Portion of OTTI on Investments | ' | ||||||||||||||||||||
The following is a progression of the credit-related portion of OTTI on investments owned at September 30, 2014 and 2013 (in thousands). | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Beginning balance | $ | -2,632 | $ | (2,599 | ) | $ | -2,632 | $ | (2,666 | ) | |||||||||||
Additional credit impairments on: | |||||||||||||||||||||
Previously impaired securities | — | (33 | ) | — | (61 | ) | |||||||||||||||
Securities without previous impairments | — | — | — | — | |||||||||||||||||
— | (33 | ) | — | (61 | ) | ||||||||||||||||
Reductions for securities sold (realized) | — | — | — | 95 | |||||||||||||||||
$ | -2,632 | $ | (2,632 | ) | $ | -2,632 | $ | (2,632 | ) | ||||||||||||
Net_Income_Per_Share_Tables
Net Income Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Computation of Basic and Diluted Net Income Per Share | ' | ||||||||||||||||
The following table sets forth the computation of basic and diluted net income per share (in thousands, except per share data). | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net income | $ | 2,120 | $ | 1,932 | $ | 6,100 | $ | 6,022 | |||||||||
Weighted average common basic shares | 40,995 | 40,942 | 40,981 | 40,925 | |||||||||||||
Effect of dilutive securities | 302 | 219 | 304 | 23 | |||||||||||||
Weighted average common dilutive shares | 41,297 | 41,161 | 41,285 | 40,948 | |||||||||||||
Basic and diluted net income per share | $ | 0.05 | $ | 0.05 | $ | 0.15 | $ | 0.15 | |||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Provision for Income Taxes | ' | ||||||||||||||||
The provision for income taxes consisted of the following (in thousands). | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Federal: | |||||||||||||||||
Current | $ | 80 | $ | 35 | $ | 170 | $ | 102 | |||||||||
Deferred | — | — | -1 | — | |||||||||||||
80 | 35 | 169 | 102 | ||||||||||||||
State: | |||||||||||||||||
Current | 176 | 128 | 376 | 341 | |||||||||||||
Deferred | 1 | 1 | 2 | 2 | |||||||||||||
177 | 129 | 378 | 343 | ||||||||||||||
$ | 257 | $ | 164 | $ | 547 | $ | 445 | ||||||||||
Provision (Benefit) for Income Taxes Differs from Amounts Computed by Applying Statutory Federal Corporate Tax Rate | ' | ||||||||||||||||
The provision for income taxes differs from the amounts computed by applying the statutory federal corporate tax rate of 35% to income before income taxes as a result of the following (in thousands). | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Provision for income taxes at statutory rate | $ | 832 | $ | 733 | $ | 2,327 | $ | 2,264 | |||||||||
Tax effect of: | |||||||||||||||||
Tax-exempt investment income | -5 | (10 | ) | -16 | (21 | ) | |||||||||||
Change in the beginning of the period balance of the valuation allowance for deferred tax assets allocated to federal income taxes | -760 | (716 | ) | -2,216 | (2,352 | ) | |||||||||||
Stock-based compensation | 3 | 22 | 48 | 193 | |||||||||||||
State income taxes, net of federal income tax benefit and valuation allowance | 177 | 129 | 378 | 343 | |||||||||||||
Other | 10 | 6 | 26 | 18 | |||||||||||||
$ | 257 | $ | 164 | $ | 547 | $ | 445 | ||||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Selected Financial Data by Business Segment | ' | ||||||||||||||||
The following table presents selected financial data by business segment (in thousands). | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenues: | |||||||||||||||||
Insurance | $ | 65,588 | $ | 59,564 | $ | 195,221 | $ | 181,323 | |||||||||
Real estate and corporate | 16 | 14 | 45 | 37 | |||||||||||||
Consolidated total | $ | 65,604 | $ | 59,578 | $ | 195,266 | $ | 181,360 | |||||||||
Income (loss) before income taxes: | |||||||||||||||||
Insurance | $ | 3,071 | $ | 2,802 | $ | 8,750 | $ | 8,613 | |||||||||
Real estate and corporate | -694 | (706 | ) | -2,103 | (2,146 | ) | |||||||||||
Consolidated total | $ | 2,377 | $ | 2,096 | $ | 6,647 | $ | 6,467 | |||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Total assets: | |||||||||||||||||
Insurance. | $ | 288,819 | $ | 262,869 | |||||||||||||
Real estate and corporate | 15,596 | 10,838 | |||||||||||||||
Consolidated total | $ | 304,415 | $ | 273,707 | |||||||||||||
Fair_Value_Presentation_of_Car
Fair Value - Presentation of Carrying Values and Fair Values of Certain of Company's Financial Instruments (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Investments, available-for-sale | $121,513 | $130,248 |
Other investments | 9,922 | 7,513 |
Liabilities: | ' | ' |
Debentures payable | 40,330 | 40,301 |
Carrying Value [Member] | ' | ' |
Assets: | ' | ' |
Investments, available-for-sale | 121,513 | 130,248 |
Other investments | 9,922 | 7,513 |
Liabilities: | ' | ' |
Debentures payable | 40,330 | 40,301 |
Fair Value [Member] | ' | ' |
Assets: | ' | ' |
Investments, available-for-sale | 121,513 | 130,248 |
Other investments | 9,922 | 7,513 |
Liabilities: | ' | ' |
Debentures payable | $19,507 | $15,006 |
Fair_Value_Presentation_of_Fai
Fair Value - Presentation of Fair-Value Measurements for Each Major Category of Assets Measured on Recurring Basis (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, available-for-sale | $121,513 | $130,248 |
Other investments | 9,922 | 7,513 |
Fair Value Measurements Using [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, available-for-sale | 121,513 | 130,248 |
Other investments | 9,922 | 7,513 |
Cash and cash equivalents | 96,496 | 72,033 |
Total | 227,931 | 209,794 |
Fair Value Measurements Using [Member] | Preferred Stock | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, available-for-sale | 1,721 | 1,578 |
Fair Value Measurements Using [Member] | Equity Funds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Mutual funds, available-for-sale | 10,771 | 10,737 |
Fixed Maturities | Fair Value Measurements Using [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, available-for-sale | 109,021 | 117,933 |
Fixed Maturities | Fair Value Measurements Using [Member] | US Government Agencies Debt Securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, available-for-sale | 4,287 | 12,485 |
Fixed Maturities | Fair Value Measurements Using [Member] | State Securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, available-for-sale | 731 | 736 |
Fixed Maturities | Fair Value Measurements Using [Member] | Political Subdivisions Securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, available-for-sale | 508 | 612 |
Fixed Maturities | Fair Value Measurements Using [Member] | Revenue And Assessment Securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, available-for-sale | 12,519 | 14,658 |
Fixed Maturities | Fair Value Measurements Using [Member] | Corporate Bond Securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, available-for-sale | 76,426 | 73,325 |
Fixed Maturities | Fair Value Measurements Using [Member] | Collateralized Agency Backed Obligations | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, available-for-sale | 7,071 | 7,514 |
Fixed Maturities | Fair Value Measurements Using [Member] | Collateralized Non Agency Backed Residential Obligations | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, available-for-sale | 4,358 | 4,660 |
Fixed Maturities | Fair Value Measurements Using [Member] | Collateralized Non Agency Backed Commercial Obligations | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, available-for-sale | 3,121 | 3,943 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value Measurements Using [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, available-for-sale | 16,779 | 24,800 |
Cash and cash equivalents | 96,496 | 72,033 |
Total | 113,275 | 96,833 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value Measurements Using [Member] | Preferred Stock | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, available-for-sale | 1,721 | 1,578 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value Measurements Using [Member] | Equity Funds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Mutual funds, available-for-sale | 10,771 | 10,737 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed Maturities | Fair Value Measurements Using [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, available-for-sale | 4,287 | 12,485 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed Maturities | Fair Value Measurements Using [Member] | US Government Agencies Debt Securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, available-for-sale | 4,287 | 12,485 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value Measurements Using [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, available-for-sale | 104,734 | 105,448 |
Total | 104,734 | 105,448 |
Significant Other Observable Inputs (Level 2) [Member] | Fixed Maturities | Fair Value Measurements Using [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, available-for-sale | 104,734 | 105,448 |
Significant Other Observable Inputs (Level 2) [Member] | Fixed Maturities | Fair Value Measurements Using [Member] | State Securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, available-for-sale | 731 | 736 |
Significant Other Observable Inputs (Level 2) [Member] | Fixed Maturities | Fair Value Measurements Using [Member] | Political Subdivisions Securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, available-for-sale | 508 | 612 |
Significant Other Observable Inputs (Level 2) [Member] | Fixed Maturities | Fair Value Measurements Using [Member] | Revenue And Assessment Securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, available-for-sale | 12,519 | 14,658 |
Significant Other Observable Inputs (Level 2) [Member] | Fixed Maturities | Fair Value Measurements Using [Member] | Corporate Bond Securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, available-for-sale | 76,426 | 73,325 |
Significant Other Observable Inputs (Level 2) [Member] | Fixed Maturities | Fair Value Measurements Using [Member] | Collateralized Agency Backed Obligations | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, available-for-sale | 7,071 | 7,514 |
Significant Other Observable Inputs (Level 2) [Member] | Fixed Maturities | Fair Value Measurements Using [Member] | Collateralized Non Agency Backed Residential Obligations | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, available-for-sale | 4,358 | 4,660 |
Significant Other Observable Inputs (Level 2) [Member] | Fixed Maturities | Fair Value Measurements Using [Member] | Collateralized Non Agency Backed Commercial Obligations | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, available-for-sale | 3,121 | 3,943 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value Measurements Using [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other investments | 9,922 | 7,513 |
Total | $9,922 | $7,513 |
Fair_Value_Additional_Informat
Fair Value - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Fair Value Disclosures [Abstract] | ' | ' | ' | ' |
Transfers between level 1 and level 2 | $0 | $0 | $0 | $0 |
Fair_Value_Quantitative_Disclo
Fair Value - Quantitative Disclosure for Assets Classified as Level 3 (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Balance at December 31, 2013 | $7,513 |
Gains included in net income | 248 |
Investments and capital calls | 2,336 |
Distributions received | -175 |
Transfers into and out of Level 3 | 0 |
Balance at September 30, 2014 | 9,922 |
Common Stock at Fair Value [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Investments and capital calls | 720 |
Transfers into and out of Level 3 | 0 |
Balance at September 30, 2014 | 720 |
Net Asset Value [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Balance at December 31, 2013 | 3,314 |
Gains included in net income | 117 |
Investments and capital calls | 1,616 |
Distributions received | -175 |
Transfers into and out of Level 3 | 0 |
Balance at September 30, 2014 | 4,872 |
Equity Method [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Balance at December 31, 2013 | 4,199 |
Gains included in net income | 131 |
Transfers into and out of Level 3 | 0 |
Balance at September 30, 2014 | $4,330 |
Investments_Summary_of_Company
Investments - Summary of Company's Investment Securities (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment Securities [Line Items] | ' | ' |
Amortized Cost | $115,854 | $126,873 |
Gross Unrealized Gains | 6,674 | 5,666 |
Gross Unrealized Losses | -1,015 | -2,291 |
Fair Value | 121,513 | 130,248 |
Preferred Stock | ' | ' |
Investment Securities [Line Items] | ' | ' |
Amortized Cost | 1,500 | 1,500 |
Gross Unrealized Gains | 221 | 78 |
Fair Value | 1,721 | 1,578 |
Equity Funds | ' | ' |
Investment Securities [Line Items] | ' | ' |
Amortized Cost | 9,900 | 9,901 |
Gross Unrealized Gains | 871 | 836 |
Fair Value | 10,771 | 10,737 |
Fixed Maturities | ' | ' |
Investment Securities [Line Items] | ' | ' |
Amortized Cost | 104,454 | 115,472 |
Gross Unrealized Gains | 5,582 | 4,752 |
Gross Unrealized Losses | -1,015 | -2,291 |
Fair Value | 109,021 | 117,933 |
Fixed Maturities | US Government Agencies Debt Securities | ' | ' |
Investment Securities [Line Items] | ' | ' |
Amortized Cost | 4,005 | 12,006 |
Gross Unrealized Gains | 290 | 495 |
Gross Unrealized Losses | -8 | -16 |
Fair Value | 4,287 | 12,485 |
Fixed Maturities | State Securities | ' | ' |
Investment Securities [Line Items] | ' | ' |
Amortized Cost | 698 | 697 |
Gross Unrealized Gains | 33 | 39 |
Fair Value | 731 | 736 |
Fixed Maturities | Political Subdivisions Securities | ' | ' |
Investment Securities [Line Items] | ' | ' |
Amortized Cost | 500 | 601 |
Gross Unrealized Gains | 8 | 11 |
Fair Value | 508 | 612 |
Fixed Maturities | Revenue And Assessment Securities | ' | ' |
Investment Securities [Line Items] | ' | ' |
Amortized Cost | 11,346 | 14,050 |
Gross Unrealized Gains | 1,173 | 619 |
Gross Unrealized Losses | ' | -11 |
Fair Value | 12,519 | 14,658 |
Fixed Maturities | Corporate Bond Securities | ' | ' |
Investment Securities [Line Items] | ' | ' |
Amortized Cost | 74,950 | 73,461 |
Gross Unrealized Gains | 2,483 | 2,127 |
Gross Unrealized Losses | -1,007 | -2,263 |
Fair Value | 76,426 | 73,325 |
Fixed Maturities | Agency Backed [Member] | ' | ' |
Investment Securities [Line Items] | ' | ' |
Amortized Cost | 6,848 | 7,113 |
Gross Unrealized Gains | 223 | 401 |
Fair Value | 7,071 | 7,514 |
Fixed Maturities | Collateralized Non Agency Backed Residential Obligations | ' | ' |
Investment Securities [Line Items] | ' | ' |
Amortized Cost | 3,682 | 4,181 |
Gross Unrealized Gains | 676 | 480 |
Gross Unrealized Losses | ' | -1 |
Fair Value | 4,358 | 4,660 |
Fixed Maturities | Collateralized Non Agency Backed Commercial Obligations | ' | ' |
Investment Securities [Line Items] | ' | ' |
Amortized Cost | 2,425 | 3,363 |
Gross Unrealized Gains | 696 | 580 |
Fair Value | $3,121 | $3,943 |
Investments_Scheduled_Maturiti
Investments - Scheduled Maturities of Company's Fixed Maturity Securities Based on their Fair Values (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments Debt And Equity Securities [Abstract] | ' | ' |
Securities with Unrealized Gains, One year or less | $5,106 | $14,305 |
Securities with Unrealized Gains, After one through five years | 27,068 | 25,667 |
Securities with Unrealized Gains, After five through ten years | 21,873 | 20,445 |
Securities with Unrealized Gains, After ten years | 6,858 | 3,667 |
Securities with Unrealized Gains, No single maturity date | 14,453 | 15,928 |
Securities with Unrealized Gains, Total | 75,358 | 80,012 |
Securities with Unrealized Losses, After one through five years | 10,941 | 10,888 |
Securities with Unrealized Losses, After five through ten years | 20,890 | 22,836 |
Securities with Unrealized Losses, After ten years | 1,735 | 4,008 |
Securities with Unrealized Losses, No single maturity date | 97 | 189 |
Securities with Unrealized Losses, Total | 33,663 | 37,921 |
All Fixed Maturity Securities, One year or less | 5,106 | 14,305 |
All Fixed Maturity Securities, After one through five years | 38,009 | 36,555 |
All Fixed Maturity Securities, After five through ten years | 42,763 | 43,281 |
All Fixed Maturity Securities, After ten years | 8,593 | 7,675 |
All Fixed Maturity Securities, No single maturity date | 14,550 | 16,117 |
All Fixed Maturity Securities, Total | $109,021 | $117,933 |
Investments_Number_of_Fixed_Ma
Investments - Number of Fixed Maturity Securities with Gross Unrealized Gains and Losses (Detail) | Sep. 30, 2014 | Dec. 31, 2013 |
Security | Security | |
Investments Debt And Equity Securities [Abstract] | ' | ' |
Number of Securities with Gross Unrealized Losses Less than or equal to 12 months | 5 | 12 |
Number of Securities with Gross Unrealized Losses Greater than 12 months | 11 | 7 |
Number of Securities with Gross Unrealized Gains | 81 | 83 |
Investments_Fair_Value_and_Gro
Investments - Fair Value and Gross Unrealized Losses of Fixed Maturity Securities in Continuous Unrealized Loss Position for Greater than 12 Months (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Security | Security |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Number of Securities | 11 | 7 |
Fair Value | $25,555 | $13,980 |
Gross Unrealized Losses | -974 | -1,270 |
Less Than or Equal to 10% [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Number of Securities | 11 | 7 |
Fair Value | 25,555 | 13,980 |
Gross Unrealized Losses | ($974) | ($1,270) |
Investments_Gross_Unrealized_L
Investments - Gross Unrealized Losses by Current Severity and Length of Time that Individual Securities have been in Continuous Unrealized Loss Position (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment Maturity Date [Line Items] | ' | ' |
Fair Value of Securities with Gross Unrealized Losses | $33,663 | $37,921 |
Gross Unrealized Losses | -1,015 | -2,291 |
Less Than 5% [Member] | ' | ' |
Investment Maturity Date [Line Items] | ' | ' |
Gross Unrealized Losses | -559 | -278 |
5% to 10% [Member] | ' | ' |
Investment Maturity Date [Line Items] | ' | ' |
Gross Unrealized Losses | -456 | -2,013 |
Greater Than 10% [Member] | ' | ' |
Investment Maturity Date [Line Items] | ' | ' |
Gross Unrealized Losses | 0 | 0 |
Three Months [Member] | ' | ' |
Investment Maturity Date [Line Items] | ' | ' |
Fair Value of Securities with Gross Unrealized Losses | 1,198 | 6,417 |
Gross Unrealized Losses | -1 | -40 |
Three Months [Member] | Less Than 5% [Member] | ' | ' |
Investment Maturity Date [Line Items] | ' | ' |
Gross Unrealized Losses | -1 | -40 |
Three Months [Member] | Greater Than 10% [Member] | ' | ' |
Investment Maturity Date [Line Items] | ' | ' |
Gross Unrealized Losses | 0 | 0 |
Six Months [Member] | ' | ' |
Investment Maturity Date [Line Items] | ' | ' |
Fair Value of Securities with Gross Unrealized Losses | 3,038 | 1,653 |
Gross Unrealized Losses | -16 | -129 |
Six Months [Member] | Less Than 5% [Member] | ' | ' |
Investment Maturity Date [Line Items] | ' | ' |
Gross Unrealized Losses | -16 | ' |
Six Months [Member] | 5% to 10% [Member] | ' | ' |
Investment Maturity Date [Line Items] | ' | ' |
Gross Unrealized Losses | ' | -129 |
Six Months [Member] | Greater Than 10% [Member] | ' | ' |
Investment Maturity Date [Line Items] | ' | ' |
Gross Unrealized Losses | 0 | 0 |
Nine Months [Member] | ' | ' |
Investment Maturity Date [Line Items] | ' | ' |
Fair Value of Securities with Gross Unrealized Losses | 2,876 | 15,871 |
Gross Unrealized Losses | -16 | -852 |
Nine Months [Member] | Less Than 5% [Member] | ' | ' |
Investment Maturity Date [Line Items] | ' | ' |
Gross Unrealized Losses | -16 | -153 |
Nine Months [Member] | 5% to 10% [Member] | ' | ' |
Investment Maturity Date [Line Items] | ' | ' |
Gross Unrealized Losses | ' | -699 |
Nine Months [Member] | Greater Than 10% [Member] | ' | ' |
Investment Maturity Date [Line Items] | ' | ' |
Gross Unrealized Losses | 0 | 0 |
Twelve Months [Member] | ' | ' |
Investment Maturity Date [Line Items] | ' | ' |
Fair Value of Securities with Gross Unrealized Losses | 996 | ' |
Gross Unrealized Losses | -8 | ' |
Twelve Months [Member] | Less Than 5% [Member] | ' | ' |
Investment Maturity Date [Line Items] | ' | ' |
Gross Unrealized Losses | -8 | ' |
Twelve Months [Member] | Greater Than 10% [Member] | ' | ' |
Investment Maturity Date [Line Items] | ' | ' |
Gross Unrealized Losses | 0 | 0 |
Greater Than 12 Months [Member] | ' | ' |
Investment Maturity Date [Line Items] | ' | ' |
Fair Value of Securities with Gross Unrealized Losses | 25,555 | 13,980 |
Gross Unrealized Losses | -974 | -1,270 |
Greater Than 12 Months [Member] | Less Than 5% [Member] | ' | ' |
Investment Maturity Date [Line Items] | ' | ' |
Gross Unrealized Losses | -518 | -85 |
Greater Than 12 Months [Member] | 5% to 10% [Member] | ' | ' |
Investment Maturity Date [Line Items] | ' | ' |
Gross Unrealized Losses | -456 | -1,185 |
Greater Than 12 Months [Member] | Greater Than 10% [Member] | ' | ' |
Investment Maturity Date [Line Items] | ' | ' |
Gross Unrealized Losses | $0 | $0 |
Investments_Additional_Informa
Investments - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | |
Funds | Collateralized Non Agency Backed Residential Obligations | Collateralized Non Agency Backed Residential Obligations | Collateralized Mortgage Obligations [Member] | Collateralized Mortgage Obligations [Member] | Collateralized Mortgage Obligations [Member] | Collateralized Mortgage Obligations [Member] | |||
Collateralized Non Agency Backed Residential Obligations | Collateralized Non Agency Backed Residential Obligations | Collateralized Non Agency Backed Commercial Obligations | Collateralized Non Agency Backed Commercial Obligations | ||||||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of investment funds | ' | ' | 3 | ' | ' | ' | ' | ' | ' |
Unfunded commitments | ' | ' | $3,000,000 | ' | ' | ' | ' | ' | ' |
Fixed maturities and cash equivalents on deposit with various insurance departments at fair value and amortized cost | ' | ' | 5,200,000 | ' | ' | ' | ' | ' | ' |
Cash equivalents on deposit with another insurance company at fair value and amortized cost | ' | ' | 9,400,000 | ' | ' | ' | ' | ' | ' |
Non credit other than temporary impairment for securities | ' | ' | ' | ' | ' | 900,000 | 900,000 | 200,000 | 200,000 |
OTTI charges recognized in net income (loss) | $33,000 | $61,000 | ' | $33,000 | $61,000 | ' | ' | ' | ' |
Investments_Major_Categories_o
Investments - Major Categories of Investment Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net Investment Income [Line Items] | ' | ' | ' | ' |
Investment income | $1,142 | $1,473 | $3,936 | $4,017 |
Investment expenses | -123 | -117 | -368 | -453 |
Fixed maturities, available-for-sale [Member] | ' | ' | ' | ' |
Net Investment Income [Line Items] | ' | ' | ' | ' |
Investment income | 1,089 | 1,213 | 3,442 | 3,717 |
Mutual funds, available-for-sale [Member] | ' | ' | ' | ' |
Net Investment Income [Line Items] | ' | ' | ' | ' |
Investment income | 151 | 176 | 458 | 462 |
Other investments [Member] | ' | ' | ' | ' |
Net Investment Income [Line Items] | ' | ' | ' | ' |
Investment income | -29 | 128 | 248 | 128 |
Other [Member] | ' | ' | ' | ' |
Net Investment Income [Line Items] | ' | ' | ' | ' |
Investment income | $54 | $73 | $156 | $163 |
Investments_Components_of_Net_
Investments - Components of Net Realized Gains (Losses) on Investments, Available-for-Sale at Fair Value (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Investments Debt And Equity Securities [Abstract] | ' | ' | ' | ' |
Gains | ' | $44 | $85 | $92 |
Losses | -4 | -5 | -49 | -67 |
OTTI charges reclassified from other comprehensive income and recognized in net income | ' | -33 | ' | -61 |
Net realized gains (losses) on investments, available-for-sale | ($4) | $6 | $36 | ($36) |
Investments_Progression_of_Cre
Investments - Progression of Credit-Related Portion of OTTI on Investments (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Investments Debt And Equity Securities [Abstract] | ' | ' | ' | ' |
Beginning balance | ($2,632) | ($2,599) | ($2,632) | ($2,666) |
Additional credit impairments on: | ' | ' | ' | ' |
Previously impaired securities | ' | -33 | ' | -61 |
Securities without previous impairments | 0 | 0 | 0 | 0 |
Total additional credit impairments securities | ' | -33 | ' | -61 |
Reductions for securities sold (realized) | ' | ' | ' | 95 |
Ending balance | ($2,632) | ($2,632) | ($2,632) | ($2,632) |
Net_Income_Per_Share_Computati
Net Income Per Share - Computation of Basic and Diluted Net Income Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net income | $2,120 | $1,932 | $6,100 | $6,022 |
Weighted average common basic shares | 40,995 | 40,942 | 40,981 | 40,925 |
Effect of dilutive securities | 302 | 219 | 304 | 23 |
Weighted average common dilutive shares | 41,297 | 41,161 | 41,285 | 40,948 |
Basic and diluted net income per share | $0.05 | $0.05 | $0.15 | $0.15 |
Net_Income_Per_Share_Additiona
Net Income Per Share - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Earnings Per Share [Line Items] | ' | ' | ' | ' |
Exercisable options outstanding that enable to purchase shares | 800,000 | 800,000 | 800,000 | 800,000 |
Restricted Stock [Member] | ' | ' | ' | ' |
Earnings Per Share [Line Items] | ' | ' | ' | ' |
Shares with dilutive effect and included in computation of diluted income (loss) per share | 5,000 | 23,000 | 5,000 | 23,000 |
Equity Option [Member] | ' | ' | ' | ' |
Earnings Per Share [Line Items] | ' | ' | ' | ' |
Shares with dilutive effect and included in computation of diluted income (loss) per share | 297,000 | 196,000 | 299,000 | ' |
Options excluded from computation of diluted income (loss) per share due to anti-dilutive effect | 345,000 | 440,000 | 345,000 | 1,300,000 |
Income_Taxes_Provision_for_Inc
Income Taxes - Provision for Income Taxes (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Federal: | ' | ' | ' | ' |
Current | $80 | $35 | $170 | $102 |
Deferred | ' | ' | -1 | ' |
Gross Federal | 80 | 35 | 169 | 102 |
State: | ' | ' | ' | ' |
Current | 176 | 128 | 376 | 341 |
Deferred | 1 | 1 | 2 | 2 |
Gross State | 177 | 129 | 378 | 343 |
Income tax expense | $257 | $164 | $547 | $445 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | ' | ' |
Statutory federal corporate tax rate | 35.00% | ' |
Valuation allowance | $21.20 | $24.20 |
Change in the total valuation allowance | 3 | ' |
Change in the valuation allowance related to unrealized change in investments | 0.8 | ' |
Utilization of valuation allowance associated with net operating loss carry forwards | $8 | ' |
Income_Taxes_Provision_Benefit
Income Taxes - Provision (Benefit) for Income Taxes Differs from Amounts Computed by Applying Statutory Federal Corporate Tax Rate (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Provision for income taxes at statutory rate | $832 | $733 | $2,327 | $2,264 |
Tax effect of: | ' | ' | ' | ' |
Tax-exempt investment income | -5 | -10 | -16 | -21 |
Change in the beginning of the period balance of the valuation allowance for deferred tax assets allocated to federal income taxes | -760 | -716 | -2,216 | -2,352 |
Stock-based compensation | 3 | 22 | 48 | 193 |
State income taxes, net of federal income tax benefit and valuation allowance | 177 | 129 | 378 | 343 |
Other | 10 | 6 | 26 | 18 |
Income tax expense | $257 | $164 | $547 | $445 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2014 | |
Segment | |
Segment Reporting [Abstract] | ' |
Number of business segments | 2 |
Segment_Information_Selected_F
Segment Information - Selected Financial Data by Business Segment (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | $65,604 | $59,578 | $195,266 | $181,360 | ' |
Income (loss) before income taxes | 2,377 | 2,096 | 6,647 | 6,467 | ' |
Total assets | 304,415 | ' | 304,415 | ' | 273,707 |
Insurance [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 65,588 | 59,564 | 195,221 | 181,323 | ' |
Income (loss) before income taxes | 3,071 | 2,802 | 8,750 | 8,613 | ' |
Total assets | 288,819 | ' | 288,819 | ' | 262,869 |
Real Estate and Corporate [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 16 | 14 | 45 | 37 | ' |
Income (loss) before income taxes | -694 | -706 | -2,103 | -2,146 | ' |
Total assets | $15,596 | ' | $15,596 | ' | $10,838 |