Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 29, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | AMSF | |
Entity Registrant Name | AMERISAFE INC | |
Entity Central Index Key | 1,018,979 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 19,009,792 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Investments: | ||
Fixed maturity securities-held-to-maturity, at amortized cost (fair value $716,856 and $664,371 in 2015 and 2014, respectively) | $ 698,513 | $ 639,631 |
Fixed maturity securities-available-for-sale, at fair value (cost $341,591 and $327,004 in 2015 and 2014, respectively) | 344,659 | 331,242 |
Equity securities-available-for-sale, at fair value (cost $0 in 2015 and 2014) | 28 | 28 |
Short-term investments | 6,826 | 33,684 |
Other investments | 11,695 | 11,748 |
Total investments | 1,061,721 | 1,016,333 |
Cash and cash equivalents | 61,589 | 90,956 |
Amounts recoverable from reinsurers | 90,163 | 85,888 |
Premiums receivable, net of allowance | 203,101 | 178,917 |
Deferred income taxes | 32,301 | 31,231 |
Accrued interest receivable | 11,622 | 11,637 |
Property and equipment, net | 7,105 | 7,240 |
Deferred policy acquisition costs | 21,390 | 19,649 |
Federal income tax recoverable | 1,082 | |
Other assets | 45,119 | 14,287 |
Total assets | 1,534,111 | 1,457,220 |
Liabilities: | ||
Reserves for loss and loss adjustment expenses | 715,145 | 687,602 |
Unearned premiums | 179,945 | 168,576 |
Reinsurance premiums payable | 217 | 843 |
Amounts held for others | 46,338 | 42,827 |
Policyholder deposits | 47,506 | 48,722 |
Insurance-related assessments | 33,400 | 29,315 |
Federal income tax payable | 1,060 | |
Accounts payable and other liabilities | 29,110 | 30,110 |
Payable for investments purchased | 8,592 | 2,257 |
Total liabilities | 1,061,313 | 1,010,252 |
Shareholders' equity: | ||
Voting-$0.01 par value authorized shares-50,000,000 in 2015 and 2014; 20,268,042 and 20,155,936 shares issued and 19,009,792 and 18,897,686 shares outstanding in 2015 and 2014, respectively | 202 | 201 |
Additional paid-in capital | 201,934 | 199,138 |
Treasury stock at cost (1,258,250 shares in 2015 and 2014) | (22,370) | (22,370) |
Accumulated earnings | 290,980 | 267,189 |
Accumulated other comprehensive income, net | 2,052 | 2,810 |
Total shareholders' equity | 472,798 | 446,968 |
Total liabilities and shareholders' equity | $ 1,534,111 | $ 1,457,220 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Fixed maturity securities, fair value | $ 716,856 | $ 664,371 |
Fixed maturity securities, cost | 341,591 | 327,004 |
Equity securities, cost | $ 0 | $ 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 20,268,042 | 20,155,936 |
Common stock, shares outstanding | 19,009,792 | 18,897,686 |
Treasury stock, shares | 1,258,250 | 1,258,250 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenues | ||||
Gross premiums written | $ 106,022 | $ 103,820 | $ 206,811 | $ 209,523 |
Ceded premiums written | (2,549) | (3,493) | (5,085) | (6,832) |
Net premiums written | 103,473 | 100,327 | 201,726 | 202,691 |
Net premiums earned | 95,569 | 93,516 | 190,356 | 182,749 |
Net investment income | 6,890 | 6,845 | 13,723 | 13,553 |
Net realized gains/(losses) on investments | (2,617) | 232 | (2,558) | 333 |
Fee and other income | 94 | 31 | 203 | 162 |
Total revenues | 99,936 | 100,624 | 201,724 | 196,797 |
Expenses | ||||
Loss and loss adjustment expenses incurred | 57,304 | 62,463 | 117,310 | 123,748 |
Underwriting and certain other operating costs | 9,278 | 8,839 | 16,750 | 16,802 |
Commissions | 6,905 | 6,987 | 13,910 | 13,674 |
Salaries and benefits | 5,899 | 5,186 | 11,792 | 11,907 |
Policyholder dividends | 438 | 88 | 653 | 201 |
Total expenses | 79,824 | 83,563 | 160,415 | 166,332 |
Income before income taxes | 20,112 | 17,061 | 41,309 | 30,465 |
Income tax expense | 5,793 | 4,288 | 11,860 | 7,143 |
Net income | 14,319 | 12,773 | 29,449 | 23,322 |
Net income available to common shareholders | $ 14,319 | $ 12,773 | $ 29,449 | $ 23,322 |
Earnings per share | ||||
Basic | $ 0.76 | $ 0.69 | $ 1.56 | $ 1.26 |
Diluted | $ 0.75 | $ 0.68 | $ 1.54 | $ 1.23 |
Shares used in computing earnings per share | ||||
Basic | 18,917,229 | 18,600,186 | 18,882,693 | 18,566,235 |
Diluted | 19,080,065 | 18,894,885 | 19,069,949 | 18,885,384 |
Extraordinary cash dividends declared per common share | $ 0.50 | |||
Cash dividends declared per common share | $ 0.15 | $ 0.12 | $ 0.30 | $ 0.24 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 14,319 | $ 12,773 | $ 29,449 | $ 23,322 |
Other comprehensive income: | ||||
Unrealized gain/(loss) on securities, net of tax | (1,576) | 3,016 | (758) | 6,256 |
Comprehensive income | $ 12,743 | $ 15,789 | $ 28,691 | $ 29,578 |
Condensed Consolidated Stateme6
Condensed Consolidated Statement of Changes in Shareholders' Equity (Unaudited) - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Earnings [Member] | Accumulated Other Comprehensive Loss [Member] |
Beginning Balance at Dec. 31, 2014 | $ 446,968 | $ 201 | $ (22,370) | $ 199,138 | $ 267,189 | $ 2,810 |
Beginning Balance, Shares at Dec. 31, 2014 | 18,897,686 | 20,155,936 | ||||
Treasury Stock Beginning Balance, Shares at Dec. 31, 2014 | (1,258,250) | (1,258,250) | ||||
Comprehensive income | $ 28,691 | 29,449 | (758) | |||
Options exercised | $ 834 | $ 1 | 833 | |||
Options exercised, Shares | 97,850 | 97,850 | ||||
Tax benefit from share-based payments | $ 1,071 | 1,071 | ||||
Restricted common stock issued | 502 | 502 | ||||
Restricted common stock issued, Shares | 14,256 | |||||
Share-based compensation | 390 | 390 | ||||
Dividends to stockholders | (5,658) | (5,658) | ||||
Ending Balance at Jun. 30, 2015 | $ 472,798 | $ 202 | $ (22,370) | $ 201,934 | $ 290,980 | $ 2,052 |
Ending Balance, Shares at Jun. 30, 2015 | 19,009,792 | 20,268,042 | ||||
Treasury Stock Ending Balance, Shares at Jun. 30, 2015 | (1,258,250) | (1,258,250) |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Operating Activities | ||
Net income | $ 29,449 | $ 23,322 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 687 | 627 |
Net amortization of investments | 8,246 | 7,389 |
Deferred income taxes | (662) | (3,266) |
Net realized (gains)/losses on investments | 2,558 | (333) |
Net realized losses on sale of fixed assets | 1 | |
Share-based compensation | 380 | 423 |
Changes in operating assets and liabilities: | ||
Premiums receivable, net | (24,184) | (33,534) |
Accrued interest receivable | 15 | 8 |
Deferred policy acquisition costs | (1,741) | (2,638) |
Amounts held by others | (27,848) | (1,087) |
Other assets | (1,818) | (2,240) |
Reserves for loss and loss adjustment expenses | 27,543 | 42,719 |
Unearned premiums | 11,369 | 19,942 |
Reinsurance balances | (4,901) | (9,793) |
Amounts held for others and policyholder deposits | 2,295 | 6,175 |
Accounts payable and other liabilities | 4,712 | 12,487 |
Net cash provided by operating activities | 26,101 | 60,201 |
Investing Activities | ||
Purchases of investments held-to-maturity | (117,104) | (82,022) |
Purchases of investments available-for-sale | (59,707) | (67,029) |
Purchases of short-term investments | (4,440) | (69,139) |
Proceeds from maturities of investments held-to-maturity | 59,268 | 46,614 |
Proceeds from sales and maturities of investments available-for-sale | 39,821 | 33,120 |
Proceeds from sales and maturities of short-term investments | 31,055 | 66,061 |
Purchases of property and equipment | (553) | (667) |
Net cash used in investing activities | (51,660) | (73,062) |
Financing Activities | ||
Proceeds from stock option exercises | 834 | 1,127 |
Tax benefit from share-based payments | 1,071 | 1,227 |
Dividends to stockholders | (5,713) | (13,752) |
Net cash used in financing activities | (3,808) | (11,398) |
Change in cash and cash equivalents | (29,367) | (24,259) |
Cash and cash equivalents at beginning of period | 90,956 | 123,077 |
Cash and cash equivalents at end of period | $ 61,589 | $ 98,818 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note 1. Basis of Presentation AMERISAFE, Inc. (the “Company”) is an insurance holding company incorporated in the state of Texas. The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries: American Interstate Insurance Company (“AIIC”), Silver Oak Casualty, Inc. (“SOCI”), American Interstate Insurance Company of Texas (“AIICTX”), Amerisafe Risk Services, Inc. (“RISK”) and Amerisafe General Agency, Inc. (“AGAI”). AIIC and SOCI are property and casualty insurance companies organized under the laws of the state of Nebraska. AIICTX is a property and casualty insurance company organized under the laws of the state of Texas. RISK, a wholly owned subsidiary of the Company, is a claims and safety services company, currently servicing only affiliated insurance companies. AGAI, a wholly owned subsidiary of the Company, is a general agent for the Company. AGAI sells insurance, which is underwritten by AIIC, SOCI and AIICTX, as well as by nonaffiliated insurance carriers. The assets and operations of AGAI are not significant to that of the Company and its consolidated subsidiaries. The terms “AMERISAFE,” the “Company,” “we,” “us” or “our” refer to AMERISAFE, Inc. and its consolidated subsidiaries, as the context requires. The Company provides workers’ compensation insurance for small to mid-sized employers engaged in hazardous industries, principally construction, trucking, manufacturing, oil and gas, and agriculture. Assets and revenues of AIIC represent at least 95% of comparable consolidated amounts of the Company for each of 2015 and 2014. In the opinion of management of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of normal recurring accruals) necessary to present fairly the financial position, the results of operations and cash flows for the periods presented. The unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q under the Securities Exchange Act of 1934 and therefore do not include all information and footnotes to be in conformity with accounting principles generally accepted in the United States (“GAAP”). The results for the interim periods are not necessarily indicative of the results of operations that may be expected for the year. The unaudited condensed consolidated financial statements contained herein should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2014. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Certain prior year amounts have been reclassified to conform with the current year presentation. |
Stock Options and Restricted St
Stock Options and Restricted Stock | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Options and Restricted Stock | Note 2. Stock Options and Restricted Stock The Company has three equity incentive plans: the AMERISAFE 2005 Equity Incentive Plan (the “2005 Incentive Plan”), the AMERISAFE 2010 Non-Employee Director Restricted Stock Plan (the “2010 Restricted Stock Plan”) and the AMERISAFE 2012 Equity and Incentive Compensation Plan (the “2012 Incentive Plan”). See Note 12 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2014 for additional information regarding the Company’s incentive plans. During the six months ended June 30, 2015, the Company granted 25,461 and 7,112 shares of restricted common stock to executive officers and non-employee directors, respectively. The market value of the restricted shares granted totaled $1.4 million. During the six months ended June 30, 2014, the Company granted 4,312 and 4,866 shares of restricted common stock to executive officers and non-employee directors, respectively. The market value of the restricted shares granted was $0.4 million. During the six months ended June 30, 2015, options to purchase 97,850 shares of common stock were exercised. During the six months ended June 30, 2014, options to purchase 123,167 shares of common stock were exercised. In connection with these exercises, the Company received $0.8 million and $1.1 million of stock option proceeds, respectively. The Company recognized share-based compensation expense of $0.4 million in the six months ended June 30, 2015 and $0.4 million for the same period of 2014. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 3. Earnings Per Share The Company computes earnings per share (“EPS”) in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 260, Earnings Per Share. Basic EPS is calculated by dividing income available to common shareholders by the weighted-average number of common shares outstanding during the period. The diluted EPS calculation includes potential common shares assumed issued under the treasury stock method, which reflects the potential dilution that would occur if any outstanding options or warrants were exercised or restricted stock becomes vested, and includes the “if converted” method for participating securities if the effect is dilutive. Three Months Ended Six Months Ended 2015 2014 2015 2014 (in thousands, except share and per share amounts) Basic EPS: Net income available to common shareholders - basic $ 14,319 $ 12,773 $ 29,449 $ 23,322 Basic weighted average common shares 18,917,229 18,600,186 18,882,693 18,566,235 Basic earnings per common share $ 0.76 $ 0.69 $ 1.56 $ 1.26 Diluted EPS: Net income available to common shareholders - diluted $ 14,319 $ 12,773 $ 29,449 $ 23,322 Diluted weighted average common shares: Weighted average common shares 18,917,229 18,600,186 18,882,693 18,566,235 Stock options and performance shares 162,836 294,699 187,256 319,149 Diluted weighted average common shares 19,080,065 18,894,885 19,069,949 18,885,384 Diluted earnings per common share $ 0.75 $ 0.68 $ 1.54 $ 1.23 |
Investments
Investments | 6 Months Ended |
Jun. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Note 4. Investments The gross unrealized gains and losses on, and the amortized cost and fair value of, those investments classified as held-to-maturity at June 30, 2015 are summarized as follows: Gross Gross Fair Value (in thousands) States and political subdivisions $ 439,985 $ 15,536 $ (961 ) $ 454,560 Corporate bonds 183,246 425 (384 ) 183,287 Commercial mortgage-backed securities 44,907 1,001 — 45,908 U.S. agency-based mortgage-backed securities 14,974 1,516 (2 ) 16,488 U.S. Treasury securities and obligations of U.S. Government agencies 12,869 1,045 — 13,914 Asset-backed securities 2,532 236 (69 ) 2,699 Totals $ 698,513 $ 19,759 $ (1,416 ) $ 716,856 The gross unrealized gains and losses on, and the cost or amortized cost and fair value of, those investments classified as available-for-sale at June 30, 2015 are summarized as follows: Cost or Cost Gross Gross Fair Value (in thousands) Fixed maturity: States and political subdivisions $ 168,047 $ 5,725 $ (609 ) $ 173,163 Corporate bonds 163,985 398 (330 ) 164,053 U.S. agency-based mortgage-backed securities 9,559 4 (2,120 ) 7,443 Total fixed maturity 341,591 6,127 (3,059 ) 344,659 Other investments 10,000 1,695 — 11,695 Equity securities — 28 — 28 Totals $ 351,591 $ 7,850 $ (3,059 ) $ 356,382 The gross unrealized gains and losses on, and the amortized cost and fair value of, those investments classified as held-to-maturity at December 31, 2014 are summarized as follows: Amortized Cost Gross Gross Fair Value (in thousands) States and political subdivisions $ 385,623 $ 20,100 $ (58 ) $ 405,665 Corporate bonds 176,880 374 (520 ) 176,734 Commercial mortgage-backed securities 46,662 1,867 — 48,529 U.S. agency-based mortgage-backed securities 16,972 1,702 (2 ) 18,672 U.S. Treasury securities and obligations of U.S. Government agencies 10,697 1,097 (2 ) 11,792 Asset-backed securities 2,797 264 (82 ) 2,979 Totals $ 639,631 $ 25,404 $ (664 ) $ 664,371 The gross unrealized gains and losses on, and the cost or amortized cost and fair value of, those investments classified as available-for-sale at December 31, 2014 are summarized as follows: Cost or Cost Gross Gross Fair Value (in thousands) Fixed maturity: States and political subdivisions $ 151,744 $ 7,302 $ (1,672 ) $ 157,374 Corporate bonds 165,412 428 (470 ) 165,370 U.S. agency-based mortgage-backed securities 9,848 2 (1,352 ) 8,498 Total fixed maturity 327,004 7,732 (3,494 ) 331,242 Other investments 10,000 1,748 — 11,748 Equity securities — 28 — 28 Totals $ 337,004 $ 9,508 $ (3,494 ) $ 343,018 A summary of the cost and fair value of investments in fixed maturity securities, classified as held-to-maturity at June 30, 2015, by contractual maturity, is as follows: Remaining Time to Maturity Amortized Fair Value (in thousands) Within one year $ 146,632 $ 147,370 After one year through five years 280,016 287,865 After five years through ten years 137,031 142,228 After ten years 72,721 74,298 U.S. agency-based mortgage-backed securities 14,974 16,488 Commercial mortgage-backed securities 44,907 45,908 Asset-backed securities 2,532 2,699 Total $ 698,513 $ 716,856 A summary of cost and fair value of investments in fixed maturity securities, classified as available-for-sale at June 30, 2015, by contractual maturity, is as follows: Remaining Time to Maturity Amortized Fair Value (in thousands) Within one year $ 54,714 $ 54,750 After one year through five years 133,161 133,717 After five years through ten years 16,132 16,165 After ten years 128,025 132,584 U.S. agency-based mortgage-backed securities 9,559 7,443 Total $ 341,591 $ 344,659 The following table summarizes the fair value and gross unrealized losses on securities, aggregated by major investment category and length of time that the individual securities have been in a continuous unrealized loss position: Less Than 12 Months 12 Months or Greater Total Fair Value of Gross Fair Value of Gross Fair Value of Gross (in thousands) June 30, 2015 Held-to-Maturity Fixed maturity securities: Corporate bonds $ 92,732 $ 356 $ 10,852 $ 28 $ 103,584 $ 384 States and political subdivisions 77,142 961 — — 77,142 961 U.S. agency-based mortgage-backed securities 71 2 — — 71 2 Asset-backed securities — — 1,560 69 1,560 69 Total held-to-maturity securities 169,945 1,319 12,412 97 182,357 1,416 Available-for Sale Fixed maturity securities: Corporate bonds $ 76,180 $ 323 $ 4,085 $ 7 $ 80,265 $ 330 States and political subdivisions 33,017 333 4,392 276 37,409 609 U.S. agency-based mortgage-backed securities 577 17 7,743 2,103 8,320 2,120 Total available-for-sale securities 109,774 673 16,220 2,386 125,994 3,059 Total $ 279,719 $ 1,992 $ 28,632 $ 2,483 $ 308,351 $ 4,475 December 31, 2014 Held-to-Maturity Fixed maturity securities: Corporate bonds $ 129,788 $ 520 $ — $ — $ 129,788 $ 520 States and political subdivisions 16,896 58 — — 16,896 58 U.S. Treasury securities and obligations of U.S. Government agencies 3,385 2 — — 3,385 2 U.S. agency-based mortgage-backed securities 78 2 — — 78 2 Asset-backed securities — — 1,662 82 1,662 82 Total held-to-maturity securities 150,147 582 1,662 82 151,809 664 Available-for Sale Fixed maturity securities: Corporate bonds $ 106,185 $ 470 $ — $ — $ 106,185 $ 470 States and political subdivisions 3,810 6 10,347 1,666 14,157 1,672 U.S. agency-based mortgage-backed securities 627 11 7,757 1,341 8,384 1,352 Total available-for-sale securities 110,622 487 18,104 3,007 128,726 3,494 Total $ 260,769 $ 1,069 $ 19,766 $ 3,089 $ 280,535 $ 4,158 At June 30, 2015, the Company held 205 individual fixed maturity securities that were in an unrealized loss position, of which 22 individual fixed maturity securities were in a continuous unrealized loss position for longer than 12 months. The Company holds investments in a long/short equity fund, accounted for under the equity method. The carrying value of this investment is $11.7 million at June 30, 2015. Investment income is recognized as it is earned. The discount or premium on fixed maturity securities is amortized using the “constant yield” method. Anticipated prepayments, where applicable, are considered when determining the amortization of premiums or discounts. Realized investment gains and losses are determined using the specific identification method. We regularly review our investment portfolio to evaluate the necessity of recording impairment losses for other-than-temporary declines in the fair value of specific investments. We consider various factors in determining if a decline in the fair value of an individual security is other-than-temporary. The key factors we consider are: • any reduction or elimination of preferred dividends, or nonpayment of scheduled principal or interest payments; • the financial condition and near-term prospects of the issuer of the applicable security, including any specific events that may affect its operations or earnings; • how long and by how much the fair value of the security has been below its cost or amortized cost; • any downgrades of the security by a rating agency; • our intent not to sell the security for a sufficient time period for it to recover its value; • the likelihood of being forced to sell the security before the recovery of its value; and • an evaluation as to whether there are any credit losses on debt securities. We reviewed all securities with unrealized losses in accordance with the impairment policy described above. With the exception of four securities deemed to be other-than-temporarily impaired, the Company determined that the unrealized losses in the fixed maturity securities portfolio related primarily to changes in market interest rates since the date of purchase, current conditions in the capital markets and the impact of those conditions on market liquidity and prices generally, and the transfer of the investments from the available-for-sale classification to the held-to-maturity classification in January 2004. We expect to recover the carrying value of these securities as it is not more likely than not that we will be required to sell the securities before the recovery of the amortized cost basis. During the second quarter of 2015, the Company impaired four fixed maturity securities in the amount of $2.7 million. The impairment charge is included in “Net realized gains/(losses) on investments” for 2015. We impaired the securities due to recent downgrades of the securities and the amount of the accumulated unrealized loss. After reviewing the change in relevant benchmark yields, the Company determined the loss was credit related. Net realized losses in the six months ended June 30, 2015 were $2.6 million resulting from an impairment loss of $2.7 million recognized for the other-than-temporary decline in the fair value of four fixed maturity securities offset by $0.1 million in gains on called fixed maturity securities. Net realized gains in the six months ended June 30, 2014 were $0.3 million resulting from gains on called fixed maturity securities and the sale of equity securities. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 5. Income Taxes In accordance with FASB ASC Topic 740, “Income Taxes,” we provide for the recognition and measurement of deferred income tax benefits based on the likelihood of their realization in future years. As of June 30, 2015, the Company had no material unrecognized tax benefits and no adjustments to liabilities or operations were required. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. There were no uncertain tax positions recognized for the periods ended June 30, 2015 and 2014. Tax years 2011 through 2014 are subject to examination by the federal and state taxing authorities. |
Comprehensive Income and Accumu
Comprehensive Income and Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Comprehensive Income and Accumulated Other Comprehensive Income | Note 6. Comprehensive Income and Accumulated Other Comprehensive Income Comprehensive income was $12.7 million for the three months ended June 30, 2015, compared to $15.8 million for the three months ended June 30, 2014. Comprehensive income was $28.7 million for the six months ended June 30, 2015, compared to $29.6 million for the same period in 2014. The difference between net income as reported and comprehensive income was due to changes in unrealized gains and losses, net of tax on available-for-sale securities. Comprehensive income includes net income plus unrealized gains/losses on our available-for-sale investment securities, net of tax. In reporting comprehensive income on a net basis in the statement of income, we used a 35 percent tax rate. The following table illustrates the changes in the balance of each component of accumulated other comprehensive income for each period presented in the interim financial statements. Three Months Ended Six Months Ended 2015 2014 2015 2014 (in thousands) Beginning balance $ 3,628 $ (1,055 ) $ 2,810 $ (4,295 ) Other comprehensive income/(loss) before reclassification (2,130 ) 3,143 (1,628 ) 6,120 Amounts reclassified from accumulated other comprehensive income 554 (127 ) 870 136 Net current period other comprehensive income/(loss) (1,576 ) 3,016 (758 ) 6,256 Ending balance $ 2,052 $ 1,961 $ 2,052 $ 1,961 The sale or other-than-temporary impairment of an available-for-sale security results in amounts being reclassified from accumulated other comprehensive income to current period net income. The effects of reclassifications out of accumulated other comprehensive income by the respective line items of net income are presented in the following table. Component of Accumulated Other Comprehensive Three Months Ended Six Months Ended Affected line item in the statement of income 2015 2014 2015 2014 (in thousands) Unrealized gains/(losses) on available-for-sale securities $ 1,273 $ 195 $ 261 $ (209 ) Net realized gains/(losses) on investments Other-than-temporary impairment (2,126 ) — (1,600 ) — Net realized gains/(losses) on investments (853 ) 195 (1,339 ) (209 ) Income before income taxes 299 (68 ) 469 73 Income tax expense $ (554 ) $ 127 $ (870 ) $ (136 ) Net income |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 7. Fair Value Measurements We carry available-for-sale securities at fair value in our consolidated financial statements and determine fair value measurements and disclosure in accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures.” The Company determines the fair values of its financial instruments based on the fair value hierarchy established in ASC Topic 820, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard defines fair value, describes three levels of inputs that may be used to measure fair value, and expands disclosures about fair value measurements. Fair value is defined in ASC Topic 820 as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is the price to sell an asset or transfer a liability and, therefore, represents an exit price, not an entry price. Fair value is the exit price in the principal market (or, if lacking a principal market, the most advantageous market) in which the reporting entity would transact. Fair value is a market-based measurement, not an entity-specific measurement, and, as such, is determined based on the assumptions that market participants would use in pricing the asset or liability. The exit price objective of a fair value measurement applies regardless of the reporting entity’s intent and/or ability to sell the asset or transfer the liability at the measurement date. ASC Topic 820 requires the use of valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. The income approach uses valuation techniques to convert future amounts, such as cash flows or earnings, to a single present value amount on a discounted basis. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset, also known as current replacement cost. Valuation techniques used to measure fair value are to be consistently applied. In ASC Topic 820, inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable: • Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. • Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Valuation techniques used to measure fair value are intended to maximize the use of observable inputs and minimize the use of unobservable inputs. ASC Topic 820 establishes a fair value hierarchy that prioritizes the use of inputs used in valuation techniques into the following three levels: • Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. • Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, or inputs that are derived principally from or corroborated by observable market data. • Level 3 inputs are unobservable inputs for the asset or liability. Unobservable inputs are to be used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. In general, fair value is based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon internally developed models that primarily use, as inputs, observable market-based parameters. The fair values of the Company’s investments are based upon prices provided by an independent pricing service. The Company has reviewed these prices for reasonableness and has not adjusted any prices received from the independent provider. Securities reported at fair value utilizing Level 1 inputs represent assets whose fair value is determined based upon observable unadjusted quoted market prices for identical assets in active markets. Level 2 securities represent assets whose fair value is determined using observable market information such as previous day trade prices, quotes from less active markets or quoted prices of securities with similar characteristics. There were no transfers between Level 1 and Level 2 during the six months ended June 30, 2015. At June 30, 2015, assets and liabilities measured at fair value on a recurring basis are summarized below: June 30, 2015 Level 1 Level 2 Level 3 Total Fair (in thousands) Financial instruments carried at fair value, classified as a part of: Other investments $ — $ — $ 11,695 $ 11,695 Securities available for sale—equity: Domestic common stock 28 — — 28 Securities available for sale—fixed maturity: States and political subdivisions — 173,163 — 173,163 Corporate bonds — 164,053 — 164,053 U.S. agency-based mortgage-backed securities — 7,443 — 7,443 Total securities available for sale—fixed maturity — 344,659 — 344,659 Total available for sale $ 28 $ 344,659 $ 11,695 $ 356,382 At June 30, 2015, assets and liabilities measured at amortized cost are summarized below: June 30, 2015 Level 1 Level 2 Level 3 Total Fair (in thousands) Securities held-to-maturity—fixed maturity States and political subdivisions $ — $ 454,560 $ — $ 454,560 Corporate bonds — 183,287 — 183,287 Commercial mortgage-backed securities — 45,908 — 45,908 U.S. agency-based mortgage-backed securities — 16,488 — 16,488 U.S. Treasury securities 13,914 — — 13,914 Asset-backed securities — 2,699 — 2,699 Total held-to-maturity $ 13,914 $ 702,942 $ — $ 716,856 At December 31, 2014, assets and liabilities measured at fair value on a recurring basis are summarized below: December 31, 2014 Level 1 Level 2 Level 3 Total Fair (in thousands) Financial instruments carried at fair value, classified as part of: Other investments $ — $ — $ 11,748 $ 11,748 Securities available for sale—equity: Domestic common stock 28 — — 28 Securities available for sale—fixed maturity: States and political subdivisions — 157,374 — 157,374 U.S. agency-based mortgage-backed securities — 8,498 — 8,498 Corporate bonds — 165,370 — 165,370 Total available for sale—fixed maturity $ — $ 331,242 $ — $ 331,242 Total available for sale $ 28 $ 331,242 $ 11,748 $ 343,018 At December 31, 2014, assets and liabilities measured at amortized cost are summarized below: December 31, 2014 Level 1 Level 2 Level 3 Total Fair (in thousands) Securities held-to-maturity—fixed maturity: States and political subdivisions $ — $ 405,665 $ — $ 405,665 Corporate bonds — 176,734 — 176,734 Commercial mortgage-backed securities — 48,529 — 48,529 U.S. agency-based mortgage-backed securities — 18,672 — 18,672 U.S. Treasury securities 11,792 — — 11,792 Asset-backed securities — 2,979 — 2,979 Total held-to-maturity $ 11,792 $ 652,579 $ — $ 664,371 The Company determines fair value amounts for financial instruments using available third-party market information. When such information is not available, the Company determines the fair value amounts using appropriate valuation methodologies. Nonfinancial instruments such as real estate, property and equipment, deferred policy acquisition costs, deferred income taxes and loss and loss adjustment expense reserves are excluded from the fair value disclosure. Cash and Cash Equivalents Investments Short Term Investments Other Investments The following table summarizes the carrying values and corresponding fair values for financial instruments: As of June 30, 2015 As of December 31, 2014 Carrying Fair Carrying Fair (in thousands) Assets: Fixed maturity securities—held-to-maturity $ 698,513 $ 716,856 $ 639,631 $ 664,371 Fixed maturity securities—available-for-sale 344,659 344,659 331,242 331,242 Equity securities 28 28 28 28 Cash and cash equivalents 61,589 61,589 90,956 90,956 Short-term investments 6,826 6,826 33,684 33,684 Other investments 11,695 11,695 11,748 11,748 The following table presents summary information regarding changes in the fair value of assets measured at fair value using Level 3 input. June 30, 2015 December 31, 2014 (in thousands) Beginning balance $ 11,748 $ 10,591 Total unrealized gains/(losses) (53 ) 1,157 Ending balance $ 11,695 $ 11,748 |
Treasury Stock
Treasury Stock | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Treasury Stock | Note 8. Treasury Stock The Company’s Board of Directors initiated a share repurchase program in February 2010. In October 2014, the Board reauthorized this program with a limit of $25.0 million. Unless reauthorized, the program will expire on December 31, 2015. Since the beginning of this plan, the Company has repurchased a total of 1,258,250 shares for $22.4 million, or an average price of $17.78, including commissions. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 9. Commitments and Contingencies In February 2015, the Company was notified of an adverse verdict against its subsidiary, American Interstate Insurance Company, related to a 2009 workers’ compensation claim in the State of Iowa. The verdict was for $25.3 million, of which $0.3 million was for actual damages and $25.0 million was awarded for punitive damages. American Interstate is appealing both the verdict and the damage awards. The Company has posted an appeal bond in the amount of $27.8 million, as required by law. As of June 30, 2015, the Company’s total reserve for the claim was $2.6 million. The Company presently believes that this reserve amount, together with its reinsurance coverage, is adequate to satisfy this claim. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 10. Subsequent Events On July 28, 2015, the Company’s Board of Directors declared a quarterly cash dividend of $0.15 per share payable on September 25, 2015 to shareholders of record as of September 11, 2015. The Board intends to consider the payment of a regular cash dividend each calendar quarter. |
Fair Value Measurements (Polici
Fair Value Measurements (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | We carry available-for-sale securities at fair value in our consolidated financial statements and determine fair value measurements and disclosure in accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures.” The Company determines the fair values of its financial instruments based on the fair value hierarchy established in ASC Topic 820, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard defines fair value, describes three levels of inputs that may be used to measure fair value, and expands disclosures about fair value measurements. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Calculation of Basic and Diluted Earnings Per Share | Three Months Ended Six Months Ended 2015 2014 2015 2014 (in thousands, except share and per share amounts) Basic EPS: Net income available to common shareholders - basic $ 14,319 $ 12,773 $ 29,449 $ 23,322 Basic weighted average common shares 18,917,229 18,600,186 18,882,693 18,566,235 Basic earnings per common share $ 0.76 $ 0.69 $ 1.56 $ 1.26 Diluted EPS: Net income available to common shareholders - diluted $ 14,319 $ 12,773 $ 29,449 $ 23,322 Diluted weighted average common shares: Weighted average common shares 18,917,229 18,600,186 18,882,693 18,566,235 Stock options and performance shares 162,836 294,699 187,256 319,149 Diluted weighted average common shares 19,080,065 18,894,885 19,069,949 18,885,384 Diluted earnings per common share $ 0.75 $ 0.68 $ 1.54 $ 1.23 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Gross Unrealized Gains and Losses and Amortized Cost and Fair Value of Investments Classified as Held-to-maturity | The gross unrealized gains and losses on, and the amortized cost and fair value of, those investments classified as held-to-maturity at June 30, 2015 are summarized as follows: Gross Gross Fair Value (in thousands) States and political subdivisions $ 439,985 $ 15,536 $ (961 ) $ 454,560 Corporate bonds 183,246 425 (384 ) 183,287 Commercial mortgage-backed securities 44,907 1,001 — 45,908 U.S. agency-based mortgage-backed securities 14,974 1,516 (2 ) 16,488 U.S. Treasury securities and obligations of U.S. Government agencies 12,869 1,045 — 13,914 Asset-backed securities 2,532 236 (69 ) 2,699 Totals $ 698,513 $ 19,759 $ (1,416 ) $ 716,856 The gross unrealized gains and losses on, and the amortized cost and fair value of, those investments classified as held-to-maturity at December 31, 2014 are summarized as follows: Amortized Cost Gross Gross Fair Value (in thousands) States and political subdivisions $ 385,623 $ 20,100 $ (58 ) $ 405,665 Corporate bonds 176,880 374 (520 ) 176,734 Commercial mortgage-backed securities 46,662 1,867 — 48,529 U.S. agency-based mortgage-backed securities 16,972 1,702 (2 ) 18,672 U.S. Treasury securities and obligations of U.S. Government agencies 10,697 1,097 (2 ) 11,792 Asset-backed securities 2,797 264 (82 ) 2,979 Totals $ 639,631 $ 25,404 $ (664 ) $ 664,371 |
Gross Unrealized Gains and Losses and Cost or Amortized Cost and Fair Value of Investments Classified as Available-for-sale | The gross unrealized gains and losses on, and the cost or amortized cost and fair value of, those investments classified as available-for-sale at June 30, 2015 are summarized as follows: Cost or Cost Gross Gross Fair Value (in thousands) Fixed maturity: States and political subdivisions $ 168,047 $ 5,725 $ (609 ) $ 173,163 Corporate bonds 163,985 398 (330 ) 164,053 U.S. agency-based mortgage-backed securities 9,559 4 (2,120 ) 7,443 Total fixed maturity 341,591 6,127 (3,059 ) 344,659 Other investments 10,000 1,695 — 11,695 Equity securities — 28 — 28 Totals $ 351,591 $ 7,850 $ (3,059 ) $ 356,382 The gross unrealized gains and losses on, and the cost or amortized cost and fair value of, those investments classified as available-for-sale at December 31, 2014 are summarized as follows: Cost or Cost Gross Gross Fair Value (in thousands) Fixed maturity: States and political subdivisions $ 151,744 $ 7,302 $ (1,672 ) $ 157,374 Corporate bonds 165,412 428 (470 ) 165,370 U.S. agency-based mortgage-backed securities 9,848 2 (1,352 ) 8,498 Total fixed maturity 327,004 7,732 (3,494 ) 331,242 Other investments 10,000 1,748 — 11,748 Equity securities — 28 — 28 Totals $ 337,004 $ 9,508 $ (3,494 ) $ 343,018 |
Investment Securities Continuous Unrealized Loss Position | The following table summarizes the fair value and gross unrealized losses on securities, aggregated by major investment category and length of time that the individual securities have been in a continuous unrealized loss position: Less Than 12 Months 12 Months or Greater Total Fair Value of Gross Fair Value of Gross Fair Value of Gross (in thousands) June 30, 2015 Held-to-Maturity Fixed maturity securities: Corporate bonds $ 92,732 $ 356 $ 10,852 $ 28 $ 103,584 $ 384 States and political subdivisions 77,142 961 — — 77,142 961 U.S. agency-based mortgage-backed securities 71 2 — — 71 2 Asset-backed securities — — 1,560 69 1,560 69 Total held-to-maturity securities 169,945 1,319 12,412 97 182,357 1,416 Available-for Sale Fixed maturity securities: Corporate bonds $ 76,180 $ 323 $ 4,085 $ 7 $ 80,265 $ 330 States and political subdivisions 33,017 333 4,392 276 37,409 609 U.S. agency-based mortgage-backed securities 577 17 7,743 2,103 8,320 2,120 Total available-for-sale securities 109,774 673 16,220 2,386 125,994 3,059 Total $ 279,719 $ 1,992 $ 28,632 $ 2,483 $ 308,351 $ 4,475 December 31, 2014 Held-to-Maturity Fixed maturity securities: Corporate bonds $ 129,788 $ 520 $ — $ — $ 129,788 $ 520 States and political subdivisions 16,896 58 — — 16,896 58 U.S. Treasury securities and obligations of U.S. Government agencies 3,385 2 — — 3,385 2 U.S. agency-based mortgage-backed securities 78 2 — — 78 2 Asset-backed securities — — 1,662 82 1,662 82 Total held-to-maturity securities 150,147 582 1,662 82 151,809 664 Available-for Sale Fixed maturity securities: Corporate bonds $ 106,185 $ 470 $ — $ — $ 106,185 $ 470 States and political subdivisions 3,810 6 10,347 1,666 14,157 1,672 U.S. agency-based mortgage-backed securities 627 11 7,757 1,341 8,384 1,352 Total available-for-sale securities 110,622 487 18,104 3,007 128,726 3,494 Total $ 260,769 $ 1,069 $ 19,766 $ 3,089 $ 280,535 $ 4,158 |
Held-to-Maturity Securities [Member] | |
Summary of Amortized Cost and Fair Value of Investments in Fixed Maturity Securities, by Contractual Maturity | A summary of the cost and fair value of investments in fixed maturity securities, classified as held-to-maturity at June 30, 2015, by contractual maturity, is as follows: Remaining Time to Maturity Amortized Fair Value (in thousands) Within one year $ 146,632 $ 147,370 After one year through five years 280,016 287,865 After five years through ten years 137,031 142,228 After ten years 72,721 74,298 U.S. agency-based mortgage-backed securities 14,974 16,488 Commercial mortgage-backed securities 44,907 45,908 Asset-backed securities 2,532 2,699 Total $ 698,513 $ 716,856 |
Available-for-Sale Securities [Member] | |
Summary of Amortized Cost and Fair Value of Investments in Fixed Maturity Securities, by Contractual Maturity | A summary of cost and fair value of investments in fixed maturity securities, classified as available-for-sale at June 30, 2015, by contractual maturity, is as follows: Remaining Time to Maturity Amortized Fair Value (in thousands) Within one year $ 54,714 $ 54,750 After one year through five years 133,161 133,717 After five years through ten years 16,132 16,165 After ten years 128,025 132,584 U.S. agency-based mortgage-backed securities 9,559 7,443 Total $ 341,591 $ 344,659 |
Comprehensive Income and Accu21
Comprehensive Income and Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Income (AOCI) | The following table illustrates the changes in the balance of each component of accumulated other comprehensive income for each period presented in the interim financial statements. Three Months Ended Six Months Ended 2015 2014 2015 2014 (in thousands) Beginning balance $ 3,628 $ (1,055 ) $ 2,810 $ (4,295 ) Other comprehensive income/(loss) before reclassification (2,130 ) 3,143 (1,628 ) 6,120 Amounts reclassified from accumulated other comprehensive income 554 (127 ) 870 136 Net current period other comprehensive income/(loss) (1,576 ) 3,016 (758 ) 6,256 Ending balance $ 2,052 $ 1,961 $ 2,052 $ 1,961 |
Reclassification Out of Accumulated Other Comprehensive Income | The effects of reclassifications out of accumulated other comprehensive income by the respective line items of net income are presented in the following table. Component of Accumulated Other Comprehensive Three Months Ended Six Months Ended Affected line item in the statement of income 2015 2014 2015 2014 (in thousands) Unrealized gains/(losses) on available-for-sale securities $ 1,273 $ 195 $ 261 $ (209 ) Net realized gains/(losses) on investments Other-than-temporary impairment (2,126 ) — (1,600 ) — Net realized gains/(losses) on investments (853 ) 195 (1,339 ) (209 ) Income before income taxes 299 (68 ) 469 73 Income tax expense $ (554 ) $ 127 $ (870 ) $ (136 ) Net income |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | At June 30, 2015, assets and liabilities measured at fair value on a recurring basis are summarized below: June 30, 2015 Level 1 Level 2 Level 3 Total Fair (in thousands) Financial instruments carried at fair value, classified as a part of: Other investments $ — $ — $ 11,695 $ 11,695 Securities available for sale—equity: Domestic common stock 28 — — 28 Securities available for sale—fixed maturity: States and political subdivisions — 173,163 — 173,163 Corporate bonds — 164,053 — 164,053 U.S. agency-based mortgage-backed securities — 7,443 — 7,443 Total securities available for sale—fixed maturity — 344,659 — 344,659 Total available for sale $ 28 $ 344,659 $ 11,695 $ 356,382 At December 31, 2014, assets and liabilities measured at fair value on a recurring basis are summarized below: December 31, 2014 Level 1 Level 2 Level 3 Total Fair (in thousands) Financial instruments carried at fair value, classified as part of: Other investments $ — $ — $ 11,748 $ 11,748 Securities available for sale—equity: Domestic common stock 28 — — 28 Securities available for sale—fixed maturity: States and political subdivisions — 157,374 — 157,374 U.S. agency-based mortgage-backed securities — 8,498 — 8,498 Corporate bonds — 165,370 — 165,370 Total available for sale—fixed maturity $ — $ 331,242 $ — $ 331,242 Total available for sale $ 28 $ 331,242 $ 11,748 $ 343,018 |
Schedule of Assets and Liabilities Measured at Amortized Cost | At June 30, 2015, assets and liabilities measured at amortized cost are summarized below: June 30, 2015 Level 1 Level 2 Level 3 Total Fair (in thousands) Securities held-to-maturity—fixed maturity States and political subdivisions $ — $ 454,560 $ — $ 454,560 Corporate bonds — 183,287 — 183,287 Commercial mortgage-backed securities — 45,908 — 45,908 U.S. agency-based mortgage-backed securities — 16,488 — 16,488 U.S. Treasury securities 13,914 — — 13,914 Asset-backed securities — 2,699 — 2,699 Total held-to-maturity $ 13,914 $ 702,942 $ — $ 716,856 At December 31, 2014, assets and liabilities measured at amortized cost are summarized below: December 31, 2014 Level 1 Level 2 Level 3 Total Fair (in thousands) Securities held-to-maturity—fixed maturity: States and political subdivisions $ — $ 405,665 $ — $ 405,665 Corporate bonds — 176,734 — 176,734 Commercial mortgage-backed securities — 48,529 — 48,529 U.S. agency-based mortgage-backed securities — 18,672 — 18,672 U.S. Treasury securities 11,792 — — 11,792 Asset-backed securities — 2,979 — 2,979 Total held-to-maturity $ 11,792 $ 652,579 $ — $ 664,371 |
Summary of Carrying Values and Corresponding Fair Values for Financial Instruments | The following table summarizes the carrying values and corresponding fair values for financial instruments: As of June 30, 2015 As of December 31, 2014 Carrying Fair Carrying Fair (in thousands) Assets: Fixed maturity securities—held-to-maturity $ 698,513 $ 716,856 $ 639,631 $ 664,371 Fixed maturity securities—available-for-sale 344,659 344,659 331,242 331,242 Equity securities 28 28 28 28 Cash and cash equivalents 61,589 61,589 90,956 90,956 Short-term investments 6,826 6,826 33,684 33,684 Other investments 11,695 11,695 11,748 11,748 |
Summary of Changes in Fair Value of Assets Measured at Fair Value | The following table presents summary information regarding changes in the fair value of assets measured at fair value using Level 3 input. June 30, 2015 December 31, 2014 (in thousands) Beginning balance $ 11,748 $ 10,591 Total unrealized gains/(losses) (53 ) 1,157 Ending balance $ 11,695 $ 11,748 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Percentage of comparable consolidated amounts | 95.00% | 95.00% |
Stock Options and Restricted 24
Stock Options and Restricted Stock - Additional Information (Detail) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015USD ($)Incentive_Planshares | Jun. 30, 2014USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of equity incentive plans | Incentive_Plan | 3 | |
Stock options exercised, Shares | 97,850 | 123,167 |
Proceeds from stock option exercises | $ | $ 834 | $ 1,127 |
Share-based compensation expense | $ | 400 | 400 |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Market value of restricted shares granted | $ | $ 400 | |
Restricted Stock Units (RSUs) [Member] | 2012 Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Market value of restricted shares granted | $ | $ 1,400 | |
Restricted Stock Units (RSUs) [Member] | Executive Officers [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted common stock granted | 4,312 | |
Restricted Stock Units (RSUs) [Member] | Executive Officers [Member] | 2012 Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted common stock granted | 25,461 | |
Restricted Stock Units (RSUs) [Member] | Non-employee Directors [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted common stock granted | 4,866 | |
Restricted Stock Units (RSUs) [Member] | Non-employee Directors [Member] | 2012 Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted common stock granted | 7,112 |
Earnings Per Share - Calculatio
Earnings Per Share - Calculation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share, Basic [Abstract] | ||||
Net income available to common shareholders - basic | $ 14,319 | $ 12,773 | $ 29,449 | $ 23,322 |
Basic weighted average common shares | 18,917,229 | 18,600,186 | 18,882,693 | 18,566,235 |
Basic earnings per common share | $ 0.76 | $ 0.69 | $ 1.56 | $ 1.26 |
Net income available to common shareholders - diluted | $ 14,319 | $ 12,773 | $ 29,449 | $ 23,322 |
Weighted average common shares | 18,917,229 | 18,600,186 | 18,882,693 | 18,566,235 |
Stock options and performance shares | 162,836 | 294,699 | 187,256 | 319,149 |
Diluted weighted average common shares | 19,080,065 | 18,894,885 | 19,069,949 | 18,885,384 |
Diluted earnings per common share | $ 0.75 | $ 0.68 | $ 1.54 | $ 1.23 |
Investments - Gross Unrealized
Investments - Gross Unrealized Gains and Losses and Amortized Cost and Fair Value of Investments Classified as Held-to-Maturity (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Investment [Line Items] | ||
Held-to-Maturity, Amortized Cost | $ 698,513 | $ 639,631 |
Held-to-Maturity, Gross Unrealized Gains | 19,759 | 25,404 |
Held-to-Maturity, Gross Unrealized Losses | (1,416) | (664) |
Held-to-Maturity, Fair Value | 716,856 | 664,371 |
States and Political Subdivisions [Member] | ||
Investment [Line Items] | ||
Held-to-Maturity, Amortized Cost | 439,985 | 385,623 |
Held-to-Maturity, Gross Unrealized Gains | 15,536 | 20,100 |
Held-to-Maturity, Gross Unrealized Losses | (961) | (58) |
Held-to-Maturity, Fair Value | 454,560 | 405,665 |
Corporate Bonds [Member] | ||
Investment [Line Items] | ||
Held-to-Maturity, Amortized Cost | 183,246 | 176,880 |
Held-to-Maturity, Gross Unrealized Gains | 425 | 374 |
Held-to-Maturity, Gross Unrealized Losses | (384) | (520) |
Held-to-Maturity, Fair Value | 183,287 | 176,734 |
Commercial Mortgage-Backed Securities [Member] | ||
Investment [Line Items] | ||
Held-to-Maturity, Amortized Cost | 44,907 | 46,662 |
Held-to-Maturity, Gross Unrealized Gains | 1,001 | 1,867 |
Held-to-Maturity, Fair Value | 45,908 | 48,529 |
U.S. Agency-Based Mortgage-Backed Securities [Member] | ||
Investment [Line Items] | ||
Held-to-Maturity, Amortized Cost | 14,974 | 16,972 |
Held-to-Maturity, Gross Unrealized Gains | 1,516 | 1,702 |
Held-to-Maturity, Gross Unrealized Losses | (2) | (2) |
Held-to-Maturity, Fair Value | 16,488 | 18,672 |
U.S. Treasury Securities and Obligations of U.S. Government Agencies [Member] | ||
Investment [Line Items] | ||
Held-to-Maturity, Amortized Cost | 12,869 | 10,697 |
Held-to-Maturity, Gross Unrealized Gains | 1,045 | 1,097 |
Held-to-Maturity, Gross Unrealized Losses | (2) | |
Held-to-Maturity, Fair Value | 13,914 | 11,792 |
Asset-Backed Securities [Member] | ||
Investment [Line Items] | ||
Held-to-Maturity, Amortized Cost | 2,532 | 2,797 |
Held-to-Maturity, Gross Unrealized Gains | 236 | 264 |
Held-to-Maturity, Gross Unrealized Losses | (69) | (82) |
Held-to-Maturity, Fair Value | $ 2,699 | $ 2,979 |
Investments - Gross Unrealize27
Investments - Gross Unrealized Gains and Losses and Cost or Amortized Cost and Fair Value of Investments Classified as Available-for-Sale (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Investment [Line Items] | ||
Available-for-Sale, Cost or Amortized Cost | $ 351,591 | $ 337,004 |
Available-for-Sale, Gross Unrealized Gains | 7,850 | 9,508 |
Available-for-Sale, Gross Unrealized Losses | (3,059) | (3,494) |
Available-for-Sale, Fair Value | 356,382 | 343,018 |
Total Fixed Maturity [Member] | ||
Investment [Line Items] | ||
Available-for-Sale, Cost or Amortized Cost | 341,591 | 327,004 |
Available-for-Sale, Gross Unrealized Gains | 6,127 | 7,732 |
Available-for-Sale, Gross Unrealized Losses | (3,059) | (3,494) |
Available-for-Sale, Fair Value | 344,659 | 331,242 |
Other Investments [Member] | ||
Investment [Line Items] | ||
Available-for-Sale, Cost or Amortized Cost | 10,000 | 10,000 |
Available-for-Sale, Gross Unrealized Gains | 1,695 | 1,748 |
Available-for-Sale, Fair Value | 11,695 | 11,748 |
States and Political Subdivisions [Member] | ||
Investment [Line Items] | ||
Available-for-Sale, Cost or Amortized Cost | 168,047 | 151,744 |
Available-for-Sale, Gross Unrealized Gains | 5,725 | 7,302 |
Available-for-Sale, Gross Unrealized Losses | (609) | (1,672) |
Available-for-Sale, Fair Value | 173,163 | 157,374 |
Corporate Bonds [Member] | ||
Investment [Line Items] | ||
Available-for-Sale, Cost or Amortized Cost | 163,985 | 165,412 |
Available-for-Sale, Gross Unrealized Gains | 398 | 428 |
Available-for-Sale, Gross Unrealized Losses | (330) | (470) |
Available-for-Sale, Fair Value | 164,053 | 165,370 |
U.S. Agency-Based Mortgage-Backed Securities [Member] | ||
Investment [Line Items] | ||
Available-for-Sale, Cost or Amortized Cost | 9,559 | 9,848 |
Available-for-Sale, Gross Unrealized Gains | 4 | 2 |
Available-for-Sale, Gross Unrealized Losses | (2,120) | (1,352) |
Available-for-Sale, Fair Value | 7,443 | 8,498 |
Equity Securities [Member] | ||
Investment [Line Items] | ||
Available-for-Sale, Gross Unrealized Gains | 28 | 28 |
Available-for-Sale, Fair Value | $ 28 | $ 28 |
Investments - Summary of Amorti
Investments - Summary of Amortized Cost and Fair Value of Investments in Fixed Maturity Securities, Classified as Held-to-Maturity (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Investment [Line Items] | ||
Within one year, Amortized Cost Basis | $ 146,632 | |
After one year through five years, Amortized Cost Basis | 280,016 | |
After five years through ten years, Amortized Cost Basis | 137,031 | |
After ten years, Amortized Cost Basis | 72,721 | |
Held-to-Maturity, Amortized Cost | 698,513 | $ 639,631 |
Within one year, Fair Value | 147,370 | |
After one year through five years, Fair Value | 287,865 | |
After five years through ten years, Fair Value | 142,228 | |
After ten years, Fair Value | 74,298 | |
Total, Fair Value | 716,856 | $ 664,371 |
U.S. Agency-Based Mortgage-Backed Securities [Member] | ||
Investment [Line Items] | ||
Held-to-maturity, Amortized Cost Basis | 14,974 | |
Held-to-maturity, Fair Value | 16,488 | |
Commercial Mortgage-Backed Securities [Member] | ||
Investment [Line Items] | ||
Held-to-maturity, Amortized Cost Basis | 44,907 | |
Held-to-maturity, Fair Value | 45,908 | |
Asset-Backed Securities [Member] | ||
Investment [Line Items] | ||
Held-to-maturity, Amortized Cost Basis | 2,532 | |
Held-to-maturity, Fair Value | $ 2,699 |
Investments - Summary of Amor29
Investments - Summary of Amortized Cost and Fair Value of Investments in Fixed Maturity Securities, Classified as Available-for-Sale (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Investment [Line Items] | ||
Due in 2015, Amortized Cost Basis | $ 54,714 | |
In 2016 through 2019, Amortized Cost Basis | 133,161 | |
In 2020 through 2024, Amortized Cost Basis | 16,132 | |
After 2024, Amortized Cost Basis | 128,025 | |
Total , Amortized Cost Basis | 341,591 | $ 327,004 |
Due in 2015, Fair Value | 54,750 | |
In 2016 through 2019, Fair Value | 133,717 | |
In 2020 through 2024, Fair Value | 16,165 | |
After 2024, Fair Value | 132,584 | |
Total, Fair Value | 344,659 | $ 331,242 |
U.S. Agency-Based Mortgage-Backed Securities [Member] | ||
Investment [Line Items] | ||
Available-for-sale securities, Amortized Cost Basis | 9,559 | |
Available-for-sale securities, Fair value | $ 7,443 |
Investments - Investment Securi
Investments - Investment Securities Continuous Unrealized Loss Position (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Investment [Line Items] | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 169,945 | $ 150,147 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less Than Twelve Months, Accumulated Loss | 1,319 | 582 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 12,412 | 1,662 |
Held-to-maturity Securities, Continuous Unrealized Loss Position Twelve Months Or Longer, Accumulated Loss | 97 | 82 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 182,357 | 151,809 |
Held-to-maturity Securities, Gross Unrealized Losses | 1,416 | 664 |
Available-for Sale, Fair value of Investments with Unrealized Losses, Less Than 12 Months | 109,774 | 110,622 |
Available-for Sale, Gross Unrealized Losses, Less Than 12 Months | 673 | 487 |
Available-for Sale, Fair Value of Investments with Unrealized Losses, 12 Months or Greater | 16,220 | 18,104 |
Available-for Sale, Gross Unrealized Losses, 12 Months or Greater | 2,386 | 3,007 |
Available-for Sale, Fair Value of Investments with Unrealized Losses, Total | 125,994 | 128,726 |
Available-for Sale, Gross Unrealized Losses, Total | 3,059 | 3,494 |
Fair Value of Investments with Unrealized Losses, Less Than 12 months | 279,719 | 260,769 |
Gross Unrealized Loss, Less Than 12 Months | 1,992 | 1,069 |
Fair Value of Investments with Unrealized Losses, 12 Months or Greater | 28,632 | 19,766 |
Gross Unrealized Losses, 12 Months or Greater | 2,483 | 3,089 |
Fair Value of Investments with Unrealized Losses, Total | 308,351 | 280,535 |
Gross Unrealized Losses, Total | 4,475 | 4,158 |
U.S. Treasury Securities and Obligations of U.S. Government Agencies [Member] | ||
Investment [Line Items] | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 3,385 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less Than Twelve Months, Accumulated Loss | 2 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 3,385 | |
Held-to-maturity Securities, Gross Unrealized Losses | 2 | |
Corporate Bonds [Member] | ||
Investment [Line Items] | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 92,732 | 129,788 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less Than Twelve Months, Accumulated Loss | 356 | 520 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 10,852 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position Twelve Months Or Longer, Accumulated Loss | 28 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 103,584 | 129,788 |
Held-to-maturity Securities, Gross Unrealized Losses | 384 | 520 |
Available-for Sale, Fair value of Investments with Unrealized Losses, Less Than 12 Months | 76,180 | 106,185 |
Available-for Sale, Gross Unrealized Losses, Less Than 12 Months | 323 | 470 |
Available-for Sale, Fair Value of Investments with Unrealized Losses, 12 Months or Greater | 4,085 | |
Available-for Sale, Gross Unrealized Losses, 12 Months or Greater | 7 | |
Available-for Sale, Fair Value of Investments with Unrealized Losses, Total | 80,265 | 106,185 |
Available-for Sale, Gross Unrealized Losses, Total | 330 | 470 |
States and Political Subdivisions [Member] | ||
Investment [Line Items] | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 77,142 | 16,896 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less Than Twelve Months, Accumulated Loss | 961 | 58 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 77,142 | 16,896 |
Held-to-maturity Securities, Gross Unrealized Losses | 961 | 58 |
Available-for Sale, Fair value of Investments with Unrealized Losses, Less Than 12 Months | 33,017 | 3,810 |
Available-for Sale, Gross Unrealized Losses, Less Than 12 Months | 333 | 6 |
Available-for Sale, Fair Value of Investments with Unrealized Losses, 12 Months or Greater | 4,392 | 10,347 |
Available-for Sale, Gross Unrealized Losses, 12 Months or Greater | 276 | 1,666 |
Available-for Sale, Fair Value of Investments with Unrealized Losses, Total | 37,409 | 14,157 |
Available-for Sale, Gross Unrealized Losses, Total | 609 | 1,672 |
U.S. Agency-Based Mortgage-Backed Securities [Member] | ||
Investment [Line Items] | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 71 | 78 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less Than Twelve Months, Accumulated Loss | 2 | 2 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 71 | 78 |
Held-to-maturity Securities, Gross Unrealized Losses | 2 | 2 |
Available-for Sale, Fair value of Investments with Unrealized Losses, Less Than 12 Months | 577 | 627 |
Available-for Sale, Gross Unrealized Losses, Less Than 12 Months | 17 | 11 |
Available-for Sale, Fair Value of Investments with Unrealized Losses, 12 Months or Greater | 7,743 | 7,757 |
Available-for Sale, Gross Unrealized Losses, 12 Months or Greater | 2,103 | 1,341 |
Available-for Sale, Fair Value of Investments with Unrealized Losses, Total | 8,320 | 8,384 |
Available-for Sale, Gross Unrealized Losses, Total | 2,120 | 1,352 |
Asset-Backed Securities [Member] | ||
Investment [Line Items] | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,560 | 1,662 |
Held-to-maturity Securities, Continuous Unrealized Loss Position Twelve Months Or Longer, Accumulated Loss | 69 | 82 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 1,560 | 1,662 |
Held-to-maturity Securities, Gross Unrealized Losses | $ 69 | $ 82 |
Investments - Additional Inform
Investments - Additional Information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015USD ($)Securities | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)Securities | Jun. 30, 2014USD ($) | |
Investments Schedule [Abstract] | ||||
Individual fixed maturity held in unrealized loss position | Securities | 205 | 205 | ||
Individual fixed maturity held in unrealized loss position longer than 12 months | Securities | 22 | 22 | ||
Carrying value of investments | $ 11,700 | $ 11,700 | ||
Number of fixed maturity securities to be deemed other-than-temporarily impaired | Securities | 4 | 4 | ||
Net realized gains/(losses) on investments | $ (2,617) | $ 232 | $ (2,558) | $ 333 |
Impairment losses recognized | $ 2,700 | 2,700 | ||
Net realized gain(loss)outside OTTI | $ 100 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ||
Unrecognized tax benefits | $ 0 | |
Company recognized uncertain tax positions | $ 0 | $ 0 |
Comprehensive Income and Accu33
Comprehensive Income and Accumulated Other Comprehensive Income - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Comprehensive income | $ 12,743 | $ 15,789 | $ 28,691 | $ 29,578 |
Comprehensive income tax rate | 35.00% |
Comprehensive Income and Accu34
Comprehensive Income and Accumulated Other Comprehensive Income - Schedule of Changes in Accumulated Other Comprehensive Income (AOCI) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Beginning balance | $ 3,628 | $ (1,055) | $ 2,810 | $ (4,295) |
Other comprehensive income/(loss) before reclassification | (2,130) | 3,143 | (1,628) | 6,120 |
Amounts reclassified from accumulated other comprehensive income | 554 | (127) | 870 | 136 |
Net current period other comprehensive income/(loss) | (1,576) | 3,016 | (758) | 6,256 |
Ending balance | $ 2,052 | $ 1,961 | $ 2,052 | $ 1,961 |
Comprehensive Income and Accu35
Comprehensive Income and Accumulated Other Comprehensive Income - Reclassification Out of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income before income taxes | $ 20,112 | $ 17,061 | $ 41,309 | $ 30,465 |
Income tax expense | (5,793) | (4,288) | (11,860) | (7,143) |
Net income | 14,319 | 12,773 | 29,449 | 23,322 |
Changes in Net Unrealized Gains (Losses) on Investment Securities [Member] | Reclassification Out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Unrealized gains/(losses) on available-for-sale securities | 1,273 | 195 | 261 | (209) |
Other-than-temporary impairment | (2,126) | (1,600) | ||
Income before income taxes | (853) | 195 | (1,339) | (209) |
Income tax expense | 299 | (68) | 469 | 73 |
Net income | $ (554) | $ 127 | $ (870) | $ (136) |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value Measurements Disclosure [Line Items] | ||
Securities available for sale/Available-for-sale, Fair value | $ 356,382 | $ 343,018 |
Equity Securities [Member] | ||
Fair Value Measurements Disclosure [Line Items] | ||
Securities available for sale/Available-for-sale, Fair value | 28 | 28 |
Other Investments [Member] | ||
Fair Value Measurements Disclosure [Line Items] | ||
Securities available for sale/Available-for-sale, Fair value | 11,695 | 11,748 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value Measurements Disclosure [Line Items] | ||
Securities available for sale/Available-for-sale, Fair value | 356,382 | 343,018 |
Fair Value, Measurements, Recurring [Member] | Debt Securities [Member] | ||
Fair Value Measurements Disclosure [Line Items] | ||
Securities available for sale/Available-for-sale, Fair value | 344,659 | 331,242 |
Fair Value, Measurements, Recurring [Member] | Other Investments [Member] | ||
Fair Value Measurements Disclosure [Line Items] | ||
Securities available for sale/Available-for-sale, Fair value | 11,695 | 11,748 |
Fair Value, Measurements, Recurring [Member] | Common Stock [Member] | Equity Securities [Member] | ||
Fair Value Measurements Disclosure [Line Items] | ||
Securities available for sale/Available-for-sale, Fair value | 28 | 28 |
Fair Value, Measurements, Recurring [Member] | States and Political Subdivisions [Member] | Debt Securities [Member] | ||
Fair Value Measurements Disclosure [Line Items] | ||
Securities available for sale/Available-for-sale, Fair value | 173,163 | 157,374 |
Fair Value, Measurements, Recurring [Member] | U.S. Agency-Based Mortgage-Backed Securities [Member] | Debt Securities [Member] | ||
Fair Value Measurements Disclosure [Line Items] | ||
Securities available for sale/Available-for-sale, Fair value | 7,443 | 8,498 |
Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member] | Debt Securities [Member] | ||
Fair Value Measurements Disclosure [Line Items] | ||
Securities available for sale/Available-for-sale, Fair value | 164,053 | 165,370 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Measurements Disclosure [Line Items] | ||
Securities available for sale/Available-for-sale, Fair value | 28 | 28 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Common Stock [Member] | Equity Securities [Member] | ||
Fair Value Measurements Disclosure [Line Items] | ||
Securities available for sale/Available-for-sale, Fair value | 28 | 28 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Measurements Disclosure [Line Items] | ||
Securities available for sale/Available-for-sale, Fair value | 344,659 | 331,242 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Debt Securities [Member] | ||
Fair Value Measurements Disclosure [Line Items] | ||
Securities available for sale/Available-for-sale, Fair value | 344,659 | 331,242 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | States and Political Subdivisions [Member] | Debt Securities [Member] | ||
Fair Value Measurements Disclosure [Line Items] | ||
Securities available for sale/Available-for-sale, Fair value | 173,163 | 157,374 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Agency-Based Mortgage-Backed Securities [Member] | Debt Securities [Member] | ||
Fair Value Measurements Disclosure [Line Items] | ||
Securities available for sale/Available-for-sale, Fair value | 7,443 | 8,498 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member] | Debt Securities [Member] | ||
Fair Value Measurements Disclosure [Line Items] | ||
Securities available for sale/Available-for-sale, Fair value | 164,053 | 165,370 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Measurements Disclosure [Line Items] | ||
Securities available for sale/Available-for-sale, Fair value | 11,695 | 11,748 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Other Investments [Member] | ||
Fair Value Measurements Disclosure [Line Items] | ||
Securities available for sale/Available-for-sale, Fair value | $ 11,695 | $ 11,748 |
Fair Value Measurements - Sch37
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Amortized Cost (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value Measurements Disclosure [Line Items] | ||
Securities held-to-maturity-fixed maturity, Fair Value | $ 716,856 | $ 664,371 |
States and Political Subdivisions [Member] | ||
Fair Value Measurements Disclosure [Line Items] | ||
Securities held-to-maturity-fixed maturity, Fair Value | 454,560 | 405,665 |
Corporate Bonds [Member] | ||
Fair Value Measurements Disclosure [Line Items] | ||
Securities held-to-maturity-fixed maturity, Fair Value | 183,287 | 176,734 |
Commercial Mortgage-Backed Securities [Member] | ||
Fair Value Measurements Disclosure [Line Items] | ||
Securities held-to-maturity-fixed maturity, Fair Value | 45,908 | 48,529 |
U.S. Agency-Based Mortgage-Backed Securities [Member] | ||
Fair Value Measurements Disclosure [Line Items] | ||
Securities held-to-maturity-fixed maturity, Fair Value | 16,488 | 18,672 |
US Treasury Securities [Member] | ||
Fair Value Measurements Disclosure [Line Items] | ||
Securities held-to-maturity-fixed maturity, Fair Value | 13,914 | 11,792 |
Asset-Backed Securities [Member] | ||
Fair Value Measurements Disclosure [Line Items] | ||
Securities held-to-maturity-fixed maturity, Fair Value | 2,699 | 2,979 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Measurements Disclosure [Line Items] | ||
Securities held-to-maturity-fixed maturity, Fair Value | 13,914 | 11,792 |
Fair Value, Inputs, Level 1 [Member] | US Treasury Securities [Member] | ||
Fair Value Measurements Disclosure [Line Items] | ||
Securities held-to-maturity-fixed maturity, Fair Value | 13,914 | 11,792 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Measurements Disclosure [Line Items] | ||
Securities held-to-maturity-fixed maturity, Fair Value | 702,942 | 652,579 |
Fair Value, Inputs, Level 2 [Member] | States and Political Subdivisions [Member] | ||
Fair Value Measurements Disclosure [Line Items] | ||
Securities held-to-maturity-fixed maturity, Fair Value | 454,560 | 405,665 |
Fair Value, Inputs, Level 2 [Member] | Corporate Bonds [Member] | ||
Fair Value Measurements Disclosure [Line Items] | ||
Securities held-to-maturity-fixed maturity, Fair Value | 183,287 | 176,734 |
Fair Value, Inputs, Level 2 [Member] | Commercial Mortgage-Backed Securities [Member] | ||
Fair Value Measurements Disclosure [Line Items] | ||
Securities held-to-maturity-fixed maturity, Fair Value | 45,908 | 48,529 |
Fair Value, Inputs, Level 2 [Member] | U.S. Agency-Based Mortgage-Backed Securities [Member] | ||
Fair Value Measurements Disclosure [Line Items] | ||
Securities held-to-maturity-fixed maturity, Fair Value | 16,488 | 18,672 |
Fair Value, Inputs, Level 2 [Member] | Asset-Backed Securities [Member] | ||
Fair Value Measurements Disclosure [Line Items] | ||
Securities held-to-maturity-fixed maturity, Fair Value | $ 2,699 | $ 2,979 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Carrying Values and Corresponding Fair Values for Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities-held-to-maturity | $ 716,856 | $ 664,371 |
Fixed maturity securities-held-to-maturity | 698,513 | 639,631 |
Fixed maturity securities-available-for-sale | 344,659 | 331,242 |
Equity securities | 28 | 28 |
Short-term investments | 6,826 | 33,684 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities-held-to-maturity | 698,513 | 639,631 |
Fixed maturity securities-available-for-sale | 344,659 | 331,242 |
Equity securities | 28 | 28 |
Cash and cash equivalents | 61,589 | 90,956 |
Short-term investments | 6,826 | 33,684 |
Other investments | 11,695 | 11,748 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities-held-to-maturity | 716,856 | 664,371 |
Fixed maturity securities-available-for-sale | 344,659 | 331,242 |
Equity securities | 28 | 28 |
Cash and cash equivalents | 61,589 | 90,956 |
Short-term investments | 6,826 | 33,684 |
Other investments | $ 11,695 | $ 11,748 |
Fair Value Measurements - Sum39
Fair Value Measurements - Summary of Changes in Fair Value of Assets Measured at Fair Value (Detail) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Fair Value Measurements Disclosure [Line Items] | ||
Beginning balance | $ 11,748 | $ 10,591 |
Total unrealized gains/(losses) | (53) | 1,157 |
Ending balance | $ 11,695 | $ 11,748 |
Treasury Stock - Additional Inf
Treasury Stock - Additional Information (Detail) - USD ($) | 6 Months Ended | ||
Jun. 30, 2015 | Dec. 31, 2014 | Oct. 31, 2014 | |
Equity [Abstract] | |||
Share repurchase new limit amount | $ 25,000,000 | ||
Share repurchase program expiration date | Dec. 31, 2015 | ||
Shares repurchased | 1,258,250 | 1,258,250 | |
Shares repurchased, value | $ 22,400,000 | ||
Shares repurchased, average price | $ 17.78 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - American Interstate Insurance Company [Member] - Iowa [Member] - USD ($) $ in Millions | 1 Months Ended | |
Feb. 28, 2015 | Jun. 30, 2015 | |
Loss Contingencies [Line Items] | ||
Appeal bond | $ 27.8 | |
2009 Workers' Compensation Claim [Member] | ||
Loss Contingencies [Line Items] | ||
Workers compensation claim, damages awarded | $ 25.3 | |
Workers compensation claims contingency reserves | $ 2.6 | |
Plaintiff Seeking Actual Damages [Member] | ||
Loss Contingencies [Line Items] | ||
Amount of damages | 0.3 | |
Plaintiff Seeking Punitive Damages [Member] | ||
Loss Contingencies [Line Items] | ||
Amount of damages | $ 25 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Dividend Declared [Member] - $ / shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 28, 2015 | |
Subsequent Event [Line Items] | ||
Date of payment to shareholders entitled to dividends | Sep. 25, 2015 | |
Date of record of shareholders entitled to dividends | Sep. 11, 2015 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Cash dividend per share | $ 0.15 |