Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Aug. 01, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | BALDWIN & LYONS INC | |
Entity Central Index Key | 9,346 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Information [Line Items] | ||
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 | |
Class A (voting) [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 2,623,109 | |
Class B (nonvoting) [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 12,460,900 |
Unaudited Consolidated Balance
Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Investments: | ||
Fixed maturities | $ 472,364 | $ 437,184 |
Equity securities | 137,744 | 145,498 |
Limited partnerships | 72,794 | 75,458 |
Short-term | 1,500 | 2,220 |
Total Investments | 684,402 | 660,360 |
Cash and cash equivalents | 61,545 | 73,538 |
Accounts receivable | 64,141 | 66,522 |
Reinsurance recoverable | 235,995 | 215,888 |
Other assets | 66,174 | 65,761 |
Current federal income taxes | 63 | 3,702 |
Total Assets | 1,112,320 | 1,085,771 |
Liabilities and shareholders' equity | ||
Reserves for losses and loss expenses | 541,348 | 513,596 |
Reserves for unearned premiums | 22,390 | 25,291 |
Short-term borrowings | 20,000 | 20,000 |
Accounts payable and accrued expenses | 114,752 | 121,188 |
Deferred federal income taxes | 9,517 | 11,198 |
Total Liabilities | 708,007 | 691,273 |
Shareholders' equity: | ||
Additional paid-in capital | 54,286 | 52,946 |
Unrealized net gains on investments | 34,674 | 38,924 |
Foreign exchange adjustment | (523) | (1,066) |
Retained earnings | 315,232 | 303,053 |
Shareholders' equity | 404,313 | 394,498 |
Total liabilities and shareholders' equity | 1,112,320 | 1,085,771 |
Class A Voting [Member] | ||
Shareholders' equity: | ||
Common stock | 112 | 112 |
Class B Non-voting [Member] | ||
Shareholders' equity: | ||
Common stock | $ 532 | $ 529 |
Unaudited Consolidated Balance3
Unaudited Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2016 | Dec. 31, 2015 |
Class A Voting [Member] | ||
Shareholders' equity: | ||
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 3,000,000 | 3,000,000 |
Common stock, shares outstanding (in shares) | 2,623,109 | 2,623,109 |
Class B Non-voting [Member] | ||
Shareholders' equity: | ||
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares outstanding (in shares) | 12,460,900 | 12,402,941 |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Revenues | ||||
Net premiums earned | $ 68,726 | $ 65,449 | $ 135,635 | $ 131,895 |
Net investment income | 3,549 | 2,898 | 6,988 | 5,713 |
Commissions and other income | 1,463 | 1,501 | 2,828 | 2,798 |
Net realized gains (losses) on investments, excluding impairment losses | 1,375 | (273) | 12,447 | 3,684 |
Total other-than-temporary impairment losses on investments | (1,095) | (893) | (3,155) | (1,107) |
Net realized gains (losses) on investments | 280 | (1,166) | 9,292 | 2,577 |
Total revenue | 74,018 | 68,682 | 154,743 | 142,983 |
Expenses | ||||
Losses and loss expenses incurred | 42,666 | 37,031 | 81,289 | 78,678 |
Other operating expenses | 22,437 | 23,221 | 43,101 | 46,584 |
Total expenses | 65,103 | 60,252 | 124,390 | 125,262 |
Income before federal income taxes | 8,915 | 8,430 | 30,353 | 17,721 |
Federal income taxes | 2,946 | 2,712 | 10,272 | 5,760 |
Net income | $ 5,969 | $ 5,718 | $ 20,081 | $ 11,961 |
Per share data: | ||||
Basic and diluted earnings (in dollars per share) | $ 0.40 | $ 0.38 | $ 1.33 | $ 0.79 |
Dividends paid to shareholders (in dollars per share) | $ 0.26 | $ 0.25 | $ 0.52 | $ 0.50 |
Reconciliation of shares outstanding: | ||||
Average shares outstanding - basic (in shares) | 15,075 | 15,017 | 15,060 | 15,005 |
Dilutive effect of share equivalents (in shares) | 9 | 8 | 24 | 20 |
Average shares outstanding - diluted (in shares) | 15,084 | 15,025 | 15,084 | 15,025 |
Unaudited Consolidated Stateme5
Unaudited Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Unaudited Consolidated Statements of Comprehensive Income [Abstract] | ||||
Net income | $ 5,969 | $ 5,718 | $ 20,081 | $ 11,961 |
Unrealized net gains (losses) on securities: | ||||
Unrealized net gains (losses) arising during the period | 3,348 | (729) | 2,572 | (107) |
Less: reclassification adjustment for net gains (losses) included in net income | (452) | (567) | 6,822 | (1,081) |
Change in unrealized gains (losses) on investments | 3,800 | (162) | (4,250) | 974 |
Foreign currency translation adjustments | 124 | 106 | 543 | (673) |
Other comprehensive income (loss) | 3,924 | (56) | (3,707) | 301 |
Comprehensive income | $ 9,893 | $ 5,662 | $ 16,374 | $ 12,262 |
Unaudited Consolidated Stateme6
Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Unaudited Consolidated Statements of Cash Flows [Abstract] | ||
Net cash provided by operating activities | $ 22,741 | $ 14,163 |
Investing activities: | ||
Purchases of available-for-sale investments | (215,228) | (183,337) |
Proceeds from sales or maturities of available-for-sale investments | 188,245 | 166,964 |
Net sales of short-term investments | 720 | 747 |
Other investing activities | (1,112) | 1,039 |
Net cash used in investing activities | (27,375) | (14,587) |
Financing activities: | ||
Dividends paid to shareholders | (7,902) | (7,530) |
Net cash used in financing activities | (7,902) | (7,530) |
Effect of foreign exchange rates on cash and cash equivalents | 543 | (673) |
Decrease in cash and cash equivalents | (11,993) | (8,627) |
Cash and cash equivalents at beginning of period | 73,538 | 64,632 |
Cash and cash equivalents at end of period | $ 61,545 | $ 56,005 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2016 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | (1) Summary of Significant Accounting Policies Basis of Presentation: Investments Other investments, if any, are carried at either fair value or cost, depending on the nature of the investment. Short-term investments are carried at cost which approximates their fair values. Realized gains and losses on disposals of investments are determined by specific identification of the cost of investments sold and are included in income. All fixed maturity and equity securities are considered to be available for sale; the related unrealized net gains or losses (net of applicable tax effect) are reflected directly in shareholders' equity. Included within available for sale fixed maturity securities are insurance-linked securities and convertible debt securities. The changes in fair values of insurance-linked securities and portions of the changes in fair values of convertible debt securities are reflected as a component of net realized gains (losses) on investments. With respect to other–than-temporary impairment of investments, if a fixed maturity security is in an unrealized loss position and the Company has the intent to sell the fixed maturity security, or it is more likely than not that the Company will have to sell the fixed maturity security before recovery of its amortized cost basis, the decline in value is deemed to be other-than-temporary and is recorded to net realized losses on investments in the consolidated statements of income. For impaired fixed maturity securities that the Company does not intend to sell or it is more likely than not that the Company will not have to sell such securities, but the Company expects that it will not fully recover the amortized cost basis, the credit component of the other-than-temporary impairment is recognized in net realized losses on investments in the consolidated statements of income and the non-credit component of the other-than-temporary impairment is recognized directly in shareholders' equity (accumulated other comprehensive income). The credit component of an other-than-temporary impairment is determined by comparing the net present value of projected future cash flows with the amortized cost basis of the fixed maturity security. Furthermore, unrealized losses caused by non-credit related factors related to fixed maturity securities for which the Company expects to fully recover the amortized cost basis continue to be recognized in accumulated other comprehensive income. The unrealized net gains or losses (net of applicable tax effect) related to equity securities are reflected directly in shareholders' equity, unless a decline in value is determined to be other-than-temporary, in which case the loss is charged to income. In determining if and when a decline in market value below cost is other-than-temporary, an objective analysis is made of each individual security where current market value is less than cost. For any equity security where the unrealized loss exceeds 20% of original or adjusted cost, and where that decline has existed for a period of at least six months, the decline is treated as an other-than-temporary impairment, subject to an evaluation as to possible future recovery. Additionally, for any equity security where the decline has existed for a period of at least one year, the decline is treated as an other-than-temporary impairment, regardless of the percentage decline. Furthermore, the Company takes into account any known subjective information in evaluating for impairment without consideration to the Company's quantitative criteria defined above. Recent Accounting Pronouncements: January 2016 In May 2015, the FASB issued ASU 2015-09, Disclosures about Short-Duration Contracts, and this new guidance will enhance disclosures about an entity's insurance liabilities. This guidance will provide additional information about unpaid claims and claim development, including supplemental disaggregated incurred and paid claim data. Under the guidance, enhanced disclosures on claim frequency and reserving methodologies are required. The guidance is effective for annual periods beginning after December 15, 2015 and for interim periods beginning after December 15, 2016, however early adoption is permitted. The Company has not yet adopted the guidance and the adoption of this guidance will not impact our consolidated financial position, results of operations or cash flows. In May 2015, the FASB issued ASU 2015-07 – Fair Value Measurement – (Topic 820) Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or its equivalent) (a consensus of the Emerging Issues Task Force), which will be effective for fiscal years beginning after December 15, 2015. The new pronouncement was issued to ensure that all investments categorized in the fair value hierarchy are classified using a consistent approach. The Company adopted the guidance and the adoption of this guidance does not have a material impact on presentation of data in the consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), to clarify the principles for recognizing revenue. While insurance contracts are not within the scope of this updated guidance, the Company's service and fee income could be subject to this updated guidance. The updated guidance requires an entity to recognize revenue as performance obligations are met, in order to reflect the transfer of promised goods or services to customers in an amount that reflects the consideration the entity is entitled to receive for those goods or services. The following steps are applied in the updated guidance: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when, or as, the entity satisfies a performance obligation. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which deferred the effective date of ASU 2014-09 to the quarter ending March 31, 2018. The Company is currently evaluating the impact this guidance will have on its results of operations, financial position or liquidity. The Company does not expect the guidance to have a material impact on its results of operations, financial position or liquidity. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2016 | |
Investments [Abstract] | |
Investments | (2) Investments: The following is a summary of available-for-sale securities at June 30, 2016 and December 31, 2015: Net Cost or Gross Gross Unrealized Fair Amortized Unrealized Unrealized Gains Value Cost Gains Losses (Losses) June 30, 2016 Fixed maturities U.S. government obligations $ 109,031 $ 108,414 $ 618 $ (1 ) $ 617 Residential mortgage-backed securities 5,797 5,652 236 (91 ) 145 Commercial mortgage-backed securities 30,227 30,523 634 (930 ) (296 ) States and municipal obligations 125,098 123,605 1,579 (86 ) 1,493 Corporate securities 177,696 179,254 3,663 (5,221 ) (1,558 ) Foreign government obligations 24,515 25,770 411 (1,666 ) (1,255 ) Total fixed maturities 472,364 473,218 7,141 (7,995 ) (854 ) Equity securities: Financial institutions 24,918 15,060 10,454 (596 ) 9,858 Industrial & miscellaneous 112,826 68,485 47,625 (3,284 ) 44,341 Total equity securities 137,744 83,545 58,079 (3,880 ) 54,199 Total $ 610,108 $ 556,763 $ 65,220 $ (11,875 ) 53,345 Applicable federal income taxes (18,671 ) Net unrealized gains - net of tax $ 34,674 December 31, 2015 Fixed maturities U.S. government obligations $ 103,245 $ 103,448 $ 56 $ (259 ) $ (203 ) Residential mortgage-backed securities 4,776 4,668 162 (54 ) 108 Commercial mortgage-backed securities 30,595 30,977 247 (629 ) (382 ) State and municipal obligations 110,578 109,932 806 (160 ) 646 Corporate securities 164,025 168,137 2,445 (6,557 ) (4,112 ) Foreign government obligations 23,965 25,416 404 (1,855 ) (1,451 ) Total fixed maturities 437,184 442,578 4,120 (9,514 ) (5,394 ) Equity securities: Financial institutions 21,694 10,836 11,069 (211 ) 10,858 Industrial & miscellaneous 123,804 69,385 59,338 (4,919 ) 54,419 Total equity securities 145,498 80,221 70,407 (5,130 ) 65,277 Total $ 582,682 $ 522,799 $ 74,527 $ (14,644 ) 59,883 Applicable federal income taxes (20,959 ) Net unrealized gains - net of tax $ 38,924 The following table summarizes, for fixed maturity and equity security investments in an unrealized loss position at June 30, 2016 and December 31, 2015, respectively, the aggregate fair value and gross unrealized loss categorized by the duration those securities have been continuously in an unrealized loss position. June 30, 2016 December 31, 2015 Number of Securities Fair Value Gross Unrealized Loss Number of Securities Fair Value Gross Unrealized Loss Fixed maturity securities: 12 months or less 213 $ 119,094 $ (5,585 ) 328 $ 205,475 $ (5,070 ) Greater than 12 months 54 15,236 (2,410 ) 168 108,043 (4,444 ) Total fixed maturities 267 134,330 (7,995 ) 496 313,518 (9,514 ) Equity securities: 12 months or less 60 33,335 (3,880 ) 73 26,517 (5,130 ) Greater than 12 months - - - - - - Total equity securities 60 33,335 (3,880 ) 73 26,517 (5,130 ) Total fixed maturity and equity securities 327 $ 167,665 $ (11,875 ) 569 $ 340,035 $ (14,644 ) The fair value and the cost or amortized costs of fixed maturity investments at June 30, 2016, by contractual maturity, are shown below. Actual maturities may ultimately differ from contractual maturities because borrowers have, in some cases, the right to call or prepay obligations with or without call or prepayment penalties. Pre-refunded municipal bonds are classified based on their pre-refunded call dates. Fair Value Cost or Amortized Cost One year or less $ 116,328 $ 116,599 Excess of one year to five years 236,062 235,283 Excess of five years to ten years 36,580 36,124 Excess of ten years 1,967 2,123 Contractual maturities 390,937 390,129 Asset-backed securities 81,427 83,089 Total $ 472,364 $ 473,218 Following is a summary of the components of net realized gains (losses) on investments for the periods presented in the accompanying consolidated statements of income. Three Months Ended Six Months Ended June 30 June 30 2016 2015 2016 2015 Fixed maturities: Gross gains $ 565 $ 985 $ 1,842 $ 2,132 Gross losses (1,140 ) (1,856 ) (4,036 ) (3,789 ) Net realized losses (575 ) (871 ) (2,194 ) (1,657 ) Equity securities: Gross gains 1,126 1,230 16,636 1,979 Gross losses (1,248 ) (1,232 ) (3,948 ) (1,985 ) Net realized gains (losses) (122 ) (2 ) 12,688 (6 ) Limited partnerships - net gain (loss) 977 (293 ) (1,202 ) 4,240 Total net gains (losses) $ 280 $ (1,166 ) $ 9,292 $ 2,577 Net realized gains activity for investments, as shown in the previous table, are further detailed as follows: Three Months Ended Six Months Ended June 30 June 30 2016 2015 2016 2015 Realized net gains (losses) on the disposal of securities $ (1,142 ) $ (125 ) $ 7,167 $ (413 ) Mark-to-market adjustment (133 ) (104 ) (434 ) (392 ) Equity in gains (losses) of limited partnership investments - realized and unrealized 977 (293 ) (1,202 ) 4,240 Impairment: Write-downs based upon objective criteria (1,095 ) (893 ) (3,155 ) (1,107 ) Recovery of prior write-downs upon sale or disposal 1,673 249 6,916 249 Total net gains (losses) $ 280 $ (1,166 ) $ 9,292 $ 2,577 The mark-to-market adjustments in the table above represent the changes in fair value of (1) options embedded in convertible debt securities and (2) insurance-linked securities held by the Company. The income from limited partnerships for the quarter and year-to-date periods ending June 30, 2016 includes an estimated $155 of net unrealized losses and $719 of net unrealized gains respectively, reported to the Company as part of the underlying assets of the various limited partnerships. The value of limited partnerships at June 30, 2016 includes approximately $5,780 of accumulated net unrealized gains reported to the Company as part of the underlying assets of the various limited partnerships. Shareholders' equity at June 30, 2016 includes approximately $25,680, net of federal income taxes, of reported earnings which remain undistributed by limited partnerships. As of June 30, 2016, the Company had no committed funds related to bridge loan agreements. When funds are committed, the Company retains possession of these funds which will only be loaned in the unlikely event that long-term financing is unavailable to the counter party in the market. At June 30, 2016, limited partnership investments include approximately $44,400 consisting of two partnerships which are managed by organizations in which certain of the Company's directors are officers, directors, general partners or owners. Each of these investments contains profit sharing agreements, pursuant to which, a portion of the gains will be paid to the affiliated organizations. At June 30, 2016, invested assets other than limited partnerships include approximately $62,600 in portfolios managed by organizations in which certain of the Company's directors are officers, directors, general partners or owners. |
Reinsurance
Reinsurance | 6 Months Ended |
Jun. 30, 2016 | |
Reinsurance [Abstract] | |
Reinsurance | (3) Reinsurance: The following table summarizes the Company's transactions with reinsurers for the 2016 and 2015 comparative periods. 2016 2015 Quarter ended June 30: Premiums ceded to reinsurers $ 32,073 $ 31,196 Losses and loss expenses ceded to reinsurers 19,520 21,840 Commissions from reinsurers 9,914 7,430 Six months ended June 30: Premiums ceded to reinsurers $ 63,336 $ 62,575 Losses and loss expenses ceded to reinsurers 48,845 38,238 Commissions from reinsurers 20,688 15,045 |
Reportable Segments
Reportable Segments | 6 Months Ended |
Jun. 30, 2016 | |
Reportable Segments [Abstract] | |
Reportable Segments | (4) Reportable Segments The Company has two reportable business segments in its operations: Property and Casualty Insurance and Reinsurance. The Property and Casualty Insurance segment provides multiple line insurance coverage primarily to fleet transportation companies as well as to independent contractors who contract with fleet transportation companies. In addition, the Company provides private passenger automobile products to individuals, workers' compensation coverage to small businesses and professional liability products on a selective basis. In late 2015, the Company discontinued marketing private passenger automobile liability and physical damage coverages and all business for this product line will expire in 2016. The Reinsurance segment currently accepts professional liability cessions from other insurance companies. From 1992 until July 1, 2014, the Reinsurance segment accepted property cessions The following table provides certain revenue and profit and loss information for each reportable segment. All amounts presented are computed based upon U.S. generally accepted accounting principles. Segment profit for Property and Casualty Insurance includes the direct marketing agency operations conducted by the parent company for this segment and is computed after elimination of inter-company commissions. 2016 2015 Direct and Assumed Premium Written Net Premium Earned Segment Profit (Loss) Direct and Assumed Premium Written Net Premium Earned Segment Profit Three months ended June 30: Property and Casualty Insurance $ 98,374 $ 65,714 $ 9,897 $ 89,163 $ 60,031 $ 10,358 Reinsurance 1,672 3,012 (281 ) 3,632 5,418 413 Totals $ 100,046 $ 68,726 $ 9,616 $ 92,795 $ 65,449 $ 10,771 Six months ended June 30: Property and Casualty Insurance $ 191,462 $ 129,142 $ 23,641 $ 179,676 $ 119,315 $ 16,682 Reinsurance 4,737 6,493 (826 ) 10,099 12,580 1,013 Totals $ 196,199 $ 135,635 $ 22,815 $ 189,775 $ 131,895 $ 17,695 The following table reconciles reportable segment income to the Company's consolidated income before federal income taxes. Three Months Ended Six Months Ended June 30 June 30 2016 2015 2016 2015 Profit: Segment profit $ 9,616 $ 10,771 $ 22,815 $ 17,695 Net investment income 3,549 2,898 6,988 5,713 Net realized gains (losses) on investments 280 (1,166 ) 9,292 2,577 Corporate expenses and other (4,530 ) (4,073 ) (8,742 ) (8,264 ) Income before federal income taxes $ 8,915 $ 8,430 $ 30,353 $ 17,721 Segment profit includes both net premiums earned and fees and other income associated with the business conducted by the segment. Management does not identify or allocate assets to reportable segments when evaluating segment performance and depreciation expense is not material for any of the reportable segments. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2016 | |
Debt [Abstract] | |
Debt | (5) Debt The Company maintains a revolving line of credit with a $40,000 limit and an expiration date of September 23, 2018. Interest on this line of credit is referenced to LIBOR and can be fixed for periods of up to one year at the Company's option. Outstanding drawings on this line of credit were $20,000 as of both June 30, 2016 and December 31, 2015. At June 30, 2016, the effective interest rate was 1.55%. The Company has $20,000 remaining unused under the line of credit at June 30, 2016. |
Taxes
Taxes | 6 Months Ended |
Jun. 30, 2016 | |
Taxes [Abstract] | |
Taxes | (6) Taxes: As of June 30, 2016, the Company's calendar years 2015 and 2014 remain subject to examination by the IRS. The effective federal income tax rate differs from the normal statutory rate primarily as a result of tax-exempt investment income. |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value [Abstract] | |
Fair Value | (7) Fair Value: Assets and liabilities recorded at fair value in the consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair value. The following tables summarize fair value measurements by level for assets measured at fair value on a recurring basis: As of June 30, 2016: Description Total Level 1 Level 2 Level 3 Fixed maturities: U.S. government obligations $ 109,031 $ - $ 109,031 $ - Residential mortgage-backed securities 5,797 - 4,063 1,734 Commercial mortgage-backed securities 30,227 - 28,908 1,319 State and municipal obligations 125,098 - 125,098 - Corporate securities 175,503 - 161,948 13,555 Options embedded in convertible securities 2,193 - 2,193 - Foreign government obligations 24,515 - 24,228 287 Total fixed maturities 472,364 - 455,469 16,895 Equity securities: Financial institutions 24,918 24,918 - - Industrial & miscellaneous 112,826 112,826 - - Total equity securities 137,744 137,744 - - Short-term 1,500 1,500 - - Cash equivalents 56,517 - 56,517 - $ 668,125 $ 139,244 $ 511,986 $ 16,895 As of December 31, 2015: Description Total Level 1 Level 2 Level 3 Fixed maturities: U.S. government obligations $ 103,245 $ - $ 103,245 $ - Residential mortgage-backed securities 4,776 - 4,776 - Commercial mortgage-backed securities 30,595 - 29,226 1,369 State and municipal obligations 110,578 - 110,578 - Corporate securities 161,630 - 146,488 15,142 Options embedded in convertible securities 2,395 - 2,395 - Foreign government obligations 23,965 - 23,683 282 Total fixed maturities 437,184 - 420,391 16,793 Equity securities: Financial institutions 21,694 21,694 - - Industrial & miscellaneous 123,804 123,804 - - Total equity securities 145,498 145,498 - - Short-term 2,220 2,220 - - Cash equivalents 69,517 - 69,517 - $ 654,419 $ 147,718 $ 489,908 $ 16,793 Level inputs, as defined by FASB Fair Value Measurements, are as follows: Level Input: Input Definition: Level 1 Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets at the measurement date. Level 2 Inputs other than quoted prices included in Level 1 that are observable for the asset or liability through corroboration with market data at the measurement date. Level 3 Unobservable inputs that reflect management's best estimate of what market participants would use in pricing the asset or liability at the measurement date. The following methods, assumptions and inputs were used to determine the fair value of each class of the following assets recorded at fair value in the consolidated balance sheets: Cash equivalents Fixed maturities Equity securities A reconciliation of the beginning and ending balances of assets measured at fair value on a recurring basis using Level 3 inputs is as follows for the six months ended June 30, 2016 and for the year ended December 31, 2015: 2016 2015 Beginning of period balance $ 16,793 $ 12,208 Total gains or losses (realized or unrealized) included in income 71 (104 ) Purchases 3,339 2,284 Settlements (3,308 ) (8,068 ) Transfers into Level 3 - 11,586 Transfers out of Level 3 - (1,113 ) End of period balance $ 16,895 $ 16,793 Quoted market prices are obtained whenever possible. Where quoted market prices are not available, fair values are estimated using present value or other valuation techniques. These techniques are significantly affected by our assumptions, including discount rates and estimates of future cash flows. Potential taxes and other transaction costs have not been considered in estimating fair values. Transfers between levels, if any, are recorded as of the beginning of the reporting period. There were no significant transfers of assets between Level 1 and Level 2 during the six months ended June 30, 2016 and 2015. In addition to the preceding disclosures on assets recorded at fair value in the consolidated balance sheets, FASB guidance also requires the disclosure of fair values for certain other financial instruments for which it is practicable to estimate fair value, whether or not such values are recognized in the consolidated balance sheets. Non-financial instruments such as real estate, property and equipment, other assets, deferred income taxes and intangible assets, and certain financial instruments such as reserves for losses and loss expenses are excluded from the fair value disclosures. Therefore, the fair value amounts cannot be aggregated to determine the Company's underlying economic value. The carrying amounts reported in the consolidated balance sheets for cash, accounts receivables, reinsurance recoverable, notes receivable, accounts payable and accrued expenses, income taxes receivable or payable and unearned premiums approximate fair value because of the short-term nature of these items. These assets and liabilities are not included in the table below. The following methods, assumptions and inputs were used to estimate the fair value of each class of financial instrument: Limited partnerships Short-term borrowings A summary of the carrying value and fair value by level of financial instruments not recorded at fair value on the Company's consolidated balance sheets at June 30, 2016 and December 31, 2015 are as follows: Carrying Fair Value Value Level 1 Level 2 Level 3 Total June 30, 2016 Assets: Limited partnerships $ 72,794 $ - $ - $ 72,794 $ 72,794 Liabilities: Short-term borrowings 20,000 - 20,000 - 20,000 December 31, 2015 Assets: Limited partnerships 75,458 - - 75,458 75,458 Liabilities: Short-term borrowings 20,000 - 20,000 - 20,000 |
Restricted Stock
Restricted Stock | 6 Months Ended |
Jun. 30, 2016 | |
Restricted Stock [Abstract] | |
Restricted Stock | (8) Restricted Stock: The Company grants shares of class B restricted stock to the Company's outside directors, in lieu of cash, as their annual retainer compensation. The shares are distributed on the vesting date, one year following the date of grant, and have had an aggregate total value of $480 and $440 for the 2015 and 2016 annual periods presented, respectively. The table below provides detail of the stock issuances for 2015 and 2016: Value Per Share Effective Number of Shares Vesting Service on Grant Date Issued Date Period Date 5/12/2015 21,252 5/12/2016 7/1/2015 - 6/30/2016 $ 22.59 5/10/2016 17,677 5/10/2017 7/1/2016 - 6/30/2017 $ 24.89 Compensation expense related to the above stock grant is recognized over the period in which the directors render services. Effective February 5, 2016, the Company issued 47,333 shares of class B restricted stock to certain of the Company's executives. The restricted shares will be paid solely in the Company's class B stock. The restricted shares represent a portion of the calendar year 2015 compensation to certain executives under the terms of the Company's Executive Incentive Bonus Plan. The restricted shares will vest ratably over a three year period from the date of grant and are accelerated for retirement eligible recipients in accordance with the non-substantive post-grant date vesting clause of ASC 715, Compensation-Retirement Benefits. Restricted stock was valued based on the closing price of the stock on the day the award was granted. Each share was valued at $23.30 per share representing a total value of $1,103. Non-vested restricted shares will be forfeited should an executive's employment terminate for any reason other than death, disability or retirement as defined by the Compensation Committee. |
Litigation, Commitments and Con
Litigation, Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2016 | |
Litigation, Commitments and Contingencies [Abstract] | |
Litigation, Commitments and Contingencies | (9) Litigation, Commitments and Contingencies: In the ordinary, regular and routine course of their business, the Company and its insurance subsidiaries are frequently involved in various matters of litigation relating principally to claims for insurance coverage provided. No currently pending matter is deemed by management to be material to the Company. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2016 | |
Accumulated Other Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Income | (10) Accumulated Other Comprehensive Income: The following table illustrates changes in accumulated other comprehensive income by component for the six months ending June 30, 2016: Unrealized holding gains on Foreign available-for-sale Currency securities Total Beginning balance $ (1,066 ) $ 38,924 $ 37,858 Other comprehensive income before reclassifications 543 2,572 3,115 Amounts reclassified from accumulated other comprehensive income - (6,822 ) (6,822 ) Net current-period other comprehensive income 543 (4,250 ) (3,707 ) Ending balance $ (523 ) $ 34,674 $ 34,151 |
Other Operating Expenses
Other Operating Expenses | 6 Months Ended |
Jun. 30, 2016 | |
Other Operating Expenses [Abstract] | |
Other Operating Expenses | ( 11) Other Operating Expenses: The Company incurred commission expense in connection with insurance policies written in 2016 through an insurance management firm of which a director of the Company is CEO and a Managing Director. The total commission expense for the quarter and year-to-date was $140. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | ( 12) Subsequent Events: We have evaluated subsequent events for recognition or disclosure in the consolidated financial statements filed on Form 10-Q with the SEC and no events have occurred during the period which require recognition or disclosure. |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation: |
Investments | Investments Other investments, if any, are carried at either fair value or cost, depending on the nature of the investment. Short-term investments are carried at cost which approximates their fair values. Realized gains and losses on disposals of investments are determined by specific identification of the cost of investments sold and are included in income. All fixed maturity and equity securities are considered to be available for sale; the related unrealized net gains or losses (net of applicable tax effect) are reflected directly in shareholders' equity. Included within available for sale fixed maturity securities are insurance-linked securities and convertible debt securities. The changes in fair values of insurance-linked securities and portions of the changes in fair values of convertible debt securities are reflected as a component of net realized gains (losses) on investments. With respect to other–than-temporary impairment of investments, if a fixed maturity security is in an unrealized loss position and the Company has the intent to sell the fixed maturity security, or it is more likely than not that the Company will have to sell the fixed maturity security before recovery of its amortized cost basis, the decline in value is deemed to be other-than-temporary and is recorded to net realized losses on investments in the consolidated statements of income. For impaired fixed maturity securities that the Company does not intend to sell or it is more likely than not that the Company will not have to sell such securities, but the Company expects that it will not fully recover the amortized cost basis, the credit component of the other-than-temporary impairment is recognized in net realized losses on investments in the consolidated statements of income and the non-credit component of the other-than-temporary impairment is recognized directly in shareholders' equity (accumulated other comprehensive income). The credit component of an other-than-temporary impairment is determined by comparing the net present value of projected future cash flows with the amortized cost basis of the fixed maturity security. Furthermore, unrealized losses caused by non-credit related factors related to fixed maturity securities for which the Company expects to fully recover the amortized cost basis continue to be recognized in accumulated other comprehensive income. The unrealized net gains or losses (net of applicable tax effect) related to equity securities are reflected directly in shareholders' equity, unless a decline in value is determined to be other-than-temporary, in which case the loss is charged to income. In determining if and when a decline in market value below cost is other-than-temporary, an objective analysis is made of each individual security where current market value is less than cost. For any equity security where the unrealized loss exceeds 20% of original or adjusted cost, and where that decline has existed for a period of at least six months, the decline is treated as an other-than-temporary impairment, subject to an evaluation as to possible future recovery. Additionally, for any equity security where the decline has existed for a period of at least one year, the decline is treated as an other-than-temporary impairment, regardless of the percentage decline. Furthermore, the Company takes into account any known subjective information in evaluating for impairment without consideration to the Company's quantitative criteria defined above. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements: January 2016 In May 2015, the FASB issued ASU 2015-09, Disclosures about Short-Duration Contracts, and this new guidance will enhance disclosures about an entity's insurance liabilities. This guidance will provide additional information about unpaid claims and claim development, including supplemental disaggregated incurred and paid claim data. Under the guidance, enhanced disclosures on claim frequency and reserving methodologies are required. The guidance is effective for annual periods beginning after December 15, 2015 and for interim periods beginning after December 15, 2016, however early adoption is permitted. The Company has not yet adopted the guidance and the adoption of this guidance will not impact our consolidated financial position, results of operations or cash flows. In May 2015, the FASB issued ASU 2015-07 – Fair Value Measurement – (Topic 820) Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or its equivalent) (a consensus of the Emerging Issues Task Force), which will be effective for fiscal years beginning after December 15, 2015. The new pronouncement was issued to ensure that all investments categorized in the fair value hierarchy are classified using a consistent approach. The Company adopted the guidance and the adoption of this guidance does not have a material impact on presentation of data in the consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), to clarify the principles for recognizing revenue. While insurance contracts are not within the scope of this updated guidance, the Company's service and fee income could be subject to this updated guidance. The updated guidance requires an entity to recognize revenue as performance obligations are met, in order to reflect the transfer of promised goods or services to customers in an amount that reflects the consideration the entity is entitled to receive for those goods or services. The following steps are applied in the updated guidance: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when, or as, the entity satisfies a performance obligation. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which deferred the effective date of ASU 2014-09 to the quarter ending March 31, 2018. The Company is currently evaluating the impact this guidance will have on its results of operations, financial position or liquidity. The Company does not expect the guidance to have a material impact on its results of operations, financial position or liquidity. |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Investments [Abstract] | |
Summary of available for sale securities | The following is a summary of available-for-sale securities at June 30, 2016 and December 31, 2015: Net Cost or Gross Gross Unrealized Fair Amortized Unrealized Unrealized Gains Value Cost Gains Losses (Losses) June 30, 2016 Fixed maturities U.S. government obligations $ 109,031 $ 108,414 $ 618 $ (1 ) $ 617 Residential mortgage-backed securities 5,797 5,652 236 (91 ) 145 Commercial mortgage-backed securities 30,227 30,523 634 (930 ) (296 ) States and municipal obligations 125,098 123,605 1,579 (86 ) 1,493 Corporate securities 177,696 179,254 3,663 (5,221 ) (1,558 ) Foreign government obligations 24,515 25,770 411 (1,666 ) (1,255 ) Total fixed maturities 472,364 473,218 7,141 (7,995 ) (854 ) Equity securities: Financial institutions 24,918 15,060 10,454 (596 ) 9,858 Industrial & miscellaneous 112,826 68,485 47,625 (3,284 ) 44,341 Total equity securities 137,744 83,545 58,079 (3,880 ) 54,199 Total $ 610,108 $ 556,763 $ 65,220 $ (11,875 ) 53,345 Applicable federal income taxes (18,671 ) Net unrealized gains - net of tax $ 34,674 December 31, 2015 Fixed maturities U.S. government obligations $ 103,245 $ 103,448 $ 56 $ (259 ) $ (203 ) Residential mortgage-backed securities 4,776 4,668 162 (54 ) 108 Commercial mortgage-backed securities 30,595 30,977 247 (629 ) (382 ) State and municipal obligations 110,578 109,932 806 (160 ) 646 Corporate securities 164,025 168,137 2,445 (6,557 ) (4,112 ) Foreign government obligations 23,965 25,416 404 (1,855 ) (1,451 ) Total fixed maturities 437,184 442,578 4,120 (9,514 ) (5,394 ) Equity securities: Financial institutions 21,694 10,836 11,069 (211 ) 10,858 Industrial & miscellaneous 123,804 69,385 59,338 (4,919 ) 54,419 Total equity securities 145,498 80,221 70,407 (5,130 ) 65,277 Total $ 582,682 $ 522,799 $ 74,527 $ (14,644 ) 59,883 Applicable federal income taxes (20,959 ) Net unrealized gains - net of tax $ 38,924 |
Fixed maturity and equity security investments in unrealized loss position | The following table summarizes, for fixed maturity and equity security investments in an unrealized loss position at June 30, 2016 and December 31, 2015, respectively, the aggregate fair value and gross unrealized loss categorized by the duration those securities have been continuously in an unrealized loss position. June 30, 2016 December 31, 2015 Number of Securities Fair Value Gross Unrealized Loss Number of Securities Fair Value Gross Unrealized Loss Fixed maturity securities: 12 months or less 213 $ 119,094 $ (5,585 ) 328 $ 205,475 $ (5,070 ) Greater than 12 months 54 15,236 (2,410 ) 168 108,043 (4,444 ) Total fixed maturities 267 134,330 (7,995 ) 496 313,518 (9,514 ) Equity securities: 12 months or less 60 33,335 (3,880 ) 73 26,517 (5,130 ) Greater than 12 months - - - - - - Total equity securities 60 33,335 (3,880 ) 73 26,517 (5,130 ) Total fixed maturity and equity securities 327 $ 167,665 $ (11,875 ) 569 $ 340,035 $ (14,644 ) |
Fair value and cost or amortized cost of fixed maturity investments by contractual maturity | The fair value and the cost or amortized costs of fixed maturity investments at June 30, 2016, by contractual maturity, are shown below. Actual maturities may ultimately differ from contractual maturities because borrowers have, in some cases, the right to call or prepay obligations with or without call or prepayment penalties. Pre-refunded municipal bonds are classified based on their pre-refunded call dates. Fair Value Cost or Amortized Cost One year or less $ 116,328 $ 116,599 Excess of one year to five years 236,062 235,283 Excess of five years to ten years 36,580 36,124 Excess of ten years 1,967 2,123 Contractual maturities 390,937 390,129 Asset-backed securities 81,427 83,089 Total $ 472,364 $ 473,218 |
Realized gains (losses) on investments | Following is a summary of the components of net realized gains (losses) on investments for the periods presented in the accompanying consolidated statements of income. Three Months Ended Six Months Ended June 30 June 30 2016 2015 2016 2015 Fixed maturities: Gross gains $ 565 $ 985 $ 1,842 $ 2,132 Gross losses (1,140 ) (1,856 ) (4,036 ) (3,789 ) Net realized losses (575 ) (871 ) (2,194 ) (1,657 ) Equity securities: Gross gains 1,126 1,230 16,636 1,979 Gross losses (1,248 ) (1,232 ) (3,948 ) (1,985 ) Net realized gains (losses) (122 ) (2 ) 12,688 (6 ) Limited partnerships - net gain (loss) 977 (293 ) (1,202 ) 4,240 Total net gains (losses) $ 280 $ (1,166 ) $ 9,292 $ 2,577 |
Schedule of realized gains | Net realized gains activity for investments, as shown in the previous table, are further detailed as follows: Three Months Ended Six Months Ended June 30 June 30 2016 2015 2016 2015 Realized net gains (losses) on the disposal of securities $ (1,142 ) $ (125 ) $ 7,167 $ (413 ) Mark-to-market adjustment (133 ) (104 ) (434 ) (392 ) Equity in gains (losses) of limited partnership investments - realized and unrealized 977 (293 ) (1,202 ) 4,240 Impairment: Write-downs based upon objective criteria (1,095 ) (893 ) (3,155 ) (1,107 ) Recovery of prior write-downs upon sale or disposal 1,673 249 6,916 249 Total net gains (losses) $ 280 $ (1,166 ) $ 9,292 $ 2,577 |
Reinsurance (Tables)
Reinsurance (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Reinsurance [Abstract] | |
Reinsurance | The following table summarizes the Company's transactions with reinsurers for the 2016 and 2015 comparative periods. 2016 2015 Quarter ended June 30: Premiums ceded to reinsurers $ 32,073 $ 31,196 Losses and loss expenses ceded to reinsurers 19,520 21,840 Commissions from reinsurers 9,914 7,430 Six months ended June 30: Premiums ceded to reinsurers $ 63,336 $ 62,575 Losses and loss expenses ceded to reinsurers 48,845 38,238 Commissions from reinsurers 20,688 15,045 |
Reportable Segments (Tables)
Reportable Segments (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Reportable Segments [Abstract] | |
Schedule of segment reporting information, by segment | The following table provides certain revenue and profit and loss information for each reportable segment. All amounts presented are computed based upon U.S. generally accepted accounting principles. Segment profit for Property and Casualty Insurance includes the direct marketing agency operations conducted by the parent company for this segment and is computed after elimination of inter-company commissions. 2016 2015 Direct and Assumed Premium Written Net Premium Earned Segment Profit (Loss) Direct and Assumed Premium Written Net Premium Earned Segment Profit Three months ended June 30: Property and Casualty Insurance $ 98,374 $ 65,714 $ 9,897 $ 89,163 $ 60,031 $ 10,358 Reinsurance 1,672 3,012 (281 ) 3,632 5,418 413 Totals $ 100,046 $ 68,726 $ 9,616 $ 92,795 $ 65,449 $ 10,771 Six months ended June 30: Property and Casualty Insurance $ 191,462 $ 129,142 $ 23,641 $ 179,676 $ 119,315 $ 16,682 Reinsurance 4,737 6,493 (826 ) 10,099 12,580 1,013 Totals $ 196,199 $ 135,635 $ 22,815 $ 189,775 $ 131,895 $ 17,695 |
Reconciliation of operating profit (loss) from segments to consolidated | The following table reconciles reportable segment income to the Company's consolidated income before federal income taxes. Three Months Ended Six Months Ended June 30 June 30 2016 2015 2016 2015 Profit: Segment profit $ 9,616 $ 10,771 $ 22,815 $ 17,695 Net investment income 3,549 2,898 6,988 5,713 Net realized gains (losses) on investments 280 (1,166 ) 9,292 2,577 Corporate expenses and other (4,530 ) (4,073 ) (8,742 ) (8,264 ) Income before federal income taxes $ 8,915 $ 8,430 $ 30,353 $ 17,721 |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value [Abstract] | |
Fair value measurements by level for assets measured at fair value on a recurring basis | The following tables summarize fair value measurements by level for assets measured at fair value on a recurring basis: As of June 30, 2016: Description Total Level 1 Level 2 Level 3 Fixed maturities: U.S. government obligations $ 109,031 $ - $ 109,031 $ - Residential mortgage-backed securities 5,797 - 4,063 1,734 Commercial mortgage-backed securities 30,227 - 28,908 1,319 State and municipal obligations 125,098 - 125,098 - Corporate securities 175,503 - 161,948 13,555 Options embedded in convertible securities 2,193 - 2,193 - Foreign government obligations 24,515 - 24,228 287 Total fixed maturities 472,364 - 455,469 16,895 Equity securities: Financial institutions 24,918 24,918 - - Industrial & miscellaneous 112,826 112,826 - - Total equity securities 137,744 137,744 - - Short-term 1,500 1,500 - - Cash equivalents 56,517 - 56,517 - $ 668,125 $ 139,244 $ 511,986 $ 16,895 As of December 31, 2015: Description Total Level 1 Level 2 Level 3 Fixed maturities: U.S. government obligations $ 103,245 $ - $ 103,245 $ - Residential mortgage-backed securities 4,776 - 4,776 - Commercial mortgage-backed securities 30,595 - 29,226 1,369 State and municipal obligations 110,578 - 110,578 - Corporate securities 161,630 - 146,488 15,142 Options embedded in convertible securities 2,395 - 2,395 - Foreign government obligations 23,965 - 23,683 282 Total fixed maturities 437,184 - 420,391 16,793 Equity securities: Financial institutions 21,694 21,694 - - Industrial & miscellaneous 123,804 123,804 - - Total equity securities 145,498 145,498 - - Short-term 2,220 2,220 - - Cash equivalents 69,517 - 69,517 - $ 654,419 $ 147,718 $ 489,908 $ 16,793 |
Reconciliation of beginning and ending balances of assets measured at fair value on a recurring basis using level 3 inputs | A reconciliation of the beginning and ending balances of assets measured at fair value on a recurring basis using Level 3 inputs is as follows for the six months ended June 30, 2016 and for the year ended December 31, 2015: 2016 2015 Beginning of period balance $ 16,793 $ 12,208 Total gains or losses (realized or unrealized) included in income 71 (104 ) Purchases 3,339 2,284 Settlements (3,308 ) (8,068 ) Transfers into Level 3 - 11,586 Transfers out of Level 3 - (1,113 ) End of period balance $ 16,895 $ 16,793 |
Summary of the carrying value and fair value by level of financial instruments | A summary of the carrying value and fair value by level of financial instruments not recorded at fair value on the Company's consolidated balance sheets at June 30, 2016 and December 31, 2015 are as follows: Carrying Fair Value Value Level 1 Level 2 Level 3 Total June 30, 2016 Assets: Limited partnerships $ 72,794 $ - $ - $ 72,794 $ 72,794 Liabilities: Short-term borrowings 20,000 - 20,000 - 20,000 December 31, 2015 Assets: Limited partnerships 75,458 - - 75,458 75,458 Liabilities: Short-term borrowings 20,000 - 20,000 - 20,000 |
Restricted Stock (Tables)
Restricted Stock (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Restricted Stock [Abstract] | |
Summary of stock issuances | The table below provides detail of the stock issuances for 2015 and 2016: Value Per Share Effective Number of Shares Vesting Service on Grant Date Issued Date Period Date 5/12/2015 21,252 5/12/2016 7/1/2015 - 6/30/2016 $ 22.59 5/10/2016 17,677 5/10/2017 7/1/2016 - 6/30/2017 $ 24.89 |
Accumulated Other Comprehensi25
Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Accumulated Other Comprehensive Income [Abstract] | |
Changes in accumulated other comprehensive income by component | The following table illustrates changes in accumulated other comprehensive income by component for the six months ending June 30, 2016: Unrealized holding gains on Foreign available-for-sale Currency securities Total Beginning balance $ (1,066 ) $ 38,924 $ 37,858 Other comprehensive income before reclassifications 543 2,572 3,115 Amounts reclassified from accumulated other comprehensive income - (6,822 ) (6,822 ) Net current-period other comprehensive income 543 (4,250 ) (3,707 ) Ending balance $ (523 ) $ 34,674 $ 34,151 |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Details) | 6 Months Ended |
Jun. 30, 2016 | |
Summary of Significant Accounting Policies [Abstract] | |
Percentage of decline on cost of securities treated as other-than-temporary impairment | 20.00% |
Period of decline on the cost of equity securities that will be considered other-than-temporary impairment | 6 months |
Investments (Details)
Investments (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2016USD ($)SecurityPartnership | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($)Security | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($)Security | |
Available-for-sale Debt Securities, Amortized Cost Basis [Abstract] | |||||
Fair value | $ 472,364 | $ 472,364 | |||
Cost or amortized cost | $ 473,218 | 473,218 | |||
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] | |||||
Applicable federal income taxes | (18,671) | $ (20,959) | |||
Net unrealized gains - net of tax | $ 34,674 | $ 38,924 | |||
Available-for-sale Securities Continuous Unrealized Loss Position [Abstract] | |||||
Number of Securities, total | Security | 327 | 327 | 569 | ||
Available-for-sale Securities Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Fair value, total | $ 167,665 | $ 167,665 | $ 340,035 | ||
Available-for-sale Securities Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | |||||
Gross unrealized loss, total | (11,875) | (11,875) | (14,644) | ||
Available-for-sale Securities Debt Maturities Fair Value [Abstract] | |||||
One year or less, Fair Value | 116,328 | 116,328 | |||
Excess of one year to five years, Fair Value | 236,062 | 236,062 | |||
Excess of five years to ten years, Fair Value | 36,580 | 36,580 | |||
Excess of ten years, Fair Value | 1,967 | 1,967 | |||
Contractual maturities, Fair Value | 390,937 | 390,937 | |||
Asset-backed securities, Fair Value | 81,427 | 81,427 | |||
Total, Fair Value | 472,364 | 472,364 | |||
Available-for-sale Securities Debt Maturities Amortized Cost Basis [Abstract] | |||||
One year or less, Cost or Amortized Cost Basis | 116,599 | 116,599 | |||
Excess of one year to five years, Cost or Amortized Cost Basis | 235,283 | 235,283 | |||
Excess of five years to ten years, Cost or Amortized Cost Basis | 36,124 | 36,124 | |||
Excess of ten years, Cost or Amortized Cost Basis | 2,123 | 2,123 | |||
Contractual maturities, Cost or Amortized Cost Basis | 390,129 | 390,129 | |||
Asset-backed securities, Cost or Amortized Cost Basis | 83,089 | 83,089 | |||
Cost or amortized cost | 473,218 | 473,218 | |||
Available-for-sale Securities, Gross Realized Gain (Loss) [Abstract] | |||||
Limited partnerships - net gain (loss) | 977 | $ (293) | (1,202) | $ 4,240 | |
Net realized gains (losses) on investments | 280 | (1,166) | 9,292 | 2,577 | |
Available for Sale Securities Gain Loss Activity [Abstract] | |||||
Realized net gains (losses) on the disposal of securities | (1,142) | (125) | 7,167 | (413) | |
Mark-to-market adjustment | (133) | (104) | (434) | (392) | |
Equity in gains (losses) of limited partnership investments - realized and unrealized | 977 | (293) | (1,202) | 4,240 | |
Write-downs based upon objective criteria | (1,095) | (893) | (3,155) | (1,107) | |
Recovery of prior write-downs upon sale or disposal | 1,673 | 249 | 6,916 | 249 | |
Net realized gains (losses) on investments | 280 | (1,166) | 9,292 | 2,577 | |
Net unrealized gains on investments | 155 | 719 | |||
Net unrealized gains in limited partnership | 5,780 | ||||
Undistributed earnings of limited partnership, net of taxes | 25,680 | 25,680 | |||
Committed funds for bridge loans | 0 | 0 | |||
Total investment in limited partnerships | $ 44,400 | 44,400 | |||
Number of partnerships investment | Partnership | 2 | ||||
Investment assets other than limited partnership | $ 62,600 | ||||
U.S. Government Obligations [Member] | |||||
Available-for-sale Debt Securities, Amortized Cost Basis [Abstract] | |||||
Fair value | 109,031 | 109,031 | 103,245 | ||
Cost or amortized cost | 108,414 | 108,414 | 103,448 | ||
Gross unrealized gains | 618 | 618 | 56 | ||
Gross unrealized losses | (1) | (1) | (259) | ||
Net unrealized gains (losses) | 617 | 617 | (203) | ||
Available-for-sale Securities Debt Maturities Fair Value [Abstract] | |||||
Total, Fair Value | 109,031 | 109,031 | 103,245 | ||
Available-for-sale Securities Debt Maturities Amortized Cost Basis [Abstract] | |||||
Cost or amortized cost | 108,414 | 108,414 | 103,448 | ||
Residential Mortgage-backed Securities [Member] | |||||
Available-for-sale Debt Securities, Amortized Cost Basis [Abstract] | |||||
Fair value | 5,797 | 5,797 | 4,776 | ||
Cost or amortized cost | 5,652 | 5,652 | 4,668 | ||
Gross unrealized gains | 236 | 236 | 162 | ||
Gross unrealized losses | (91) | (91) | (54) | ||
Net unrealized gains (losses) | 145 | 145 | 108 | ||
Available-for-sale Securities Debt Maturities Fair Value [Abstract] | |||||
Total, Fair Value | 5,797 | 5,797 | 4,776 | ||
Available-for-sale Securities Debt Maturities Amortized Cost Basis [Abstract] | |||||
Cost or amortized cost | 5,652 | 5,652 | 4,668 | ||
Commercial Mortgage-backed Securities [Member] | |||||
Available-for-sale Debt Securities, Amortized Cost Basis [Abstract] | |||||
Fair value | 30,227 | 30,227 | 30,595 | ||
Cost or amortized cost | 30,523 | 30,523 | 30,977 | ||
Gross unrealized gains | 634 | 634 | 247 | ||
Gross unrealized losses | (930) | (930) | (629) | ||
Net unrealized gains (losses) | (296) | (296) | (382) | ||
Available-for-sale Securities Debt Maturities Fair Value [Abstract] | |||||
Total, Fair Value | 30,227 | 30,227 | 30,595 | ||
Available-for-sale Securities Debt Maturities Amortized Cost Basis [Abstract] | |||||
Cost or amortized cost | 30,523 | 30,523 | 30,977 | ||
States and Municipal Obligations [Member] | |||||
Available-for-sale Debt Securities, Amortized Cost Basis [Abstract] | |||||
Fair value | 125,098 | 125,098 | 110,578 | ||
Cost or amortized cost | 123,605 | 123,605 | 109,932 | ||
Gross unrealized gains | 1,579 | 1,579 | 806 | ||
Gross unrealized losses | (86) | (86) | (160) | ||
Net unrealized gains (losses) | 1,493 | 1,493 | 646 | ||
Available-for-sale Securities Debt Maturities Fair Value [Abstract] | |||||
Total, Fair Value | 125,098 | 125,098 | 110,578 | ||
Available-for-sale Securities Debt Maturities Amortized Cost Basis [Abstract] | |||||
Cost or amortized cost | 123,605 | 123,605 | 109,932 | ||
Corporate Securities [Member] | |||||
Available-for-sale Debt Securities, Amortized Cost Basis [Abstract] | |||||
Fair value | 177,696 | 177,696 | 164,025 | ||
Cost or amortized cost | 179,254 | 179,254 | 168,137 | ||
Gross unrealized gains | 3,663 | 3,663 | 2,445 | ||
Gross unrealized losses | (5,221) | (5,221) | (6,557) | ||
Net unrealized gains (losses) | (1,558) | (1,558) | (4,112) | ||
Available-for-sale Securities Debt Maturities Fair Value [Abstract] | |||||
Total, Fair Value | 177,696 | 177,696 | 164,025 | ||
Available-for-sale Securities Debt Maturities Amortized Cost Basis [Abstract] | |||||
Cost or amortized cost | 179,254 | 179,254 | 168,137 | ||
Foreign Government Obligations [Member] | |||||
Available-for-sale Debt Securities, Amortized Cost Basis [Abstract] | |||||
Fair value | 24,515 | 24,515 | 23,965 | ||
Cost or amortized cost | 25,770 | 25,770 | 25,416 | ||
Gross unrealized gains | 411 | 411 | 404 | ||
Gross unrealized losses | (1,666) | (1,666) | (1,855) | ||
Net unrealized gains (losses) | (1,255) | (1,255) | (1,451) | ||
Available-for-sale Securities Debt Maturities Fair Value [Abstract] | |||||
Total, Fair Value | 24,515 | 24,515 | 23,965 | ||
Available-for-sale Securities Debt Maturities Amortized Cost Basis [Abstract] | |||||
Cost or amortized cost | 25,770 | 25,770 | 25,416 | ||
Total Fixed Maturities [Member] | |||||
Available-for-sale Debt Securities, Amortized Cost Basis [Abstract] | |||||
Fair value | 472,364 | 472,364 | 437,184 | ||
Cost or amortized cost | 473,218 | 473,218 | 442,578 | ||
Gross unrealized gains | 7,141 | 7,141 | 4,120 | ||
Gross unrealized losses | (7,995) | (7,995) | (9,514) | ||
Net unrealized gains (losses) | $ (854) | $ (854) | $ (5,394) | ||
Available-for-sale Securities Continuous Unrealized Loss Position [Abstract] | |||||
Number of Securities, 12 months or less | Security | 213 | 213 | 328 | ||
Number of Securities, Greater than 12 months | Security | 54 | 54 | 168 | ||
Number of Securities, total | Security | 267 | 267 | 496 | ||
Available-for-sale Securities Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Fair value, 12 months or less | $ 119,094 | $ 119,094 | $ 205,475 | ||
Fair value, Greater than 12 months | 15,236 | 15,236 | 108,043 | ||
Fair value, total | 134,330 | 134,330 | 313,518 | ||
Available-for-sale Securities Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | |||||
Gross unrealized loss, 12 months or less | (5,585) | (5,585) | (5,070) | ||
Gross unrealized loss, Greater than 12 months | (2,410) | (2,410) | (4,444) | ||
Gross unrealized loss, total | (7,995) | (7,995) | (9,514) | ||
Available-for-sale Securities Debt Maturities Fair Value [Abstract] | |||||
Total, Fair Value | 472,364 | 472,364 | 437,184 | ||
Available-for-sale Securities Debt Maturities Amortized Cost Basis [Abstract] | |||||
Cost or amortized cost | 473,218 | 473,218 | 442,578 | ||
Available-for-sale Securities, Gross Realized Gain (Loss) [Abstract] | |||||
Gross gains | 565 | 985 | 1,842 | 2,132 | |
Gross losses | (1,140) | (1,856) | (4,036) | (3,789) | |
Net realized gains (losses) | (575) | (871) | (2,194) | (1,657) | |
Financial Institutions [Member] | |||||
Available-for-sale Equity Securities, Amortized Cost Basis [Abstract] | |||||
Fair value | 24,918 | 24,918 | 21,694 | ||
Cost or amortized cost | 15,060 | 15,060 | 10,836 | ||
Gross unrealized gains | 10,454 | 10,454 | 11,069 | ||
Gross unrealized losses | (596) | (596) | (211) | ||
Net unrealized gains (losses) | 9,858 | 9,858 | 10,858 | ||
Industrial & Miscellaneous [Member] | |||||
Available-for-sale Equity Securities, Amortized Cost Basis [Abstract] | |||||
Fair value | 112,826 | 112,826 | 123,804 | ||
Cost or amortized cost | 68,485 | 68,485 | 69,385 | ||
Gross unrealized gains | 47,625 | 47,625 | 59,338 | ||
Gross unrealized losses | (3,284) | (3,284) | (4,919) | ||
Net unrealized gains (losses) | 44,341 | 44,341 | 54,419 | ||
Total Equity Securities [Member] | |||||
Available-for-sale Equity Securities, Amortized Cost Basis [Abstract] | |||||
Fair value | 137,744 | 137,744 | 145,498 | ||
Cost or amortized cost | 83,545 | 83,545 | 80,221 | ||
Gross unrealized gains | 58,079 | 58,079 | 70,407 | ||
Gross unrealized losses | (3,880) | (3,880) | (5,130) | ||
Net unrealized gains (losses) | $ 54,199 | $ 54,199 | $ 65,277 | ||
Available-for-sale Securities Continuous Unrealized Loss Position [Abstract] | |||||
Number of Securities, 12 months or less | Security | 60 | 60 | 73 | ||
Number of Securities, Greater than 12 months | Security | 0 | 0 | 0 | ||
Number of Securities, total | Security | 60 | 60 | 73 | ||
Available-for-sale Securities Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Fair value, 12 months or less | $ 33,335 | $ 33,335 | $ 26,517 | ||
Fair value, Greater than 12 months | 0 | 0 | 0 | ||
Fair value, total | 33,335 | 33,335 | 26,517 | ||
Available-for-sale Securities Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | |||||
Gross unrealized loss, 12 months or less | (3,880) | (3,880) | (5,130) | ||
Gross unrealized loss, Greater than 12 months | 0 | 0 | 0 | ||
Gross unrealized loss, total | (3,880) | (3,880) | (5,130) | ||
Available-for-sale Securities, Gross Realized Gain (Loss) [Abstract] | |||||
Gross gains | 1,126 | 1,230 | 16,636 | 1,979 | |
Gross losses | (1,248) | (1,232) | (3,948) | (1,985) | |
Net realized gains (losses) | (122) | $ (2) | 12,688 | $ (6) | |
Total Available-for-sale Securities [Member] | |||||
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] | |||||
Fair value | 610,108 | 610,108 | 582,682 | ||
Cost or amortized cost | 556,763 | 556,763 | 522,799 | ||
Gross unrealized gains | 65,220 | 65,220 | 74,527 | ||
Gross unrealized losses | (11,875) | (11,875) | (14,644) | ||
Net unrealized gains (losses) | $ 53,345 | $ 53,345 | $ 59,883 |
Reinsurance (Details)
Reinsurance (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Reinsurance [Abstract] | ||||
Premiums ceded to reinsurers | $ 32,073 | $ 31,196 | $ 63,336 | $ 62,575 |
Losses and loss expenses ceded to reinsurers | 19,520 | 21,840 | 48,845 | 38,238 |
Commissions from reinsurers | $ 9,914 | $ 7,430 | $ 20,688 | $ 15,045 |
Reportable Segments (Details)
Reportable Segments (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($)Segment | Jun. 30, 2015USD ($) | |
Reportable Segments [Abstract] | ||||
Number of reportable segments | Segment | 2 | |||
Segment Reporting Information [Line Items] | ||||
Net Premium Earned | $ 68,726 | $ 65,449 | $ 135,635 | $ 131,895 |
Reconciliation from segment totals to consolidated [Abstract] | ||||
Income before federal income taxes | 8,915 | 8,430 | 30,353 | 17,721 |
Reportable Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Direct and Assumed Premium Written | 100,046 | 92,795 | 196,199 | 189,775 |
Net Premium Earned | 68,726 | 65,449 | 135,635 | 131,895 |
Segment Profit (Loss) | 9,616 | 10,771 | 22,815 | 17,695 |
Reconciliation from segment totals to consolidated [Abstract] | ||||
Segment profit | 9,616 | 10,771 | 22,815 | 17,695 |
Reportable Segments [Member] | Property and Casualty Insurance [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Direct and Assumed Premium Written | 98,374 | 89,163 | 191,462 | 179,676 |
Net Premium Earned | 65,714 | 60,031 | 129,142 | 119,315 |
Segment Profit (Loss) | 9,897 | 10,358 | 23,641 | 16,682 |
Reconciliation from segment totals to consolidated [Abstract] | ||||
Segment profit | 9,897 | 10,358 | 23,641 | 16,682 |
Reportable Segments [Member] | Reinsurance [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Direct and Assumed Premium Written | 1,672 | 3,632 | 4,737 | 10,099 |
Net Premium Earned | 3,012 | 5,418 | 6,493 | 12,580 |
Segment Profit (Loss) | (281) | 413 | (826) | 1,013 |
Reconciliation from segment totals to consolidated [Abstract] | ||||
Segment profit | (281) | 413 | (826) | 1,013 |
Segment Reconciling Items [Member] | ||||
Reconciliation from segment totals to consolidated [Abstract] | ||||
Net investment income | 3,549 | 2,898 | 6,988 | 5,713 |
Net realized gains (losses) on investments | 280 | (1,166) | 9,292 | 2,577 |
Corporate expenses and other | $ (4,530) | $ (4,073) | $ (8,742) | $ (8,264) |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
Debt [Abstract] | ||
Revolving line of credit limit | $ 40,000 | |
Line of credit maturity date | Sep. 23, 2018 | |
Period of fixed interest on line of credit at company's options | 1 year | |
Outstanding drawings on line of credit | $ 20,000 | $ 20,000 |
Effective interest rate | 1.55% | |
Remaining unused amount under line of credit | $ 20,000 |
Fair Value (Details)
Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Fixed maturities [Abstract] | ||
Total fixed maturities | $ 472,364 | $ 437,184 |
Equity securities [Abstract] | ||
Total equity securities | 137,744 | 145,498 |
Short-term | 1,500 | 2,220 |
Recurring [Member] | ||
Fixed maturities [Abstract] | ||
U.S. government obligations | 109,031 | 103,245 |
Residential mortgage-backed securities | 5,797 | 4,776 |
Commercial mortgage-backed securities | 30,227 | 30,595 |
State and municipal obligations | 125,098 | 110,578 |
Corporate securities | 175,503 | 161,630 |
Options embedded in convertible securities | 2,193 | 2,395 |
Foreign government obligations | 24,515 | 23,965 |
Total fixed maturities | 472,364 | 437,184 |
Equity securities [Abstract] | ||
Financial institutions | 24,918 | 21,694 |
Industrial & miscellaneous | 112,826 | 123,804 |
Total equity securities | 137,744 | 145,498 |
Short-term | 1,500 | 2,220 |
Cash equivalents | 56,517 | 69,517 |
Total fair value | 668,125 | 654,419 |
Recurring [Member] | Level 1 [Member] | ||
Fixed maturities [Abstract] | ||
U.S. government obligations | 0 | 0 |
Residential mortgage-backed securities | 0 | 0 |
Commercial mortgage-backed securities | 0 | 0 |
State and municipal obligations | 0 | 0 |
Corporate securities | 0 | 0 |
Options embedded in convertible securities | 0 | 0 |
Foreign government obligations | 0 | 0 |
Total fixed maturities | 0 | 0 |
Equity securities [Abstract] | ||
Financial institutions | 24,918 | 21,694 |
Industrial & miscellaneous | 112,826 | 123,804 |
Total equity securities | 137,744 | 145,498 |
Short-term | 1,500 | 2,220 |
Cash equivalents | 0 | 0 |
Total fair value | 139,244 | 147,718 |
Recurring [Member] | Level 2 [Member] | ||
Fixed maturities [Abstract] | ||
U.S. government obligations | 109,031 | 103,245 |
Residential mortgage-backed securities | 4,063 | 4,776 |
Commercial mortgage-backed securities | 28,908 | 29,226 |
State and municipal obligations | 125,098 | 110,578 |
Corporate securities | 161,948 | 146,488 |
Options embedded in convertible securities | 2,193 | 2,395 |
Foreign government obligations | 24,228 | 23,683 |
Total fixed maturities | 455,469 | 420,391 |
Equity securities [Abstract] | ||
Financial institutions | 0 | 0 |
Industrial & miscellaneous | 0 | 0 |
Total equity securities | 0 | 0 |
Short-term | 0 | 0 |
Cash equivalents | 56,517 | 69,517 |
Total fair value | 511,986 | 489,908 |
Recurring [Member] | Level 3 [Member] | ||
Fixed maturities [Abstract] | ||
U.S. government obligations | 0 | 0 |
Residential mortgage-backed securities | 1,734 | 0 |
Commercial mortgage-backed securities | 1,319 | 1,369 |
State and municipal obligations | 0 | 0 |
Corporate securities | 13,555 | 15,142 |
Options embedded in convertible securities | 0 | 0 |
Foreign government obligations | 287 | 282 |
Total fixed maturities | 16,895 | 16,793 |
Equity securities [Abstract] | ||
Financial institutions | 0 | 0 |
Industrial & miscellaneous | 0 | 0 |
Total equity securities | 0 | 0 |
Short-term | 0 | 0 |
Cash equivalents | 0 | 0 |
Total fair value | $ 16,895 | $ 16,793 |
Fair Value, Unobservable Input
Fair Value, Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation Calculation [Roll Forward] | ||
Beginning of period balance | $ 16,793 | $ 12,208 |
Total gains or losses (realized or unrealized) included in income | 71 | (104) |
Purchases | 3,339 | 2,284 |
Settlements | (3,308) | (8,068) |
Transfers into level 3 | 0 | 11,586 |
Transfers out of level 3 | 0 | (1,113) |
End of period balance | $ 16,895 | $ 16,793 |
Fair Value, Balance Sheet Group
Fair Value, Balance Sheet Grouping (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Assets [Abstract] | ||
Limited partnerships | $ 72,794 | $ 75,458 |
Carrying Value [Member] | ||
Assets [Abstract] | ||
Limited partnerships | 72,794 | 75,458 |
Liabilities [Abstract] | ||
Short-term borrowings | 20,000 | 20,000 |
Fair Value [Member] | ||
Assets [Abstract] | ||
Limited partnerships | 72,794 | 75,458 |
Liabilities [Abstract] | ||
Short-term borrowings | 20,000 | 20,000 |
Fair Value [Member] | Level 1 [Member] | ||
Assets [Abstract] | ||
Limited partnerships | 0 | 0 |
Liabilities [Abstract] | ||
Short-term borrowings | 0 | 0 |
Fair Value [Member] | Level 2 [Member] | ||
Assets [Abstract] | ||
Limited partnerships | 0 | 0 |
Liabilities [Abstract] | ||
Short-term borrowings | 20,000 | 20,000 |
Fair Value [Member] | Level 3 [Member] | ||
Assets [Abstract] | ||
Limited partnerships | 72,794 | 75,458 |
Liabilities [Abstract] | ||
Short-term borrowings | $ 0 | $ 0 |
Restricted Stock (Details)
Restricted Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 05, 2016 | Jun. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares distribution period from grant date | 1 year | |||
5/12/2015 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of each share issued on grant date (in dollars per share) | $ 22.59 | |||
Summary of stock Issuances [Abstract] | ||||
Number of shares issued (in shares) | 21,252 | |||
Vesting date | May 12, 2016 | |||
Service Period | 7/1/2015 - 6/30/2016 | |||
5/10/2016 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of each share issued on grant date (in dollars per share) | $ 24.89 | |||
Summary of stock Issuances [Abstract] | ||||
Number of shares issued (in shares) | 17,677 | |||
Vesting date | May 10, 2017 | |||
Service Period | 7/1/2016 - 6/30/2017 | |||
Restricted Stock Units (RSUs) [Member] | ||||
Summary of stock Issuances [Abstract] | ||||
Period restricted stocks will vest ratably from date of grant | 3 years | |||
Restricted Stock Units (RSUs) [Member] | Class B [Member] | Outside Director [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total value of shares issued | $ 440 | $ 480 | ||
Restricted Stock Units (RSUs) [Member] | Class B [Member] | Executives [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total value of shares issued | $ 1,103 | |||
Shares issued (in shares) | 47,333 | |||
Value of each share issued on grant date (in dollars per share) | $ 23.30 |
Accumulated Other Comprehensi35
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | $ 394,498 | |||
Other comprehensive income before reclassifications | 3,115 | |||
Amounts reclassified from accumulated other comprehensive income | (6,822) | |||
Other comprehensive income (loss) | $ 3,924 | $ (56) | (3,707) | $ 301 |
Ending balance | 404,313 | 404,313 | ||
AOCI Attributable to Parent [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | 37,858 | |||
Ending balance | 34,151 | 34,151 | ||
Foreign Currency [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (1,066) | |||
Other comprehensive income before reclassifications | 543 | |||
Amounts reclassified from accumulated other comprehensive income | 0 | |||
Other comprehensive income (loss) | 543 | |||
Ending balance | (523) | (523) | ||
Unrealized Holding Gains on Available-for-sale Securities [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | 38,924 | |||
Other comprehensive income before reclassifications | 2,572 | |||
Amounts reclassified from accumulated other comprehensive income | (6,822) | |||
Other comprehensive income (loss) | (4,250) | |||
Ending balance | $ 34,674 | $ 34,674 |
Other Operating Expenses (Detai
Other Operating Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2016 | Jun. 30, 2016 | |
Director [Member] | ||
Related Party Transaction [Line Items] | ||
Total commission expense | $ 140 | $ 140 |