Securities

The amortized cost and fair value of securities available-for-sale at June 30, 2016 and December 31, 2015 are summarized as follows (in thousands):



	June 30, 2016
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Government-sponsored enterprises (GSEs)	$	12,708	$	35	$	—		$	12,743
Municipal securities	5,176		142		—			5,318
Mortgage-backed securities	124,545		818		(549		)	124,814
	$	142,429	$	995	$	(549	)	$	142,875



	December 31, 2015
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Government-sponsored enterprises (GSEs)	$	22,745	$	48	$	(50	)	$	22,743
Municipal securities	7,614		52		(17		)	7,649
Mortgage-backed securities	136,625		375		(979		)	136,021
	$	166,984	$	475	$	(1,046	)	$	166,413

At June 30, 2016, securities with a fair value totaling approximately $96,700,000 were pledged to secure public funds and securities sold under agreements to repurchase.

For the three and six months ended June 30, 2016, there were available-for-sale securities sold with proceeds totaling $3,098,100 and $8,170,600 which resulted in gross gains realized of $98,100 and $181,363, respectively. For the three and six months ended June 30, 2015 there were available-for-sale securities sold with proceeds totaling $7,304,409 and gross gains realized of and $52,255.

The amortized cost and estimated fair value of securities at June 30, 2016, by contractual maturity, are shown below (in thousands). Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.



	Amortized Cost		Fair Value
Due in one year or less	$	—	$	—
Due from one year to five years	7,886		7,924
Due from five years to ten years	7,514		7,569
Due after ten years	2,484		2,568
	17,884		18,061
Mortgage-backed securities	124,545		124,814
	$	142,429	$	142,875

Note 4. Securities, Continued

The following tables present the gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities available-for-sale have been in a continuous unrealized loss position, as of June 30, 2016 and December 31, 2015 (in thousands):



	As of June 30, 2016
	Less than 12 Months			12 Months or Greater			Total
	Fair Value	Gross Unrealized Losses		Fair Value	Gross Unrealized Losses		Fair Value	Gross Unrealized Losses
Mortgage-backed securities	38,714	(333	)	12,894	(216	)	51,608	(549	)



	As of December 31, 2015
	Less than 12 Months					12 Months or Greater					Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
U.S. Government- sponsored enterprises (GSEs)	$	8,464	$	(50	)	$	—	$	—		$	8,464	$	(50	)
Municipal securities	2,456		(17		)	—		—			2,456		(17		)
Mortgage-backed securities	72,641		(470		)	16,325		(509		)	88,966		(979		)
	$	83,561	$	(537	)	$	16,325	$	(509	)	$	99,886	$	(1,046	)

At June 30, 2016, the categories of temporarily impaired securities, and management’s evaluation of those securities, are as follows:

Mortgage-backed securities: At June 30, 2016, 10 (or ten) investments in residential mortgage-backed securities had unrealized losses. This impairment is believed to be caused by the current interest rate environment. The contractual cash flows of those investments are guaranteed by an agency of the U.S. Government. Because the decline in market value is attributable to the current interest rate environment and not credit quality, and because the Bank does not intend to sell the investments and it is not more likely than not that the Bank will be required to sell the investments before recovery of their amortized cost bases, which may be maturity, the Bank does not deem those investments to be other-than-temporarily impaired at June 30, 2016.