(4)	SECURITIES

Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluations. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value.

At March 31, 2016, the Company has 27 securities with unrealized losses. The carrying amount of securities and their estimated fair values at March 31, 2016, were as follows:


	March 31, 2016
			Gross		Gross			Estimated
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
	(Dollars in Thousands)
Restricted:
FHLB stock	$	4,428		—		—			4,428

Available for sale:
U.S. Treasury securities	$	2,001		4		—			2,005
U.S. Agency securities		89,094		2,714		(46	)		91,762
Taxable municipal bonds		6,174		99		(7	)		6,266
Tax free municipal bonds		38,573		2,271		(15	)		40,829
Trust preferred securities		1,621		353		—			1,974
Mortgage-backed securities:
GNMA		28,305		318		(111	)		28,512
FNMA		32,510		571		(35	)		33,046
FHLMC		10,711		74		(7	)		10,778
NON-AGENCY CMO		3,757		—		(237	)		3,520
AGENCY CMO		18,872		265		—			19,137

	$	231,618		6,669		(458	)		237,829

The carrying amount of securities and their estimated fair values at December 31, 2015, was as follows:


	December 31, 2015
			Gross		Gross			Estimated
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
	(Dollars in Thousands)
Restricted:
FHLB stock	$	4,428		—		—			4,428

Available for sale:
U.S. Treasury securities	$	2,001		—		(1	)		2,000
U.S. Agency securities		91,694		1,727		(488	)		92,933
Tax free municipal bonds		42,237		2,481		(59	)		44,659
Taxable municipal bonds		6,190		52		(65	)		6,177
Trust preferred securities		1,617		248		—			1,865
Mortgage-backed securities:
GNMA		29,990		239		(239	)		29,990
FNMA		28,189		266		(152	)		28,303
FHLMC		8,113		24		(51	)		8,086
Non-Agency CMO		3,828		—		(174	)		3,654
AGENCY CMO		19,570		71		(131	)		19,510

	$	233,429		5,108		(1,360	)		237,177

The scheduled maturities of debt securities available for sale at March 31, 2016, were as follows:


			Estimated
	Amortized		Fair
	Cost		Value
Due within one year	$	—	$	—
Due in one to five years		21,013		21,525
Due in five to ten years		42,557		43,739
Due after ten years		16,294		17,671

		79,864		82,935
Amortizing agency bonds		57,599		59,900
Mortgage-backed securities		94,155		94,994

Total unrestricted securities available for sale	$	231,618	$	237,829

The scheduled maturities of debt securities available for sale at December 31, 2015, were as follows:


			Estimated
	Amortized		Fair
	Cost		Value
Due within one year	$	—	$	—
Due in one to five years		17,939		18,304
Due in five to ten years		42,151		42,793
Due after ten years		22,702		24,088

		82,792		85,185
Amortizing agency bonds		60,947		62,449
Mortgage-backed securities		89,690		89,543

Total unrestricted securities available for sale	$	233,429	$	237,177

The estimated fair value and unrealized loss amounts of temporarily impaired investments as of March 31, 2016, are as follows:


	Less than 12 months					12 months or longer					Total
	Estimated		Unrealized			Estimated		Unrealized			Estimated		Unrealized
	Fair Value		Losses			Fair Value		Losses			Fair Value		Losses
	(Dollars in Thousands)
Available for sale
U.S. Agency securities	$	6,091		(10	)		2,956		(36	)		9,047		(46	)
Taxable municipals		561		(7	)		—		—			561		(7	)
Tax free municipals		1,326		(3	)		1,313		(12	)		2,639		(15	)
Mortgage-backed securities:
GNMA		1,688		(24	)		5,771		(87	)		7,459		(111	)
FNMA		5,763		(21	)		3,079		(14	)		8,842		(35	)
FHLMC		2,966		(7	)		—		—			2,966		(7	)
NON-AGENCY CMOs		—		—			3,520		(237	)		3,520		(237	)

Total available for sale	$	18,395		(72	)		16,639		(386	)		35,034		(458	)

The estimated fair value and unrealized loss amounts of temporarily impaired investments as of December 31, 2015, were as follows:


	Less than 12 months					12 months or longer					Total
	Estimated		Unrealized			Estimated		Unrealized			Estimated		Unrealized
	Fair Value		Losses			Fair Value		Losses			Fair Value		Losses
Available for sale
U.S. Treasury securities	$	2,000		(1	)		—		—			2,000		(1	)
U.S. Agency securities		26,499		(203	)		16,224		(285	)		42,723		(488	)
Taxable municipals		2,159		(32	)		1,887		(33	)		4,046		(65	)
Tax free municipals		—		—			3,878		(59	)		3,878		(59	)
Mortgage-backed securities:
GNMA		10,840		(105	)		11,508		(134	)		22,348		(239	)
FNMA		11,484		(87	)		3,036		(65	)		14,520		(152	)
FHLMC		7,336		(51	)		—		—			7,336		(51	)
Non-Agency CMOs		—		—			3,654		(174	)		3,654		(174	)
AGENCY CMOs		9,781		(90	)		1,991		(41	)		11,772		(131	)

Total Available for Sale	$	70,099		(569	)		42,178		(791	)		112,277		(1,360	)

At March 31, 2016, securities with a book value of approximately $125.2 million and a market value of approximately $130.5 million were pledged to various municipalities for deposits in excess of FDIC limits as required by law. The Federal Home Loan Bank of Cincinnati has issued letters of credit in the Bank’s name totaling $32.5 million secured by the Bank’s loan portfolio to secure additional municipal deposits.

At March 31, 2016, securities with a book and market value of $40.9 million were sold under agreements to repurchase from various customers. Furthermore, the Company has a wholesale repurchase agreement with third party secured by investments with a combined book value of $6.4 million and a market value of $6.5 million. The repurchase agreement is in the amount of $6.0 million and has a maturity of September 18, 2016, and is currently callable on a quarterly basis by the issuer and has a fixed rate of interest of 4.36%.