2. INVESTMENT SECURITIES AVAILABLE FOR SALE

A summary of amortized cost and approximate fair value of securities available for sale included in the consolidated statements of condition as of March 31, 2016 and December 31, 2015 follows:

	March 31, 2016
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
(In thousands)	Cost		Gains		Losses			Value
U.S. government-sponsored entities	$	7,986	$	17	$	—		$	8,003
Mortgage-backed securities – residential		164,981		2,087		(81	)		166,987
SBA pool securities		7,504		—		(95	)		7,409
State and political subdivisions		25,904		424		(15	)		26,313
Single-issuer trust preferred security		2,999		—		(641	)		2,358
CRA investment		3,000		—		(20	)		2,980
Total	$	212,374	$	2,528	$	(852	)	$	214,050

	December 31, 2015
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
(In thousands)	Cost		Gains		Losses			Value
Mortgage-backed securities – residential	$	159,747	$	1,293	$	(433	)	$	160,607
SBA pool securities		7,601		—		(81	)		7,520
State and political subdivisions		21,612		417		—			22,029
Single-issuer trust preferred security		2,999		—		(464	)		2,535
CRA investment		3,000		—		(61	)		2,939
Total	$	194,959	$	1,710	$	(1,039	)	$	195,630

The following tables present the Corporation's available for sale securities with continuous unrealized losses and the approximate fair value of these investments as of March 31, 2016 and December 31, 2015.

	March 31, 2016
	Duration of Unrealized Loss
	Less Than 12 Months					12 Months or Longer					Total
	Approximate					Approximate					Approximate
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
(In thousands)	Value		Losses			Value		Losses			Value		Losses
Mortgage-backed
securities-residential	$	10,956	$	(38	)	$	7,211	$	(43	)	$	18,167	$	(81	)
SBA pool securities		—		—			7,409		(95	)		7,409		(95	)
State and political
subdivisions		2,890		(15	)		—		—			2,890		(15	)
Single-issuer trust
preferred security		—		—			2,358		(641	)		2,358		(641	)
CRA investment fund		—		—			2,980		(20	)		2,980		(20	)
Total	$	13,846	$	(53	)	$	19,958	$	(799	)	$	33,804	$	(852	)

	December 31, 2015
	Duration of Unrealized Loss
	Less Than 12 Months					12 Months or Longer					Total
	Approximate					Approximate					Approximate
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
(In thousands)	Value		Losses			Value		Losses			Value		Losses
Mortgage-backed
securities-residential	$	89,717	$	(345	)	$	8,913	$	(88	)	$	98,630	$	(433	)
SBA pool securities		—		—			7,520		(81	)		7,520		(81	)
Single-issuer trust
Preferred security		—		—			2,535		(464	)		2,535		(464	)
CRA investment fund		—		—			2,939		(61	)		2,939		(61	)
Total	$	89,717	$	(345	)	$	21,907	$	(694	)	$	111,624	$	(1,039	)

Management believes that the unrealized losses on investment securities available for sale are temporary and are due to interest rate fluctuations and/or volatile market conditions rather than the creditworthiness of the issuers. As of March 31, 2016, the Company does not intend to sell these securities nor is it likely that it will be required to sell the securities before their anticipated recovery; therefore, none of the securities in unrealized loss position were determined to be other-than-temporarily impaired.

At March 31, 2016, the unrealized loss on the single-issuer trust preferred security of $641 thousand was related to a debt security issued by a large bank holding company that has experienced declines in all its securities due to the turmoil in the financial markets and a merger. The security was downgraded to below investment grade by Moody's and is currently rated Ba1. Management monitors the performance of the issuer on a quarterly basis to determine if there are any credit events that could result in deferral or default of the security. Management believes the depressed valuation is a result of the nature of the security, a trust preferred bond, and the bond's very low yield. As Management does not intend to sell this security nor is it likely that it will be required to sell the security before its anticipated recovery, the security is not considered other-than-temporarily impaired at March 31, 2016.