2. Investment Securities

3 Months Ended

Mar. 31, 2016

Investment Securities

2. Investment Securities

Investment securities available for sale are carried in the consolidated balance sheets at their approximate market value, amortized cost and unrealized gains and losses at March 31, 2016 and December 31, 2015 are reflected in the table below.  The amortized costs of investment securities held to maturity are carried in the consolidated balance sheets and their approximate market values at March 31, 2016 and December 31, 2015 are as follows:

	2016				2015
			Market				Market
	Cost		Value		Cost		Value
Securities held to maturity
U. S. Treasury and agency obligations	$	125	$	125	$	125	$	125
Total	$	125	$	125	$	125	$	125

	March 31, 2016
			Unrealized				Market
	Cost		Gains		Losses		Value
Securities available for sale
U. S. Treasuries	$	4,013	$	17	$	-	$	4,030
Government sponsored enterprises		8,059		4		1		8,062
Mortgage-backed securities		769		15		-		784
Marketable equities		135		-		-		135
Total	$	12,976	$	36	$	1	$	13,011

	December 31, 2015
			Unrealized				Market
	Cost		Gains		Losses		Value
Securities available for sale
U. S. Treasuries	$	4,015	$	6	$	-	$	4,021
Government sponsored enterprises		8,081		4		11		8,074
Mortgage-backed securities		811		6		-		817
Marketable equities		135		-		-		135
Total	$	13,042	$	16	$	11	$	13,047

 The amortized cost and fair value of securities at March 31, 2016, by contractual maturity are shown below.  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.

	Securities Held to Maturity				Securities Available for Sale
	Amortized		Fair		Amortized		Fair
	Cost		Value		Cost		Value
Due in one year or less	$	125	$	125	$	4,045	$	4,050
Due after one year through five years		-		-		8,027		8,042
Due after five years		-		-		904		919
Total	$	125	$	125	$	12,976	$	13,011

There were no gains and losses on sales of securities in the first quarter of 2016 or 2015.  There were also no securities with an other than temporary impairment.

The fair value and gross unrealized losses for securities, segregated by the length of time that individual securities have been in a continuous gross unrealized loss position, at March 31, 2016 and December 31, 2015 were as follows (dollars in thousands):

	Less than 12 Months					More than 12 Months				Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
March 31, 2016
Government sponsored Enterprises	$	2,000	$	(1	)	$	-	$	-	$	2,000	$	(1	)
Total	$	2,000	$	(1	)	$	-	$	-	$	2,000	$	(1	)
December 31, 2015
Government sponsored Enterprises	$	6,056	$	(11	)	$	-	$	-	$	6,056	$	(11	)
Total	$	6,056	$	(11	)	$	-	$	-	$	6,056	$	(11	)

Other investments, which consist of stock of correspondent banks and investments in low income housing projects, increased since December 31, 2015.  This increase is due to FHLB stock purchases during the first quarter.