2. Investment Securities

9 Months Ended

Sep. 30, 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 September 30, 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 September 30, 2016 and December 31, 2015 are as follows:

	September 30, 2016				December 31, 2015
			Market				Market
(in thousands)	Cost		Value		Cost		Value
Securities held to maturity
U. S. Treasury and agency obligations	$	125	$	125	$	125	$	125
Total	$	125	$	125	$	125	$	125

	September 30, 2016
			Unrealized				Market
	Cost		Gains		Losses		Value
Securities available for sale
U. S. Treasuries	$	24,008	$	19	$	-	$	24,027
Mortgage-backed securities		679		18		-		697
Marketable equities		135		-		-		135
Total	$	24,822	$	37	$	-	$	24,859

	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 September 30, 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
(in thousands)	Cost		Value		Cost		Value
Due in one year or less	$	-	$	-	$	24,008	$	24,027
Due after one year through five years		125		125		-		-
Due after five years		-		-		814		832
Total	$	125	$	125	$	24,822	$	24,859

There were no gains and losses on sales of securities in the third 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 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
December 31, 2015
Government sponsored Enterprises	$	6,056	$	(11	)	$	-	$	-	$	6,056	$	(11	)
Total	$	6,056	$	(11	)	$	-	$	-	$	6,056	$	(11	)

There were no unrealized losses for securities at September 30, 2016.

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 nine months of 2016.