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Investments | 12 Months Ended
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Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract] |
Investments | Investments The amortized cost and fair value of securities available for sale are as follows:
|  | As of December 31, 2015
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Available for sale: |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | 196,402 |  |  | $ | 1,370 |  |  | $ | (2,381 | ) |  | $ | 195,391 |
|  | As of December 31, 2014
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Available for sale: |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | 167,740 |  |  | $ | 2,686 |  |  | $ | (1,492 | ) |  | $ | 168,934 |
The following table summarizes the amount of gross unrealized losses for our mortgage-backed securities and the estimated fair value by length of time the securities have been in an unrealized loss position:
|  | Less than 12 months |  | 12 months or more |  | Total
|  | Gross unrealized losses |  | Estimated fair value |  | Gross unrealized losses |  | Estimated fair value |  | Gross unrealized losses |  | Estimated fair value
As of December 31, 2015: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | (827 | ) |  | $ | 73,802 |  |  | $ | (1,554 | ) |  | $ | 39,271 |  |  | $ | (2,381 | ) |  | $ | 113,073 |
As of December 31, 2014: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | (27 | ) |  | $ | 12,147 |  |  | $ | (1,465 | ) |  | $ | 41,462 |  |  | $ | (1,492 | ) |  | $ | 53,609 |
Our investment portfolio is comprised of mortgage-backed securities issued by Ginnie Mae, Fannie Mae and Freddie Mac, with amortized costs of $93.6 million, $78.7 million, and $24.1 million, respectively, at December 31, 2015. We own these securities to meet our requirements under the Community Reinvestment Act. As of December 31, 2015, there were 35 of 74 separate mortgage-backed securities with unrealized losses in our investment portfolio. Fourteen of the 35 securities in a net loss position were issued under Ginnie Mae programs that carry a full faith and credit guarantee from the U.S. Government. The remaining securities in a net loss position carry a principal and interest guarantee by Fannie Mae. As of December 31, 2014, there were 13 of 56 separate mortgage-backed securities with unrealized losses in our investment portfolio. Nine of the 13 securities in a net loss position were issued by Ginnie Mae. We have the ability and the intent to hold these securities for a period of time sufficient for the market price to recover to at least the adjusted amortized cost of the security. As of December 31, 2015, the amortized cost and fair value of securities, by contractual maturities, are summarized below. Contractual maturities versus actual maturities may differ due to the effect of prepayments.
Year of Maturity |  | Amortized Cost |  | Estimated Fair Value
2038 |  | $ | 284 |  |  | $ | 307 |
2039 |  | 7,539 |  |  | 8,054 |
2042 |  | 22,336 |  |  | 21,282 |
2043 |  | 59,961 |  |  | 60,165 |
2044 |  | 47,833 |  |  | 47,815 |
2045 |  | 58,449 |  |  | 57,768 |
Total |  | $ | 196,402 |  |  | $ | 195,391 |
In October 2013, we sold our asset-backed security portfolio for a gain of $63.8 million. We no longer hold asset-backed securities in our investment portfolio. The mortgage-backed securities have been pledged to the FRB as collateral against any advances and accrued interest under the Primary Credit program or any other program sponsored by the FRB. We had $188.3 million and $160.9 million par value of mortgage-backed securities pledged to this borrowing facility at December 31, 2015 and 2014, respectively, as discussed further in Note 9, “Borrowings.”

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