Note 3. Securities

The book values and approximate fair values of investment securities at December 31, 2015 and 2014 are summarized as follows:

	2015								2014
	Amortized		Fair		Unrealized				Amortized		Fair		Unrealized
($ in thousands)	Cost		Value		Gains		(Losses)		Cost		Value		Gains		(Losses)

Securities available for sale:
Government-sponsored enterprise securities	$	19,000		18,972		1		(29)		27,546		27,521		33		(58)
Mortgage-backed securities		122,474		121,553		348		(1,269)		130,073		129,510		751		(1,314)
Corporate bonds		25,216		24,946		—		(270)		1,000		865		—		(135)
Equity securities		88		143		64		(9)		89		122		46		(13)
Total available for sale	$	166,778		165,614		413		(1,577)		158,708		158,018		830		(1,520)

Securities held to maturity:
Mortgage-backed securities	$	102,509		101,767		—		(742)		124,924		124,861		45		(108)
State and local governments		52,101		55,379		3,284		6		53,763		57,550		3,787		—
Total held to maturity	$	154,610		157,146		3,284		(748)		178,687		182,411		3,832		(108)

Included in mortgage-backed securities at December 31, 2015 were collateralized mortgage obligations with an amortized cost of $34,500 and a fair value of $34,800. Included in mortgage-backed securities at December 31, 2014 were collateralized mortgage obligations with an amortized cost of $108,000 and a fair value of $111,000. All of the Company's mortgage-backed securities, including the collateralized mortgage obligations, were issued by government-sponsored corporations.

The following table presents information regarding securities with unrealized losses at December 31, 2015:

($ in thousands)	Securities in an Unrealized Loss Position for Less than 12 Months				Securities in an Unrealized Loss Position for More than 12 Months				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Government-sponsored enterprise securities	$	5,993		7		2,978		22		8,971		29
Mortgage-backed securities		150,853		1,148		27,460		863		178,313		2,011
Corporate bonds		24,006		210		940		60		24,946		270
Equity securities		—		—		17		9		17		9
State and local governments		840		6		—		—		840		6
Total temporarily impaired securities	$	181,692		1,371		31,395		954		213,087		2,325

The following table presents information regarding securities with unrealized losses at December 31, 2014:

($ in thousands)	Securities in an Unrealized Loss Position for Less than 12 Months				Securities in an Unrealized Loss Position for More than 12 Months				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Government-sponsored enterprise securities	$	5,489		11		2,953		47		8,442		58
Mortgage-backed securities		69,985		318		33,557		1,104		103,542		1,422
Corporate bonds		—		—		865		135		865		135
Equity securities		—		—		17		13		17		13
State and local governments		—		—		—		—		—		—
Total temporarily impaired securities	$	75,474		329		37,392		1,299		112,866		1,628

In the above tables, all of the non-equity securities that were in an unrealized loss position at December 31, 2015 and 2014 are bonds that the Company has determined are in a loss position due primarily to interest rate factors and not credit quality concerns. The Company has evaluated the collectability of each of these bonds and has concluded that there is no other-than-temporary impairment. The Company does not intend to sell these securities, and it is more likely than not that the Company will not be required to sell these securities before recovery of the amortized cost.

The Company has concluded that each of the equity securities in an unrealized loss position at December 31, 2015 and 2014 was in such a position due to temporary fluctuations in the market prices of the securities. The Company's policy is to record an impairment charge for any of these equity securities that remains in an unrealized loss position for twelve consecutive months unless the amount is insignificant.

The book values and approximate fair values of investment securities at December 31, 2015, by contractual maturity, are summarized in the table below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

	Securities Available for Sale				Securities Held to Maturity
	Amortized		Fair		Amortized		Fair
($ in thousands)	Cost		Value		Cost		Value

Debt securities
Due within one year	$	—		—	$	835		839
Due after one year but within five years		19,000		18,972		12,549		13,190
Due after five years but within ten years		20,216		20,026		37,286		39,919
Due after ten years		5,000		4,920		1,431		1,431
Mortgage-backed securities		122,474		121,553		102,509		101,767
Total debt securities		166,690		165,471		154,610		157,146

Equity securities		88		143		—		—
Total securities	$	166,778		165,614	$	154,610		157,146

At December 31, 2015 and 2014, investment securities with carrying values of $141,379,000 and $100,113,000, respectively, were pledged as collateral for public deposits.

In 2015, the Company recorded $1,000 in securities losses associated with write-downs and did not sell any securities. In 2014 and 2013, the Company initiated security sales totaling $47,473,000, and $12,908,000 respectively, which resulted in net gains of $786,000, and $525,000 in 2014, and 2013, respectively.

The aggregate carrying amount of cost-method investments was $15,893,000 and $6,016,000 at December 31, 2015 and 2014, respectively, which is recorded within the line item “other assets” on the Company's Consolidated Balance Sheets. These investments are comprised of Federal Home Loan Bank (“FHLB”) stock and Federal Reserve Bank of Richmond (“FRB”) stock. The FHLB stock had a cost and fair value of $8,846,000 and $6,016,000 at December 31, 2015 and 2014, respectively, and serves as part of the collateral for the Company's line of credit with the FHLB and is also a requirement for membership in the FHLB system. The FRB stock had a cost and fair value of $7,047,000 at December 31, 2015. The Company was required to purchase this stock when it became a member of the Federal Reserve System in the second quarter of 2015. Periodically, both the FHLB and FRB recalculate the Company's required level of holdings, and the Company either buys more stock or the redeems a portion of the stock at cost. The Company determined that neither stock was impaired at either period end.