v2.4.0.8
Available for Sale Securities
 6 Months Ended
Jun. 30, 2014
Investments, Debt and Equity Securities [Abstract]  
Available for Sale Securities
Available for Sale Securities
The amortized cost and fair values of available for sale securities held as of June 30, 2014 and December 31, 2013 are as follows:
 
June 30, 2014
 
Amortized
cost
 
Gross
unrealized gains
 
Gross
unrealized losses
 
Fair value
U.S. Treasury securities and obligations of U.S. government authorities and agencies
$
10,902

 
$
175

 
$
(22
)
 
$
11,055

Corporate securities
6,602

 
129

 
(2
)
 
6,729

Certificates of deposit
100

 
—

 
—

 
100

Asset-backed securities
65

 
3

 
—

 
68

 
$
17,669

 
$
307

 
$
(24
)
 
$
17,952

 
December 31, 2013
 
Amortized
cost
 
Gross
unrealized gains
 
Gross
unrealized losses
 
Fair value
U.S. Treasury securities and obligations of U.S. government authorities and agencies
$
11,965

 
$
140

 
$
(116
)
 
$
11,989

Corporate securities
5,567

 
71

 
(42
)
 
5,596

Certificates of deposit
100

 
—

 
—

 
100

Asset-backed securities
76

 
2

 
—

 
78

 
$
17,708

 
$
213

 
$
(158
)
 
$
17,763


The following table summarizes the gross unrealized losses on available for sale securities in an unrealized loss position as of June 30, 2014 and December 31, 2013:
 
June 30, 2014
 
Less than or equal to one year
 
More than one year
 
Fair value
 
Gross
unrealized losses
 
Fair value
 
Gross unrealized losses
U.S. Treasury securities and obligations of U.S. government authorities and agencies
$
418

 
$
—

 
$
2,092

 
$
(22
)
Corporate securities
533

 
(1
)
 
234

 
(1
)
Asset-backed securities
—

 
—

 
2

 
—

Total
$
951

 
$
(1
)
 
$
2,328

 
$
(23
)
 
December 31, 2013
 
Less than or equal to one year
 
More than one year
 
Fair value
 
Gross
unrealized losses
 
Fair value
 
Gross unrealized losses
U.S. Treasury securities and obligations of U.S. government authorities and agencies
$
5,543

 
$
(102
)
 
$
854

 
$
(14
)
Corporate securities
2,253

 
(42
)
 
67

 
—

Asset-backed securities
—

 
—

 
2

 
—

Total
$
7,796

 
$
(144
)
 
$
923

 
$
(14
)

At June 30, 2014, the Company held nineteen securities which were in an unrealized loss position for more than one year. The total unrealized losses on these securities were $23 and the fair value was $2,328. At December 31, 2013, the Company held five securities that were in an unrealized loss position for more than one year. The total unrealized loss on these securities was $14 and the fair value was $923. The unrealized losses were attributable to changes in interest rates and not credit-related issues. There have been no other-than-temporary impairments recorded by the Company for the periods ended June 30, 2014 or December 31, 2013.
The amortized cost and fair values of investments of these debt securities at June 30, 2014, by contractual maturity date, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
 
Amortized cost
 
Fair value
Due in one year or less
$
1,552

 
$
1,557

Due after one year through five years
11,538

 
11,709

Due after five years through ten years
3,973

 
4,049

Due after ten years through twenty years
541

 
569

Asset-backed securities
65

 
68

 
$
17,669

 
$
17,952


Purchases of available for sale debt securities were $3,921 and $4,917 for the six month periods ended June 30, 2014 and 2013, respectively. There were no proceeds from maturities of available for sale debt securities for these same periods. Proceeds from sales of available for sale securities for the period ended June 30, 2014 were $3,910 with associated gains of $14. For the same period in 2013, proceeds from sales of available for sale debt securities were $4,730 with associated gains of $71.