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Securities | 6 Months Ended
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Jun. 30, 2016
Investments, Debt and Equity Securities [Abstract] |
Securities | Securities The amortized cost and fair value of securities available-for-sale at June 30, 2016 and December 31, 2015 are summarized as follows (in thousands):
|  | June 30, 2016
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
U.S. Government-sponsored enterprises (GSEs) |  | $ | 12,708 |  |  | $ | 35 |  |  | $ | — |  |  | $ | 12,743 |
Municipal securities |  | 5,176 |  |  | 142 |  |  | — |  |  | 5,318 |
Mortgage-backed securities |  | 124,545 |  |  | 818 |  |  | (549 | ) |  | 124,814 |
|  | $ | 142,429 |  |  | $ | 995 |  |  | $ | (549 | ) |  | $ | 142,875 |
|  | December 31, 2015
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
U.S. Government-sponsored enterprises (GSEs) |  | $ | 22,745 |  |  | $ | 48 |  |  | $ | (50 | ) |  | $ | 22,743 |
Municipal securities |  | 7,614 |  |  | 52 |  |  | (17 | ) |  | 7,649 |
Mortgage-backed securities |  | 136,625 |  |  | 375 |  |  | (979 | ) |  | 136,021 |
|  | $ | 166,984 |  |  | $ | 475 |  |  | $ | (1,046 | ) |  | $ | 166,413 |
At June 30, 2016, securities with a fair value totaling approximately $96,700,000 were pledged to secure public funds and securities sold under agreements to repurchase. For the three and six months ended June 30, 2016, there were available-for-sale securities sold with proceeds totaling $3,098,100 and $8,170,600 which resulted in gross gains realized of $98,100 and $181,363, respectively. For the three and six months ended June 30, 2015 there were available-for-sale securities sold with proceeds totaling $7,304,409 and gross gains realized of and $52,255. The amortized cost and estimated fair value of securities at June 30, 2016, by contractual maturity, are shown below (in thousands). 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.
|  | Amortized Cost |  | Fair Value
Due in one year or less |  | $ | — |  |  | $ | — |
Due from one year to five years |  | 7,886 |  |  | 7,924 |
Due from five years to ten years |  | 7,514 |  |  | 7,569 |
Due after ten years |  | 2,484 |  |  | 2,568 |
|  | 17,884 |  |  | 18,061 |
Mortgage-backed securities |  | 124,545 |  |  | 124,814 |
|  | $ | 142,429 |  |  | $ | 142,875 |
Note 4. Securities, Continued The following tables present the gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities available-for-sale have been in a continuous unrealized loss position, as of June 30, 2016 and December 31, 2015 (in thousands):
|  | As of June 30, 2016
|  | Less than 12 Months |  | 12 Months or Greater |  | Total
|  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
Mortgage-backed securities |  | 38,714 |  |  | (333 | ) |  | 12,894 |  |  | (216 | ) |  | 51,608 |  |  | (549 | )
|  | As of December 31, 2015
|  | Less than 12 Months |  | 12 Months or Greater |  | Total
|  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
U.S. Government- sponsored enterprises (GSEs) |  | $ | 8,464 |  |  | $ | (50 | ) |  | $ | — |  |  | $ | — |  |  | $ | 8,464 |  |  | $ | (50 | )
Municipal securities |  | 2,456 |  |  | (17 | ) |  | — |  |  | — |  |  | 2,456 |  |  | (17 | )
Mortgage-backed securities |  | 72,641 |  |  | (470 | ) |  | 16,325 |  |  | (509 | ) |  | 88,966 |  |  | (979 | )
|  | $ | 83,561 |  |  | $ | (537 | ) |  | $ | 16,325 |  |  | $ | (509 | ) |  | $ | 99,886 |  |  | $ | (1,046 | )
At June 30, 2016, the categories of temporarily impaired securities, and management’s evaluation of those securities, are as follows: Mortgage-backed securities: At June 30, 2016, 10 (or ten) investments in residential mortgage-backed securities had unrealized losses. This impairment is believed to be caused by the current interest rate environment. The contractual cash flows of those investments are guaranteed by an agency of the U.S. Government. Because the decline in market value is attributable to the current interest rate environment and not credit quality, and because the Bank does not intend to sell the investments and it is not more likely than not that the Bank will be required to sell the investments before recovery of their amortized cost bases, which may be maturity, the Bank does not deem those investments to be other-than-temporarily impaired at June 30, 2016.

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