rtized cost and fair value of securities available-for-sale at December 31, 2016 and 2015 are summarized as follow (in thousands):



	December 31, 2016
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Government-sponsored enterprises (GSEs)	$	18,279	$	8	$	(564	)	$	17,723
Municipal securities	8,182		16		(179		)	8,019
Mortgage-backed securities	104,585		185		(1,090		)	103,680
Total	$	131,046	$	209	$	(1,833	)	$	129,422



	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
Total	$	166,984	$	475	$	(1,046	)	$	166,413

The amortized cost and estimated market value of securities at December 31, 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	$	2,022	$	2,025
Due from one year to five years	13,387		12,974
Due from five years to ten years	7,595		7,351
Due after ten years	3,457		3,392
	26,461		25,742
Mortgage-backed securities	104,585		103,680
Total	$	131,046	$	129,422

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 December 31, 2016 and 2015 (in thousands):



	As of December 31, 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
U.S. Government- sponsored enterprises (GSEs)	$	14,702	$	(564	)	$	—	$	—		$	14,702	$	(564	)
Municipal securities	6,368		(179		)	—		—			6,368		(179		)
Mortgage-backed securities	67,063		(690		)	8,948		(400		)	76,011		(1,090		)
Total	$	88,133	$	(1,433	)	$	8,948	$	(400	)	$	97,081	$	(1,833	)



	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		)
Total	$	83,561	$	(537	)	$	16,325	$	(509	)	$	99,886	$	(1,046	)

At December 31, 2016, the categories of temporarily impaired securities, and management’s evaluation of those securities, are as follows:

U.S. Government-sponsored enterprises: At December 31, 2016, seven investments in U.S. GSE securities had unrealized losses. These unrealized losses related principally to changes in market interest rates. The contractual terms of the investments does not permit the issuer to settle the securities at a price less than the amortized cost bases of the investments. Because the Bank does not intend to sell the investments and it is more likely than not that the Bank will not be required to sell the investments before recovery of their amortized cost bases, which may be maturity, the Bank does not consider these investments to be other-than temporarily impaired at December 31, 2016.

Municipal securities: At December 31, 2016, fifteen investments in obligations of municipal securities had unrealized losses. The Bank believes the unrealized losses on those investments were caused by the interest rate environment and do not relate to the underlying credit quality of the issuers. 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 consider these investments to be other than temporarily impaired at December 31, 2016.

Mortgage-backed securities: At December 31, 2016, fifty-five 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 consider these investments to be other than temporarily impaired at December 31, 2016.

Sales of available for sale securities for the years ended December 31, 2016 and 2015, were as follows (in thousands):



	2016		2015
Proceeds	$	31,599	$	7,304
Gains realized	200		52
Losses realized	—		—

Securities with a carrying value of approximately $86,351,000 and $124,517,000 at December 31, 2016 and 2015, respectively, were pledged to secure various deposits, securities sold under agreements to repurchase, as collateral for federal funds purchased from other financial institutions and serve as collateral for borrowings at the Federal Home Loan Bank.