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MARKETABLE SECURITIES | 6 Months Ended
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Jun. 30, 2014
Available-For-Sale Securities |
MARKETABLE SECURITIES |
5. | MARKETABLE SECURITIES
Marine Products’ marketable securities are held with a large, well-capitalized financial institution. Management determines the appropriate classification of debt securities at the time of purchase and reevaluates such designations as of each balance sheet date. Debt securities are classified as available-for-sale because the Company does not have the intent to hold the securities to maturity. Available-for-sale securities are stated at their fair values, with the unrealized gains and losses, net of tax, reported as a separate component of stockholders’ equity. The cost of securities sold is based on the specific identification method. Realized gains and losses, declines in value judged to be other than temporary, interest and dividends on available-for-sale securities are included in interest income. The net realized gains and the reclassification of net realized gains from other comprehensive income are as follows:
| Three months ended |  | Six months ended |
| June 30, |  | June 30, |
(in thousands) |  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Net realized gain |  | $ | - |  |  | $ | 57 |  |  | $ | 2 |  |  | $ | 80 |
Reclassification of net realized gains from other comprehensive income |  | $ | - |  |  | $ | 57 |  |  | $ | 2 |  |  | $ | 80 |
Gross unrealized gains (losses) on marketable securities are as follows:
|  | June 30, 2014 |  |  | December 31, 2013 |
|  | Gross unrealized |  |  | Gross unrealized |
(in thousands) |  | Gains |  |  | (Losses) |  |  | Gains |  |  | (Losses) |
Municipal Obligations |  | $ | 270 |  |  | $ | (1 | ) |  | $ | 223 |  |  | $ | (16 | )
Corporate Obligations |  |  | 8 |  |  |  | (1 | ) |  |  | 6 |  |  |  | - |
|  | $ | 278 |  |  | $ | (2 | ) |  | $ | 229 |  |  | $ | (16 | )
The amortized cost basis, fair value and net unrealized gains on the available-for-sale securities are as follows:
|  | June 30, 2014 |  |  | December 31, 2013 |
Type of Securities |  | Amortized Cost Basis |  |  | Fair Value |  |  | Net Unrealized Gains |  |  | Amortized Cost Basis |  |  | Fair Value |  |  | Net Unrealized Gains |
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal Obligations |  | $ | 41,489 |  |  | $ | 41,758 |  |  | $ | 269 |  |  | $ | 35,925 |  |  | $ | 36,132 |  |  | $ | 207 |
Corporate Obligations |  |  | 2,665 |  |  |  | 2,672 |  |  |  | 7 |  |  |  | 450 |  |  |  | 456 |  |  |  | 6 |
Total |  | $ | 44,154 |  |  | $ | 44,430 |  |  | $ | 276 |  |  | $ | 36,375 |  |  | $ | 36,588 |  |  | $ | 213 |
Municipal obligations consist primarily of municipal notes rated A3 or higher ranging in maturity from less than one year to over 10 years. Corporate obligations consist primarily of debentures and notes issued by other companies ranging in maturity from one to four years. These securities are rated A3 or higher. Investments with remaining maturities of less than 12 months are considered to be current marketable securities. Investments with remaining maturities greater than 12 months are considered to be non-current marketable securities. The Company’s non-current marketable securities are scheduled to mature between 2015 and 2041.

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