4. INVESTMENTS

Below is a summary of the amortized cost and estimated market values of the Company’s investment securities as of December 31, 2014 and 2013. The estimated market values provided are Level 2 valuations as defined by ASC 820.

2014

2013

Amortized Cost

Market Value

Amortized Cost

Market
Value

(Dollars in thousands)

Municipal bonds:

Current

5,914

6,006

5,196

5,264

Due from one through five years

14,398

15,204

17,636

18,527

2014

2013

Amortized Cost

Market Value

Amortized Cost

Market
Value

(Dollars in thousands)

Due from six through ten years

9,337

9,711

7,388

7,777

Due from eleven through twenty years

805

762

—

Total

30,454

31,683

30,220

31,568

The unrealized gains and losses on investment securities at December 31, 2014 and 2013 were as follows:


	2014					2013
	Unrealized Gains		Unrealized Losses			Unrealized Gains		Unrealized Losses
	(Dollars in thousands)
Municipal bonds	$	1,279	$	(50	)	$	1,348	$	—

At each reporting date, the Company reviews its investments to determine whether a decline in fair value below the amortized cost basis is other-than-temporary. To determine whether a decline in value is other-than-temporary, the Company considers all available evidence, including the issuer’s financial condition, the severity and duration of the decline in fair value, and the Company’s intent and ability to hold the investment for a reasonable period of time sufficient for any forecasted recovery. If a decline in value is deemed other-than-temporary, the Company records a reduction in the carrying value to the estimated fair value. The Company determined that no other-than-temporary impairment exists for the year ended December 31, 2014.

In 2013, the Company concluded that the unrealized loss on one of its municipal bonds was other-than-temporary. Accordingly, the Company wrote the bond down to fair value and recorded an impairment loss of $200,000. This loss was recorded within other expense, net, in the 2013 Consolidated Statements of Earnings.