4. INVESTMENTS

Below is a summary of the amortized cost and estimated market values of the Company’s marketable securities as of December 31, 2016, and 2015. The estimated market values provided are Level 2 valuations as defined by ASC 820.

	2016				2015
	Amortized Cost		Market Value		Amortized Cost		Market Value
	(Dollars in thousands)
Municipal bonds:
Current	$	4,601	$	4,610	$	4,522	$	4,546
Due from one through five years		12,133		12,486		12,395		13,057
Due from six through ten years		7,705		7,804		6,929		7,217
Due from eleven through twenty years		1,223		1,222		1,361		1,391
Total	$	25,662	$	26,122	$	25,207	$	26,211

The unrealized gains and losses on marketable securities at December 31, 2016 and 2015 were as follows:

	2016					2015
	Unrealized Gains		Unrealized Losses			Unrealized Gains		Unrealized Losses
	(Dollars in thousands)
Municipal bonds	$	546	$	(86	)	$	1,014	$	(10	)

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 years ended December 31, 2016, 2015, and 2014.