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Securities | 12 Months Ended
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Dec. 31, 2015
Securities [Abstract] |
Securities | Note 4 - Securities A summary of the amortized cost and fair value of securities, with gross unrealized gains and losses, follows:
|  | December 31, 201 5
|  | Amortized |  | Gross Unrealized |  | Fair
|  | Cost |  | Gains |  | Losses |  | Value
Held-to-maturity |  |  |  |  |  |  |  |
U.S. agency obligations |  | $2,519 |  | $130 |  | $ - |  | $2,649
Available-for-sale |  |  |  |  |  |  |  |
U.S. agency obligations |  | $19,606 |  | $3 |  | $(799) |  | $18,810
Mortgage-backed securities |  | 10,778 |  | 4 |  | (135) |  | 10,647
Municipals |  | 4,984 |  | 84 |  | (34) |  | 5,034
Corporates |  | 1,521 |  | - |  | (16) |  | 1,505
|  | $36,889 |  | $91 |  | $(984) |  | $35,996
|  | December 31, 201 4
|  | Amortized |  | Gross Unrealized |  | Fair
|  | Cost |  | Gains |  | Losses |  | Value
Held-to-maturity |  |  |  |  |  |  |  |
U.S. agency obligations |  | $2,528 |  | $171 |  | $ - |  | $2,699
Available-for-sale |  |  |  |  |  |  |  |
U.S. agency obligations |  | $14,090 |  | $ - |  | $(592) |  | $13,498
Mortgage-backed securities |  | 2,042 |  | - |  | (60) |  | 1,982
Municipals |  | 7,832 |  | 114 |  | (47) |  | 7,899
Corporates |  | 1,020 |  | - |  | (4) |  | 1,016
|  | $24,984 |  | $114 |  | $(703) |  | $24,395
Temporarily Impaired Securities The following tables show the gross unrealized losses and fair value of the Bank’s investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, a t December 31, 201 5 and 201 4: Note 4 –Securities (continued)
Dece mber 31, 201 5 | Less than 12 months |  | More than 12 months |  | Total
| Fair | Unrealized |  | Fair | Unrealized |  | Fair | Unrealized
| Value | Losses |  | Value | Losses |  | Value | Losses
U.S. agency obligations | $7,160 | $353 |  | $10,650 | $446 |  | $17,810 | $799
Mortgage-backed securities | 6,726 | 77 |  | 1,979 | 58 |  | 8,705 | 135
Corporates | 1,505 | 16 |  | - | - |  | 1,505 | 16
Municipals | 2,341 | 25 |  | 503 | 9 |  | 2,844 | 34
Total temporarily impaired securities | $17,732 | $471 |  | $13,132 | $513 |  | $30,864 | $984
Dece m ber 31, 201 4 | Less than 12 months |  | More than 12 months |  | Total
| Fair | Unrealized |  | Fair | Unrealized |  | Fair | Unrealized
| Value | Losses |  | Value | Losses |  | Value | Losses
U.S. agency obligations | $999 | $1 |  | $11,502 | $591 |  | $12,501 | $592
Mortgage-backed securities | - | - |  | 1,982 | 60 |  | 1,982 | 60
Corporates | - | - |  | 1,016 | 4 |  | 1,016 | 4
Municipals | 771 | 9 |  | 3,192 | 38 |  | 3,963 | 47
Total temporarily impaired securities | $1,770 | $10 |  | $17,692 | $693 |  | $19,462 | $703
U.S. agency obligations. The unrealized losses on the 1 6 investments in U.S. agency obligations at December 31, 2015 were caused by an increase in interest rate s. The contractual terms of those investments do no t 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 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 those investments to be other-than-temporarily impaired at December 31, 201 5. Each of these 16 investments carries an S&P investment grade rating of AA. Note 4 –Securities (continued) Mortgage-backed securities. The unrealized loss on the four investment s in U.S. government agency mortgage-backed securities at December 31, 2015 was caused by an increase in interest rates. The contractual terms of those investment s do es no t permit the issuer to settle the securities at a price le ss than the amortized cost basis of the investment s. 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 the amortized cost basi s, which may be maturity, the Bank does not consider those investments to be other-than-temporarily impaired at December 31, 201 5. Each of these four investments carries an S&P investment grade rating of AA. Municipals. The unrealized losses on the six investments in municipal obligatio ns at December 31, 201 5 were caused by an increase in interest rate s. The contractual terms of those investments do no t 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 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 those investments to be other-than-temporarily impa ired at December 31, 201 5. Each of these six investments carries an S&P investment grade rating of AA or above. Corporates. The unrealized loss es on the three investment s in domestic corporate issued securities at December 31, 2015 were caused by an increase in interest rate s. The contractual terms of those investment s do es no t permit the issuer to settle the securities at a price le ss than the amortized cost basis of the investment s. 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 the amortized cost basi s, which may be maturity, the Bank does not consider those investments to be other-than-temporarily impaired at December 31, 201 5. Each of these three investments carries an S&P investment grade rating of AA. The amortized costs and fair values of securities at December 31, 201 5, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may h ave the right to call or prepay obligations with or without call or prepayment penalties.
|  | Held-to-Maturity |  | Available-for-Sale
|  | Amortized |  | Fair |  | Amortized |  | Fair
|  | Cost |  | Values |  | Cost |  | Values
Due in one year or less |  | $ - |  | $ - |  | $ - |  | $ -
Due after one year through five years |  | 2,519 |  | 2,649 |  | 479 |  | 496
Due after five years through ten years |  | - |  | - |  | 13,171 |  | 12,853
Due after ten years |  | - |  | - |  | 23,239 |  | 22,647
|  | $2,519 |  | $2,649 |  | $36,889 |  | $35,996
The Bank received $13,440 in proceeds from sales of securities available-for-sale in 201 5. Gross realized gains amounted to $52 and gross realized losses amounted to $3. The Bank received $27,708 in proceeds from sales of securities available-for-sale in 201 4. Gross realized gains amounted to $160 and gross realized losses amounted to $17. Note 4 –Securities (continued) The amortized costs of securities pledged as collateral for public deposits and other short term borrowings were approximatel y $11,795 and $11,828 (fair value of $11,706 and $11,828) at December 31, 201 5 and 201 4, respectively.

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