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Securities
 12 Months Ended
Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]  
Securities

(2)  Securities

Securities have been classified according to management’s intent. The carrying amount of securities and approximate fair values are as follows (in thousands): 

         
    Amortized
Cost		  

Gross

Unrealized
Gains

  

Gross

Unrealized

Losses

  

Fair

Value

At December 31, 2015:                        
Securities Available for Sale-                        
Mortgage-backed securities   $ 10,107   $ 31   $ (52 ) $ 10,086
Collateralized mortgage obligations     15,223     21     (227 )   15,017
SBA Pool Security     644     2     —     646
                         
Total   $ 25,974   $ 54   $ (279 ) $ 25,749
                         
At December 31, 2014:                        
Securities Available for Sale-                        
Mortgage-backed securities   $ 14,621   $ 164   $ (25 ) $ 14,760
Collateralized mortgage obligations     11,260     22     (40 )   11,242
SBA Pool Security     735     11     —     746
                         
Total   $ 26,616   $ 197   $ (65 ) $ 26,748

 

 

The following summarizes sales of securities (in thousands):

 

    Year Ended December 31,  
    2015   2014  
               
Proceeds from sales of securities   $ 8,530   $ 13,120  
               
Gross gains from sale of securities     87     168  
Gross losses from sale of securities     (27 )   (32 )
               
Net gain from sales of securities   $ 60   $ 136  

 

Securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, is as follows (in thousands):

 

    At December 31, 2015  
    Over Twelve Months     Less Than Twelve Months  
    Gross
Unrealized
Losses		     Fair
Value		     Gross
Unrealized
Losses		     Fair
Value		  
Securities Available for Sale:                                
Mortgage-backed securities   $ —     $ —     $ (52 )   $ 5,526  
Collateralized mortgage obligations     —       —       (227 )     11,783  
    $ —     $ —     $ (279 )   $ 17,309  

 

    At December 31, 2014  
    Over Twelve Months     Less Than Twelve Months  
    Gross
Unrealized
Losses		     Fair
Value		     Gross
Unrealized
Losses		     Fair
Value		  
Securities Available for Sale:                                
Mortgage-backed securities   $ (25 )   $ 2,553     $ —     $ —  
Collateralized mortgage obligations     —       —       (40 )     6,402  
    $ (25 )   $ 2,553     $ (40 )   $ 6,402  

 

At December 31, 2015 and 2014, the unrealized losses on eighteen and ten investment securities, respectively were caused by market conditions. It is expected that the securities would not be settled at a price less than the book value of the investments. Because the decline in fair value is attributable to market conditions and not credit quality, and because the Company has the ability and intent to hold these investments until a market price recovery or maturity, these investments are not considered other-than-temporarily impaired.

 

Available-for-sale securities measured at fair value on a recurring basis are summarized below (in thousands):

 

        Fair Value Measurements Using
                 
    Fair
Value		   Quoted Prices
In Active
Markets for
Identical Assets
(Level 1)		   Significant
Other
Observable
Inputs
(Level 2)		   Significant
Unobservable
Inputs
(Level 3)
At December 31, 2015:                        
Mortgage-backed securities   $ 10,086   $ —   $ 10,086   $ —
Collateralized mortgage obligations     15,017     —     15,017     —
SBA Pool Security     646     —     646     —
                         
    $ 25,749   $  —   $ 25,749   $ —
                         
At December 31, 2014:                        
Mortgage-backed securities   $ 14,760   $ —   $ 14,760   $ —
Collateralized mortgage obligations     11,242     —     11,242     —
SBA Pool Securities     746     —     746     —
                         
    $ 26,748   $  —   $ 26,748   $ —

 

During the years ended December 31, 2015 and 2014, no securities were transferred in or out of Level 1, Level 2 or Level 3.