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Securities
 3 Months Ended
Mar. 31, 2017
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 March 31, 2017:                    
Securities Available for Sale:                    
Collateralized mortgage obligations  $9,900   $—   $(355)  $9,545 
SBA Pool Securities   10,238    12    (36)   10,214 
                     
Total  $20,138   $12   $(391)  $19,759 

 

   Amortized
Cost		   Gross
Unrealized
Gains		   Gross
Unrealized
Losses		   Fair
Value		 
                 
At December 31, 2016:                    
Securities Available for Sale:                    
Collateralized mortgage obligations  $10,157   $—   $(405)  $9,752 
SBA Pool Securities   10,470    —    —    10,470 
                     
Total  $20,627   $—   $(405)  $20,222 

 

The following summarizes the sales of securities (in thousands):

 

   Three Months Ended March 31, 
   2017   2016 
         
Proceeds from sales of securities  $—   $6,991 
           
Gross gains from sale of securities   —    28 
Gross losses from sale of securities   —    — 
           
Net gain from sales of securities  $—   $28 

 

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 March 31, 2017 
   Over Twelve Months   Less Than Twelve Months 
   Gross
Unrealized
Losses		   Fair
Value		   Gross
Unrealized
Losses		   Fair
Value		 
                 
Securities Available for Sale:                    
Collateralized mortgage obligations  $(108)  $2,085   $(247)  $7,460 
SBA Pool Securities   —    —    (36)   7,274 
   $(108)  $2,085   $(283)  $14,734 

 

    At December 31, 2016  
    Over Twelve Months     Less Than Twelve Months  
    Gross
Unrealized
Losses		     Fair
Value		     Gross
Unrealized
Losses		     Fair
Value		  
                         
Securities Available for Sale-                                
Collateralized mortgage obligations   $ (46 )   $ 864     $ (359 )   $ 8,888  

 

 

Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrants such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospectus of the issuer, and (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value.

 

At March 31, 2017 and December 31, 2016, the unrealized losses on nineteen investment securities and six 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.