Note

3—Available

-for-Sale Investments

Investments classified as available-for-sale at

December

31,

2016

and

September

30,

2016,

consist of the following:

	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
December 31, 2016	$	56,115,000	$	29,000	$	(1,099,000	)	$	55,045,000
September 30, 2016	$	55,724,000	$	1,089,000	$	(49,000	)	$	56,764,000

The available-for-sale investments do not have any contractual maturities. The Company sold

two

investments during the

three

months ended

December

31,

2016,

with a realized loss of

$45,000.

The Company received

$177,000

in capital gains distributions during the

three

months ended

December

31,

2016.

For the

three

months ended

December

31,

2015,

the Company sold

two

investments with a realized loss of

$31,000

and also received

$47,000

in capital gains distributions during that period. The Company recorded an aggregate realized gain of

$132,000

and

$16,000

related to its available-for-sale securities for the

three

months ended

December

31,

2016

and

2015,

respectively.

December

31,

2016,

there were

seven

investments,

five

of which were in unrealized loss positions that had existed for

months or more. All of these securities are considered to be acceptable credit risks. Based on the evaluation of the available evidence, including recent changes in market rates and credit rating information, management believes the aggregate decline in fair value for these instruments is temporary. In addition, management has the ability to hold these investment securities for a period of time sufficient to allow for an anticipated recovery or maturity. Should the impairment of any of these securities become other than temporary, the cost basis of the investment will be reduced and the resulting loss recognized in net income in the period in which the other-than-temporary impairment is identified.

Unrealized holding gains and losses on available-for-sale securities are included in other comprehensive income within stockholders’ equity. Realized gains (losses) on available-for-sale securities are included in other income and, when applicable, are reported as a reclassification adjustment in other comprehensive income.