Note 3: Securities

The amortized cost and approximate fair values, together with gross unrealized gains and losses, of securities are as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Approximate Fair Value

	(In thousands)
Available-for-sale securities
March 31, 2015:
U.S. government agencies	$	123	$	-	$	-	$	123
Mortgage-backed securities of government sponsored entities		83,437		1,305		168		84,574
Private-label collateralized mortgage obligations		445		9		-		454
State and political subdivisions		18,213		986		14		19,185
Totals	$	102,218	$	2,300	$	182	$	104,336


		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Approximate Fair Value

Available-for-sale securities	(In thousands)
December 31, 2014:
U.S. government agencies	$	126	$	-	$	-	$	126
Mortgage-backed securities of government sponsored entities		87,284		1,202		273		88,213
Private-label collateralized mortgage obligations		491		11		-		502
State and political subdivisions		19,174		992		38		20,128
Totals	$	107,075	$	2,205	$	311	$	108,969

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Approximate Fair Value

	(In thousands)
Held-to-maturity Securities:
March 31, 2015:
U.S. government agencies	$	98	$	-	$	-	$	98
Mortgage-backed securities of government sponsored entities		1,318		30		-		1,348
State and political subdivisions		6,858		33		110		6,781
Totals	$	8,274	$	63	$	110	$	8,227


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Approximate Fair Value

Held-to-maturity Securities:	(In thousands)
December 31, 2014:
U.S. government agencies	$	100	$	-	$	-	$	100
Mortgage-backed securities of government sponsored entities		1,332		22		-		1,354
State and political subdivisions		5,557		7		181		5,383
Totals	$	6,989	$	29	$	181	$	6,837

Amortized cost and fair value of available-for-sale securities and held-to-maturity securities at March 31, 2015 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

	Available-for-sale				Held-to-maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value

	(In thousands)
One to five years	$	6,236	$	6,600	$	-	$	-
Five to ten years		1,354		1,421		3,050		3,063
After ten years		10,746		11,287		3,906		3,816
		18,336		19,308		6,956		6,879


Mortgage-backed securities of government sponsored entities		83,437		84,574		1,318		1,348
Private-label collateralized mortgage obligations		445		454		-		-
Totals	$	102,218	$	104,336	$	8,274	$	8,227

The carrying value of securities pledged as collateral to secure public deposits and for other purposes was $60.5 million and $57.5 million at March 31, 2015 and December 31, 2014, respectively.

Certain investments in debt securities are reported in the financial statements at an amount less than their historical cost. The total fair value of these investments at March 31, 2015 and December 31, 2014, was $32.2 million and $42.9 million, which represented approximately 29% and 38%, respectively, of the Company's total aggregate amortized cost of the available-for-sale and held-to-maturity investment portfolios. These decreases resulted primarily from changes in market interest rates.

Based on an evaluation of available evidence, including recent changes in market interest rates, credit rating information and information obtained from regulatory filings, management believes the decreases in fair value for these securities are temporary at March 31, 2015.

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 the other-than-temporary impairment is identified.

The following table shows the gross unrealized losses and fair value of the Company's investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.

	March 31, 2015
	Less than 12 Months				More than 12 Months				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses

	(In thousands)
Mortgage-backed securities of government sponsored entities	$	14,987	$	103	$	11,749	$	65	$	26,736	$	168
State and political subdivisions		2,926		35		2,563		89		5,489		124
Total temporarily impaired securities	$	17,913	$	138	$	14,312	$	154	$	32,225	$	292


	December 31, 2014
	Less than 12 Months				More than 12 Months				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses

	(In thousands)
Mortgage-backed securities of government sponsored entities	$	22,443	$	118	$	13,947	$	155	$	36,390	$	273
State and political subdivisions		1,082		3		5,421		216		6,503		219
Total temporarily impaired securities	$	23,525	$	121	$	19,368	$	371	$	42,893	$	492