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

Available-for-sale securities	(In thousands)
December 31, 2015:
U.S. government agencies	$	101	$	—	$	—	$	101
Mortgage-backed securities of government-sponsored entities		75,972		662		530		76,104
Private-label collateralized mortgage obligations		274		3		—		277
State and political subdivisions		18,224		677		36		18,865
Totals	$	94,571	$	1,342	$	566	$	95,347

	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

Held-to-maturity Securities:	(In thousands)
December 31, 2015:
U.S. government agencies	$	82	$	—	$	—	$	82
Mortgage-backed securities of government-sponsored entities		1,052		5		—		1,057
State and political subdivisions		7,173		29		136		7,066
Totals	$	8,307	$	34	$	136	$	8,205


	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

The amortized cost and fair value of available-for-sale securities and held-to-maturity securities at December 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)
Within one year	$	3,631	$	3,679	$	—	$	—
One to five years		3,022		3,219		843		858
Five to ten years		3,342		3,489		3,473		3,393
After ten years		8,330		8,579		2,939		2,897
		18,325		18,966		7,255		7,148
Mortgage-backed securities of government-sponsored entities		75,972		76,104		1,052		1,057
Private-label collateralized mortgage obligations		274		277		—		—

Totals	$	94,571	$	95,347	$	8,307	$	8,205

The carrying value of securities pledged as collateral, to secure public deposits, customer repurchase agreements and for other purposes, was $55.3 million and $57.5 million at December 31, 2015 and 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 December 31, 2015 and 2014 was $53.8 million and $42.9 million, which represented approximately 52% and 38%, respectively, of the Company's aggregate amortized cost of the available-for-sale and held-to-maturity investment portfolios. These declines resulted primarily from changes in market interest rates.

Based on evaluation of available evidence, including recent changes in market interest rates, credit rating information and information obtained from regulatory filings, management believes the declines in fair value for these securities are temporary at December 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 at December 31, 2015 and 2014:

	December 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	$	32,930	$	269	$	14,560	$	261	$	47,490	$	530
State and political subdivisions		3,756		50		2,515		122		6,271		172
Total temporarily impaired securities	$	36,686	$	319	$	17,075	$	383	$	53,761	$	702


	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

The unrealized losses on the Company's investments in mortgage-backed securities of government-sponsored entities and municipal securities were caused by changes in interest rates. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost bases of the investments. Because the Company does not intend to sell the investments and it is not more likely than not the Company will be required to sell the investments before recovery of their amortized cost bases, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired at December 31, 2015.