9. INVESTMENT SECURITIES

The amortized cost, unrealized gains and losses and estimated fair values of investments in debt and other securities at March 31, 2016 are summarized as follows:

(in thousands)	Amortized cost		Unrealized gains		Unrealized losses			Estimated fair value

Investment securities available-for-sale:
U.S. Treasury securities	$	26,310	$	66	$	—		$	26,376
Securities of U.S. government agencies and corporations		46,655		84		(2	)		46,737
Obligations of states and political subdivisions		24,273		616		(10	)		24,879
Collateralized mortgage obligations		13,200		83		(3	)		13,280
Mortgage-backed securities		113,937		696		(193	)		114,440
Total debt securities	$	224,375	$	1,545	$	(208	)	$	225,712

The amortized cost, unrealized gains and losses and estimated fair values of investments in debt and other securities at December 31, 2015 are summarized as follows:

(in thousands)	Amortized cost		Unrealized gains		Unrealized losses			Estimated fair value

Investment securities available-for-sale:
U.S. Treasury securities	$	20,240	$	5	$	(59	)	$	20,186
Securities of U.S. government agencies and corporations		34,079		6		(88	)		33,997
Obligations of states and political subdivisions		25,323		436		(50	)		25,709
Collateralized mortgage obligations		10,994		7		(69	)		10,932
Mortgage-backed securities		92,465		546		(484	)		92,527
Total debt securities	$	183,101	$	1,000	$	(750	)	$	183,351

The Company had $3,978,000 and $0 proceeds from calls of available-for-sale securities for the three months ended March 31, 2016 and March 31, 2015, respectively. There were $14,000 and $0 gross realized gains from calls of available-for-sale securities for the three months ended March 31, 2016 and March 31, 2015, respectively. There were no gross realized losses from sales and calls of available-for-sale securities for the three months ended March 31, 2016 and March 31, 2015.

The amortized cost and estimated market value of debt and other securities at March 31, 2016, by contractual and expected maturity, are shown in the following table:

(in thousands)	Amortized cost		Estimated fair value

Due in one year or less	$	36,527	$	36,567
Due after one year through five years		177,246		178,085
Due after five years through ten years		9,379		9,754
Due after ten years		1,223		1,306
	$	224,375	$	225,712

Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities due after one year through five years included mortgage-backed securities and collateralized mortgage obligations with expected maturities totaling $125,877,000. The maturities on these securities were based on the average lives of the securities.

An analysis of gross unrealized losses of the available-for-sale investment securities portfolio as of March 31, 2016, follows:

	Less than 12 months							12 months or more							Total
(in thousands)	Fair Value			Unrealized losses				Fair Value			Unrealized losses				Fair Value			Unrealized losses

Securities of U.S. government agencies and corporations		$	5,097		$	(2	)		$	—		$	—			$	5,097		$	(2	)
Obligations of states and political subdivisions			4,102			(10	)			—			—				4,102			(10	)
Collateralized Mortgage obligations			1,430			(3	)			—			—				1,430			(3	)
Mortgage-backed securities			23,666			(98	)			9,036			(95	)			32,702			(193	)
Total		$	34,295		$	(113	)		$	9,036		$	(95	)		$	43,331		$	(208	)

No decline in value was considered "other-than-temporary" during 2016. Thirty one securities, all considered investment grade, which had a fair value of $34,295,000 and a total unrealized loss of $113,000 have been in an unrealized loss position for less than twelve months as of March 31, 2016. Twelve securities, all considered investment grade, which had a fair value of $9,036,000 and a total unrealized loss of $95,000 have been in an unrealized loss position for more than twelve months as of March 31, 2016. The declines in fair value were attributable to changes in interest rates. We have evaluated the credit ratings of our investment securities and their issuer and/or insurers, and based on this evaluation have determined that no investment security in our investment portfolio is other-than-temporarily impaired. As the Company does not intend to sell these securities and it is not more likely than not that the Company will be required to sell these securities prior to their anticipated recovery, these investments are not considered other-than-temporarily impaired.

An analysis of gross unrealized losses of the available-for-sale investment securities portfolio as of December 31, 2015, follows:

	Less than 12 months					12 months or more					Total
(in thousands)	Fair Value		Unrealized losses			Fair Value		Unrealized losses			Fair Value		Unrealized losses

U.S. Treasury securities	$	15,014	$	(59	)	$	—	$	—		$	15,014	$	(59	)
Securities of U.S. government agencies and corporations		7,005		(32	)		4,047		(56	)		11,052		(88	)
Obligations of states and political subdivisions		7,107		(50	)		—		—			7,107		(50	)
Collateralized Mortgage obligations		9,982		(69	)		—		—			9,982		(69	)
Mortgaged-backed securities		44,933		(372	)		5,838		(112	)		50,771		(484	)
Total	$	84,041	$	(582	)	$	9,885	$	(168	)	$	93,926	$	(750	)

Investment securities carried at $33,468,000 and $30,832,000 at March 31, 2016 and December 31, 2015, respectively, were pledged to secure public deposits or for other purposes as required or permitted by law.