9. INVESTMENT SECURITIES

The amortized cost, unrealized gains and losses and estimated fair values of investments in debt and other securities at June 30, 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	$	26,274	$	194	$	—		$	26,468
Securities of U.S. government agencies and corporations		30,634		99		—			30,733
Obligations of states and political subdivisions		23,466		720		(5	)		24,181
Collateralized mortgage obligations		18,796		154		(1	)		18,949
Mortgage-backed securities		134,295		856		(249	)		134,902

Total debt securities	$	233,465	$	2,023	$	(255	)	$	235,233

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 $16,726,000 and $20,704,000 in proceeds from calls of available-for-sale securities for the three and six months ended June 30, 2016, respectively. The Company had $4,000,000 and $4,540,000 in proceeds from calls of available-for-sale securities for the three and six months ended June 30, 2015. Gross realized gains from calls of available-for-sale securities were $0 and $14,000 for the three and six months ended June 30, 2016, respectively. There were no gross realized gains from sales or calls of available-for-sale securities for the three and six months ended June 30, 2015. There were no gross realized losses from sales or calls of available-for-sale securities for the three and six months ended June 30, 2016. There were no gross realized losses from sales or calls of available-for-sale securities for the three and six months ended June 30, 2015.

The amortized cost and estimated market value of debt and other securities at June 30, 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	$	29,506	$	29,545
Due after one year through five years		185,786		186,977
Due after five years through ten years		16,951		17,372
Due after ten years		1,222		1,339

	$	233,465	$	235,233

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 $142,967,000 at June 30, 2016. 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 June 30, 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

Obligations of states and political subdivisions		$	3,400		$	(5	)		$	—		$	—			$	3,400		$	(5	)
Collateralized Mortgage obligations			490			(1	)			—			—				490			(1	)
Mortgage-backed securities			32,802			(165	)			7,114			(84	)			39,916			(249	)

Total		$	36,692		$	(171	)		$	7,114		$	(84	)		$	43,806		$	(255	)

No decline in value was considered "other-than-temporary" during the first six months of 2016. Twenty-nine securities, all considered investment grade, which had a fair value of $36,692,000 and a total unrealized loss of $171,000, have been in an unrealized loss position for less than twelve months as of June 30, 2016. Eleven securities, all considered investment grade, which had a fair value of $7,114,000 and a total unrealized loss of $84,000, have been in an unrealized loss position for more than twelve months as of June 30, 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
	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	)
Mortgage-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 $34,910,000 and $30,832,000 at June 30, 2016 and December 31, 2015, respectively, were pledged to secure public deposits or for other purposes as required or permitted by law.