Securities

12 Months Ended

Dec. 31, 2016

Investments, Debt and Equity Securities [Abstract]

Securities

(2)       Securities. Securities have been classified according to management’s intent. The carrying amount of securities and approximate fair values are as follows (in thousands):

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
At December 31, 2016:
Securities Available for Sale:
Collateralized mortgage obligations	$	10,157	$	—	$	(405	)	$	9,752
SBA Pool Securities		10,470		—		—			10,470
Total	$	20,627	$	—	$	(405	)	$	20,222
At December 31, 2015:
Securities Available for Sale:
Mortgage-backed securities	$	10,107	$	31	$	(52	)	$	10,086
Collateralized mortgage obligations		15,223		21		(227	)		15,017
SBA Pool Security		644		2		—			646
Total	$	25,974	$	54	$	(279	)	$	25,749

The following summarizes sales of securities (in thousands): 

	Year Ended December 31,
	2016			2015
Proceeds from sales of securities	$	28,409		$	8,530
Gross gains from sale of securities		48			87
Gross losses from sale of securities		(234	)		(27	)
Net (loss) gain from sales of securities	$	(186	)	$	60

Securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, is as follows (in thousands): 

	At December 31, 2016
	Over Twelve Months					Less Than Twelve Months
	Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value
Securities Available for Sale:
Collateralized mortgage obligations	$	(46	)	$	864	$	(359	)	$	8,888

	At December 31, 2015
	Over Twelve Months				Less Than Twelve Months
	Gross Unrealized Losses		Fair Value		Gross Unrealized Losses			Fair Value
Securities Available for Sale:
Mortgage-backed securities	$	—	$	—	$	(52	)	$	5,526
Collateralized mortgage obligations		—		—		(227	)		11,783
	$	—	$	—	$	(279	)	$	17,309

Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value.

At December 31, 2016 and 2015, the unrealized losses on six and eighteen investment securities, respectively were caused by market conditions. It is expected that the securities would not be settled at a price less than the book value of the investments. Because the decline in fair value is attributable to market conditions and not credit quality, and because the Company has the ability and intent to hold these investments until a market price recovery or maturity, these investments are not considered other-than-temporarily impaired.

Available-for-sale securities measured at fair value on a recurring basis are summarized below (in thousands):

			Fair Value Measurements Using
	Fair Value		Quoted Prices In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
At December 31, 2016:
Collateralized mortgage obligations	$	9,752	$	—	$	9,752	$	—
SBA Pool Securities		10,470		—		10,470		—
	$	20,222	$	—	$	20,222	$	—
At December 31, 2015:
Mortgage-backed securities	$	10,086	$	—	$	10,086	$	—
Collateralized mortgage obligations		15,017		—		15,017		—
SBA Pool Security		646		—		646		—
	$	25,749	$	—	$	25,749	$	—

During the years ended December 31, 2016 and 2015, no securities were transferred in or out of Level 1, Level 2 or Level 3.