Securities

6 Months Ended

Jun. 30, 2017

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 June 30, 2017:
Securities Available for Sale:
Collateralized mortgage obligations	$	9,576	$	—	$	(311	)	$	9,265
SBA Pool Securities		9,919		8		(31	)		9,896
Total	$	19,495	$	8	$	(342	)	$	19,161
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

The following summarizes the sales of securities (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
Proceeds from sales of securities	$	—	$	2,857	$	—	$	9,848
Gross gains from sale of securities		—		17		—		45
Gross losses from sale of securities		—		—		—		—
Net gain from sales of securities	$	—	$	17	$	—	$	45

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 June 30, 2017
	Over Twelve Months					Less Than Twelve Months
	Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value
Securities Available for Sale:
Collateralized mortgage obligations	$	(93	)	$	1,988	$	(218	)	$	7,277
SBA Pool Securities		—			—		(31	)		7,592
	$	(93	)	$	1,988	$	(249	)	$	14,869

	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

Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrants 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 prospectus 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 June 30, 2017 and December 31, 2016, the unrealized losses on twenty investment securities and six 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.