Investments

The cost or amortized cost, gross unrealized gain or loss, and estimated fair value of the investments in securities classified as available-for-sale at March 31, 2016 and December 31, 2015 were as follows (dollars in thousands):



	March 31, 2016
	Cost or Amortized Cost		Gross Unrealized					Estimated Fair Value
			Gains		Losses
Fixed Maturity Securities:
U.S. Government obligations	$	4,645	$	64	$	(2	)	$	4,707
State and local government	14,058		606		(1		)	14,663
Corporate debt	40,191		454		(333		)	40,312
Commercial mortgage-backed and other asset-backed	49,496		530		(37		)	49,989
Total fixed maturity securities available for sale	108,390		1,654		(373		)	109,671
Equity Securities:
Common stocks - Public Utilities	190		46		—			236
Common stocks - Banks, Trusts and Insurance Companies	523		157		(8		)	672
Common stocks - Industrial, miscellaneous and all other	2,626		899		(53		)	3,472
Total equity securities available for sale	3,339		1,102		(61		)	4,380
Total securities available for sale	$	111,729	$	2,756	$	(434	)	$	114,051



	December 31, 2015
	Cost or Amortized Cost		Gross Unrealized					Estimated Fair Value
			Gains		Losses
Fixed Maturity Securities:
U.S. Government obligations	$	5,474	$	47	$	(13	)	$	5,508
State and local government	14,391		398		(6		)	14,783
Corporate debt	39,183		84		(483		)	38,784
Commercial mortgage-backed and other asset-backed	48,165		164		(311		)	48,018
Total fixed maturity securities available for sale	107,213		693		(813		)	107,093
Equity Securities:
Common stocks - Public Utilities	122		20		(1		)	141
Common stocks - Banks, Trusts and Insurance Companies	503		150		(7		)	646
Common stocks - Industrial, miscellaneous and all other	2,716		836		(99		)	3,453
Total equity securities available for sale	3,341		1,006		(107		)	4,240
Total securities available for sale	$	110,554	$	1,699	$	(920	)	$	111,333

The following table summarizes the aggregate fair value and gross unrealized losses, by security type, of the available-for-sale securities in unrealized loss positions. The table segregates the holdings based on the length of time that individual securities have been in a continuous unrealized loss position, as follows (dollars in thousands):



	March 31, 2016
	Less than 12 months						Greater than 12 months						Total
	# of Issues	Fair Value of Investments with Unrealized Losses		Gross Un realized Losses			# of Issues	Fair Value of Investments with Unrealized Losses		Gross Un realized Losses			# of Issues	Fair Value of Investments with Unrealized Losses		Gross Un realized Losses
Fixed Maturity Securities:
U.S. Government obligations	2	$	1,330	$	(1	)	2	$	685	$	(1	)	4	$	2,015	$	(2	)
State and local government	3	499		(1		)	—	—		—			3	499		(1		)
Corporate debt	22	8,736		(304		)	10	3,251		(29		)	32	11,987		(333		)
Commercial mortgage and asset-backed	10	3,667		(7		)	9	4,255		(30		)	19	7,922		(37		)
Total fixed maturity securities available for sale	37	14,232		(313		)	21	8,191		(60		)	58	22,423		(373		)
Equity Securities:
Common stock	25	523		(49		)	2	76		(12		)	27	599		(61		)
Total equity securities available for sale	25	523		(49		)	2	76		(12		)	27	599		(61		)
Total securities	62	$	14,755	$	(362	)	23	$	8,267	$	(72	)	85	$	23,022	$	(434	)



	December 31, 2015
	Less than 12 months						Greater than 12 months						Total
	# of Issues	Fair Value of Investments with Unrealized Losses		Gross Un realized Losses			# of Issues	Fair Value of Investments with Unrealized Losses		Gross Un realized Losses			# of Issues	Fair Value of Investments with Unrealized Losses		Gross Un realized Losses
Fixed Maturity Securities:
U.S. Government obligations	7	$	2,580	$	(7	)	2	$	679	$	(6	)	9	$	3,259	$	(13	)
State and local government	8	2,688		(6		)	—	—		—			8	2,688		(6		)
Corporate debt	80	21,760		(438		)	12	3,618		(45		)	92	25,378		(483		)
Commercial mortgage and asset-backed	67	32,539		(258		)	5	2,175		(53		)	72	34,714		(311		)
Total fixed maturity securities available for sale	162	59,567		(709		)	19	6,472		(104		)	181	66,039		(813		)
Equity Securities:
Common stock	86	782		(72		)	3	79		(35		)	89	861		(107		)
Total equity securities available for sale	86	782		(72		)	3	79		(35		)	89	861		(107		)
Total securities	248	$	60,349	$	(781	)	22	$	6,551	$	(139	)	270	$	66,900	$	(920	)

The Company analyzed its investment portfolio in accordance with its other-than-temporary impairment ("OTTI") review procedures and determined the Company did not need to record a credit related OTTI loss, nor recognize a non-credit related OTTI loss in other comprehensive income for the three months ended March 31, 2016 and 2015.

The Company’s sources of net investment income are as follows (dollars in thousands):



	Three Months Ended March 31,
	2016			2015
Fixed maturity securities	$	586		$	531
Equity securities	26			23
Cash and short-term investments	2			2
Total investment income	614			556
Investment expenses	(77		)	(70		)
Net investment income	$	537		$	486

The following table summarizes the gross realized gains and losses from sales or maturities of available-for-sale fixed maturity and equity securities, as follows (dollars in thousands):



	Three Months Ended March 31,
	2016			2015
Fixed maturity securities:
Gross realized gains	$	16		$	68
Gross realized losses	(6		)	(3		)
Total fixed maturity securities	10			65
Equity securities:
Gross realized gains	56			99
Gross realized losses	(74		)	(19		)
Total equity securities	(18		)	80
Total realized gains (losses)	$	(8	)	$	145

Proceeds from the sales of debt and equity securities available for sale were $2.6 million and $2.3 million for the three months ended March 31, 2016 and 2015, respectively.

The table below summarizes the amortized cost and fair value of available-for-sale fixed maturity securities by contractual maturity at March 31, 2016. Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay obligations with or without call or prepayment penalties (dollars in thousands):



	Amortized Cost		Estimated Fair Value
Due in one year or less	$	6,018	$	6,028
Due after one year through five years	35,972		36,293
Due after five years through ten years	8,791		9,033
Due after ten years	8,113		8,328
Securities with contractual maturities	58,894		59,682
Commercial mortgage and asset backed	49,496		49,989
Total Fixed maturity securities	$	108,390	$	109,671

At March 31, 2016 and December 31, 2015, the insurance companies had an aggregate of $9.6 million and $8.9 million, respectively, on deposit in trust accounts to meet the deposit requirements of various state insurance departments. There are withdrawal and other restrictions on these deposits, including the type of investments that may be held, however the Company may generally invest in high-grade bonds and short-term investments and earn interest on the funds.