Investments (Tables)

6 Months Ended

Jun. 30, 2015

Amortized Cost and Fair Value of AFS Securities and Corresponding Amounts of Gross Unrealized Gains And Losses

The amortized cost and fair value of our available-for-sale (“AFS”) securities and the corresponding amounts of gross unrealized gains and losses at the dates indicated were as follows (in thousands):

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
June 30, 2015
Municipal bonds	$	1,912	$	138	$	-		$	2,050
Agency mortgage-backed securities		5,259		135		(26	)		5,368
Non-agency mortgage-backed securities		506		-		(23	)		483
Total	$	7,677	$	273	$	(49	)	$	7,901
December 31, 2014
Municipal bonds	$	1,911	$	172	$	-		$	2,083
Agency mortgage-backed securities		7,024		110		(38	)		7,096
Non-agency mortgage-backed securities		2,312		83		(50	)		2,345
Total	$	11,247	$	365	$	(88	)	$	11,524

Amortized Cost and Fair Value of Investments Available-for-Sale by Contractual Maturity

The amortized cost and fair value of AFS securities at June 30, 2015, by contractual maturity, are shown below (in thousands). Expected maturities of AFS securities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	At June 30, 2015
	Amortized Cost		Fair Value
Due in five to ten years	$	1,912	$	2,050
Due after ten years		5,765		5,851
Total	$	7,677	$	7,901

Aggregate Fair Value and Gross Unrealized Loss in Continuous Unrealized Loss Position

The following tables summarize at the dates indicated the aggregate fair value and gross unrealized loss by length of time of those investments that have been continuously in an unrealized loss position (in thousands):

	June 30, 2015
	Less Than 12 Months				12 Months or Longer					Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Agency mortgage-backed securities	$	-	$	-	$	1,500	$	(26	)	$	1,500	$	(26	)
Non-agency mortgage-backed securities		-		-		483		(23	)		483		(23	)
Total	$	-	$	-	$	1,983	$	(49	)	$	1,983	$	(49	)

	December 31, 2014
	Less Than 12 Months					12 Months or Longer					Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Agency mortgage-backed securities	$	627	$	(6	)	$	2,216	$	(32	)	$	2,843	$	(38	)
Non-agency mortgage-backed securities		-		-			507		(50	)		507		(50	)
Total	$	627	$	(6	)	$	2,723	$	(82	)	$	3,350	$	(88	)

Cumulative Roll Forward of Credit Losses Recognized in Earnings

The following table presents the cumulative roll forward of credit losses recognized in earnings during the three and six months ended June 30, 2015 and 2014 relating to the Company’s non-U.S. agency mortgage-backed securities (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015			2014
Estimated credit losses, beginning balance	$	-	$	450	$	450		$	450
Additions for credit losses not previously recognized		-		-		-			-
Reduction for increases in cash flows		-		-		-			-
Reduction of related OTTI due to sales		-		-		(450	)		-
Reduction for realized losses		-		-		-			-
Estimated credit losses, ending balance	$	-	$	450	$	-		$	450