Investments (Tables)

9 Months Ended

Sep. 30, 2016

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
September 30, 2016
Municipal bonds	$	3,267	$	235	$	(1	)	$	3,501
Agency mortgage-backed securities		3,074		80		(14	)		3,140
Non-agency mortgage-backed securities		372		-		(17	)		355
Total	$	6,713	$	315	$	(32	)	$	6,996
December 31, 2015
Municipal bonds	$	1,912	$	184	$	-		$	2,096
Agency mortgage-backed securities		4,088		102		(18	)		4,172
Non-agency mortgage-backed securities		449		-		(21	)		428
Total	$	6,449	$	286	$	(39	)	$	6,696

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

The amortized cost and fair value of AFS securities at September 30, 2016, 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 September 30, 2016
	Amortized Cost		Fair Value
Due within five years	$	1,111	$	1,111
Due in five to ten years		504		529
Due after ten years		5,098		5,356
Total	$	6,713	$	6,996

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):

	September 30, 2016
	Less Than 12 Months					12 Months or Longer					Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Municipal bonds	$	890	$	(1	)	$	-	$	-		$	890	$	(1	)
Agency mortgage-backed securities	$	1,169	$	(14	)	$	-	$	-		$	1,169	$	(14	)
Non-agency mortgage-backed securities	$	-	$	-		$	355	$	(17	)	$	355	$	(17	)
Total	$	2,059	$	(15	)	$	355	$	(17	)	$	2,414	$	(32	)

	December 31, 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	$	-	$	-	$	1,370	$	(18	)	$	1,370	$	(18	)
Non-agency mortgage-backed securities		-		-		428		(21	)		428		(21	)
Total	$		$		$	1,798	$	(39	)	$	1,798	$	(39	)

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 nine months ended September 30, 2016 and 2015 relating to the Company’s non-U.S. agency mortgage-backed securities (in thousands):

	Three Months Ended September 30,				Nine months Ended September 30,
	2016		2015		2016		2015
Estimated credit losses, beginning balance	$	-	$	-	$	-	$	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	$	-	$	-	$	-	$	-