Note 2: Securities

The amortized cost and approximate fair values, together with gross unrealized gains and losses, of securities are as follows:


	September 30, 2017
			Gross		Gross		Approximate
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In thousands)
Available-for-sale securities:
Treasury notes	$	1,000	$	—	$	3	$	997
Federal agencies		404,306		1		790		403,517
Mortgage-backed - Government-sponsored entity (GSE) - residential		26,067		—		—		26,067
Total available-for-sale securities	$	431,373	$	1	$	793	$	430,581


	December 31, 2016
			Gross		Gross		Approximate
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In thousands)
Available-for-sale securities:
Treasury notes	$	999	$	—	$	—	$	999
Federal agencies		290,050		—		1,057		288,993
Municipals		9,500		—		—		9,500
Mortgage-backed - Government-sponsored entity (GSE) - residential		26,382		—		—		26,382
Total available-for-sale securities	$	326,931	$	—	$	1,057	$	325,874

The amortized cost and fair value of available-for-sale securities at September 30, 2017 and December 31, 2016, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.


	September 30, 2017				December 31, 2016
	Amortized		Fair		Amortized		Fair
Contractual Maturity	Cost		Value		Cost		Value
	(In thousands)
Within one year	$	198,771	$	198,340	$	68,482	$	68,426
After one through five years		206,535		206,174		232,067		231,066
After five through ten years		—		—		—		—
After ten years		—		—		—		—
		405,306		404,514		300,549		299,492
Mortgage-backed - Government-sponsored entity (GSE) - residential		26,067		26,067		26,382		26,382
	$	431,373	$	430,581	$	326,931	$	325,874

Proceeds from the sale of securities available for sale during the nine months ended September 30, 2016 were $7.4 million, resulting in gross realized gains of $24,000. No securities available-for-sale were sold during the nine months ended September 30, 2017.

The following tables show the Company’s investments’ gross unrealized losses and fair value of the Company’s investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment class and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2017 and December 31, 2016:


	Less than 12 Months				12 Months or Longer				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
September 30, 2017	(In thousands)
Available-for-sale securities:
Treasury notes	$	997	$	3	$	—	$	—	$	997	$	3
Federal agencies		275,570		511		112,946		279		388,516		790

	$	276,567	$	514	$	112,946	$	279	$	389,513	$	793
December 31, 2016
Available-for-sale securities:
Federal agencies	$	275,143	$	1,057	$	—	$	—	$	275,143	$	1,057

Other-than-temporary Impairment

Unrealized losses on securities have not been recognized to income because the Company has the intent and ability to hold the securities for the foreseeable future, and the decline in fair value is primarily due to increased market interest rates. The fair value is expected to recover as the bonds approach the maturity date.