(2)Securities

The amortized cost, unrealized gains and losses, and fair value of securities available for sale follow:

(in thousands)	Amortized		Unrealized
March 31, 2015	cost		Gains		Losses		Fair value
U.S. Treasury and other U.S. Government obligations	$	60,000	$	—	$	—	$	60,000
Government sponsored enterprise obligations	173,137		2,928		251		175,814
Mortgage-backed securities - government agencies	167,768		2,872		745		169,895
Obligations of states and political subdivisions	63,370		1,668		59		64,979
Corporate equity securities	756		258		—		1,014

Total securities available for sale	$	465,031	$	7,726	$	1,055	$	471,702

December 31, 2014
U.S. Treasury and other U.S. Government obligations	$	70,000	$	—	$	—	$	70,000
Government sponsored enterprise obligations	203,531		2,017		562		204,986
Mortgage-backed securities - government agencies	173,573		2,042		1,345		174,270
Obligations of states and political subdivisions	61,416		1,560		142		62,834
Corporate equity securities	756		210		—		966

Total securities available for sale	$	509,276	$	5,829	$	2,049	$	513,056

Corporate equity securities, included in the available for sale portfolio, consist of common stock in a publicly-traded business development company.

There were no securities classified as held to maturity as of March 31, 2015 or December 31, 2014.

In the first quarter of 2015, Bancorp sold securities with total fair market value of $5.9 million, generating no gain or loss. These securities consisted of agency and mortgage-backed securities with small remaining balances and agency securities. These sales were made in the ordinary course of portfolio management. No securities were sold in the first quarter of 2014. Management has the intent and ability to hold all remaining investment securities available for sale for the foreseeable future.

A summary of the available for sale investment securities by maturity groupings as of March 31, 2015 is shown below.

(in thousands)
Securities available for sale	Amortized cost		Fair value

Due within 1 year	$	82,268	$	82,406
Due after 1 but within 5 years	119,806		121,898
Due after 5 but within 10 years	22,109		22,854
Due after 10 years	72,324		73,635
Mortgage-backed securities	167,768		169,895
Corporate equity securities	756		1,014
Total securities available for sale	$	465,031	$	471,702

Actual maturities may differ from contractual maturities because some issuers have the right to call or prepay obligations. In addition to equity securities, the investment portfolio includes agency mortgage-backed securities, which are guaranteed by agencies such as the FHLMC, FNMA, and GNMA. These securities differ from traditional debt securities primarily in that they may have uncertain principal payment dates and are priced based on estimated prepayment rates on the underlying collateral.

Securities with a carrying value of approximately $250.2 million at March 31, 2015 and $263.1 million at December 31, 2014 were pledged to secure accounts of commercial depositors in cash management accounts, public deposits, and cash balances for certain investment management and trust accounts.

Securities with unrealized losses at March 31, 2015 and December 31, 2014, not recognized in the statements of income are as follows:

	Less than 12 months				12 months or more				Total
(in thousands)	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
March 31, 2015	value		losses		value		losses		value		losses

Government sponsored enterprise obligations	$	10,698	$	11	$	9,141	$	240	$	19,839	$	251
Mortgage-backed securities - government agencies	13,832		82		35,065		663		48,897		745
Obligations of states and political subdivisions	7,639		36		2,667		23		10,306		59

Total temporarily impaired securities	$	32,169	$	129	$	46,873	$	926	$	79,042	$	1,055

December 31, 2014
Government sponsored enterprise obligations	$	36,979	$	30	$	26,848	$	532	$	63,827	$	562
Mortgage-backed securities - government agencies	4,038		77		49,325		1,268		53,363		1,345
Obligations of states and political subdivisions	12,655		67		6,297		75		18,952		142

Total temporarily impaired securities	$	53,672	$	174	$	82,470	$	1,875	$	136,142	$	2,049

The applicable dates for determining when securities are in an unrealized loss position are March 31, 2015 and December 31, 2014. As such, it is possible that a security had a market value lower than its amortized cost on other days during the past twelve months, but is not in the “Investments with an Unrealized Loss of less than 12 months” category above.

Unrealized losses on Bancorp’s investment securities portfolio have not been recognized in income because the securities are of high credit quality, and the decline in fair values is due to changes in the prevailing interest rate environment since the purchase date. Fair value is expected to recover as securities reach their maturity date and/or the interest rate environment returns to conditions similar to when these securities were purchased. These investments consist of 49 and 80 separate investment positions as of March 31, 2015 and December 31, 2014, respectively. Because management does not intend to sell the investments, and it is not likely that Bancorp will be required to sell the investments before recovery of their amortized cost bases, which may be maturity, Bancorp does not consider these securities to be other-than-temporarily impaired at March 31, 2015.

FHLB stock and other securities are investments held by Bancorp which are not readily marketable and are carried at cost. This category includes holdings of Federal Home Loan Bank of Cincinnati (FHLB) stock which are required for access to FHLB borrowing, and are classified as restricted securities.