(4)	Investment Securities

The amortized cost and fair value of debt securities classified as available-for-sale at March 31, 2016 and December 31, 2015 were as follows:

			Gross		Gross
	Amortized		Unrealized		Unrealized
(in thousands)	Cost		Gains		Losses		Fair value
March 31, 2016
Government sponsored enterprises	$	42,111	$	110	$	9		42,212
Asset-backed securities		175,869		866		892		175,843
Obligations of states and political subdivisions		27,212		523		17		27,718
Total available-for-sale securities	$	245,192	$	1,499	$	918	$	245,773

December 31, 2015
Government sponsored enterprises	$	73,605	$	127	$	235	$	73,497
Asset-backed securities		130,179		440		1,768		128,851
Obligations of states and political subdivisions		32,224		493		11		32,706
Total available-for-sale securities	$	236,008	$	1,060	$	2,014	$	235,054

All of the Company’s investment securities are classified as available for sale. Agency bonds and notes, agency mortgage-backed securities and agency collateralized mortgage obligations (CMO) include securities issued by the Government National Mortgage Association (GNMA), a U.S. government agency, and the Federal National Mortgage Association (FNMA), the Federal Home Loan Mortgage Corporation (FHLMC) and the Federal Home Loan Bank (FHLB), which are U.S. government-sponsored enterprises.

Other investments and securities primarily consist of Federal Home Loan Bank stock and the Company’s interest in statutory trusts. These securities are reported at cost in the amount of $8.1 and $8.0 million as of March 31, 2016 and December 31, 2015, respectively.

Debt securities with carrying values aggregating approximately $202.3 million and $182.7 million at March 31, 2016 and December 31, 2015, respectively, were pledged to secure public funds, securities sold under agreements to repurchase, and for other purposes as required or permitted by law.

The amortized cost and fair value of debt securities classified as available-for-sale at March 31, 2016, by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers have the right to call or prepay obligations with or without prepayment penalties.

	Amortized		Fair
(in thousands)	Cost		Value
Due in one year or less	$	18,149	$	18,155
Due after one year through five years		40,630		40,934
Due after five years through ten years		10,013		10,312
Due after ten years		531		529
Total		69,323		69,930
Asset-backed securities		175,869		175,843
Total available-for-sale securities	$	245,192	$	245,773

Gross unrealized losses on debt securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at March 31, 2016 and December 31, 2015 were as follows:

	Less than 12 months					12 months or more					Total		Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
(in thousands)	Value		Losses			Value		Losses			Value		Losses
At March 31, 2016
Government sponsored enterprises	$	17,997	$	(9	)	$	0	$	0		$	17,997	$	(9	)
Asset-backed securities		57,446		(523	)		40,267		(369	)		97,713		(892	)
political subdivisions		3,039		(16	)		251		(1	)		3,290		(17	)
Total	$	78,482	$	(548	)	$	40,518	$	(370	)	$	119,000	$	(918	)

(in thousands)
At December 31, 2015
Government sponsored enterprises	$	43,539	$	(222	)	$	1,002	$	(13	)	$	44,541	$	(235	)
Asset-backed securities		56,095		(620	)		43,576		(1,148	)		99,671		(1,768	)
Obligations of states and political subdivisions		2,571		(6	)		718		(5	)		3,289		(11	)
Total	$	102,205	$	(848	)	$	45,296	$	(1,166	)	$	147,501	$	(2,014	)

The total available for sale portfolio consisted of approximately 268 securities at March 31, 2016. The portfolio included 67 securities having an aggregate fair value of $119.0 million that were in a loss position at March 31, 2016. Securities identified as temporarily impaired which had been in a loss position for 12 months or longer totaled $40.5 million at fair value. The $918,000 aggregate unrealized loss included in accumulated other comprehensive income at March 31, 2016 was caused by interest rate fluctuations.

The total available for sale portfolio consisted of approximately 316 securities at December 31, 2015. The portfolio included 111 securities having an aggregate fair value of $147.5 million that were in a loss position at December 31, 2015. Securities identified as temporarily impaired which had been in a loss position for 12 months or longer totaled $45.3 million at fair value. The $2.0 million aggregate unrealized loss included in accumulated other comprehensive income at December 31, 2015 was caused by interest rate fluctuations.

Because the decline in fair value is attributable to changes in interest rates and not credit quality, these investments were not considered other-than-temporarily impaired at March 31, 2016 and December 31, 2015, respectively. In addition, the Company does not have the intent to sell these investments over the period of recovery, and it is not more likely than not that it will be required to sell such investment securities.

The table presents the components of investment securities gains and losses, which have been recognized in earnings:

	Three Months Ended March 31,
(in thousands)	2016		2015
Gains realized on sales	$	472	$	0
Losses realized on sales		0		0
Other-than-temporary impairment recognized		0		0
Investment securities gains	$	472	$	0