The cost (amortized cost with respect to certain fixed maturities), gross unrealized gains, gross unrealized losses and fair value of long-term investment securities are as follows (in thousands):

		JUNE 30, 2015
				GROSS		GROSS
		AMORTIZED		UNREALIZED		UNREALIZED		FAIR
		COST		GAINS		LOSSES		VALUE

*FIXED MATURITIES*
*AVAILABLE-FOR-SALE:*

Corporate securities	$	29,084	$	48	$	(482)	$	28,650
Foreign government		605		7		-		612
Collateralized mortgage obligations (CMO) – residential		232		4		-		236
CMO – commercial		390		103		-		493
States, municipalities and political subdivisions		36,354		94		(255)		36,193
U.S. Government		7,675		98		-		7,773
Government sponsored enterprise (GSE)		1,101		18		(1)		1,118
Agency mortgage backed pass through securities (MBS)		50		2		-		52
Redeemable preferred stocks		273		111		-		384
Total fixed maturities	$	75,764	$	485	$	(738)	$	75,511

*EQUITY SECURITIES*
*AVAILABLE-FOR-SALE:*

Nonredeemable preferred stocks		970		48		-		1,018
Total available-for-sale equity securities	$	970	$	48	$	-	$	1,018

		DECEMBER 31, 2014
				GROSS		GROSS
		AMORTIZED		UNREALIZED		UNREALIZED		FAIR
		COST		GAINS		LOSSES		VALUE

*FIXED MATURITIES*
AVAILABLE-FOR-SALE:

Corporate securities	$	29,905	$	90	$	(438)	$	29,557
Foreign government		6,616		34		(101)		6,549
CMO – residential		851		4		(2)		853
CMO – commercial		390		-		(9)		381
States, municipalities and political subdivisions		27,631		260		(212)		27,679
U.S. Government		6,674		49		-		6,723
GSE		1,400		23		(7)		1,416
MBS		65		4		-		69
Redeemable preferred stocks		273		108		-		381
Total fixed maturities	$	73,805	$	572	$	(769)	$	73,608

*EQUITY SECURITIES*
AVAILABLE-FOR-SALE

Nonredeemable preferred stocks		970		43		-		1,013
Total available-for-sale equity securities	$	970	$	43	$	-	$	1,013

Government-sponsored enterprises (“GSEs”) are private enterprises established and chartered by the Federal Government, or its various insurance and lease programs that carry the full faith and credit obligation of the US Government.

The amortized cost and fair value of fixed maturities at June 30, 2015, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. CMOs and MBSs are shown separately, as they are not due at a single maturity.


		AMORTIZED		FAIR
		COST		VALUE
		(In thousands)

Due in one year or less	$	894	$	894
Due after one year through five years		24,653		24,667
Due after five years through ten years		18,402		18,218
Due after ten years		31,050		30,856
CMOs and MBSs		765		876

	$	75,764	$	75,511

The following tables summarize, for all securities in an unrealized loss position at June 30, 2015 and December 31, 2014, the aggregate fair value and gross unrealized loss by length of time, those securities that have continuously been in an unrealized loss position (in thousands):

		June 30, 2015
		Less than 12 Months				12 Months or Longer				Total
		Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
		Value		Loss		Value		Losses		Value		Losses
FIXED MATURITIES:

Corporate securities	$	9,268	$	175	$	11,536	$	307	$	20,804	$	482
States, municipalities and political subdivisions		18,437		119		5,139		136		23,576		255
GSE		-		-		65		1		65		1
Total temporarily impaired securities	$	27,705	$	294	$	16,740	$	444	$	44,445	$	738

Number of securities in an unrealized loss position		21				15				36

		December 31, 2014
		Less than 12 Months				12 Months or Longer				Total
		Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
		Value		Loss		Value		Losses		Value		Losses
FIXED MATURITIES:

Corporate securities	$	6,101	$	83	$	14,087	$	355	$	20,188	$	438
Foreign government		4,550		40		1,355		61		5,905		101
CMO – residential		-		-		566		2		566		2
CMO – commercial		-		-		381		9		381		9
States, municipalities and political subdivisions		3,691		61		6,448		151		10,139		212
GSE		-		-		351		7		351		7
Total temporarily impaired securities	$	14,342	$	184	$	23,188	$	585	$	37,530	$	769

Number of securities in an unrealized loss position		11				22				33

Substantially all of the unrealized losses on fixed maturities at June 30, 2015 and December 31, 2014 were attributable to changes in market interest rates. Because the Company does not intend to sell, nor is it more likely than not that the Company will have to sell, such investments before recovery of their amortized cost bases, the Company does not consider those investments to be other-than-temporarily impaired at June 30, 2015.

The following table summarizes the Company’s net investment income for three months and six months ended June 30, 2015 and 2014 (in thousands):

		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2015		2014		2015		2014

Fixed maturities	$	474	$	551	$	1,015	$	1,110
Equity securities		20		24		51		54
Short-term investments		1		1		2		1
Other		3		(11)		42		(64)

Net investment income	$	498	$	565	$	1,110	$	1,101

Net realized investment gains for the three months and six months ended June 30, 2015 and 2014 are as follows (in thousands):

		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2015		2014		2015		2014

Available-for-sale securities:
Fixed maturities	$	239	$	138	$	363	$	192
Preferred stock		-		-		-		-
Total available-for-sale securities		239		138		363		192

Trading securities		13		2		14		(12)
Change in unrealized gain on trading securities		(41)		95		(25)		103

Net realized investment gains	$	211	$	235	$	352	$	283

For the six months ended June 30, 2015 and 2014, proceeds from sales of available-for-sale securities were $39,226,000 and $27,634,000, respectively. For the three months and six months ended June 30, 2015, the Company recorded realized gross gains of $294,000 and $451,000, respectively, and gross losses of $54,000 and $88,000, respectively, on available-for-sale securities. For the three months and six months ended June 30, 2014, the Company recorded realized gross gains of $198,000 and $305,000, respectively, and gross losses of $60,000 and $112,000, respectively, on available-for-sale securities.

We recognize an other-than-temporary impairment loss in earnings in the period that we determine: 1) we intend to sell the security; 2) it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis; or 3) the security has a credit loss. Any non-credit portion of the other-than-temporary impairment loss is recognized in other comprehensive income (loss). For the six months ended June 30, 2015 and 2014, there were no other-than-temporary impairments recognized in earnings.

Cumulative credit losses for other-than-temporary impairments recorded on securities for which a portion of an other-than-temporary impairment was recognized in other comprehensive income (loss) were $288,000 as of June 30, 2015 and December 31, 2014.