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):

		DECEMBER 31, 2015
				GROSS		GROSS
		AMORTIZED		UNREALIZED		UNREALIZED		FAIR
		COST		GAINS		LOSSES		VALUE

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

Corporate securities	$	37,044	$	25	$	(683)	$	36,386
Foreign government		1,088		7		(6)		1,089
Collateralized mortgage obligations (CMO) – residential		187		2		-		189
CMO – commercial		359		119		-		478
States, municipalities and political subdivisions		37,590		237		(178)		37,649
U.S. government		7,679		59		(4)		7,734
Government sponsored enterprise (GSE)		998		2		(1)		999
Agency mortgage backed pass through securities (MBS)		34		1		-		35
Redeemable preferred stocks		273		101		-		374
Total fixed maturities	$	85,252	$	553	$	(872)	$	84,933

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

Nonredeemable preferred stocks		2,578		19		(3)		2,594
Total available-for-sale equity securities	$	2,578	$	19	$	(3)	$	2,594

		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 enterprise mortgage-backed securities consist of Federal Home Loan Mortgage Corporation and Federal National Mortgage Association securities.

The amortized cost and fair value of fixed maturities at December 31, 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	$	876	$	869
Due after one year through five years		24,939		24,792
Due after five years through ten years		25,311		25,124
Due after ten years		33,522		33,420
CMOs and MBSs		604		728

	$	85,252	$	84,933

The following tables summarize, for all securities in an unrealized loss position at December 31, 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):

		December 31, 2015
		Less than 12 Months				12 Months or Longer				Total
		Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
		Value		Loss		Value		Losses		Value		Losses


Corporate securities	$	24,627	$	387	$	6,760	$	296	$	31,387	$	683
Foreign government		484		6		-		-		484		6
U.S. government		995		4		-		-		995		4
GSE		973		1		-		-		973		1
States, municipalities and political subdivisions		13,013		98		1,408		80		14,421		178
Nonredeemable preferred stocks		1,324		3		-		-		1,324		3
Total temporarily impaired securities	$	41,416	$	499	$	8,168	$	376	$	49,584	$	875

Number of securities in an unrealized loss position		36				7				43

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


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 December 31, 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 December 31, 2015.

The following table summarizes the Company’s net investment income for the years indicated (in thousands):

		Year Ended
		December 31,
		2015		2014		2013

Fixed maturities	$	2,218	$	2,153	$	2,017
Equity securities		131		110		120
Short-term investments		5		3		4
Other		(107)		(64)		(37)

Net investment income	$	2,247	$	2,202	$	2,104

The following table summarizes the Company’s net realized investment gains (losses) for the years indicated (in thousands):

		Year Ended
		December 31,
		2015		2014		2013

Available-for-sale securities:
Fixed maturities	$	397	$	874	$	834
Preferred stock		54		-		23
Total available-for-sale securities		451		874		857

Trading securities		(143)		76		214
Change in unrealized gain on trading securities		(48)		17		11

Net realized investment gains	$	260	$	967	$	1,082

For the years ended December 31, 2015, 2014 and 2013, proceeds from sales of available-for-sale securities were $45,557,000, $43,800,000 and $38,691,000, respectively, and the Company realized gross gains of $587,000, $1,245,000 and $1,377,000, respectively, and gross losses of $136,000, $295,000 and $306,000, respectively, on those sales.

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. There were no other-than-temporary impairments recognized in earnings for the years ended December 31, 2015, 2014 and 2013.

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 were $288,000 for the years ended December 31, 2015, 2014 and 2013.