Investments
 12 Months Ended
Dec. 31, 2015
Investments [Abstract]  
Investments
Investments

The following tables summarize the amortized cost and fair value of investments available-for-sale at December 31, 2015, and 2014, and the corresponding amounts of gross unrealized gains and losses. 
 
December 31, 2015
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
 
(In thousands)
Mortgage-backed investments:
 
 
 
 
 
 
 
   Fannie Mae
$
50,288

 
$
260

 
$
(227
)
 
$
50,321

   Freddie Mac
26,011

 
243

 
(117
)
 
26,137

   Ginnie Mae
13,802

 
44

 
(114
)
 
13,732

Municipal bonds
11,787

 
277

 
—

 
12,064

U.S. Government agencies
13,541

 
89

 
(88
)
 
13,542

Corporate bonds
14,010

 
4

 
(245
)
 
13,769

 
$
129,439

 
$
917

 
$
(791
)
 
$
129,565

 
December 31, 2014
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value

 
(In thousands)
Mortgage-backed investments:
 
   Fannie Mae
$
40,083

 
$
863

 
$
(30
)
 
$
40,916

   Freddie Mac
21,442

 
526

 
(22
)
 
21,946

   Ginnie Mae
26,049

 
87

 
(122
)
 
26,014

Municipal bonds
642

 
2

 
—

 
644

U.S. Government agencies
16,863

 
104

 
(151
)
 
16,816

Corporate bonds
14,061

 
39

 
(62
)
 
14,038

 
$
119,140

 
$
1,621

 
$
(387
)
 
$
120,374

 

There were no investments classified as held-to-maturity at December 31, 2015, or 2014.

The amortized cost and estimated fair value of investments available-for-sale at December 31, 2015, by expected 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. Investments not due at a single maturity date, primarily mortgage-backed investments are shown separately.
 
December 31, 2015
 
Amortized Cost
 
Fair Value
 
(In thousands)
Due within one year
$
—

 
$
—

Due after one year through five years
9,845

 
9,802

Due after five years through ten years
16,349

 
16,222

Due after ten years
13,144

 
13,351

 
39,338

 
39,375

Mortgage-backed investments
90,101

 
90,190

 
$
129,439

 
$
129,565


 
Under Washington state law, in order to participate in the public funds program the Company is required to pledge 100% of the public deposits held in the form of eligible securities. Investments with a carrying value of $17.4 million and $16.3 million were pledged as collateral for public deposits at December 31, 2015, and 2014, respectively, both of which exceeded the minimum collateral requirements established by the Washington Public Deposit Protection Commission. At December 31, 2015, and 2014, there were no investments pledged as collateral for FHLB advances.

Sales of available-for-sale investments were as follows: 
 
Year Ended December 31,
 
2015
 
2014
 
2013
 
(In thousands)
Proceeds
$
27,327

 
$
4,980

 
$
45,137

Gross gains
449

 
—

 
11

Gross losses
(357
)
 
(20
)
 
(49
)

 
The following tables summarize the aggregate fair value and gross unrealized loss by length of time those investments have been continuously in an unrealized loss position at December 31, 2015 and 2014.
 
December 31, 2015
 
Less Than 12 Months
 
12 Months or Longer
 
Total
 
Fair Value
 
Unrealized
Loss
 
Fair Value
 
Unrealized
Loss
 
Fair Value
 
Unrealized
Loss
 
(In thousands)
Mortgage-backed investments:
 
 
 
 
 
 
 
 
 
 
 
Fannie Mae
$
37,593

 
$
(227
)
 
$
—

 
$
—

 
$
37,593

 
$
(227
)
Freddie Mac
12,115

 
(117
)
 
—

 
—

 
12,115

 
(117
)
Ginnie Mae
5,508

 
(29
)
 
3,233

 
(85
)
 
8,741

 
(114
)
Municipal bonds
—

 
—

 
—

 
—

 
—

 
—

U.S. Government agencies
9,605

 
(88
)
 
—

 
—

 
9,605

 
(88
)
Corporate bonds
10,263

 
(245
)
 
—

 
—

 
10,263

 
(245
)
 
$
75,084

 
$
(706
)
 
$
3,233

 
$
(85
)
 
$
78,317

 
$
(791
)

 
December 31, 2014
 
Less Than 12 Months
 
12 Months or Longer
 
Total
 
Fair Value
 
Unrealized
Loss
 
Fair Value
 
Unrealized
Loss
 
Fair Value
 
Unrealized
Loss
 
(In thousands)
Mortgage-backed investments:
 
 
 
 
 
 
 
 
 
 
 
Fannie Mae
$
—

 
$
—

 
$
1,456

 
$
(30
)
 
$
1,456

 
$
(30
)
Freddie Mac
—

 
—

 
1,832

 
(22
)
 
1,832

 
(22
)
Ginnie Mae
1,883

 
(6
)
 
9,952

 
(116
)
 
11,835

 
(122
)
Municipal bonds
—

 
—

 
—

 
—

 
—

 
—

U.S. Government agencies
545

 
—

 
8,096

 
(151
)
 
8,641

 
(151
)
Corporate bonds
1,496

 
(4
)
 
5,942

 
(58
)
 
7,438

 
(62
)
 
$
3,924

 
$
(10
)
 
$
27,278

 
$
(377
)
 
$
31,202

 
$
(387
)


At December 31, 2015, the Company had 43 securities with a gross unrealized loss of $791,000 with a fair value of $78.3 million. At December 31, 2014, the Company had 24 securities with a gross unrealized loss of $387,000 with a fair value of $31.2 million. Management reviewed the financial condition of the entities underlying the securities at both December 31, 2015, and December 31, 2014, and determined that no OTTI was required. Management believes that, while actual fluctuation in unrealized losses will occur over the life of an investment security, the temporary impairment on the investment securities that were in an unrealized loss position at December 31, 2015 and 2014, will be incrementally relieved as the individual investment securities approach their respective contractual maturity dates. The unrealized losses relate principally to the general change in interest rate and illiquidity, and not credit quality. As management does not intend to sell the security, and it is likely that it will not be required to sell the security before its anticipated recovery, no declines are deemed to be other-than-temporary.