Investments
 12 Months Ended
Dec. 31, 2016
Investments [Abstract]  
Investments
Investments

The following tables summarize the amortized cost and fair value of investments available-for-sale at December 31, 2016, and 2015, and the corresponding amounts of gross unrealized gains and losses. 
 
December 31, 2016
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
 
(In thousands)
Mortgage-backed investments:
 
 
 
 
 
 
 
   Fannie Mae
$
42,060

 
$
126

 
$
(854
)
 
$
41,332

   Freddie Mac
18,013

 
95

 
(99
)
 
18,009

   Ginnie Mae
19,133

 
41

 
(540
)
 
18,634

Municipal bonds
13,203

 
11

 
(107
)
 
13,107

U.S. Government agencies
15,937

 
75

 
(155
)
 
15,857

Corporate bonds
22,506

 
241

 
(426
)
 
22,321

 
$
130,852

 
$
589

 
$
(2,181
)
 
$
129,260

 
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

 

There were no investments classified as held-to-maturity at December 31, 2016, or 2015.

The amortized cost and estimated fair value of investments available-for-sale at December 31, 2016, 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, 2016
 
Amortized Cost
 
Fair Value
 
(In thousands)
Due within one year
$
510

 
$
510

Due after one year through five years
8,852

 
8,855

Due after five years through ten years
23,740

 
23,605

Due after ten years
18,543

 
18,315

 
51,645

 
51,285

Mortgage-backed investments
79,207

 
77,975

 
$
130,852

 
$
129,260


 
Under Washington State law, in order to participate in the public funds program the Company is required to pledge eligible securities as collateral in an amount equal to 50% of the public deposits held. Investments with a carrying value of $22.6 million and $17.4 million were pledged as collateral for public deposits at December 31, 2016, and 2015, respectively, both of which exceeded the minimum collateral requirements established by the Washington Public Deposit Protection Commission. At December 31, 2016, and 2015, there were no investments pledged as collateral for FHLB advances.

Sales and other redemptions of available-for-sale investments were as follows: 
 
Year Ended December 31,
 
2016
 
2015
 
2014
 
(In thousands)
Proceeds
$
26,437

 
$
27,327

 
$
4,980

Gross gains
245

 
449

 
—

Gross losses
(195
)
 
(357
)
 
(20
)

 
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, 2016 and 2015.
 
December 31, 2016
 
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
$
34,763

 
$
(854
)
 
$
—

 
$
—

 
$
34,763

 
$
(854
)
Freddie Mac
8,343

 
(99
)
 
—

 
—

 
8,343

 
(99
)
Ginnie Mae
16,734

 
(540
)
 
—

 
—

 
16,734

 
(540
)
Municipal bonds
8,815

 
(107
)
 
—

 
—

 
8,815

 
(107
)
U.S. Government agencies
9,000

 
(153
)
 
1,426

 
(2
)
 
10,426

 
(155
)
Corporate bonds
3,880

 
(119
)
 
4,693

 
(307
)
 
8,573

 
(426
)
 
$
81,535

 
$
(1,872
)
 
$
6,119

 
$
(309
)
 
$
87,654

 
$
(2,181
)

 
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
)


At December 31, 2016, and 2015, the Company had 53 and 43 securities, respectively, with a gross unrealized loss position. Management reviewed the financial condition of the entities underlying the securities at both December 31, 2016, and December 31, 2015, 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, 2016 and 2015, 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.