Investment securities available for sale
 12 Months Ended
Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]
Note 2.
Investment securities available for sale
 
The amortized cost and estimated fair value of investment securities available for sale as of December 31, 2016 and 2015 are as follows (in thousands):
 
 
 
 
 
Gross
 
Gross
 
 
 
 
 
Amortized
 
Unrealized
 
Unrealized
 
Estimated
 
 
 
Cost
 
Gains
 
Losses
 
Fair Value
 
 
 
 
 
 
 
 
 
 
 
December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Government agencies
 
$
32,475
 
$
-
 
$
(229)
 
$
32,246
 
Mortgage-backed securities
 
 
11,694
 
 
1
 
 
(47)
 
 
11,648
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
44,169
 
$
1
 
$
(276)
 
$
43,894
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Government agencies
 
$
34,286
 
$
-
 
$
(573)
 
$
33,713
 
Mortgage-backed securities
 
 
3,043
 
 
1
 
 
(43)
 
 
3,001
 
Municipals
 
 
1,255
 
 
-
 
 
(50)
 
 
1,205
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
38,584
 
$
1
 
$
(666)
 
$
37,919
 
 
Investment securities with book values of approximately $1,050,000 and $5,968,000 at December 31, 2016 and 2015, respectively, were pledged to secure deposit repurchase agreements.
 
Gross realized gains and losses pertaining to available for sale securities are detailed as follows for the years ending December 31, 2016, 2015 and 2014 (in thousands):
 
 
 
2016
 
2015
 
2014
 
 
 
 
 
 
 
 
 
Gross realized gains
 
$
162
 
$
13
 
$
218
 
Gross realized losses
 
 
-
 
 
(7)
 
 
(428)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
162
 
$
6
 
$
(210)
 
 
The Company sold approximately $22 million, $8 million and $22 million of investment securities available for sale at a gain of $162,000 and $6,000 in 2016 and 2015, respectively and a loss of $210,000 in 2014. The sale of these securities, which had fixed interest rates, allowed the Company to decrease its exposure to the anticipated upward movement in interest rates that would result in unrealized losses being recognized in shareholders’ equity. In 2014, approximately $15 million of the proceeds from the sale of these securities were used to purchase rehabilitated student loans that have variable interest rates that will increase as interest rates in general increase.
 
Investment securities available for sale that have an unrealized loss position at December 31, 2016 and December 31, 2015 are detailed below (in thousands):
 
 
 
Securities in a loss
 
Securities in a loss
 
 
 
 
 
 
 
position for less than
 
position for more than
 
 
 
 
 
 
 
12 Months
 
12 Months
 
Total
 
 
 
Fair
 
Unrealized
 
Fair
 
Unrealized
 
Fair
 
Unrealized
 
 
 
Value
 
Losses
 
Value
 
Losses
 
Value
 
Losses
 
December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
US Government Agencies
 
$
27,291
 
$
(213)
 
$
2,852
 
$
(16)
 
$
30,143
 
$
(229)
 
Mortgage-backed securities
 
 
9,450
 
 
(47)
 
 
-
 
 
-
 
 
9,450
 
 
(47)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
36,741
 
$
(260)
 
$
2,852
 
$
(16)
 
$
39,593
 
$
(276)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
US Government Agencies
 
$
18,598
 
$
(329)
 
$
15,115
 
$
(244)
 
$
33,713
 
$
(573)
 
Municipals
 
 
707
 
 
(14)
 
 
497
 
 
(36)
 
 
1,204
 
 
(50)
 
Mortgage-backed securities
 
 
2,899
 
 
(43)
 
 
-
 
 
-
 
 
2,899
 
 
(43)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
22,204
 
$
(386)
 
$
15,612
 
$
(280)
 
$
37,816
 
$
(666)
 
 
All of the unrealized losses are attributable to increases in interest rates and not to credit deterioration. Currently, the Company believes that it is probable that the Company will be able to collect all amounts due according to the contractual terms of the investments. Because the decline in market value is attributable to changes in interest rates and not to credit quality, and because it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be maturity, the Company does not consider these investments to be other than temporarily impaired at December 31, 2016.
 
The amortized cost and estimated fair value of investment securities available for sale as of December 31, 2016, by contractual maturity, are as follows (in thousands):
 
 
 
Amortized
 
Estimated
 
 
 
Cost
 
Fair Value
 
 
 
 
 
 
 
One to five years
 
$
33,131
 
$
32,885
 
More than ten years
 
 
11,038
 
 
11,009
 
 
 
 
 
 
 
 
 
Total
 
$
44,169
 
$
43,894