Annual report pursuant to Section 13 and 15(d)

INVESTMENT SECURITIES

v2.4.1.9
INVESTMENT SECURITIES
 12 Months Ended
Dec. 31, 2014
Investments  
INVESTMENT SECURITIES

 

NOTE 6: INVESTMENT SECURITIES

 

The amortized cost and estimated fair values of available-for-sale securities are as follows:

 

As of December 31, 2014

 

Amortized
Cost

 

Gross
Unrealized
Gains

 

Gross
Unrealized
Losses

 

Fair
Value

 

Municipal obligations

 

$
100

 

$
1

 

$

—

 

$
101

 

U.S. government securities funds

 
1,791

 

—

 
(15

)
1,776

 

Equity securities

 
227

 
454

 
(12

)
669

 

Total short-term investment securities

 

$
2,118

 

$
455

 

$
(27

)

$
2,546

 

 

As of December 31, 2013

 

Amortized
Cost

 

Gross
Unrealized
Gains

 

Gross
Unrealized
Losses

 

Fair
Value

 

Municipal obligations

 

$
403

 

$
12

 

$

—

 

$
415

 

U.S. government securities funds

 
997

 

—

 
(14

)
983

 

Equity securities

 
227

 
386

 
(5

)
608

 

Total short-term investment securities

 

$
1,627

 

$
398

 

$
(19

)

$
2,006

 

 

The municipal obligations held at fair value of $101 at December 31, 2014, all mature in less than two years.

 

During 2014, 2013, and 2012, the proceeds from the sales of available-for-sale securities were $247, $200, and $3,789, respectively. There were no gross realized gains (losses) on sales of available-for-sale securities (net of tax) for the years ended December 31, 2014, 2013, and 2012, respectively.

 

The Company’s trading securities portfolio totaled $1,038 and $971 at December 31, 2014 and 2013, respectively, and generated gains of $56, $122, and $116, for the years ended December 31, 2013, 2012, and 2011, respectively.

 

As of December 31, 2014, and 2013, the Company had unrealized losses of $15, and $14, respectively, in its U.S. government securities funds. These losses are due to the interest rate sensitivity of the municipal obligations and the performance of the overall stock market for the equity securities.