Securities Held-to-Maturity

The following is a summary of mortgage-backed securities held-to-maturity at June 30, 2015, and December 31, 2014 (in thousands).



	June 30, 2015
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Mortgage-backed securities:
Pass-through certificates:
GSEs	$	3,921	$	44	$	—	$	3,965
Total securities held-to-maturity	$	3,921	$	44	$	—	$	3,965



	December 31, 2014
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Mortgage-backed securities:
Pass-through certificates:
GSEs	$	3,609	$	82	$	—	$	3,691
Total securities held-to-maturity	$	3,609	$	82	$	—	$	3,691

Contractual maturities for mortgage-backed securities are not included above, as expected maturities on mortgage‑backed securities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without penalties. The Company had no held-to-maturity securities at June 30, 2015, or December 31, 2014, that were in an unrealized loss position.

The fair values of our investment securities could decline in the future if the underlying performance of the collateral for the collateralized mortgage obligations or other securities deteriorates and our credit enhancement levels do not provide sufficient protections to our contractual principal and interest. As a result, there is a risk that significant other-than-temporary impairments may occur in the future given the current economic environment.