Securities

The amortized cost and estimated fair value of securities available-for-sale were as follows:



	As of December 31, 2013
	Amortized cost		Gross unrealized holding gains		Gross unrealized holding losses			Estimated fair value
	(In Thousands)
U.S. Government agency obligations - government-sponsored enterprises	$	16,380	$	9	$	(145	)	$	16,244
Municipal obligations	16,207		35		(753		)	15,489
Asset-backed securities	1,517		—		(23		)	1,494
Collateralized mortgage obligations - government issued	111,010		2,238		(1,279		)	111,969
Collateralized mortgage obligations - government-sponsored enterprises	35,561		57		(696		)	34,922
	$	180,675	$	2,339	$	(2,896	)	$	180,118



	As of December 31, 2012
	Amortized cost		Gross unrealized holding gains		Gross unrealized holding losses			Estimated fair value
	(In Thousands)
U.S. Government agency obligations - government-sponsored enterprises	$	19,667	$	62	$	(8	)	$	19,721
Municipal obligations	$	11,897	$	179	$	(43	)	$	12,033
Collateralized mortgage obligations - government issued	148,369		3,344		(68		)	151,645
Collateralized mortgage obligations - government-sponsored enterprises	17,128		88		(19		)	17,197
	$	197,061	$	3,673	$	(138	)	$	200,596

U.S. Government agency obligations - government-sponsored enterprises represent securities issued by the Federal Home Loan Mortgage Corporation (“FHLMC”) and Federal National Mortgage Association (“FNMA”). Collateralized mortgage obligations - government issued represent securities guaranteed by the Government National Mortgage Association (“GNMA”). Collateralized mortgage obligations — government-sponsored enterprises include securities guaranteed by FHLMC and the FNMA. Asset-backed securities represent securities issued by the Student Loan Marketing Association (“SLMA”) and are 97% guaranteed by the U.S. government. Municipal obligations include securities issued by various municipalities located primarily within the State of Wisconsin and are primarily general obligation bonds that are tax-exempt in nature. There were no sales of securities available-for-sale during the years ended December 31, 2013 and 2012.

At December 31, 2013 and December 31, 2012, securities with a fair value of $42.3 million and $23.1 million, respectively, were pledged to secure interest rate swap contracts, outstanding FHLB advances, if any, and additional FHLB availability.

The amortized cost and estimated fair value of securities available-for-sale by contractual maturity at December 31, 2013 are shown below. Actual maturities may differ from contractual maturities because issuers have the right to call or prepay obligations without call or prepayment penalties.



	Amortized Cost		Estimated Fair Value
	(In Thousands)
Due in one year or less	$	—	$	—
Due in one year through five years	15,150		15,036
Due in five through ten years	41,116		41,018
Due in over ten years	124,409		124,064
	$	180,675	$	180,118

The table below shows the Corporation’s gross unrealized losses and fair value of investments, aggregated by investment category and length of time that individual investments were in a continuous unrealized loss position at December 31, 2013 and 2012. At December 31, 2013 and 2012, the Corporation owned 131 securities and 30 securities that were in an unrealized loss position, respectively. Such securities have not experienced credit rating downgrades; however, they have primarily declined in value due to the current interest rate environment. At December 31, 2013, the Corporation held 13 securities that had been in a continuous loss position for twelve months or greater.

The Corporation also has not specifically identified securities in a loss position that it intends to sell in the near term and does not believe that it will be required to sell any such securities. It is expected that the Corporation will recover the entire amortized cost basis of each security based upon an evaluation of the present value of the expected future cash flows. Accordingly, no other than temporary impairment was recorded in the Consolidated Statements of Income for the years ended December 31, 2013 and 2012.

A summary of unrealized loss information for available-for-sale securities, categorized by security type follows:



	As of December 31, 2013
	Less than 12 months				12 months or longer				Total
	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
	(In Thousands)
U.S. Government agency obligations - government-sponsored enterprises	$	10,608	$	145	$	—	$	—	$	10,608	$	145
Municipal obligations	12,001		650		981		103		12,982		753
Asset-backed securities	1,494		23		—		—		1,494		23
Collateralized mortgage obligations - government issued	34,021		997		6,146		282		40,167		1,279
Collateralized mortgage obligations - government-sponsored enterprises	20,628		506		5,418		190		26,046		696
	$	78,752	$	2,321	$	12,545	$	575	$	91,297	$	2,896



	As of December 31, 2012
	Less than 12 months				12 months or longer				Total
	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
	(In Thousands)
U.S. Government agency obligations - government-sponsored enterprises	$	2,992	$	8	$	—	$	—	$	2,992	$	8
Municipal obligations	3,450		43		—		—		3,450		43
Collateralized mortgage obligations - government issued	12,990		68		—		—		12,990		68
Collateralized mortgage obligations - government-sponsored enterprises	5,075		19		—		—		5,075		19
	$	24,507	$	138	$	—	$	—	$	24,507	$	138