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Securities | 9 Months Ended
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Sep. 30, 2014
Investments, Debt and Equity Securities [Abstract] |
Securities | Securities The amortized cost and estimated fair value of securities available-for-sale and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income were as follows:
|  | As of September 30, 2014
|  | Amortized cost |  | Gross unrealized holding gains |  | Gross unrealized holding losses |  | Estimated fair value
|  | (In Thousands)
Available-for-sale: |  |  |  |  |  |  |  |
U.S. Government agency obligations - government-sponsored enterprises |  | $ | 7,250 |  |  | $ | — |  |  | $ | (79 | ) |  | $ | 7,171 |
Asset-backed securities |  | 1,515 |  |  | — |  |  | (1 | ) |  | 1,514 |
Collateralized mortgage obligations - government issued |  | 74,535 |  |  | 1,686 |  |  | (336 | ) |  | 75,885 |
Collateralized mortgage obligations - government-sponsored enterprises |  | 57,973 |  |  | 166 |  |  | (282 | ) |  | 57,857 |
|  | $ | 141,273 |  |  | $ | 1,852 |  |  | $ | (698 | ) |  | $ | 142,427 |
|  | As of December 31, 2013
|  | Amortized cost |  | Gross unrealized holding gains |  | Gross unrealized holding losses |  | Estimated fair value
|  | (In Thousands)
Available-for-sale: |  |  |  |  |  |  |  |
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 |
The amortized cost and estimated fair value of securities held-to-maturity and the corresponding amounts of gross unrecognized gains and losses were as follows:
|  | As of September 30, 2014
|  | Amortized cost |  | Gross unrecognized holding gains |  | Gross unrecognized holding losses |  | Estimated fair value
|  | (In Thousands)
Held-to-maturity: |  |  |  |  |  |  |  |
U.S. Government agency obligations - government-sponsored enterprises |  | $ | 1,487 |  |  | $ | — |  |  | $ | (24 | ) |  | $ | 1,463 |
Municipal obligations |  | 16,100 |  |  | 16 |  |  | (65 | ) |  | 16,051 |
Collateralized mortgage obligations - government issued |  | 15,145 |  |  | 5 |  |  | (113 | ) |  | 15,037 |
Collateralized mortgage obligations - government-sponsored enterprises |  | 9,790 |  |  | — |  |  | (129 | ) |  | 9,661 |
|  | $ | 42,522 |  |  | $ | 21 |  |  | $ | (331 | ) |  | $ | 42,212 |
During the quarter ended June 30, 2014, the Corporation transferred securities with an amortized cost of $44.6 million, previously designated as available-for-sale, to held-to-maturity classification. The fair value of those securities as of the date of the transfer was $43.7 million, reflecting a net unrealized loss of $874,000. The fair value as of the transfer date became the new amortized cost over the life of the security. No gain or loss was recognized at the time of the transfer. This transfer was completed after consideration of the Corporation’s ability and intent to hold these securities to maturity. 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 the 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 for the three and nine months ended September 30, 2014 and 2013. At September 30, 2014 and December 31, 2013, securities with a fair value of $35.0 million and $42.3 million, respectively, were pledged to secure interest rate swap contracts, outstanding Federal Home Loan Bank (“FHLB”) advances, if any, and additional FHLB availability. The amortized cost and estimated fair value of securities by contractual maturity at September 30, 2014 are shown below. Actual maturities may differ from contractual maturities because issuers have the right to call or prepay certain obligations without call or prepayment penalties.
|  | Available-for-Sale |  | Held-to-Maturity
|  | Amortized cost |  | Estimated fair value |  | Amortized cost |  | Estimated fair value
|  | (In Thousands)
Due in one year or less |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Due in one year through five years |  | 7,736 |  |  | 7,672 |  |  | 2,288 |  |  | 2,266 |
Due in five through ten years |  | 59,260 |  |  | 59,640 |  |  | 13,531 |  |  | 13,493 |
Due in over ten years |  | 74,277 |  |  | 75,115 |  |  | 26,703 |  |  | 26,453 |
|  | $ | 141,273 |  |  | $ | 142,427 |  |  | $ | 42,522 |  |  | $ | 42,212 |
The tables below show the Corporation’s gross unrealized losses and fair value of available-for-sale investments with unrealized losses and the gross unrecognized losses and fair value of held-to-maturity investments, aggregated by investment category and length of time that individual investments were in a continuous loss position at September 30, 2014 and December 31, 2013. At September 30, 2014 and December 31, 2013, the Corporation held 58 and 131 available-for-sale securities that were in a 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 September 30, 2014, the Corporation held 24 available-for-sale securities that had been in a continuous loss position for twelve months or greater. The Corporation also has not specifically identified available-for-sale 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 nine months ended September 30, 2014 and 2013. A summary of unrealized loss information for securities available-for-sale, categorized by security type follows:
|  | As of September 30, 2014
|  | Less than 12 months |  | 12 months or longer |  | Total
|  | Fair value |  | Unrealized losses |  | Fair value |  | Unrealized losses |  | Fair value |  | Unrealized losses
|  | (In Thousands)
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agency obligations - government-sponsored enterprises |  | $ | 2,491 |  |  | $ | 9 |  |  | $ | 4,680 |  |  | $ | 70 |  |  | $ | 7,171 |  |  | $ | 79 |
Asset-backed securities |  | — |  |  | — |  |  | 1,514 |  |  | 1 |  |  | 1,514 |  |  | 1 |
Collateralized mortgage obligations - government issued |  | 8,041 |  |  | 44 |  |  | 11,404 |  |  | 292 |  |  | 19,445 |  |  | 336 |
Collateralized mortgage obligations - government-sponsored enterprises |  | 34,805 |  |  | 132 |  |  | 5,275 |  |  | 150 |  |  | 40,080 |  |  | 282 |
|  | $ | 45,337 |  |  | $ | 185 |  |  | $ | 22,873 |  |  | $ | 513 |  |  | $ | 68,210 |  |  | $ | 698 |
|  | 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)
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
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 |
The tables below show the Corporation’s gross unrecognized losses and fair value of held-to-maturity investments, aggregated by investment category and length of time that individual investments were in a continuous loss position at September 30, 2014. At September 30, 2014, the Corporation held 74 held-to-maturity securities that were in an unrecognized loss position. Such securities have not experienced credit rating downgrades; however, they have primarily declined in value due to the current interest rate environment. There were no held-to-maturity securities that had been in a continuous loss position for twelve months or greater as of September 30, 2014. It is expected that the Corporation will recover the entire amortized cost basis of each held-to-maturity 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 nine months ended September 30, 2014. A summary of unrecognized loss information for securities held-to-maturity, categorized by security type follows:
|  | As of September 30, 2014
|  | Less than 12 months |  | 12 months or longer |  | Total
|  | Fair value |  | Unrecognized losses |  | Fair value |  | Unrecognized losses |  | Fair value |  | Unrecognized losses
|  | (In Thousands)
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agency obligations - government-sponsored enterprises |  | $ | 1,487 |  |  | $ | 24 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,487 |  |  | $ | 24 |
Municipal obligations |  | 11,795 |  |  | 65 |  |  | — |  |  | — |  |  | 11,795 |  |  | 65 |
Collateralized mortgage obligations - government issued |  | 11,448 |  |  | 113 |  |  | — |  |  | — |  |  | 11,448 |  |  | 113 |
Collateralized mortgage obligations - government-sponsored enterprises |  | 9,790 |  |  | 129 |  |  | — |  |  | — |  |  | 9,790 |  |  | 129 |
|  | $ | 34,520 |  |  | $ | 331 |  |  | $ | — |  |  | $ | — |  |  | $ | 34,520 |  |  | $ | 331 |
There were no securities designated as held-to-maturity as of December 31, 2013.

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