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 December 31, 2015
	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	$	8,047	$	2	$	(32	)	$	8,017
Municipal obligations	4,278		12		(7		)	4,283
Asset-backed securities	1,327		—		(58		)	1,269
Collateralized mortgage obligations - government issued	43,845		814		(116		)	44,543
Collateralized mortgage obligations - government-sponsored enterprises	82,707		145		(416		)	82,436
	$	140,204	$	973	$	(629	)	$	140,548



	As of December 31, 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	$	9,046	$	—	$	(81	)	$	8,965
Municipal obligations	573		5		—			578
Asset-backed securities	1,514		—		(4		)	1,510
Collateralized mortgage obligations - government issued	67,740		1,390		(256		)	68,874
Collateralized mortgage obligations - government-sponsored enterprises	64,763		234		(226		)	64,771
	$	143,636	$	1,629	$	(567	)	$	144,698

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 December 31, 2015
	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	$	1,495	$	1	$	(11	)	$	1,485
Municipal obligations	16,038		332		(5		)	16,365
Asset-backed securities	—		—		—			—
Collateralized mortgage obligations - government issued	11,718		32		(41		)	11,709
Collateralized mortgage obligations - government-sponsored enterprises	8,031		12		(44		)	7,999
	$	37,282	$	377	$	(101	)	$	37,558



	As of December 31, 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	$	1,490	$	—	$	(17	)	$	1,473
Municipal obligations	16,088		85		(18		)	16,155
Asset-backed securities	—		—		—			—
Collateralized mortgage obligations - government issued	14,505		57		(31		)	14,531
Collateralized mortgage obligations - government-sponsored enterprises	9,480		74		(19		)	9,535
	$	41,563	$	216	$	(85	)	$	41,694

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, 2015 and 2014.

At December 31, 2015 and 2014, securities with a fair value of $23.0 million and $32.7 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 by contractual maturity at December 31, 2015 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.



	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	13,511		13,505		3,890		3,899
Due in five through ten years	88,690		88,902		13,643		13,950
Due in over ten years	38,003		38,141		19,749		19,709
	$	140,204	$	140,548	$	37,282	$	37,558

The tables below show the Corporation’s gross unrealized losses and fair value of available-for-sale investments with unrealized losses aggregated by investment category and length of time that individual investments were in a continuous loss position at December 31, 2015 and 2014. At December 31, 2015, the Corporation owned 87 available-for-sale securities that were in an unrealized loss position. 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, 2015, the Corporation held 11 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 years ended December 31, 2015 and 2014.

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



	As of December 31, 2015
	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	$	3,536	$	13	$	1,981	$	19	$	5,517	$	32
Municipal obligations	2,403		7		—		—		2,403		7
Asset-backed securities	1,269		58		—		—		1,269		58
Collateralized mortgage obligations - government issued	3,373		19		5,687		97		9,060		116
Collateralized mortgage obligations - government-sponsored enterprises	59,992		373		1,717		43		61,709		416
	$	70,573	$	470	$	9,385	$	159	$	79,958	$	629



	As of December 31, 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	$	3,486	$	12	$	5,479	$	69	$	8,965	$	81
Municipal obligations	—		—		—		—		—		—
Asset-backed securities	$	—	$	—	$	1,510	$	4	$	1,510	$	4
Collateralized mortgage obligations - government issued	9,201		50		9,536		206		18,737		256
Collateralized mortgage obligations - government-sponsored enterprises	29,498		97		4,993		129		34,491		226
	$	42,185	$	159	$	21,518	$	408	$	63,703	$	567

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 December 31, 2015 and 2014. At December 31, 2015, the Corporation held 14 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 three held-to-maturity securities that had been in a continuous loss position for twelve months or greater as of December 31, 2015. 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 years ended December 31, 2015 and 2014.

A summary of unrecognized loss information for securities held-to-maturity, categorized by security type follows:



	As of December 31, 2015
	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	$	—	$	—	$	1,000	$	11	$	1,000	$	11
Municipal obligations	436		4		199		1		635		5
Collateralized mortgage obligations - government issued	6,518		41		—		—		6,518		41
Collateralized mortgage obligations - government-sponsored enterprises	5,168		44		—		—		5,168		44
	$	12,122	$	89	$	1,199	$	12	$	13,321	$	101



	As of December 31, 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	$	1,490	$	17	$	—	$	—	$	1,490	$	17
Municipal obligations	2,222		18		$	—	$	—	2,222		18
Collateralized mortgage obligations - government issued	3,247		$	31	$	—	$	—	3,247		31
Collateralized mortgage obligations - government-sponsored enterprises	$	3,076	$	19	$	—	$	—	3,076		19
	$	10,035	$	85	$	—	$	—	$	10,035	$	85