Securities

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



	As of June 30, 2012
	Amortized cost		Gross unrealized holding gains		Gross unrealized holding losses			Estimated fair value
	(In Thousands)
U.S. Government agency obligations - government-sponsored enterprises	$	12,668	$	8	$	(13	)	$	12,663
Municipal obligations	7,670		110		(28		)	7,752
Collateralized mortgage obligations — government issued	159,176		3,936		(178		)	162,934
Collateralized mortgage obligations — government-sponsored enterprises	12,544		32		(21		)	12,555
	$	192,058	$	4,086	$	(240	)	$	195,904



	As of December 31, 2011
	Amortized cost		Gross unrealized holding gains		Gross unrealized holding losses			Estimated fair value
	(In Thousands)
Municipal obligations	$	2,736	$	95	$	—		$	2,831
Collateralized mortgage obligations — government issued	161,443		4,022		(64		)	165,401
Collateralized mortgage obligations — government-sponsored enterprises	2,169		—		(15		)	2,154
	$	166,348	$	4,117	$	(79	)	$	170,386

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. Municipal obligations include securities issued by various municipalities located primarily within the State of Wisconsin and are tax-exempt general obligation bonds. There were no sales of securities available for sale in the three and six month periods ended June 30, 2012 and 2011.

The amortized cost and estimated fair value of securities available-for-sale by contractual maturity at June 30, 2012 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	$	159	$	161
Due in one year through five years	10,633		10,633
Due in five through ten years	13,621		13,759
Due in over ten years	167,645		171,351
	$	192,058	$	195,904

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 June 30, 2012 and December 31, 2011. At June 30, 2012 and December 31, 2011, the Corporation had 37 securities and 9 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 June 30, 2012, the Corporation held no 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 results of operations for the six months ended June 30, 2012 and 2011.

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



	As of June 30, 2012
	Less than 12 months				12 months or longer				Total
	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
	(In Thousands)
US Government agency obligations - government-sponsored enterprises	$	9,030	$	13	$	—	$	—	$	9,030	$	13
Municipal obligations	$	2,525	$	28	$	—	$	—	$	2,525	$	28
Collateralized mortgage obligations - government issued	16,787		178		—		—		16,787		178
Collateralized mortgage obligations - government-sponsored enterprises	6,370		21		—		—		6,370		21
	$	34,712	$	240	$	—	$	—	$	34,712	$	240



	As of December 31, 2011
	Less than 12 months				12 months or longer				Total
	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
	(In Thousands)
Collateralized mortgage obligations - government issued	$	16,336	$	64	$	—	$	—	$	16,336	$	64
Collateralized mortgage obligations - government-sponsored enterprises	2,076		15		—		—		2,076		15
	$	18,412	$	79	$	—	$	—	$	18,412	$	79

At June 30, 2012 and December 31, 2011, securities with a fair value of $8.4 million and $19.6 million, respectively, were pledged to secure interest rate swap contracts, outstanding Federal Home Loan Bank (FHLB) advances and client letters of credit. Securities pledged also provide for future availability for additional advances from the FHLB.