Securities Held-to-Maturity

The following is a summary of mortgage-backed securities held-to-maturity at December 31, 2015 (in thousands):



	2015
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Mortgage-backed securities:
Pass-through certificates:
GSEs	$	10,346	$	53	$	30	$	10,369
Total securities held-to-maturity	$	10,346	$	53	$	30	$	10,369



	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 presented, as expected maturities on mortgage-backed securities will 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 December 31, 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.