Securities

The amortized cost and 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 March 31, 2018
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(In Thousands)
Available-for-sale:
U.S. government agency obligations - government-sponsored enterprises	$	999	$	—	$	(9	)	$	990
Municipal obligations	8,291		1		(111		)	8,181
Collateralized mortgage obligations - government issued	23,147		95		(397		)	22,845
Collateralized mortgage obligations - government-sponsored enterprises	95,509		11		(2,236		)	93,284
Other securities	2,695		—		(34		)	2,661
	$	130,641	$	107	$	(2,787	)	$	127,961



	As of December 31, 2017
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(In Thousands)
Available-for-sale:
U.S. government agency obligations - government-sponsored enterprises	$	999	$	1	$	—		$	1,000
Municipal obligations	9,494		2		(82		)	9,414
Collateralized mortgage obligations - government issued	22,313		149		(213		)	22,249
Collateralized mortgage obligations - government-sponsored enterprises	91,480		24		(1,199		)	90,305
Other securities	3,040		3		(6		)	3,037
	$	127,326	$	179	$	(1,500	)	$	126,005

The amortized cost and fair value of securities held-to-maturity and the corresponding amounts of gross unrealized gains and losses were as follows:



	As of March 31, 2018
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(In Thousands)
Held-to-maturity:
U.S. government agency obligations - government-sponsored enterprises	$	1,499	$	—	$	(9	)	$	1,490
Municipal obligations	21,657		48		(129		)	21,576
Collateralized mortgage obligations - government issued	8,613		—		(232		)	8,381
Collateralized mortgage obligations - government-sponsored enterprises	10,116		15		(169		)	9,962
	$	41,885	$	63	$	(539	)	$	41,409



	As of December 31, 2017
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(In Thousands)
Held-to-maturity:
U.S. government agency obligations - government-sponsored enterprises	$	1,499	$	—	$	(9	)	$	1,490
Municipal obligations	21,680		176		(34		)	21,822
Collateralized mortgage obligations - government issued	9,072		1		(130		)	8,943
Collateralized mortgage obligations - government-sponsored enterprises	5,527		—		(86		)	5,441
	$	37,778	$	177	$	(259	)	$	37,696

U.S. government agency obligations - government-sponsored enterprises represent securities issued by the Federal Home Loan Bank (“FHLB”), the Federal Home Loan Mortgage Corporation (“FHLMC”) and Federal National Mortgage Association (“FNMA”). 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. Collateralized mortgage obligations - government issued represent securities guaranteed by the Government National Mortgage Association. Collateralized mortgage obligations - government-sponsored enterprises include securities guaranteed by the FHLMC and the FNMA. Other securities represent certificates of deposit of insured banks and savings institutions with an original maturity greater than three months. No sales of available-for-sale securities occurred during the three months ended March 31, 2018 and 2017, respectively.

At March 31, 2018 and December 31, 2017, securities with a fair value of $2.6 million and $2.8 million, respectively, were pledged to secure interest rate swap contracts.

The amortized cost and fair value of securities by contractual maturity at March 31, 2018 are shown below. Actual maturities may differ from contractual maturities because issuers have the right to call or prepay certain obligations with or without call or prepayment penalties.



	Available-for-Sale				Held-to-Maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(In Thousands)
Due in one year or less	$	3,894	$	3,886	$	1,700	$	1,691
Due in one year through five years	19,198		18,836		10,819		10,786
Due in five through ten years	31,867		31,274		20,298		20,032
Due in over ten years	75,682		73,965		9,068		8,900
	$	130,641	$	127,961	$	41,885	$	41,409

The tables below show the Corporation’s gross unrealized losses and fair value of available-for-sale investments aggregated by investment category and length of time that individual investments were in a continuous loss position at March 31, 2018 and December 31, 2017. At March 31, 2018, the Corporation held 158 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 March 31, 2018, the Corporation held 49 available-for-sale securities that had been in a continuous unrealized 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. The Corporation reviews its securities on a quarterly basis to monitor its exposure to other-than-temporary impairment. Consideration is given to such factors as the length of time and extent to which the security has been in an unrealized loss position, changes in security ratings and an evaluation of the present value of expected future cash flows, if necessary. Based on the Corporation’s evaluation, it is expected that the Corporation will recover the entire amortized cost basis of each security. Accordingly, no other-than-temporary impairment was recorded in the unaudited Consolidated Statements of Income for the three months ended March 31, 2018 and 2017.

A summary of unrealized loss information for securities available-for-sale, categorized by security type and length of time for which the security has been in a continuous unrealized loss position, follows:



	As of March 31, 2018
	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	$	990	$	9	$	—	$	—	$	990	$	9
Municipal obligations	4,914		70		2,094		41		7,008		111
Collateralized mortgage obligations - government issued	11,220		153		6,531		244		17,751		397
Collateralized mortgage obligations - government-sponsored enterprises	61,842		1,275		26,298		961		88,140		2,236
Other securities	2,418		32		243		2		2,661		34
	$	81,384	$	1,539	$	35,166	$	1,248	$	116,550	$	2,787



	As of December 31, 2017
	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:
Municipal obligations	$	6,132	$	43	$	2,755	$	39	$	8,887	$	82
Collateralized mortgage obligations - government issued	7,104		40		6,715		173		13,819		213
Collateralized mortgage obligations - government-sponsored enterprises	59,256		476		28,004		723		87,260		1,199
Other securities	1,954		6		—		—		1,954		$	6
	$	74,446	$	565	$	37,474	$	935	$	111,920	$	1,500

The tables below show the Corporation’s gross unrealized 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 March 31, 2018 and December 31, 2017. At March 31, 2018, the Corporation held 81 held-to-maturity 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. There were 16 held-to-maturity securities that had been in a continuous loss position for twelve months or greater as of March 31, 2018. It is expected that the Corporation will recover the entire amortized cost basis of each held-to-maturity security based upon an evaluation of aforementioned factors. Accordingly, no other-than-temporary impairment was recorded in the unaudited Consolidated Statements of Income for the three months ended March 31, 2018 and 2017.

A summary of unrealized loss information for securities held-to-maturity, categorized by security type and length of time for which the security has been in a continuous unrealized loss position, follows:



	As of March 31, 2018
	Less than 12 Months				12 Months or Longer				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(In Thousands)
Held-to-maturity:
U.S. government agency obligations - government-sponsored enterprises	$	—	$	—	$	1,499	$	9	$	1,499	$	9
Municipal obligations	14,446		120		258		9		14,704		129
Collateralized mortgage obligations - government issued	4,225		106		4,388		126		8,613		232
Collateralized mortgage obligations - government-sponsored enterprises	2,875		7		5,241		162		8,116		169
	$	21,546	$	233	$	11,386	$	306	$	32,932	$	539



	As of December 31, 2017
	Less than 12 Months				12 Months or Longer				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(In Thousands)
Held-to-maturity:
U.S. government agency obligations - government-sponsored enterprises	$	—	$	—	$	1,499	$	9	$	1,499	$	9
Municipal obligations	3,723		27		259		7		3,982		34
Collateralized mortgage obligations - government issued	3,868		51		4,677		79		8,545		130
Collateralized mortgage obligations - government-sponsored enterprises	—		—		5,527		86		5,527		86
	$	7,591	$	78	$	11,962	$	181	$	19,553	$	259