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 December 31, 2018
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(In Thousands)
Available-for-sale:
U.S. government agency securities - government-sponsored enterprises	$	999	$	—	$	(9	)	$	990
Municipal securities	5,953		2		(69		)	5,886
Mortgage backed securities - government issued	20,007		47		(426		)	19,628
Mortgage backed securities - government-sponsored enterprises	110,928		279		(1,729		)	109,478
Other securities	2,450		—		(74		)	2,376
	$	140,337	$	328	$	(2,307	)	$	138,358



	As of December 31, 2017
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(In Thousands)
Available-for-sale:
U.S. government agency securities - government-sponsored enterprises	$	999	$	1	$	—		$	1,000
Municipal securities	9,494		2		(82		)	9,414
Mortgage backed securities - government issued	22,313		149		(213		)	22,249
Mortgage backed securities - 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 December 31, 2018
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(In Thousands)
Held-to-maturity:
Municipal securities	$	21,066	$	72	$	(59	)	$	21,079
Mortgage backed securities - government issued	7,358		—		(172		)	7,186
Mortgage backed securities - government-sponsored enterprises	9,307		2		(165		)	9,144
	$	37,731	$	74	$	(396	)	$	37,409



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

U.S. government agency securities - government-sponsored enterprises represent securities issued by the Federal Home Loan Bank (“FHLB”), the Federal Home Loan Mortgage Corporation (“FHLMC”), and the Federal National Mortgage Association (“FNMA”). Municipal securities 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. Mortgage backed securities - government issued represent securities guaranteed by the Government National Mortgage Association. Mortgage backed securities - government-sponsored enterprises include securities guaranteed by FHLMC and FNMA. Other securities represent certificates of deposit of insured banks and savings institutions with an original maturity greater than three months.

Total proceeds and gross realized gains and losses from sales of securities available-for-sale were as follows:



	For the Year Ended December 31,
	2018			2017			2016
	(In Thousands)
Gross gains	$	22		$	92		$	10
Gross losses	(26		)	(495		)	—
Net (losses) gains on sale of available-for-sale securities	$	(4	)	$	(403	)	$	10
Proceeds from sale of available-for-sale securities	$	6,207		$	40,144		$	5,227

At December 31, 2018 and 2017, securities with a fair value of $11.5 million and $2.8 million, respectively, were pledged to secure various obligations, including interest rate swap contracts and municipal deposits.

The amortized cost and fair value of securities by contractual maturity at December 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	$	1,801	$	1,800	$	771	$	771
Due in one year through five years	21,353		21,027		11,834		11,822
Due in five through ten years	26,957		26,536		19,053		18,839
Due in over ten years	90,226		88,995		6,073		5,977
	$	140,337	$	138,358	$	37,731	$	37,409

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 December 31, 2018 and 2017. At December 31, 2018, the Corporation held 135 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, 2018, the Corporation held 128 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 Consolidated Statements of Income for the years ended December 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:



	December 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 securities - government-sponsored enterprises	$	—	$	—	$	990	$	9	$	990	$	9
Municipal securities	—		—		4,371		69		4,371		69
Mortgage backed securities - government issued	—		—		13,748		426		13,748		426
Mortgage backed securities - government-sponsored enterprises	8,178		46		69,602		1,683		77,780		1,729
Other securities	238		7		2,138		67		2,376		74
	$	8,416	$	53	$	90,849	$	2,254	$	99,265	$	2,307



	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 securities	$	6,132	$	43	$	2,755	$	39	$	8,887	$	82
Mortgage backed securities - government issued	7,104		40		6,715		173		13,819		213
Mortgage backed securities - 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 December 31, 2018 and 2017. At December 31, 2018, the Corporation held 63 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 37 held-to-maturity securities that had been in a continuous loss position for twelve months or greater as of December 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 Consolidated Statements of Income for the years ended December 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:



	December 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:
Municipal securities	$	6,876	$	14	$	4,364	$	45	$	11,240	$	59
Mortgage backed securities - government issued	—		—		7,186		172		7,186		172
Mortgage backed securities - government-sponsored enterprises	4,038		24		4,338		141		8,376		165
	$	10,914	$	38	$	15,888	$	358	$	26,802	$	396



	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 securities - government-sponsored enterprises	$	—	$	—	$	1,499	$	9	$	1,499	$	9
Municipal securities	3,723		27		259		7		3,982		34
Mortgage backed securities - government issued	3,868		51		4,677		79		8,545		130
Mortgage backed securities - government-sponsored enterprises	—		—		5,527		86		5,527		86
	$	7,591	$	78	$	11,962	$	181	$	19,553	$	259