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, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(In Thousands)
Available-for-sale:
U.S. government agency securities - government-sponsored enterprises	$	999	$	—	$	(5	)	$	994
Municipal securities	5,836		12		(28		)	5,820
Mortgage backed securities - government issued	40,299		125		(301		)	40,123
Mortgage backed securities - government-sponsored enterprises	108,112		525		(961		)	107,676
Other securities	2,205		—		(35		)	2,170
	$	157,451	$	662	$	(1,330	)	$	156,783



	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

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, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(In Thousands)
Held-to-maturity:
Municipal securities	$	20,597	$	200	$	(7	)	$	20,790
Mortgage backed securities - government issued	7,035		—		(80		)	6,955
Mortgage backed securities - government-sponsored enterprises	8,282		67		(89		)	8,260
	$	35,914	$	267	$	(176	)	$	36,005



	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

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 and the SBA. 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. No sales of available-for-sale securities occurred during the three months ended March 31, 2019 and 2018.

At March 31, 2019 and December 31, 2018, securities with a fair value of $12.0 million and $11.5 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 March 31, 2019 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	$	1,716	$	1,717	$	1,267	$	1,267
Due in one year through five years	20,200		20,030		12,346		12,422
Due in five through ten years	27,184		27,038		16,428		16,461
Due in over ten years	108,351		107,998		5,873		5,855
	$	157,451	$	156,783	$	35,914	$	36,005

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, 2019 and December 31, 2018. At March 31, 2019, the Corporation held 123 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, 2019, the Corporation held 122 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, 2019 and 2018.

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, 2019
	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	$	—	$	—	$	995	$	5	$	995	$	5
Municipal securities	—		—		3,072		28		3,072		28
Mortgage backed securities - government issued	—		—		13,461		301		13,461		301
Mortgage backed securities - government-sponsored enterprises	1,850		2		67,300		959		69,150		961
Other securities	—		—		2,170		35		2,170		35
	$	1,850	$	2	$	86,998	$	1,328	$	88,848	$	1,330



	As of 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

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, 2019 and December 31, 2018. At March 31, 2019, the Corporation held 25 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 21 held-to-maturity securities that had been in a continuous loss position for twelve months or greater as of March 31, 2019. 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, 2019 and 2018.

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, 2019
	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	$	677	$	1	$	1,194	$	6	$	1,871	$	7
Mortgage backed securities - government issued	—		—		6,955		80		6,955		80
Mortgage backed securities - government-sponsored enterprises	—		—		4,142		89		4,142		89
	$	677	$	1	$	12,291	$	175	$	12,968	$	176



	As of 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