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 June 30, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(In Thousands)
Available-for-sale:
U.S. government agency securities - government-sponsored enterprises	$	1,000	$	1	$	—		$	1,001
Municipal securities	3,498		12		(3		)	3,507
Mortgage backed securities - government issued	45,954		559		(159		)	46,354
Mortgage backed securities - government-sponsored enterprises	105,016		1,093		(242		)	105,867
Other securities	2,205		2		(3		)	2,204
	$	157,673	$	1,667	$	(407	)	$	158,933



	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 June 30, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(In Thousands)
Held-to-maturity:
Municipal securities	$	20,010	$	312	$	—		$	20,322
Mortgage backed securities - government issued	6,638		32		(15		)	6,655
Mortgage backed securities - government-sponsored enterprises	7,871		158		(25		)	8,004
	$	34,519	$	502	$	(40	)	$	34,981



	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. There were nine sales of available-for-sale securities that occurred during the six months ended June 30, 2019. No sales of available-for-sale securities occurred during the six months ended June 30, 2018.

At June 30, 2019 and December 31, 2018, securities with a fair value of $22.0 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 June 30, 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	$	1,423	$	1,425	$	771	$	772
Due in one year through five years	18,190		18,241		13,564		13,710
Due in five through ten years	31,858		32,147		14,763		15,025
Due in over ten years	106,202		107,120		5,421		5,474
	$	157,673	$	158,933	$	34,519	$	34,981

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 June 30, 2019 and December 31, 2018. At June 30, 2019, the Corporation held 57 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 June 30, 2019, the Corporation held 56 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 six months ended June 30, 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 June 30, 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:
Municipal securities	$	—	$	—	$	1,127	$	3	$	1,127	$	3
Mortgage backed securities - government issued	—		—		6,672		159		6,672		159
Mortgage backed securities - government-sponsored enterprises	1,751		—		25,160		242		26,911		242
Other securities	—		—		977		3		977		3
	$	1,751	$	—	$	33,936	$	407	$	35,687	$	407



	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 June 30, 2019 and December 31, 2018. At June 30, 2019, the Corporation held 11 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 10 held-to-maturity securities that had been in a continuous loss position for twelve months or greater as of June 30, 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 six months ended June 30, 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 June 30, 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	$	70	$	—	$	253	$	—	$	323	$	—
Mortgage backed securities - government issued	—		—		2,563		15		2,563		15
Mortgage backed securities - government-sponsored enterprises	—		—		2,443		25		2,443		25
	$	70	$	—	$	5,259	$	40	$	5,329	$	40



	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