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Securities | 6 Months Ended
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Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract] |
Securities | 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, 2022
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
|  | (In Thousands)
Available-for-sale: |  |  |  |  |  |  |  |
U.S. treasuries |  | $ | 4,974 |  |  | $ | — |  |  | $ | (401) |  |  | 4,573 |
U.S. government agency securities - government-sponsored enterprises |  | 17,059 |  |  | 248 |  |  | (393) |  |  | 16,914 |
Municipal securities |  | 43,995 |  |  | 7 |  |  | (5,228) |  |  | 38,774 |
Residential mortgage-backed securities - government issued |  | 17,148 |  |  | 2 |  |  | (1,284) |  |  | 15,866 |
Residential mortgage-backed securities - government-sponsored enterprises |  | 104,040 |  |  | 3 |  |  | (8,085) |  |  | 95,958 |
Commercial mortgage-backed securities - government issued |  | 3,834 |  |  | — |  |  | (337) |  |  | 3,497 |
Commercial mortgage-backed securities - government-sponsored enterprises |  | 36,275 |  |  | — |  |  | (4,195) |  |  | 32,080 |
Other securities |  | 980 |  |  | 1 |  |  | — |  |  | 981 |
|  | $ | 228,305 |  |  | $ | 261 |  |  | $ | (19,923) |  |  | $ | 208,643 |
|  | As of December 31, 2021
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
|  | (In Thousands)
Available-for-sale: |  |  |  |  |  |  |  |
U.S. treasuries |  | $ | 4,971 |  |  | $ | — |  |  | $ | (57) |  |  | $ | 4,914 |
U.S. government agency securities - government-sponsored enterprises |  | 19,797 |  |  | 248 |  |  | (110) |  |  | 19,935 |
Municipal securities |  | 30,828 |  |  | 473 |  |  | (344) |  |  | 30,957 |
Residential mortgage-backed securities - government issued |  | 19,563 |  |  | 238 |  |  | (140) |  |  | 19,661 |
Residential mortgage-backed securities - government-sponsored enterprises |  | 85,748 |  |  | 741 |  |  | (784) |  |  | 85,705 |
Commercial mortgage-backed securities - government issued |  | 5,801 |  |  | 36 |  |  | (66) |  |  | 5,771 |
Commercial mortgage-backed securities - government-sponsored enterprises |  | 36,786 |  |  | 313 |  |  | (568) |  |  | 36,531 |
Other securities |  | 2,205 |  |  | 23 |  |  | — |  |  | 2,228 |
|  | $ | 205,699 |  |  | $ | 2,072 |  |  | $ | (2,069) |  |  | $ | 205,702 |
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, 2022
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
|  | (In Thousands)
Held-to-maturity: |  |  |  |  |  |  |  |
Municipal securities |  | $ | 8,291 |  |  | $ | 23 |  |  | $ | (26) |  |  | $ | 8,288 |
Residential mortgage-backed securities - government issued |  | 1,878 |  |  | — |  |  | (57) |  |  | 1,821 |
Residential mortgage-backed securities - government-sponsored enterprises |  | 1,792 |  |  | — |  |  | (48) |  |  | 1,744 |
Commercial mortgage-backed securities - government-sponsored enterprises |  | 2,007 |  |  | — |  |  | (11) |  |  | 1,996 |
|  | $ | 13,968 |  |  | $ | 23 |  |  | $ | (142) |  |  | $ | 13,849 |
|  | As of December 31, 2021
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
|  | (In Thousands)
Held-to-maturity: |  |  |  |  |  |  |  |
Municipal securities |  | $ | 13,009 |  |  | $ | 222 |  |  | $ | (3) |  |  | $ | 13,228 |
Residential mortgage-backed securities - government issued |  | 2,226 |  |  | 40 |  |  | — |  |  | 2,266 |
Residential mortgage-backed securities - government-sponsored enterprises |  | 2,502 |  |  | 76 |  |  | — |  |  | 2,578 |
Commercial mortgage-backed securities - government-sponsored enterprises |  | 2,009 |  |  | 195 |  |  | — |  |  | 2,204 |
|  | $ | 19,746 |  |  | $ | 533 |  |  | $ | (3) |  |  | $ | 20,276 |
U.S. Treasuries contains treasury bonds issued by the United States Treasury. U.S. government agency securities - government-sponsored enterprises represent securities issued by Federal National Mortgage Association (“FNMA”) and the SBA. Municipal securities include securities issued by various municipalities located primarily within Wisconsin and are primarily general obligation bonds that are tax-exempt in nature. Residential and commercial mortgage-backed securities - government issued represent securities guaranteed by the Government National Mortgage Association. Residential and commercial mortgage-backed securities - government-sponsored enterprises include securities guaranteed by the Federal Home Loan Mortgage Corporation, FNMA, and the FHLB. Other securities represent certificates of deposit of insured banks and savings institutions with an original maturity greater than three months. There were no sales of available-for-sale securities that occurred during the three and six months ended June 30, 2022 and there were seven sales of available-for-sale securities that occurred during the three and six months ended June 30, 2021. At June 30, 2022 and December 31, 2021, securities with a fair value of $39.7 million and $70.3 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, 2022 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 |  | $ | 2,757 |  |  | $ | 2,755 |  |  | $ | 3,962 |  |  | $ | 3,973 |
Due in one year through five years |  | 12,882 |  |  | 12,115 |  |  | 4,130 |  |  | 4,109 |
Due in five through ten years |  | 58,532 |  |  | 53,524 |  |  | 4,940 |  |  | 4,862 |
Due in over ten years |  | 154,134 |  |  | 140,249 |  |  | 936 |  |  | 905 |
|  | $ | 228,305 |  |  | $ | 208,643 |  |  | $ | 13,968 |  |  | $ | 13,849 |
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, 2022 and December 31, 2021. At June 30, 2022, the Corporation held 164 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, 2022, the Corporation held 11 available-for-sale securities that have 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 and six months ended June 30, 2022 and 2021. 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, 2022
|  | 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. treasuries |  | $ | 4,573 |  |  | $ | 401 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,573 |  |  | $ | 401 |
U.S. government agency securities - government-sponsored enterprises |  | 926 |  |  | 73 |  |  | 2,181 |  |  | 320 |  |  | 3,107 |  |  | 393 |
Municipal securities |  | 33,074 |  |  | 3,895 |  |  | 3,517 |  |  | 1,333 |  |  | 36,591 |  |  | 5,228 |
Residential mortgage-backed securities - government issued |  | 14,826 |  |  | 1,284 |  |  | — |  |  | — |  |  | 14,826 |  |  | 1,284 |
Residential mortgage-backed securities - government-sponsored enterprises |  | 83,381 |  |  | 6,556 |  |  | 11,394 |  |  | 1,529 |  |  | 94,775 |  |  | 8,085 |
Commercial mortgage-backed securities - government issued |  | 3,497 |  |  | 337 |  |  | — |  |  | — |  |  | 3,497 |  |  | 337 |
Commercial mortgage-backed securities - government-sponsored enterprises |  | 26,080 |  |  | 3,048 |  |  | 6,000 |  |  | 1,147 |  |  | 32,080 |  |  | 4,195 |
|  | $ | 166,357 |  |  | $ | 15,594 |  |  | $ | 23,092 |  |  | $ | 4,329 |  |  | $ | 189,449 |  |  | $ | 19,923 |
|  | As of December 31, 2021
|  | 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. treasuries |  | $ | 4,914 |  |  | $ | 57 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,914 |  |  | $ | 57 |
U.S. government agency securities - government-sponsored enterprises |  | 978 |  |  | 22 |  |  | 2,412 |  |  | 88 |  |  | 3,390 |  |  | 110 |
Municipal securities |  | 12,568 |  |  | 344 |  |  | — |  |  | — |  |  | 12,568 |  |  | 344 |
Residential mortgage-backed securities - government issued |  | 12,745 |  |  | 140 |  |  | — |  |  | — |  |  | 12,745 |  |  | 140 |
Residential mortgage-backed securities - government-sponsored enterprises |  | 41,276 |  |  | 629 |  |  | 4,250 |  |  | 155 |  |  | 45,526 |  |  | 784 |
Commercial mortgage-backed securities - government issued |  | 2,193 |  |  | 66 |  |  | — |  |  | — |  |  | 2,193 |  |  | 66 |
Commercial mortgage-backed securities - government-sponsored enterprises |  | 25,906 |  |  | 568 |  |  | — |  |  | — |  |  | 25,906 |  |  | 568 |
|  | $ | 100,580 |  |  | $ | 1,826 |  |  | $ | 6,662 |  |  | $ | 243 |  |  | $ | 107,242 |  |  | $ | 2,069 |
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, 2022 and December 31, 2021. At June 30, 2022, the Corporation held 23 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. At June 30, 2022, the Corporation held one held-to-maturity security that had been in a continuous unrealized loss position for twelve months or greater. 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 and six months ended June 30, 2022 and 2021. 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, 2022
|  | 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 |  | $ | 1,742 |  |  | $ | 8 |  |  | $ | 268 |  |  | $ | 18 |  |  | $ | 2,010 |  |  | $ | 26 |
Residential mortgage-backed securities - government issued |  | 1,821 |  |  | 57 |  |  | — |  |  | — |  |  | 1,821 |  |  | 57 |
Residential mortgage-backed securities - government-sponsored enterprises |  | 3,364 |  |  | 48 |  |  | — |  |  | — |  |  | 3,364 |  |  | 48 |
Commercial mortgage-backed securities - government-sponsored enterprises |  | 376 |  |  | 11 |  |  | — |  |  | — |  |  | 376 |  |  | 11 |
|  | $ | 7,303 |  |  | $ | 124 |  |  | $ | 268 |  |  | $ | 18 |  |  | $ | 7,571 |  |  | $ | 142 |
|  | As of December 31, 2021
|  | 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 |  | $ | — |  |  | $ | — |  |  | $ | 284 |  |  | $ | 3 |  |  | $ | 284 |  |  | $ | 3 |

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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