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v3.23.3

Securities (Tables) | 9 Months Ended
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Sep. 30, 2023
Securities |
Amortized cost and fair value of investments classified as available-for-sale | The amortized cost and fair value of the Corporation’s investments are shown below. All securities are classified as available-for-sale. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, 2023
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | ​ | ​
(Dollar amounts in thousands) | ​ | Cost |  | Gains |  | Losses |  | Fair Value
U.S. Government agencies | ​ | $ | 104,753 | ​ | $ | 4 | ​ | $ | (14,824) | ​ | $ | 89,933
Mortgage Backed Securities - residential | ​ | ​ | 669,417 | ​ | ​ | 2 | ​ | ​ | (112,729) | ​ | ​ | 556,690
Mortgage Backed Securities - commercial |  | ​ | 7,958 |  | ​ | — |  | ​ | (674) |  | ​ | 7,284
Collateralized mortgage obligations |  | ​ | 214,507 |  | ​ | — |  | ​ | (33,551) |  | ​ | 180,956
State and municipal obligations |  | ​ | 402,144 |  | ​ | 30 |  | ​ | (49,621) |  | ​ | 352,553
Municipal taxable |  | ​ | 39,875 |  | ​ | — |  | ​ | (7,247) |  | ​ | 32,628
U.S. Treasury |  | ​ | 2,177 |  | ​ | — |  | ​ | (26) |  | ​ | 2,151
Collateralized debt obligations |  | ​ | — |  | ​ | 3,024 |  | ​ | — |  | ​ | 3,024
TOTAL | ​ | $ | 1,440,831 | ​ | $ | 3,060 | ​ | $ | (218,672) | ​ | $ | 1,225,219
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2022
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | ​ | ​
(Dollar amounts in thousands) | ​ | Cost |  | Gains |  | Losses |  | Fair Value
U.S. Government agencies | ​ | $ | 110,226 | ​ | $ | 24 | ​ | $ | (11,777) | ​ | $ | 98,473
Mortgage Backed Securities-residential | ​ | ​ | 711,131 | ​ | ​ | 133 | ​ | ​ | (91,016) | ​ | ​ | 620,248
Mortgage Backed Securities-commercial |  | ​ | 10,103 |  | ​ | — |  | ​ | (426) |  | ​ | 9,677
Collateralized mortgage obligations |  | ​ | 228,344 |  | ​ | 60 |  | ​ | (24,919) |  | ​ | 203,485
State and municipal obligations |  | ​ | 396,522 |  | ​ | 745 |  | ​ | (37,114) |  | ​ | 360,153
Municipal taxable |  | ​ | 39,321 |  | ​ | 41 |  | ​ | (6,847) |  | ​ | 32,515
U.S. Treasury |  | ​ | 2,979 |  | ​ | — |  | ​ | (35) |  | ​ | 2,944
Collateralized debt obligations |  | ​ | — |  | ​ | 2,986 |  | ​ | — |  | ​ | 2,986
TOTAL | ​ | $ | 1,498,626 | ​ | $ | 3,989 | ​ | $ | (172,134) | ​ | $ | 1,330,481
Schedule of contractual maturities of debt securities | Contractual maturities of debt securities at September 30, 2023 were as follows. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Available-for-Sale
​ | ​ | Amortized | ​ | Fair
(Dollar amounts in thousands) |  | Cost |  | Value
Due in one year or less | ​ | $ | 9,687 | ​ | $ | 9,572
Due after one but within five years | ​ | ​ | 44,613 | ​ | ​ | 42,259
Due after five but within ten years |  | ​ | 101,584 |  | ​ | 96,076
Due after ten years |  | ​ | 393,065 |  | ​ | 332,382
​ |  | ​ | 548,949 |  | ​ | 480,289
Mortgage-backed securities and collateralized mortgage obligations |  | ​ | 891,882 |  | ​ | 744,930
TOTAL | ​ | $ | 1,440,831 | ​ | $ | 1,225,219
Schedule of gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in continuous unrealized loss position | ​ The following tables show the securities’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in continuous unrealized loss position, at September 30, 2023 and December 31, 2022. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, 2023
​ | ​ | Less Than 12 Months |  | More Than 12 Months |  | Total
​ | ​ | ​ | ​ | ​ | Unrealized | ​ | ​ | ​ | ​ | Unrealized | ​ | ​ | ​ | ​ | Unrealized
(Dollar amounts in thousands) | ​ | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses
U.S. Government agencies | ​ | $ | 3,684 | ​ | $ | (160) | ​ | $ | 85,832 | ​ | $ | (14,664) | ​ | $ | 89,516 | ​ | $ | (14,824)
Mortgage Backed Securities - Residential |  | ​ | 13,339 | ​ | ​ | (452) | ​ | ​ | 543,186 | ​ | ​ | (112,277) | ​ | ​ | 556,525 | ​ | ​ | (112,729)
Mortgage Backed Securities - Commercial | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 7,284 | ​ | ​ | (674) | ​ | ​ | 7,284 | ​ | ​ | (674)
Collateralized mortgage obligations |  | ​ | 15,852 |  | ​ | (613) |  | ​ | 165,104 |  | ​ | (32,938) |  | ​ | 180,956 |  | ​ | (33,551)
State and municipal obligations |  | ​ | 145,686 | ​ | ​ | (4,162) | ​ | ​ | 197,579 | ​ | ​ | (45,459) | ​ | ​ | 343,265 | ​ | ​ | (49,621)
Municipal taxable |  | ​ | 1,771 |  | ​ | (44) |  | ​ | 30,357 |  | ​ | (7,203) |  | ​ | 32,128 |  | ​ | (7,247)
U.S. Treasury |  | ​ | — |  | ​ | — |  | ​ | 2,151 |  | ​ | (26) |  | ​ | 2,151 |  | ​ | (26)
Total temporarily impaired securities | ​ | $ | 180,332 | ​ | $ | (5,431) | ​ | $ | 1,031,493 | ​ | $ | (213,241) | ​ | $ | 1,211,825 | ​ | $ | (218,672)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2022
​ | ​ | Less Than 12 Months |  | More Than 12 Months |  | Total
​ | ​ | ​ | ​ | ​ | Unrealized | ​ | ​ | ​ | ​ | Unrealized | ​ | ​ | ​ | ​ | Unrealized
(Dollar amounts in thousands) |  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses
U.S. Government agencies | ​ | $ | 58,462 | ​ | $ | (4,034) | ​ | $ | 38,959 | ​ | $ | (7,743) | ​ | $ | 97,421 | ​ | $ | (11,777)
Mortgage Backed Securities - Residential | ​ | ​ | 234,488 |  | ​ | (19,757) |  | ​ | 379,520 |  | ​ | (71,259) |  | ​ | 614,008 |  | ​ | (91,016)
Mortgage Backed Securities - Commercial | ​ | ​ | 9,677 | ​ | ​ | (426) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 9,677 | ​ | ​ | (426)
Collateralized mortgage obligations |  | ​ | 135,135 |  | ​ | (11,331) |  | ​ | 63,792 |  | ​ | (13,588) |  | ​ | 198,927 |  | ​ | (24,919)
State and municipal obligations | ​ | ​ | 233,439 |  | ​ | (24,291) |  | ​ | 41,510 |  | ​ | (12,823) |  | ​ | 274,949 |  | ​ | (37,114)
Municipal taxable |  | ​ | 18,637 |  | ​ | (3,706) |  | ​ | 12,837 |  | ​ | (3,141) |  | ​ | 31,474 |  | ​ | (6,847)
U.S. Treasury |  | ​ | 2,944 |  | ​ | (35) |  | ​ | — |  | ​ | — |  | ​ | 2,944 |  | ​ | (35)
Total temporarily impaired securities | ​ | $ | 692,782 | ​ | $ | (63,580) | ​ | $ | 536,618 | ​ | $ | (108,554) | ​ | $ | 1,229,400 | ​ | $ | (172,134)
Rollforward of the credit losses recognized in earnings | ​ The table below presents a rollforward of the credit losses recognized in earnings for the three and nine month periods ended September 30, 2023 and 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, | ​ | Nine Months Ended September 30, | ​
(Dollar amounts in thousands) |  | 2023 |  | 2022 | ​ | 2023 |  | 2022 | ​
Beginning balance | ​ | $ | 2,974 | ​ | $ | 2,974 | ​ | $ | 2,974 | ​ | $ | 2,974 | ​
Reductions for securities called during the period |  | ​ | — |  | ​ | — | ​ | ​ | — |  | ​ | — | ​
Ending balance | ​ | $ | 2,974 | ​ | $ | 2,974 | ​ | $ | 2,974 | ​ | $ | 2,974 | ​
​

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