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Securities (Tables) | 3 Months Ended
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Mar. 31, 2024
Securities |
Schedule of 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. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, 2024
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | ​ | ​
(Dollar amounts in thousands) | ​ | Cost |  | Gains |  | Losses |  | Fair Value
U.S. Government agencies | ​ | $ | 100,710 | ​ | $ | 3 | ​ | $ | (12,599) | ​ | $ | 88,114
Mortgage Backed Securities - residential | ​ | ​ | 638,535 | ​ | ​ | 9 | ​ | ​ | (92,745) | ​ | ​ | 545,799
Mortgage Backed Securities - commercial |  | ​ | 7,880 |  | ​ | — |  | ​ | (483) |  | ​ | 7,397
Collateralized mortgage obligations |  | ​ | 204,572 |  | ​ | — |  | ​ | (29,145) |  | ​ | 175,427
State and municipal obligations |  | ​ | 393,628 |  | ​ | 756 |  | ​ | (30,635) |  | ​ | 363,749
Municipal taxable |  | ​ | 39,869 |  | ​ | — |  | ​ | (5,868) |  | ​ | 34,001
U.S. Treasury |  | ​ | 917 |  | ​ | — |  | ​ | (5) |  | ​ | 912
Collateralized debt obligations |  | ​ | — |  | ​ | 2,888 |  | ​ | — |  | ​ | 2,888
TOTAL | ​ | $ | 1,386,111 | ​ | $ | 3,656 | ​ | $ | (171,480) | ​ | $ | 1,218,287
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2023
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | ​ | ​
(Dollar amounts in thousands) | ​ | Cost |  | Gains |  | Losses |  | Fair Value
U.S. Government agencies | ​ | $ | 102,978 | ​ | $ | 4 | ​ | $ | (11,542) | ​ | $ | 91,440
Mortgage Backed Securities-residential | ​ | ​ | 653,507 | ​ | ​ | 53 | ​ | ​ | (83,675) | ​ | ​ | 569,885
Mortgage Backed Securities-commercial |  | ​ | 7,919 |  | ​ | — |  | ​ | (436) |  | ​ | 7,483
Collateralized mortgage obligations |  | ​ | 209,398 |  | ​ | 6 |  | ​ | (28,575) |  | ​ | 180,829
State and municipal obligations |  | ​ | 397,413 |  | ​ | 1,407 |  | ​ | (28,009) |  | ​ | 370,811
Municipal taxable |  | ​ | 39,872 |  | ​ | 12 |  | ​ | (5,599) |  | ​ | 34,285
U.S. Treasury |  | ​ | 1,411 |  | ​ | — |  | ​ | (9) |  | ​ | 1,402
Collateralized debt obligations |  | ​ | — |  | ​ | 3,002 |  | ​ | — |  | ​ | 3,002
TOTAL | ​ | $ | 1,412,498 | ​ | $ | 4,484 | ​ | $ | (157,845) | ​ | $ | 1,259,137
Schedule of contractual maturities of debt securities | Contractual maturities of debt securities at March 31, 2024 were as follows. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Available-for-Sale
​ | ​ | Amortized | ​ | Fair
(Dollar amounts in thousands) |  | Cost |  | Value
Due in one year or less | ​ | $ | 8,551 | ​ | $ | 8,446
Due after one but within five years | ​ | ​ | 43,363 | ​ | ​ | 41,503
Due after five but within ten years |  | ​ | 109,167 |  | ​ | 105,859
Due after ten years |  | ​ | 374,043 |  | ​ | 333,856
​ |  | ​ | 535,124 |  | ​ | 489,664
Mortgage-backed securities and collateralized mortgage obligations |  | ​ | 850,987 |  | ​ | 728,623
TOTAL | ​ | $ | 1,386,111 | ​ | $ | 1,218,287
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 March 31, 2024 and December 31, 2023. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, 2024
​ | ​ | 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 | ​ | $ | 3,204 | ​ | $ | (107) | ​ | $ | 84,538 | ​ | $ | (12,492) | ​ | $ | 87,742 | ​ | $ | (12,599)
Mortgage Backed Securities - Residential |  | ​ | 12,148 | ​ | ​ | (171) | ​ | ​ | 532,937 | ​ | ​ | (92,574) | ​ | ​ | 545,085 | ​ | ​ | (92,745)
Mortgage Backed Securities - Commercial | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 7,397 | ​ | ​ | (483) | ​ | ​ | 7,397 | ​ | ​ | (483)
Collateralized mortgage obligations |  | ​ | 15,509 |  | ​ | (423) |  | ​ | 159,918 |  | ​ | (28,722) |  | ​ | 175,427 |  | ​ | (29,145)
State and municipal obligations |  | ​ | 62,809 | ​ | ​ | (375) | ​ | ​ | 228,942 | ​ | ​ | (30,260) | ​ | ​ | 291,751 | ​ | ​ | (30,635)
Municipal taxable |  | ​ | 1,311 |  | ​ | (4) |  | ​ | 31,690 |  | ​ | (5,864) |  | ​ | 33,001 |  | ​ | (5,868)
U.S. Treasury |  | ​ | 912 |  | ​ | (5) |  | ​ | — |  | ​ | — |  | ​ | 912 |  | ​ | (5)
Total temporarily impaired securities | ​ | $ | 95,893 | ​ | $ | (1,085) | ​ | $ | 1,045,422 | ​ | $ | (170,395) | ​ | $ | 1,141,315 | ​ | $ | (171,480)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 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 | ​ | $ | 3,757 | ​ | $ | (73) | ​ | $ | 87,291 | ​ | $ | (11,469) | ​ | $ | 91,048 | ​ | $ | (11,542)
Mortgage Backed Securities - Residential | ​ | ​ | 3,810 | ​ | ​ | (41) | ​ | ​ | 556,414 | ​ | ​ | (83,634) |  | ​ | 560,224 |  | ​ | (83,675)
Mortgage Backed Securities - Commercial | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 7,483 | ​ | ​ | (436) | ​ | ​ | 7,483 | ​ | ​ | (436)
Collateralized mortgage obligations |  | ​ | 12,981 |  | ​ | (303) |  | ​ | 164,871 |  | ​ | (28,272) |  | ​ | 177,852 |  | ​ | (28,575)
State and municipal obligations | ​ | ​ | 45,154 | ​ | ​ | (319) | ​ | ​ | 212,022 | ​ | ​ | (27,690) |  | ​ | 257,176 |  | ​ | (28,009)
Municipal taxable |  | ​ | — |  | ​ | — |  | ​ | 31,958 |  | ​ | (5,599) |  | ​ | 31,958 |  | ​ | (5,599)
U.S. Treasury |  | ​ | 1,402 |  | ​ | (9) |  | ​ | — |  | ​ | — |  | ​ | 1,402 |  | ​ | (9)
Total temporarily impaired securities | ​ | $ | 67,104 | ​ | $ | (745) | ​ | $ | 1,060,039 | ​ | $ | (157,100) | ​ | $ | 1,127,143 | ​ | $ | (157,845)
Schedule of credit losses recognized in earnings | ​ The table below presents a rollforward of the credit losses recognized in earnings for the three month period ended March 31, 2024 and 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31, | ​
(Dollar amounts in thousands) | ​ | 2024 |  | 2023 | ​
Beginning balance | ​ | $ | 2,974 | ​ | $ | 2,974 | ​
Reductions for securities called during the period | ​ | ​ | — |  | ​ | — | ​
Ending balance | ​ | $ | 2,974 | ​ | $ | 2,974 | ​
​

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