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Securities (Tables) | 6 Months Ended
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Jun. 30, 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. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, 2024
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | ​ | ​
(Dollar amounts in thousands) | ​ | Cost |  | Gains |  | Losses |  | Fair Value
U.S. Government agencies | ​ | $ | 98,999 | ​ | $ | 7 | ​ | $ | (12,076) | ​ | $ | 86,930
Mortgage Backed Securities - residential | ​ | ​ | 630,097 | ​ | ​ | 85 | ​ | ​ | (86,427) | ​ | ​ | 543,755
Mortgage Backed Securities - commercial |  | ​ | 7,843 |  | ​ | — |  | ​ | (399) |  | ​ | 7,444
Collateralized mortgage obligations |  | ​ | 199,245 |  | ​ | 9 |  | ​ | (28,946) |  | ​ | 170,308
State and municipal obligations |  | ​ | 392,250 |  | ​ | 347 |  | ​ | (32,760) |  | ​ | 359,837
Municipal taxable |  | ​ | 39,616 |  | ​ | 1 |  | ​ | (5,499) |  | ​ | 34,118
U.S. Treasury |  | ​ | 470 |  | ​ | — |  | ​ | (3) |  | ​ | 467
Collateralized debt obligations |  | ​ | — |  | ​ | 2,892 |  | ​ | — |  | ​ | 2,892
TOTAL | ​ | $ | 1,368,520 | ​ | $ | 3,341 | ​ | $ | (166,110) | ​ | $ | 1,205,751
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 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 June 30, 2024 were as follows. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Available-for-Sale
​ | ​ | Amortized | ​ | Fair
(Dollar amounts in thousands) |  | Cost |  | Value
Due in one year or less | ​ | $ | 8,545 | ​ | $ | 8,472
Due after one but within five years | ​ | ​ | 44,994 | ​ | ​ | 43,141
Due after five but within ten years |  | ​ | 108,667 |  | ​ | 104,810
Due after ten years |  | ​ | 369,129 |  | ​ | 327,821
​ |  | ​ | 531,335 |  | ​ | 484,244
Mortgage-backed securities and collateralized mortgage obligations |  | ​ | 837,185 |  | ​ | 721,507
TOTAL | ​ | $ | 1,368,520 | ​ | $ | 1,205,751
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 June 30, 2024 and December 31, 2023. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, 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 | ​ | $ | — | ​ | $ | — | ​ | $ | 86,212 | ​ | $ | (12,076) | ​ | $ | 86,212 | ​ | $ | (12,076)
Mortgage Backed Securities - Residential |  | ​ | 8,455 | ​ | ​ | (69) | ​ | ​ | 526,511 | ​ | ​ | (86,358) | ​ | ​ | 534,966 | ​ | ​ | (86,427)
Mortgage Backed Securities - Commercial | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 7,444 | ​ | ​ | (399) | ​ | ​ | 7,444 | ​ | ​ | (399)
Collateralized mortgage obligations |  | ​ | — |  | ​ | — |  | ​ | 167,423 |  | ​ | (28,946) |  | ​ | 167,423 |  | ​ | (28,946)
State and municipal obligations |  | ​ | 69,381 | ​ | ​ | (531) | ​ | ​ | 246,421 | ​ | ​ | (32,229) | ​ | ​ | 315,802 | ​ | ​ | (32,760)
Municipal taxable |  | ​ | 1,308 |  | ​ | (7) |  | ​ | 31,809 |  | ​ | (5,492) |  | ​ | 33,117 |  | ​ | (5,499)
U.S. Treasury |  | ​ | 468 |  | ​ | (3) |  | ​ | — |  | ​ | — |  | ​ | 468 |  | ​ | (3)
Total temporarily impaired securities | ​ | $ | 79,612 | ​ | $ | (610) | ​ | $ | 1,065,820 | ​ | $ | (165,500) | ​ | $ | 1,145,432 | ​ | $ | (166,110)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 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 June 30, 2024 and 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30, | ​
(Dollar amounts in thousands) |  | 2024 |  | 2023 | ​ | 2024 |  | 2023 | ​
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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