XML 33 R23.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Securities (Tables)
 6 Months Ended
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

​

​