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SECURITIES | 12 Months Ended
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Dec. 31, 2024
SECURITIES |
SECURITIES | 4.SECURITIES: The fair value of securities available-for-sale and related gross unrealized gains and losses recognized in accumulated other comprehensive income were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2024
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | ​ | ​
(Dollar amounts in thousands) | ​ | Cost |  | Gains |  | Losses |  | Fair Value
U.S. Government agencies | ​ | $ | 90,649 | ​ | $ | 3 | ​ | $ | (11,670) | ​ | $ | 78,982
Mortgage Backed Securities - residential | ​ | ​ | 630,556 | ​ | ​ | 15 | ​ | ​ | (89,251) | ​ | ​ | 541,320
Mortgage Backed Securities - commercial |  | ​ | 14,182 |  | ​ | 2 |  | ​ | (523) |  | ​ | 13,661
Collateralized mortgage obligations |  | ​ | 190,552 |  | ​ | 29 |  | ​ | (27,555) |  | ​ | 163,026
State and municipal obligations |  | ​ | 394,696 |  | ​ | 171 |  | ​ | (34,539) |  | ​ | 360,328
Municipal taxable |  | ​ | 41,162 |  | ​ | 11 |  | ​ | (5,396) |  | ​ | 35,777
Collateralized debt obligations |  | ​ | — |  | ​ | 2,896 |  | ​ | — |  | ​ | 2,896
TOTAL | ​ | $ | 1,361,797 | ​ | $ | 3,127 | ​ | $ | (168,934) | ​ | $ | 1,195,990
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 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
​ As of December 31, 2024, the Corporation does not have any securities from any issuer, other than the U.S. Government, with an aggregate book or fair value that exceeds ten percent of shareholders’ equity. Securities with a carrying value of approximately $929.8 million and $992.1 million at December 31, 2024 and 2023, respectively, were pledged as collateral for short-term borrowings and for other purposes. Below is a summary of the gross gains and losses realized by the Corporation on investment sales and calls during the years ended December 31, 2024, 2023 and 2022, respectively. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollar amounts in thousands) |  | ​ | 2024 |  | ​ | 2023 |  | ​ | 2022
Proceeds | ​ | $ | 11,419 | ​ | $ | 330 | ​ | $ | 1,565
Gross gains |  | ​ | 133 |  | ​ | 1 |  | ​ | 6
Gross losses |  | ​ | (30) |  | ​ | (2) |  | ​ | (3)
​ Gains of $133 thousand and losses of $30 thousand in 2024 and gains of $1 thousand and losses of $2 thousand in 2023 and gains of $6 thousand and losses of $3 thousand in 2022 resulted from redemption premiums on called and sold securities. Contractual maturities of debt securities at year-end 2024 were as follows. Securities not due at a single maturity or with no maturity date, primarily mortgage-backed and collateralized mortgage obligations, are shown separately. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Available-for-Sale
​ | ​ | Amortized | ​ | Fair
(Dollar amounts in thousands) |  | Cost |  | Value
Due in one year or less | ​ | $ | 8,256 | ​ | $ | 8,135
Due after one but within five years | ​ | ​ | 45,469 | ​ | ​ | 44,008
Due after five but within ten years |  | ​ | 121,980 |  | ​ | 117,935
Due after ten years |  | ​ | 350,802 |  | ​ | 307,905
​ |  | ​ | 526,507 |  | ​ | 477,983
Mortgage-backed securities and collateralized mortgage obligations |  | ​ | 835,290 |  | ​ | 718,007
TOTAL | ​ | $ | 1,361,797 | ​ | $ | 1,195,990
​ 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 December 31, 2024 and 2023. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 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 | ​ | $ | 3,696 | ​ | $ | (107) | ​ | $ | 74,636 | ​ | $ | (11,563) | ​ | $ | 78,332 | ​ | $ | (11,670)
Mortgage Backed Securities - Residential |  | ​ | 51,996 | ​ | ​ | (1,113) | ​ | ​ | 481,270 | ​ | ​ | (88,138) | ​ | ​ | 533,266 | ​ | ​ | (89,251)
Mortgage Backed Securities - Commercial | ​ | ​ | 6,937 | ​ | ​ | (161) | ​ | ​ | 5,388 | ​ | ​ | (362) | ​ | ​ | 12,325 | ​ | ​ | (523)
Collateralized mortgage obligations |  | ​ | 85 |  | ​ | — |  | ​ | 158,244 |  | ​ | (27,555) |  | ​ | 158,329 |  | ​ | (27,555)
State and municipal obligations |  | ​ | 89,321 | ​ | ​ | (953) | ​ | ​ | 232,247 | ​ | ​ | (33,586) | ​ | ​ | 321,568 | ​ | ​ | (34,539)
Municipal taxable |  | ​ | 1,587 |  | ​ | (20) |  | ​ | 31,918 |  | ​ | (5,376) |  | ​ | 33,505 |  | ​ | (5,396)
U.S. Treasury |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | —
Total temporarily impaired securities | ​ | $ | 153,622 | ​ | $ | (2,354) | ​ | $ | 983,703 | ​ | $ | (166,580) | ​ | $ | 1,137,325 | ​ | $ | (168,934)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 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)
​ The Corporation held 962 investment securities with an amortized cost greater than fair value as of December 31, 2024. The unrealized losses on collateralized mortgage obligations, all mortgage-backed securities and state and municipal obligations represent negative adjustments to fair value relative to the rate of interest paid on the securities and not losses related to the creditworthiness of the issuer. Gross unrealized losses on investment securities were $168.9 million as of December 31, 2024 and $157.8 million as of December 31, 2023. Management does not intend to sell and it is not more likely than not that management would be required to sell the securities prior to their anticipated recovery. Management believes the value will recover as the securities approach maturity or market rates change. Management evaluates securities for impairment related to credit losses at least on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. The investment securities portfolio is evaluated for impairment related to credit losses by segregating the portfolio into two general segments. In evaluating for impairment, management considers the reason for the decline, the extent of the decline, and whether the Corporation intends to sell a security or is more likely than not to be required to sell a security before recovery of its amortized cost. If an entity intends to sell or it is more likely than not it will be required to sell the security before recovery of its amortized cost basis, the security’s amortized cost is written down to fair value through income. If the present value of cash flows expected to be collected is less than the amortized cost basis for the security, a credit loss exists and an allowance for credit losses is recorded, limited to the amount that the fair value of the security is less than its amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income, net of applicable taxes. In prior years, a significant portion of the total unrealized losses relates to collateralized debt obligations that were separately evaluated under FASB ASC 325-40, Beneficial Interests in Securitized Financial Assets. Based upon qualitative considerations, such as a downgrade in credit rating or further defaults of underlying issuers during the year, and an analysis of expected cash flows, we determined that three CDOs included in collateralized debt obligations were other-than-temporarily impaired. One of the CDO’s was called in first quarter 2017. A second was called in second quarter 2018. The remaining CDO has a contractual balance of $3.7 million at December 31, 2024 which has been reduced to $3.0 million by $750 thousand of interest payments received, $3.0 million of cumulative credit loss charges recorded through earnings to date and increased by $2.9 million recorded in other comprehensive income. These securities are collateralized by trust preferred securities issued primarily by bank holding companies, but certain pools do include a limited number of insurance companies. The table below presents a rollforward of the credit losses recognized in earnings for the years presented: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended December 31, | ​ | Year Ended December 31, | ​
(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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