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v3.25.1

Securities (Tables) | 3 Months Ended
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Mar. 31, 2025
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, 2025
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | ​ | ​
(Dollar amounts in thousands) | ​ | Cost |  | Gains |  | Losses |  | Fair Value
U.S. Government agencies | ​ | $ | 88,079 | ​ | $ | 4 | ​ | $ | (10,184) | ​ | $ | 77,899
Mortgage Backed Securities - residential | ​ | ​ | 614,621 | ​ | ​ | 132 | ​ | ​ | (78,911) | ​ | ​ | 535,842
Mortgage Backed Securities - commercial |  | ​ | 14,136 |  | ​ | 1 |  | ​ | (415) |  | ​ | 13,722
Collateralized mortgage obligations |  | ​ | 184,919 |  | ​ | 28 |  | ​ | (25,651) |  | ​ | 159,296
State and municipal obligations |  | ​ | 390,864 |  | ​ | 186 |  | ​ | (34,596) |  | ​ | 356,454
Municipal taxable |  | ​ | 41,159 |  | ​ | 29 |  | ​ | (4,808) |  | ​ | 36,380
Collateralized debt obligations |  | ​ | — |  | ​ | 2,902 |  | ​ | — |  | ​ | 2,902
TOTAL | ​ | $ | 1,333,778 | ​ | $ | 3,282 | ​ | $ | (154,565) | ​ | $ | 1,182,495
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 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
Schedule of contractual maturities of debt securities | Contractual maturities of debt securities at March 31, 2025 were as follows. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Available-for-Sale
​ | ​ | Amortized | ​ | Fair
(Dollar amounts in thousands) |  | Cost |  | Value
Due in one year or less | ​ | $ | 10,832 | ​ | $ | 10,694
Due after one but within five years | ​ | ​ | 42,015 | ​ | ​ | 40,930
Due after five but within ten years |  | ​ | 124,757 |  | ​ | 121,091
Due after ten years |  | ​ | 342,498 |  | ​ | 300,920
​ |  | ​ | 520,102 |  | ​ | 473,635
Mortgage-backed securities and collateralized mortgage obligations |  | ​ | 813,676 |  | ​ | 708,860
TOTAL | ​ | $ | 1,333,778 | ​ | $ | 1,182,495
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, 2025 and December 31, 2024. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, 2025
​ | ​ | 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 | ​ | $ | 3,238 | ​ | $ | (73) | ​ | $ | 73,657 | ​ | $ | (10,111) | ​ | $ | 76,895 | ​ | $ | (10,184)
Mortgage Backed Securities - Residential |  | ​ | 34,339 | ​ | ​ | (574) | ​ | ​ | 476,849 | ​ | ​ | (78,337) | ​ | ​ | 511,188 | ​ | ​ | (78,911)
Mortgage Backed Securities - Commercial | ​ | ​ | 6,979 | ​ | ​ | (125) | ​ | ​ | 5,439 | ​ | ​ | (290) | ​ | ​ | 12,418 | ​ | ​ | (415)
Collateralized mortgage obligations |  | ​ | — |  | ​ | — |  | ​ | 154,849 |  | ​ | (25,651) |  | ​ | 154,849 |  | ​ | (25,651)
State and municipal obligations |  | ​ | 70,922 | ​ | ​ | (854) | ​ | ​ | 242,937 | ​ | ​ | (33,742) | ​ | ​ | 313,859 | ​ | ​ | (34,596)
Municipal taxable |  | ​ | 814 |  | ​ | (1) |  | ​ | 32,483 |  | ​ | (4,807) |  | ​ | 33,297 |  | ​ | (4,808)
U.S. Treasury |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | —
Total temporarily impaired securities | ​ | $ | 116,292 | ​ | $ | (1,627) | ​ | $ | 986,214 | ​ | $ | (152,938) | ​ | $ | 1,102,506 | ​ | $ | (154,565)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 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)
Total temporarily impaired securities | ​ | $ | 153,622 | ​ | $ | (2,354) | ​ | $ | 983,703 | ​ | $ | (166,580) | ​ | $ | 1,137,325 | ​ | $ | (168,934)
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, 2025 and 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31, | ​
(Dollar amounts in thousands) | ​ | 2025 |  | 2024 | ​
Beginning balance | ​ | $ | 2,974 | ​ | $ | 2,974 | ​
Reductions for securities called during the period | ​ | ​ | — |  | ​ | — | ​
Ending balance | ​ | $ | 2,974 | ​ | $ | 2,974 | ​
​

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