SECURITIES (Tables)

12 Months Ended

Dec. 31, 2022

SECURITIES

Debt Securities, Available-for-sale

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, 2022
	Amortized		Unrealized		Unrealized
(Dollar amounts in thousands)	Cost		Gains		Losses		Fair Value
U.S. Government agencies	$	110,226	$	24	$	(11,777)	$	98,473
Mortgage Backed Securities - residential		711,131		133		(91,016)		620,248
Mortgage Backed Securities - commercial		10,103		—		(426)		9,677
Collateralized mortgage obligations		228,344		60		(24,919)		203,485
State and municipal obligations		396,522		745		(37,114)		360,153
Municipal taxable		39,321		41		(6,847)		32,515
U.S. Treasury		2,979		—		(35)		2,944
Collateralized debt obligations		—		2,986		—		2,986
TOTAL	$	1,498,626	$	3,989	$	(172,134)	$	1,330,481

	December 31, 2021
	Amortized		Unrealized		Unrealized
(Dollar amounts in thousands)	Cost		Gains		Losses		Fair Value
U.S. Government agencies	$	118,176	$	2,688	$	(741)	$	120,123
Mortgage Backed Securities-residential		628,920		4,387		(6,879)		626,428
Mortgage Backed Securities-commercial		15,480		191		—		15,671
Collateralized mortgage obligations		175,501		1,272		(1,768)		175,005
State and municipal obligations		362,843		17,833		(578)		380,098
Municipal taxable		38,445		396		(215)		38,626
U.S. Treasury		205		—		(1)		204
Collateralized debt obligations		—		3,359		—		3,359
TOTAL	$	1,339,570	$	30,126	$	(10,182)	$	1,359,514

Schedule Of Gross Gain Or Loss realised

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, 2022, 2021 and 2020, respectively.

(Dollar amounts in thousands)		2022		2021		2020
Proceeds	$	1,565	$	12,886	$	36,696
Gross gains		6		274		290
Gross losses		(3)		(160)		(57)

Schedule of contractual maturities of debt securities

Contractual maturities of debt securities at year-end 2022 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	$	8,031	$	7,984
Due after one but within five years		45,010		43,566
Due after five but within ten years		88,684		83,055
Due after ten years		407,323		362,466
		549,048		497,071
Mortgage-backed securities and collateralized mortgage obligations		949,578		833,410
TOTAL	$	1,498,626	$	1,330,481

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 December 31, 2022 and 2021.

	December 31, 2022
	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	$	58,462	$	(4,034)	$	38,959	$	(7,743)	$	97,421	$	(11,777)
Mortgage Backed Securities - Residential		234,488		(19,757)		379,520		(71,259)		614,008		(91,016)
Mortgage Backed Securities - Commercial		9,677		(426)		—		—		9,677		(426)
Collateralized mortgage obligations		135,135		(11,331)		63,792		(13,588)		198,927		(24,919)
State and municipal obligations		233,439		(24,291)		41,510		(12,823)		274,949		(37,114)
Municipal taxable		18,637		(3,706)		12,837		(3,141)		31,474		(6,847)
U.S. Treasury		2,944		(35)		—		—		2,944		(35)
Total temporarily impaired securities	$	692,782	$	(63,580)	$	536,618	$	(108,554)	$	1,229,400	$	(172,134)

	December 31, 2021
	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	$	48,939	$	(739)	$	146	$	(2)	$	49,085	$	(741)
Mortgage Backed Securities - Residential		436,726		(5,281)		60,807		(1,598)		497,533		(6,879)
Collateralized mortgage obligations		73,530		(1,327)		12,505		(441)		86,035		(1,768)
State and municipal obligations		54,040		(578)		—		—		54,040		(578)
Municipal taxable		15,048		(195)		729		(20)		15,777		(215)
U.S. Treasury		204		(1)		—		—		204		(1)
Total temporarily impaired securities	$	628,487	$	(8,121)	$	74,187	$	(2,061)	$	702,674	$	(10,182)

Rollforward of the credit losses recognized in earnings

The table below presents a rollforward of the credit losses recognized in earnings for the years presented:

(Dollar amounts in thousands)	2022		2021			2020
Beginning balance	$	2,974	$	2,974	$	2,974
Reductions for securities called during the period		—		—		—
Ending balance	$	2,974	$	2,974	$	2,974