Securities (Tables)

3 Months Ended

Mar. 31, 2023

Securities

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, 2023
	Amortized		Unrealized		Unrealized
(Dollar amounts in thousands)	Cost		Gains		Losses		Fair Value
U.S. Government agencies	$	110,289	$	45	$	(10,185)	$	100,149
Mortgage Backed Securities - residential		700,397		185		(82,328)		618,254
Mortgage Backed Securities - commercial		8,033		—		(376)		7,657
Collateralized mortgage obligations		226,009		138		(22,945)		203,202
State and municipal obligations		403,085		1,362		(32,552)		371,895
Municipal taxable		39,882		52		(5,855)		34,079
U.S. Treasury		2,652		—		(21)		2,631
Collateralized debt obligations		—		2,914		—		2,914
TOTAL	$	1,490,347	$	4,696	$	(154,262)	$	1,340,781

	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

Schedule of contractual maturities of debt securities

Contractual maturities of debt securities at March 31, 2023 were as follows.

	Available-for-Sale
	Amortized		Fair
(Dollar amounts in thousands)	Cost		Value
Due in one year or less	$	8,441	$	8,406
Due after one but within five years		43,678		42,314
Due after five but within ten years		92,137		87,646
Due after ten years		411,652		373,302
		555,908		511,668
Mortgage-backed securities and collateralized mortgage obligations		934,439		829,113
TOTAL	$	1,490,347	$	1,340,781

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, 2023 and December 31, 2022.

	March 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	$	26,041	$	(1,069)	$	70,008	$	(9,116)	$	96,049	$	(10,185)
Mortgage Backed Securities - Residential		109,292		(3,725)		497,613		(78,603)		606,905		(82,328)
Mortgage Backed Securities - Commercial		3,914		(229)		3,743		(147)		7,657		(376)
Collateralized mortgage obligations		45,547		(1,898)		140,526		(21,047)		186,073		(22,945)
State and municipal obligations		91,667		(1,808)		157,646		(30,744)		249,313		(32,552)
Municipal taxable		873		(22)		30,839		(5,833)		31,712		(5,855)
U.S. Treasury		2,264		(21)		—		—		2,264		(21)
Total temporarily impaired securities	$	279,598	$	(8,772)	$	900,375	$	(145,490)	$	1,179,973	$	(154,262)

	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)

Rollforward of the credit losses recognized in earnings

The table below presents a rollforward of the credit losses recognized in earnings for the three month periods ended March 31, 2023 and 2022:

	Three Months Ended March 31,
(Dollar amounts in thousands)	2023		2022
Beginning balance	$	2,974	$	2,974
Reductions for securities called during the period		—		—
Ending balance	$	2,974	$	2,974