Securities (Tables)

9 Months Ended

Sep. 30, 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.

	September 30, 2023
	Amortized		Unrealized		Unrealized
(Dollar amounts in thousands)	Cost		Gains		Losses		Fair Value
U.S. Government agencies	$	104,753	$	4	$	(14,824)	$	89,933
Mortgage Backed Securities - residential		669,417		2		(112,729)		556,690
Mortgage Backed Securities - commercial		7,958		—		(674)		7,284
Collateralized mortgage obligations		214,507		—		(33,551)		180,956
State and municipal obligations		402,144		30		(49,621)		352,553
Municipal taxable		39,875		—		(7,247)		32,628
U.S. Treasury		2,177		—		(26)		2,151
Collateralized debt obligations		—		3,024		—		3,024
TOTAL	$	1,440,831	$	3,060	$	(218,672)	$	1,225,219

	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 September 30, 2023 were as follows.

	Available-for-Sale
	Amortized		Fair
(Dollar amounts in thousands)	Cost		Value
Due in one year or less	$	9,687	$	9,572
Due after one but within five years		44,613		42,259
Due after five but within ten years		101,584		96,076
Due after ten years		393,065		332,382
		548,949		480,289
Mortgage-backed securities and collateralized mortgage obligations		891,882		744,930
TOTAL	$	1,440,831	$	1,225,219

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 September 30, 2023 and December 31, 2022.

	September 30, 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	$	3,684	$	(160)	$	85,832	$	(14,664)	$	89,516	$	(14,824)
Mortgage Backed Securities - Residential		13,339		(452)		543,186		(112,277)		556,525		(112,729)
Mortgage Backed Securities - Commercial		—		—		7,284		(674)		7,284		(674)
Collateralized mortgage obligations		15,852		(613)		165,104		(32,938)		180,956		(33,551)
State and municipal obligations		145,686		(4,162)		197,579		(45,459)		343,265		(49,621)
Municipal taxable		1,771		(44)		30,357		(7,203)		32,128		(7,247)
U.S. Treasury		—		—		2,151		(26)		2,151		(26)
Total temporarily impaired securities	$	180,332	$	(5,431)	$	1,031,493	$	(213,241)	$	1,211,825	$	(218,672)

	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 and nine month periods ended September 30, 2023 and 2022:

	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollar amounts in thousands)	2023		2022		2023		2022
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