Securities (Tables)

3 Months Ended

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