Securities (Tables)

6 Months Ended

Jun. 30, 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.

	June 30, 2025
	Amortized		Unrealized		Unrealized
(Dollar amounts in thousands)	Cost		Gains		Losses		Fair Value
U.S. Government agencies	$	86,126	$	4	$	(9,575)	$	76,555
Mortgage Backed Securities - residential		604,479		200		(72,665)		532,014
Mortgage Backed Securities - commercial		12,926		2		(394)		12,534
Collateralized mortgage obligations		181,868		44		(24,593)		157,319
State and municipal obligations		390,947		153		(39,001)		352,099
Municipal taxable		40,909		36		(4,419)		36,526
Collateralized debt obligations		—		2,909		—		2,909
TOTAL	$	1,317,255	$	3,348	$	(150,647)	$	1,169,956

	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 June 30, 2025 were as follows.

	Available-for-Sale
	Amortized		Fair
(Dollar amounts in thousands)	Cost		Value
Due in one year or less	$	11,882	$	11,793
Due after one but within five years		45,341		44,025
Due after five but within ten years		119,992		116,682
Due after ten years		340,767		295,589
		517,982		468,089
Mortgage-backed securities and collateralized mortgage obligations		799,273		701,867
TOTAL	$	1,317,255	$	1,169,956

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 June 30, 2025 and December 31, 2024.

	June 30, 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	$	3,274	$	(37)	$	72,320	$	(9,538)	$	75,594	$	(9,575)
Mortgage Backed Securities - Residential		35,098		(589)		468,359		(72,076)		503,457		(72,665)
Mortgage Backed Securities - Commercial		6,767		(151)		4,464		(243)		11,231		(394)
Collateralized mortgage obligations		—		—		147,993		(24,593)		147,993		(24,593)
State and municipal obligations		78,238		(1,575)		240,138		(37,426)		318,376		(39,001)
Municipal taxable		784		(9)		32,628		(4,410)		33,412		(4,419)
U.S. Treasury		—		—		—		—		—		—
Total temporarily impaired securities	$	124,161	$	(2,361)	$	965,902	$	(148,286)	$	1,090,063	$	(150,647)

	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 and six month period ended June 30, 2025 and 2024:

	Three Months Ended June 30,				Six Months Ended June 30,
(Dollar amounts in thousands)	2025		2024		2025		2024
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