XML 21 R11.htm IDEA: XBRL DOCUMENT v3.25.3
Securities
9 Months Ended
Sep. 30, 2025
Securities  
Securities

4.    Securities

The amortized cost and fair value of the Corporation’s investments are shown below. All securities are classified as available-for-sale.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

September 30, 2025

​

​

Amortized

​

Unrealized

​

Unrealized

​

​

​

(Dollar amounts in thousands)

​

Cost

    

Gains

    

Losses

    

Fair Value

U.S. Government agencies

​

$

87,559

​

$

95

​

$

(8,472)

​

$

79,182

Mortgage Backed Securities - residential

​

​

596,918

​

​

897

​

​

(62,313)

​

​

535,502

Mortgage Backed Securities - commercial

 

​

12,821

 

​

2

 

​

(313)

 

​

12,510

Collateralized mortgage obligations

 

​

176,523

 

​

74

 

​

(22,736)

 

​

153,861

State and municipal obligations

 

​

394,013

 

​

834

 

​

(29,211)

 

​

365,636

Municipal taxable

 

​

40,200

 

​

83

 

​

(3,710)

 

​

36,573

Collateralized debt obligations

 

​

—

 

​

2,843

 

​

—

 

​

2,843

TOTAL

​

$

1,308,034

​

$

4,828

​

$

(126,755)

​

$

1,186,107

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

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

​

Contractual maturities of debt securities at September 30, 2025 were as follows.

​

​

​

​

​

​

​

​

​

    

Available-for-Sale

​

​

Amortized

​

Fair

(Dollar amounts in thousands)

    

Cost

    

Value

Due in one year or less

​

$

11,654

​

$

11,621

Due after one but within five years

​

​

44,532

​

​

43,683

Due after five but within ten years

 

​

131,477

 

​

128,522

Due after ten years

 

​

334,109

 

​

300,408

​

 

​

521,772

 

​

484,234

Mortgage-backed securities and collateralized mortgage obligations

 

​

786,262

 

​

701,873

TOTAL

​

$

1,308,034

​

$

1,186,107

​

For the three and nine months ended September 30, 2025, there were $25 thousand in gross gains realized for both periods and $1 thousand and $4 thousand in gross losses realized on sales/calls of investment securities. For the three and nine months ended September 30, 2024, there were $132 thousand and $133 thousand in gross gains and $29 thousand in gross losses realized for both periods.

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, 2025 and December 31, 2024.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

September 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

​

$

2,970

​

$

(21)

​

$

70,049

​

$

(8,451)

​

$

73,019

​

$

(8,472)

Mortgage Backed Securities - Residential

 

​

10,126

​

​

(1)

​

​

462,925

​

​

(62,312)

​

​

473,051

​

​

(62,313)

Mortgage Backed Securities - Commercial

​

​

5,963

​

​

(138)

​

​

5,246

​

​

(175)

​

​

11,209

​

​

(313)

Collateralized mortgage obligations

 

​

—

 

​

—

 

​

144,998

 

​

(22,736)

 

​

144,998

 

​

(22,736)

State and municipal obligations

 

​

36,044

​

​

(358)

​

​

225,304

​

​

(28,853)

​

​

261,348

​

​

(29,211)

Municipal taxable

 

​

—

 

​

—

 

​

32,079

 

​

(3,710)

 

​

32,079

 

​

(3,710)

Total temporarily impaired securities

​

$

55,103

​

$

(518)

​

$

940,601

​

$

(126,237)

​

$

995,704

​

$

(126,755)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

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)

​

Management evaluates securities for impairment related to credit losses at least on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. The investment securities portfolio is evaluated for impairment related to credit losses by segregating the portfolio into two general segments.

In evaluating for impairment, management considers the reason for the decline, the extent of the decline, the duration of the decline and whether the Corporation intends to sell a security or is more likely than not to be required to sell a security before recovery of its amortized cost. If an entity intends to sell or it is more likely than not it will be required to sell the security before recovery of its amortized cost basis, the security’s amortized cost is written down to fair value through income. If an entity does not intend to sell the security and it is not more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis less any current-period loss, a credit loss exists and an allowance for credit losses is recorded, limited to the amount that the fair value of the security is less than its amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income, net of applicable taxes.

Gross unrealized losses on investment securities were $126.76 million as of September 30, 2025 and $168.93 million as of December 31, 2024. Management believes these losses represent negative adjustments to market value relative to the interest rate environment reflecting the increase in market rates and not losses related to the creditworthiness of the issuer. The portfolio contains primarily government agency, agency backed mortgage backed securities (“MBS”), and collateralized mortgage obligations (“CMO”), which are issued by government sponsored enterprises and are backed by the full faith and credit of the United States government. Secondarily, the Corporation invests in municipal securities issued by state and local governments. Of these, almost half are either insured or contain state enhancements. On the remaining, credit is monitored by the investment committee. Based upon our review of the issuers, we do not believe these investments to be other than temporarily impaired. Management does not intend to sell these securities and it is not more likely than not that we will be required to sell them before their anticipated recovery.

​

The table below presents a rollforward of the credit losses recognized in earnings for the three and nine month period ended September 30, 2025 and 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Nine Months Ended September 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

​

​