SECURITIES (Tables)
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12 Months Ended |
Dec. 31, 2022 |
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| SECURITIES |
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| Debt Securities, Available-for-sale |
The fair value of securities available-for-sale and related gross unrealized gains and losses recognized in accumulated other comprehensive income were as follows: | | | | | | | | | | | | | | | 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 |
| | | | | | | | | | | | | | | December 31, 2021 | | | Amortized | | Unrealized | | Unrealized | | | | (Dollar amounts in thousands) | | Cost | | Gains | | Losses | | Fair Value | U.S. Government agencies | | $ | 118,176 | | $ | 2,688 | | $ | (741) | | $ | 120,123 | Mortgage Backed Securities-residential | | | 628,920 | | | 4,387 | | | (6,879) | | | 626,428 | Mortgage Backed Securities-commercial | | | 15,480 | | | 191 | | | — | | | 15,671 | Collateralized mortgage obligations | | | 175,501 | | | 1,272 | | | (1,768) | | | 175,005 | State and municipal obligations | | | 362,843 | | | 17,833 | | | (578) | | | 380,098 | Municipal taxable | | | 38,445 | | | 396 | | | (215) | | | 38,626 | U.S. Treasury | | | 205 | | | — | | | (1) | | | 204 | Collateralized debt obligations | | | — | | | 3,359 | | | — | | | 3,359 | TOTAL | | $ | 1,339,570 | | $ | 30,126 | | $ | (10,182) | | $ | 1,359,514 |
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| Schedule Of Gross Gain Or Loss realised |
Below is a summary of the gross gains and losses realized by the Corporation on investment sales and calls during the years ended December 31, 2022, 2021 and 2020, respectively. | | | | | | | | | | (Dollar amounts in thousands) | | | 2022 | | | 2021 | | | 2020 | Proceeds | | $ | 1,565 | | $ | 12,886 | | $ | 36,696 | Gross gains | | | 6 | | | 274 | | | 290 | Gross losses | | | (3) | | | (160) | | | (57) |
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| Schedule of contractual maturities of debt securities |
Contractual maturities of debt securities at year-end 2022 were as follows. Securities not due at a single maturity or with no maturity date, primarily mortgage-backed and collateralized mortgage obligations, are shown separately. | | | | | | | | | Available-for-Sale | | | Amortized | | Fair | (Dollar amounts in thousands) | | Cost | | Value | Due in one year or less | | $ | 8,031 | | $ | 7,984 | Due after one but within five years | | | 45,010 | | | 43,566 | Due after five but within ten years | | | 88,684 | | | 83,055 | Due after ten years | | | 407,323 | | | 362,466 | | | | 549,048 | | | 497,071 | Mortgage-backed securities and collateralized mortgage obligations | | | 949,578 | | | 833,410 | TOTAL | | $ | 1,498,626 | | $ | 1,330,481 |
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| 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 December 31, 2022 and 2021. | | | | | | | | | | | | | | | | | | | | | 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) |
| | | | | | | | | | | | | | | | | | | | | December 31, 2021 | | | 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 | | $ | 48,939 | | $ | (739) | | $ | 146 | | $ | (2) | | $ | 49,085 | | $ | (741) | Mortgage Backed Securities - Residential | | | 436,726 | | | (5,281) | | | 60,807 | | | (1,598) | | | 497,533 | | | (6,879) | Collateralized mortgage obligations | | | 73,530 | | | (1,327) | | | 12,505 | | | (441) | | | 86,035 | | | (1,768) | State and municipal obligations | | | 54,040 | | | (578) | | | — | | | — | | | 54,040 | | | (578) | Municipal taxable | | | 15,048 | | | (195) | | | 729 | | | (20) | | | 15,777 | | | (215) | U.S. Treasury | | | 204 | | | (1) | | | — | | | — | | | 204 | | | (1) | Total temporarily impaired securities | | $ | 628,487 | | $ | (8,121) | | $ | 74,187 | | $ | (2,061) | | $ | 702,674 | | $ | (10,182) |
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| Rollforward of the credit losses recognized in earnings |
The table below presents a rollforward of the credit losses recognized in earnings for the years presented: | | | | | | | | | | | | | | | | | | | | (Dollar amounts in thousands) | | 2022 | | 2021 | | | 2020 | Beginning balance | | $ | 2,974 | | $ | 2,974 | | $ | 2,974 | Reductions for securities called during the period | | | — | | | — | | | — | Ending balance | | $ | 2,974 | | $ | 2,974 | | $ | 2,974 |
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