SECURITIES (Tables)

12 Months Ended

Dec. 31, 2023

SECURITIES

Schedule of amortized cost and fair value of investments classified as 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, 2023
	Amortized		Unrealized		Unrealized
(Dollar amounts in thousands)	Cost		Gains		Losses		Fair Value
U.S. Government agencies	$	102,978	$	4	$	(11,542)	$	91,440
Mortgage Backed Securities - residential		653,507		53		(83,675)		569,885
Mortgage Backed Securities - commercial		7,919		—		(436)		7,483
Collateralized mortgage obligations		209,398		6		(28,575)		180,829
State and municipal obligations		397,413		1,407		(28,009)		370,811
Municipal taxable		39,872		12		(5,599)		34,285
U.S. Treasury		1,411		—		(9)		1,402
Collateralized debt obligations		—		3,002		—		3,002
TOTAL	$	1,412,498	$	4,484	$	(157,845)	$	1,259,137

	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 gross gain and loss realized

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, 2023, 2022 and 2021, respectively.

(Dollar amounts in thousands)		2023		2022		2021
Proceeds	$	330	$	1,565	$	12,886
Gross gains		1		6		274
Gross losses		(2)		(3)		(160)

Schedule of contractual maturities of debt securities

Contractual maturities of debt securities at year-end 2023 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	$	10,464	$	10,346
Due after one but within five years		41,818		40,271
Due after five but within ten years		107,538		104,878
Due after ten years		381,854		345,445
		541,674		500,940
Mortgage-backed securities and collateralized mortgage obligations		870,824		758,197
TOTAL	$	1,412,498	$	1,259,137

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, 2023 and 2022.

	December 31, 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	$	3,757	$	(73)	$	87,291	$	(11,469)	$	91,048	$	(11,542)
Mortgage Backed Securities - Residential		3,810		(41)		556,414		(83,634)		560,224		(83,675)
Mortgage Backed Securities - Commercial		—		—		7,483		(436)		7,483		(436)
Collateralized mortgage obligations		12,981		(303)		164,871		(28,272)		177,852		(28,575)
State and municipal obligations		45,154		(319)		212,022		(27,690)		257,176		(28,009)
Municipal taxable		—		—		31,958		(5,599)		31,958		(5,599)
U.S. Treasury		1,402		(9)		—		—		1,402		(9)
Total temporarily impaired securities	$	67,104	$	(745)	$	1,060,039	$	(157,100)	$	1,127,143	$	(157,845)

	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)

Schedule of 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)	2023		2022			2021
Beginning balance	$	2,974	$	2,974	$	2,974
Reductions for securities called during the period		—		—		—
Ending balance	$	2,974	$	2,974	$	2,974