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CAPITAL RATIOS AND SHAREHOLDERS' EQUITY (Tables)

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Schedule of Actual and Required Capital Ratios

The actual and required capital ratios were as follows:

						September 30, 2022						December 31, 2021						Minimum Capital Requirement
Company (consolidated)
Total capital to risk-weighted assets						15.1		%				17.3		%				8.0		%
Common equity tier 1 capital to risk-weighted assets						12.7						15.0						4.5
Tier 1 capital to risk-weighted assets						13.0						15.3						6.0
Tier 1 capital to average assets						10.1						10.5						4.0

						September 30, 2022						December 31, 2021						Regulatory Minimum to be Adequately Capitalized						Regulatory Minimum to be Well Capitalized
Bank
Total capital to risk-weighted assets						13.6		%				15.9		%				8.0		%				10.0		%
Common equity tier 1 capital to risk-weighted assets						12.7						14.8						4.5						6.5
Tier 1 capital to risk-weighted assets						12.7						14.8						6.0						8.0
Tier 1 capital to average assets						9.9						10.1						4.0						5.0

Schedule of Components of Accumulated Other Comprehensive Income (Loss)

Components of accumulated other comprehensive (loss) is as follows:

(In thousands)						September 30, 2022						December 31, 2021
Other accumulated comprehensive income, before tax:
Net unrealized holding (loss) on AFS securities						$	(246,739)					$	(1,806)
Net unrealized (loss) on cash flow hedging derivatives						(5,555)						—
Net unrealized holding (loss) on pension plans						(2,518)						(2,518)
Income taxes related to items of accumulated other comprehensive income:
Net unrealized tax benefit on AFS securities						64,150						407
Net unrealized tax benefit on cash flow hedging derivatives						1,494						—
Net unrealized tax benefit on pension plans						674						674
Accumulated other comprehensive loss						$	(188,494)					$	(3,243)

Schedule of Components of Other Comprehensive Income (Loss)

The following table presents the components of other comprehensive (loss) for the three and nine months ended September 30, 2022 and 2021:

(In thousands)						Before Tax						Tax Effect						Net of Tax
Three Months Ended September 30, 2022
Net unrealized holding loss on AFS securities:						x
Net unrealized (losses) arising during the period						$	(83,073)					$	21,639					$	(61,434)
Less: reclassification adjustment for gains realized in net income						—						—						—
Net unrealized holding (loss) on AFS securities						(83,073)						21,639						(61,434)
Net unrealized loss on cash flow hedging derivatives:
Net unrealized (loss) arising during the period						(5,555)						1,494						(4,061)
Less: reclassification adjustment for (losses) realized in net income						—						—						—
Net unrealized (loss) on cash flow hedging derivatives						(5,555)						1,494						(4,061)
Other comprehensive (loss)						$	(88,628)					$	23,133					$	(65,495)
Three Months Ended September 30, 2021
Net unrealized holding loss on AFS securities:
Net unrealized (losses) arising during the period						$	(10,098)					$	2,575					$	(7,523)
Less: reclassification adjustment for gains realized in net income						—						—						—
Net unrealized holding (loss) on AFS securities						(10,098)						2,575						(7,523)
Net unrealized loss on cash flow hedging derivatives:
Net unrealized (loss) arising during the period						—						—						—
Less: reclassification adjustment for (losses) realized in net income						—						—						—
Net unrealized gain on cash flow hedging derivatives						—						—						—
Other comprehensive (loss)						$	(10,098)					$	2,575					$	(7,523)

(In thousands)						Before Tax						Tax Effect						Net of Tax
Nine Months Ended September 30, 2022
Net unrealized holding loss on AFS securities:
Net unrealized (losses) arising during the period						$	(244,927)					$	63,741					$	(181,186)
Less: reclassification adjustment for gains realized in net income						6						(2)						4
Net unrealized holding (loss) on AFS securities						(244,933)						63,743						(181,190)
Net unrealized loss on cash flow hedging derivatives:
Net unrealized (loss) arising during the period						(5,555)						1,494						(4,061)
Less: reclassification adjustment for (losses) realized in net income						—						—						—
Net unrealized loss on cash flow hedging derivatives						(5,555)						1,494						(4,061)
Other comprehensive (loss)						$	(250,488)					$	65,237					$	(185,251)
Nine Months Ended September 30, 2021
Net unrealized holding loss on AFS securities:
Net unrealized (losses) arising during the period						$	(31,718)					$	8,096					$	(23,622)
Less: reclassification adjustment for gains realized in net income						—						—						—
Net unrealized holding (loss) on AFS securities						(31,718)						8,096						(23,622)
Net unrealized loss on cash flow hedging derivatives:
Net unrealized (loss) arising during the period						—						—						—
Less: reclassification adjustment for (losses) realized in net income						—						—						—
Net unrealized gain on cash flow hedging derivatives						—						—						—
Other comprehensive (loss)						$	(31,718)					$	8,096					$	(23,622)

Schedule of Gross Changes in Each Component of Accumulated Other Comprehensive Income

The following table presents the changes in each component of accumulated other comprehensive (loss), for the three and nine months ended September 30, 2022 and 2021:

(In thousands)						Net unrealized holding loss on AFS Securities						Net loss on effective cash flow hedging derivatives												Net unrealized holding loss on pension plans						Total
Three Months Ended September 30, 2022
Balance at Beginning of Period						$	(121,154)					$	—											$	(1,845)					$	(122,999)
Other comprehensive (loss) before reclassifications						(61,434)						(4,061)												—						(65,495)
Less: amounts reclassified from accumulated other comprehensive (loss)						—						—												—						—
Total other comprehensive (loss)						(61,434)						(4,061)												—						(65,495)
Balance at End of Period						$	(182,588)					$	(4,061)											$	(1,845)					$	(188,494)
Three Months Ended September 30, 2021
Balance at Beginning of Period						$	17,359					$	—											$	(2,587)					$	14,772
Other comprehensive (loss) before reclassifications						(7,523)						—												—						(7,523)
Less: amounts reclassified from accumulated other comprehensive (loss)						—						—												—						—
Total other comprehensive income						(7,523)						—												—						(7,523)
Balance at End of Period						$	9,836					$	—											$	(2,587)					$	7,249
Nine Months Ended September 30, 2022
Balance at Beginning of Period						$	(1,398)					$	—											$	(1,845)					$	(3,243)
Other comprehensive (loss) before reclassifications						(181,186)						(4,061)												—						(185,247)
Less: amounts reclassified from accumulated other comprehensive income						4						—												—						4
Total other comprehensive (loss)						(181,190)						(4,061)												—						(185,251)
Balance at End of Period						$	(182,588)					$	(4,061)											$	(1,845)					$	(188,494)
Nine Months Ended September 30, 2021
Balance at Beginning of Period						$	33,458					$	—											$	(2,587)					$	30,871
Other comprehensive (loss) before reclassifications						(23,622)						—																		(23,622)
Less: amounts reclassified from accumulated other comprehensive income						—						—												—						—
Total other comprehensive (loss)						(23,622)						—												—						(23,622)
Balance at End of Period						$	9,836					$	—											$	(2,587)					$	7,249

Schedule of Amounts Reclassified Out of Each Component of Accumulated Other Comprehensive Income

The following table presents the amounts reclassified out of each component of accumulated other comprehensive

income for the three and nine months ended September 30, 2022 and 2021:

																		Affected Line Item in the
						Three Months Ended September 30,												Statement where Net Income
(In thousands)						2022						2021						is Presented
Realized gains on AFS securities:
						$	—					$	—					Non-interest income
						—						—						Retained earnings
						—						—						Tax expense
						—						—						Net of tax
Total reclassifications for the period						$	—					$	—					Net of tax

																		Affected Line Item in the
						Nine Months Ended September 30,												Statement where Net Income
(In thousands)						2022						2021						is Presented
Realized gains on AFS securities:
						$	6											Non-interest income
						(2)						—						Tax expense
						4						—						Net of tax
Total reclassifications for the period						$	4					$	—					Net of tax

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