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SHAREHOLDERS' EQUITY AND EARNINGS PER COMMON SHARE (Tables) | 12 Months Ended
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Dec. 31, 2022
Equity [Abstract] |
Schedule of Actual and Required Capital Ratios | The Company and Bank’s actual and required capital amounts were as follows:
|  |  |  |  |  | Minimum Capital Requirement
|  | Actual |
(Dollars in thousands) |  | Amount |  | Ratio |  | Amount |  | Ratio
December 31, 2022 |  |  |  |  |  |  |  |
Company (Consolidated) |  |  |  |  |  |  |  |
Total capital to risk-weighted assets |  | $ | 1,336,029 |  |  | 14.60 | % |  | $ | 732,070 |  |  | 8.00 | %
Common Equity Tier 1 Capital to risk weighted assets |  | 1,130,522 |  |  | 12.35 |  |  | 411,789 |  |  | 4.50 |
Tier 1 capital to risk-weighted assets |  | 1,152,808 |  |  | 12.60 |  |  | 549,052 |  |  | 6.00 |
Tier 1 capital to average assets |  | 1,152,808 |  |  | 10.18 |  |  | 366,035 |  |  | 4.00 |
Total risk-weighted assets |  | 9,150,869 |  |  | N/A |  | N/A |  | N/A
December 31, 2021 |  |  |  |  |  |  |  |
Company (Consolidated) |  |  |  |  |  |  |  |
Total capital to risk-weighted assets |  | $ | 1,359,470 |  |  | 17.32 | % |  | $ | 628,026 |  |  | 8.00 | %
Common Equity Tier 1 Capital to risk weighted assets |  | 1,178,497 |  |  | 15.01 |  |  | 353,265 |  |  | 4.50 |
Tier 1 capital to risk-weighted assets |  | 1,200,732 |  |  | 15.30 |  |  | 471,020 |  |  | 6.00 |
Tier 1 capital to average assets |  | 1,200,732 |  |  | 10.49 |  |  | 314,013 |  |  | 4.00 |
Total risk-weighted assets |  | 7,850,331 |  |  | N/A |  | N/A |  | N/A
|  |  |  |  |  | Minimum Capital Requirement |  | Minimum to be Well Capitalized Under Prompt Corrective Action Provisions
|  | Actual |  |
(Dollars in thousands) |  | Amount |  | Ratio |  | Amount |  | Ratio |  | Amount |  | Ratio
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Bank |  |  |  |  |  |  |  |  |  |  |  |
Total capital to risk-weighted assets |  | $ | 1,239,722 |  |  | 13.56 | % |  | $ | 731,259 |  |  | 8.00 | % |  | $ | 914,074 |  |  | 10.00 | %
Common Equity Tier 1 Capital to risk weighted assets |  | 1,155,280 |  |  | 12.64 |  |  | 411,333 |  |  | 4.50 |  |  | 594,148 |  |  | 6.50 |
Tier 1 capital to risk-weighted assets |  | 1,155,280 |  |  | 12.64 |  |  | 548,444 |  |  | 6.00 |  |  | 731,259 |  |  | 8.00 |
Tier 1 capital to average assets |  | 1,155,280 |  |  | 10.20 |  |  | 365,629 |  |  | 4.00 |  |  | 457,037 |  |  | 5.00 |
Total risk-weighted assets |  | 9,140,737 |  |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |
Bank |  |  |  |  |  |  |  |  |  |  |  |
Total capital to risk-weighted assets |  | $ | 1,244,604 |  |  | 15.87 | % |  | $ | 627,478 |  |  | 8.00 | % |  | $ | 784,348 |  |  | 10.00 | %
Common Equity Tier 1 Capital to risk weighted assets |  | 1,160,458 |  |  | 14.80 |  |  | 352,956 |  |  | 4.50 |  |  | 509,826 |  |  | 6.50 |
Tier 1 capital to risk-weighted assets |  | 1,160,458 |  |  | 14.80 |  |  | 470,609 |  |  | 6.00 |  |  | 627,478 |  |  | 8.00 |
Tier 1 capital to average assets |  | 1,160,458 |  |  | 10.13 |  |  | 313,739 |  |  | 4.00 |  |  | 392,174 |  |  | 5.00 |
Total risk-weighted assets |  | 7,843,477 |  |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A
Schedule of Components of Accumulated Other Comprehensive Income | Year-end components of accumulated other comprehensive (loss)/income are as follows:
(In thousands) |  | 2022 |  | 2021
Other accumulated comprehensive (loss), before tax: |  |  |  |
Net unrealized holding (loss) on AFS securities |  | $ | (236,887) |  |  | $ | (1,806) |
Net (loss) on effective cash flow hedging derivatives |  | (6,667) |  |  | — |
Net unrealized holding (loss) on pension plans |  | (844) |  |  | (2,518) |
Income taxes related to items of accumulated other comprehensive (loss)/income: |  |  |  |
Net unrealized holding loss on AFS securities |  | 61,329 |  |  | 407 |
Net loss on effective cash flow hedging derivatives |  | 1,789 |  |  | — |
Net unrealized holding loss on pension plans |  | 228 |  |  | 674 |
Accumulated other comprehensive (loss) |  | $ | (181,052) |  |  | $ | (3,243) |
Schedule of Components of Other Comprehensive (Loss)/Income | The following table presents the components of other comprehensive (loss)/income for the years ended December 31, 2022, 2021, and 2020:
(In thousands) |  | Before Tax |  | Tax Effect |  | Net of Tax
Year Ended December 31, 2022 |  |  |  |  |  |
Net unrealized holding (loss) on AFS securities: |  |  |  |  |  |
Net unrealized (loss) arising during the period |  | $ | (235,075) |  |  | $ | 60,920 |  |  | $ | (174,155) |
Less: reclassification adjustment for (losses) realized in net income |  | 6 |  |  | (2) |  |  | 4 |
Net unrealized holding (loss) on AFS securities |  | (235,081) |  |  | 60,922 |  |  | (174,159) |
Net loss on cash flow hedging derivatives: |  |  |  |  |  |
Net unrealized gain arising during the period |  | (6,667) |  |  | 1,789 |  |  | (4,878) |
Less: reclassification adjustment for (losses) realized in net income |  | — |  |  | — |  |  | — |
Net (loss) on cash flow hedging derivatives |  | (6,667) |  |  | 1,789 |  |  | (4,878) |
Net unrealized holding (loss) on pension plans |  |  |  |  |  |
Net unrealized gain arising during the period |  | 1,674 |  |  | (446) |  |  | 1,228 |
Less: reclassification adjustment for (losses) realized in net income |  | — |  |  | — |  |  | — |
Net unrealized holding (loss) on pension plans |  | 1,674 |  |  | (446) |  |  | 1,228 |
Other comprehensive loss |  | $ | (240,074) |  |  | $ | 62,265 |  |  | $ | (177,809) |
(In thousands) |  | Before Tax |  | Tax Effect |  | Net of Tax
Year Ended December 31, 2021 |  |  |  |  |  |
Net unrealized holding (loss) on AFS securities: |  |  |  |  |  |
Net unrealized (loss) arising during the period |  | $ | (46,794) |  |  | $ | 11,937 |  |  | $ | (34,857) |
Less: reclassification adjustment for gains realized in net income |  | — |  |  | — |  |  | — |
Net unrealized holding (loss) on AFS securities |  | (46,794) |  |  | 11,937 |  |  | (34,857) |
Net unrealized holding (loss) on pension plans |  |  |  |  |  |
Net unrealized (loss) arising during the period |  | 993 |  |  | (250) |  |  | 743 |
Less: reclassification adjustment for (losses) realized in net income |  | — |  |  | — |  |  | — |
Net unrealized holding (loss) on pension plans |  | 993 |  |  | (250) |  |  | 743 |
Other comprehensive (loss) |  | $ | (45,801) |  |  | $ | 11,687 |  |  | $ | (34,114) |
(In thousands) |  | Before Tax |  | Tax Effect |  | Net of Tax
Year Ended December 31, 2020 |  |  |  |  |  |
Net unrealized holding gain on AFS securities: |  |  |  |  |  |
Net unrealized gain arising during the period |  | $ | 25,721 |  |  | $ | (6,470) |  |  | $ | 19,251 |
Less: reclassification adjustment for gains realized in net income |  | (5) |  |  | 1 |  |  | (4) |
Net unrealized holding gain on AFS securities |  | 25,726 |  |  | (6,471) |  |  | 19,255 |
Net unrealized holding (loss) on pension plans |  |  |  |  |  |
Net unrealized (loss) arising during the period |  | (489) |  |  | 112 |  |  | (377) |
Less: reclassification adjustment for (losses) realized in net income |  | — |  |  | — |  |  | — |
Net unrealized holding loss on pension plans |  | (489) |  |  | 112 |  |  | (377) |
Other comprehensive income |  | $ | 25,237 |  |  | $ | (6,359) |  |  | $ | 18,878 |
Schedule of Gross Changes in Each Component of Accumulated Other Comprehensive Income (Loss) | The following table presents the changes in each component of accumulated other comprehensive (loss)/income, for the years ended December 31, 2022, 2021, and 2020:
(in thousands) |  | Net unrealized holding gain (loss) on AFS Securities |  | Net loss on effective cash flow hedging derivatives |  |  |  | Net unrealized holding gain (loss) on pension plans |  | Total
Year Ended December 31, 2022 |  |  |  |  |  |  |  |  |  |
Balance at Beginning of Year |  | $ | (1,398) |  |  | $ | — |  |  |  |  | $ | (1,845) |  |  | $ | (3,243) |
Other comprehensive (loss)/income before reclassifications |  | (174,155) |  |  | (4,878) |  |  |  |  | 1,228 |  |  | (177,805) |
Amounts reclassified from accumulated other comprehensive income |  | 4 |  |  | — |  |  |  |  | — |  |  | 4 |
Total other comprehensive (loss)/income |  | (174,159) |  |  | (4,878) |  |  |  |  | 1,228 |  |  | (177,809) |
Balance at End of Period |  | $ | (175,557) |  |  | $ | (4,878) |  |  |  |  | $ | (617) |  |  | $ | (181,052) |
Year Ended December 31, 2021 |  |  |  |  |  |  |  |  |  |
Balance at Beginning of Year |  | $ | 33,459 |  |  | $ | — |  |  |  |  | $ | (2,588) |  |  | $ | 30,871 |
Other comprehensive income/(loss)/income before reclassifications |  | (34,857) |  |  | — |  |  |  |  | 743 |  |  | (34,114) |
Amounts reclassified from accumulated other comprehensive income |  | — |  |  | — |  |  |  |  | — |  |  | — |
Total other comprehensive (loss)/income |  | (34,857) |  |  | — |  |  |  |  | 743 |  |  | (34,114) |
Balance at End of Period |  | $ | (1,398) |  |  | $ | — |  |  |  |  | $ | (1,845) |  |  | $ | (3,243) |
Year Ended December 31, 2020 |  |  |  |  |  |  |  |  |  |
Balance at Beginning of Year |  | $ | 14,204 |  |  | $ | — |  |  |  |  | $ | (2,211) |  |  | $ | 11,993 |
Other comprehensive income/(loss) before reclassifications |  | 19,251 |  |  | — |  |  |  |  | (377) |  |  | 18,874 |
Amounts reclassified from accumulated other comprehensive income |  | (4) |  |  | — |  |  |  |  | — |  |  | (4) |
Total other comprehensive income/(loss) |  | 19,255 |  |  | — |  |  |  |  | (377) |  |  | 18,878 |
Balance at End of Period |  | $ | 33,459 |  |  | $ | — |  |  |  |  | $ | (2,588) |  |  | $ | 30,871 |
Schedule of Amounts Reclassified out of Each Component of Accumulated Other Comprehensive (Loss)/Income | The following table presents the amounts reclassified out of each component of accumulated other comprehensive (loss)/income for the years ended December 31, 2022, 2021, and 2020:
|  |  |  |  |  |  |  | Affected Line Item in the Statement Where Net Income Is Presented
|  | Years Ended December 31, |
(in thousands) |  | 2022 |  | 2021 |  | 2020 |
Realized gains/(losses) on AFS securities:
|  | $ | 6 |  |  | $ | — |  |  | $ | (5) |  |  | Non-interest income
|  | (2) |  |  | — |  |  | 1 |  |  | Tax expense
|  | 4 |  |  | — |  |  | (4) |  |  |
Realized (losses) on cash flow hedging derivatives:
|  | — |  |  | — |  |  | — |  |  | Interest expense
|  | — |  |  | — |  |  | — |  |  | Non-interest income
|  | — |  |  | — |  |  | — |  |  | Non-interest expense
|  | — |  |  | — |  |  | — |  |  | Tax benefit
|  | — |  |  | — |  |  | — |  |  |
Realized (losses) on pension plans: |  |  |  |  |  |  |  |
|  | — |  |  | — |  |  | — |  |  | Non-interest expense
|  | — |  |  | — |  |  | — |  |  | Tax expense
|  | — |  |  | — |  |  | — |  |  |
Total reclassifications for the period |  | $ | 4 |  |  | $ | — |  |  | $ | (4) |  |  |
Schedule of Earnings (Loss) Per Share | Earnings/(loss) per common share has been computed based on the following (average diluted shares outstanding is calculated using the treasury stock method):
|  | Years Ended December 31,
(In thousands, except per share data) |  | 2022 |  | 2021 |  | 2020
Net income/(loss) from continuing operations |  | $ | 92,533 |  |  | $ | 118,664 |  |  | $ | (513,175) |
Net (loss) from discontinued operations |  | — |  |  | — |  |  | (19,842) |
Net income/(loss) |  | $ | 92,533 |  |  | $ | 118,664 |  |  | $ | (533,017) |
Average number of common shares issued |  | 51,903 |  |  | 51,903 |  |  | 51,903 |
Less: average number of treasury shares |  | 5,577 |  |  | 1,951 |  |  | 1,569 |
Less: average number of unvested stock award shares |  | 762 |  |  | 712 |  |  | 505 |
Plus: average participating preferred shares |  | — |  |  | — |  |  | 441 |
Average number of basic common shares outstanding |  | 45,564 |  |  | 49,240 |  |  | 50,270 |
Plus: dilutive effect of unvested stock award shares |  | 345 |  |  | 309 |  |  | — |
Plus: dilutive effect of stock options outstanding |  | 5 |  |  | 5 |  |  | — |
Average number of diluted common shares outstanding |  | 45,914 |  |  | 49,554 |  |  | 50,270 |
Basic earnings/(loss) per share: |  |  |  |  |  |
Continuing Operations |  | $ | 2.03 |  |  | $ | 2.41 |  |  | $ | (10.21) |
Discontinued operations |  | — |  |  | — |  |  | (0.39) |
Basic earnings/(loss) per common share |  | $ | 2.03 |  |  | $ | 2.41 |  |  | $ | (10.60) |
Diluted earnings/(loss) per share: |  |  |  |  |  |
Continuing Operations |  | $ | 2.02 |  |  | $ | 2.39 |  |  | $ | (10.21) |
Discontinued operations |  | — |  |  | — |  |  | (0.39) |
Diluted earnings/(loss) per common share |  | $ | 2.02 |  |  | $ | 2.39 |  |  | $ | (10.60) |

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