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SHAREHOLDERS' EQUITY AND EARNINGS PER COMMON SHARE (Tables)

12 Months Ended

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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