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CAPITAL RATIOS AND SHAREHOLDERS' EQUITY (Tables) | 3 Months Ended
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Mar. 31, 2023
Equity [Abstract] |
Schedule of Actual and Required Capital Ratios | The actual and required capital ratios were as follows:
|  | March 31, 2023 |  | December 31, 2022 |  | Minimum Capital Requirement
Company (consolidated) |  |  |  |  |  |
Total capital to risk-weighted assets |  | 14.4 | % |  | 14.6 | % |  | 8.0 | %
Common equity tier 1 capital to risk-weighted assets |  | 12.1 |  |  | 12.4 |  |  | 4.5 |
Tier 1 capital to risk-weighted assets |  | 12.4 |  |  | 12.6 |  |  | 6.0 |
Tier 1 capital to average assets |  | 9.9 |  |  | 10.2 |  |  | 4.0 |
|  | March 31, 2023 |  | December 31, 2022 |  | Regulatory Minimum to be Adequately Capitalized |  | Regulatory Minimum to be Well Capitalized
Bank |  |  |  |  |  |  |  |
Total capital to risk-weighted assets |  | 13.2 | % |  | 13.6 | % |  | 8.0 | % |  | 10.0 | %
Common equity tier 1 capital to risk-weighted assets |  | 12.2 |  |  | 12.6 |  |  | 4.5 |  |  | 6.5 |
Tier 1 capital to risk-weighted assets |  | 12.2 |  |  | 12.6 |  |  | 6.0 |  |  | 8.0 |
Tier 1 capital to average assets |  | 9.8 |  |  | 10.2 |  |  | 4.0 |  |  | 5.0 |
Schedule of Components of Accumulated Other Comprehensive Income (Loss) | Components of accumulated other comprehensive (loss) is as follows:
(In thousands) |  | March 31, 2023 |  | December 31, 2022
Other accumulated comprehensive income, before tax: |  |  |  |
Net unrealized holding (loss) on AFS securities |  | $ | (212,919) |  |  | $ | (236,887) |
Net unrealized (loss) on cash flow hedging derivatives |  | (869) |  |  | (6,667) |
Net unrealized holding (loss) on pension plans |  | (844) |  |  | (844) |
Income taxes related to items of accumulated other comprehensive income: |  |  |  |
Net unrealized tax benefit on AFS securities |  | 55,105 |  |  | 61,329 |
Net unrealized tax benefit on cash flow hedging derivatives |  | 233 |  |  | 1,789 |
Net unrealized tax benefit on pension plans |  | 228 |  |  | 228 |
Accumulated other comprehensive loss |  | $ | (159,066) |  |  | $ | (181,052) |
Schedule of Components of Other Comprehensive Income (Loss) | The following table presents the components of other comprehensive (loss) for the three months ended March 31, 2023 and 2022:
(In thousands) |  | Before Tax |  | Tax Effect |  | Net of Tax
Three Months Ended March 31, 2023 |  |  |  |  |  |
Net unrealized holding gain on AFS securities: |  | x |  |  |  |
Net unrealized gains arising during the period |  | $ | 23,968 |  |  | $ | (6,224) |  |  | $ | 17,744 |
Less: reclassification adjustment for gains realized in net income |  | — |  |  | — |  |  | — |
Net unrealized holding gain on AFS securities |  | 23,968 |  |  | (6,224) |  |  | 17,744 |
Net unrealized gain on cash flow hedging derivatives: |  |  |  |  |  |
Net unrealized gain arising during the period |  | 5,955 |  |  | (1,598) |  |  | 4,357 |
Less: reclassification adjustment for (losses) realized in net income |  | 157 |  |  | (42) |  |  | 115 |
Net unrealized gain on cash flow hedging derivatives |  | 5,798 |  |  | (1,556) |  |  | 4,242 |
Other comprehensive income |  | $ | 29,766 |  |  | $ | (7,780) |  |  | $ | 21,986 |
Three Months Ended March 31, 2022 |  |  |  |  |  |
Net unrealized holding loss on AFS securities: |  |  |  |  |  |
Net unrealized (losses) arising during the period |  | $ | (101,373) |  |  | $ | 26,379 |  |  | $ | (74,994) |
Less: reclassification adjustment for gains realized in net income |  | — |  |  | — |  |  | — |
Net unrealized holding (loss) on AFS securities |  | (101,373) |  |  | 26,379 |  |  | (74,994) |
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) |  | $ | (101,373) |  |  | $ | 26,379 |  |  | $ | (74,994) |
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 months ended March 31, 2023 and 2022:
(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 March 31, 2023 |  |  |  |  |  |  |  |  |  |
Balance at Beginning of Period |  | $ | (175,557) |  |  | $ | (4,878) |  |  |  |  | $ | (617) |  |  | $ | (181,052) |
Other comprehensive (loss) before reclassifications |  | 17,744 |  |  | 4,357 |  |  |  |  | — |  |  | 22,101 |
Less: amounts reclassified from accumulated other comprehensive (loss) |  | — |  |  | 115 |  |  |  |  | — |  |  | 115 |
Total other comprehensive (loss) |  | 17,744 |  |  | 4,242 |  |  |  |  | — |  |  | 21,986 |
Balance at End of Period |  | $ | (157,813) |  |  | $ | (636) |  |  |  |  | $ | (617) |  |  | $ | (159,066) |
Three Months Ended March 31, 2022 |  |  |  |  |  |  |  |  |  |
Balance at Beginning of Period |  | $ | (1,398) |  |  | $ | (1,845) |  |  |  |  | $ | — |  |  | $ | (3,243) |
Other comprehensive (loss) before reclassifications |  | (74,994) |  |  | — |  |  |  |  | — |  |  | (74,994) |
Less: amounts reclassified from accumulated other comprehensive (loss) |  | — |  |  | — |  |  |  |  | — |  |  | — |
Total other comprehensive income |  | (74,994) |  |  | — |  |  |  |  | — |  |  | (74,994) |
Balance at End of Period |  | $ | (76,392) |  |  | $ | (1,845) |  |  |  |  | $ | — |  |  | $ | (78,237) |
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 months ended March 31, 2023 and 2022:
|  |  |  |  |  | Affected Line Item in the
|  | Three Months Ended March 31, |  | Statement where Net Income
(In thousands) |  | 2023 |  | 2022 |  | is Presented
Realized (losses) on cash flow hedging derivatives: |  |  |  |  |  |
|  | 157 |  |  | — |  |  | Interest expense
|  | — |  |  | — |  |  | Non-interest expense
|  | (42) |  |  | — |  |  | Tax benefit
Total reclassifications for the period |  | $ | 115 |  |  | $ | — |  |  | Net of tax

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