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CAPITAL RATIOS AND SHAREHOLDERS' EQUITY (Tables) | 6 Months Ended
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Jun. 30, 2023
Equity [Abstract] |
Schedule of Actual and Required Capital Ratios | The actual and required capital ratios were as follows:
|  | June 30, 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 |  | 12.3 |  |  | 12.6 |  |  | 6.0 |
Tier 1 capital to average assets |  | 9.6 |  |  | 10.2 |  |  | 4.0 |
|  | June 30, 2023 |  | December 31, 2022 |  | Regulatory Minimum to be Adequately Capitalized |  | Regulatory Minimum to be Well Capitalized
Bank |  |  |  |  |  |  |  |
Total capital to risk-weighted assets |  | 13.4 | % |  | 13.6 | % |  | 8.0 | % |  | 10.0 | %
Common equity tier 1 capital to risk-weighted assets |  | 12.4 |  |  | 12.6 |  |  | 4.5 |  |  | 6.5 |
Tier 1 capital to risk-weighted assets |  | 12.4 |  |  | 12.6 |  |  | 6.0 |  |  | 8.0 |
Tier 1 capital to average assets |  | 9.6 |  |  | 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) |  | June 30, 2023 |  | December 31, 2022
Other accumulated comprehensive income, before tax: |  |  |  |
Net unrealized holding (loss) on AFS securities |  | $ | (237,760) |  |  | $ | (236,887) |
Net unrealized (loss) on cash flow hedging derivatives |  | (12,780) |  |  | (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 |  | 61,486 |  |  | 61,329 |
Net unrealized tax benefit on cash flow hedging derivatives |  | 3,430 |  |  | 1,789 |
Net unrealized tax benefit on pension plans |  | 228 |  |  | 228 |
Accumulated other comprehensive loss |  | $ | (186,240) |  |  | $ | (181,052) |
Schedule of Components of Other Comprehensive Income (Loss) | The following table presents the components of other comprehensive (loss) for the three and six months ended June 30, 2023 and 2022:
(In thousands) |  | Before Tax |  | Tax Effect |  | Net of Tax
Three Months Ended June 30, 2023 |  |  |  |  |  |
Net unrealized holding loss on AFS securities: |  | x |  |  |  |
Net unrealized (losses) arising during the period |  | $ | (24,842) |  |  | $ | 6,381 |  |  | $ | (18,461) |
Less: reclassification adjustment for gains realized in net income |  | — |  |  | — |  |  | — |
Net unrealized holding gain on AFS securities |  | (24,842) |  |  | 6,381 |  |  | (18,461) |
Net unrealized gain on cash flow hedging derivatives: |  |  |  |  |  |
Net unrealized (loss) arising during the period |  | (12,067) |  |  | 3,239 |  |  | (8,828) |
Less: reclassification adjustment for (losses) realized in net income |  | (157) |  |  | 42 |  |  | (115) |
Net unrealized gain on cash flow hedging derivatives |  | (11,910) |  |  | 3,197 |  |  | (8,713) |
Other comprehensive income |  | $ | (36,752) |  |  | $ | 9,578 |  |  | $ | (27,174) |
Three Months Ended June 30, 2022 |  |  |  |  |  |
Net unrealized holding loss on AFS securities: |  |  |  |  |  |
Net unrealized (losses) arising during the period |  | $ | (60,481) |  |  | $ | 15,723 |  |  | $ | (44,758) |
Less: reclassification adjustment for gains realized in net income |  | 6 |  |  | (2) |  |  | 4 |
Net unrealized holding (loss) on AFS securities |  | (60,487) |  |  | 15,725 |  |  | (44,762) |
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) |  | $ | (60,487) |  |  | $ | 15,725 |  |  | $ | (44,762) |
(In thousands) |  | Before Tax |  | Tax Effect |  | Net of Tax
Six Months Ended June 30, 2023 |  |  |  |  |  |
Net unrealized holding gain on AFS securities: |  |  |  |  |  |
Net unrealized gains arising during the period |  | $ | (874) |  |  | $ | 157 |  |  | $ | (717) |
Less: reclassification adjustment for gains realized in net income |  | — |  |  | — |  |  | — |
Net unrealized holding gain on AFS securities |  | (874) |  |  | 157 |  |  | (717) |
Net unrealized gain on cash flow hedging derivatives: |  |  |  |  |  |
Net unrealized gain arising during the period |  | (6,426) |  |  | 1,725 |  |  | (4,701) |
Less: reclassification adjustment for (losses) realized in net income |  | (314) |  |  | 84 |  |  | (230) |
Net unrealized gain on cash flow hedging derivatives |  | (6,112) |  |  | 1,641 |  |  | (4,471) |
Other comprehensive income |  | $ | (6,986) |  |  | $ | 1,798 |  |  | $ | (5,188) |
Six Months Ended June 30, 2022 |  |  |  |  |  |
Net unrealized holding loss on AFS securities: |  |  |  |  |  |
Net unrealized (losses) arising during the period |  | $ | (161,854) |  |  | $ | 42,102 |  |  | $ | (119,752) |
Less: reclassification adjustment for gains realized in net income |  | 6 |  |  | (2) |  |  | 4 |
Net unrealized holding (loss) on AFS securities |  | (161,860) |  |  | 42,104 |  |  | (119,756) |
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) |  | (161,860) |  |  | 42,104 |  |  | (119,756) |
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 six months ended June 30, 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 June 30, 2023 |  |  |  |  |  |  |  |  |  |
Balance at Beginning of Period |  | $ | (157,813) |  |  | $ | (636) |  |  |  |  | $ | (617) |  |  | $ | (159,066) |
Other comprehensive (loss) before reclassifications |  | (18,461) |  |  | (8,828) |  |  |  |  |  |  | (27,289) |
Less: amounts reclassified from accumulated other comprehensive (loss) |  | — |  |  | (115) |  |  |  |  | — |  |  | (115) |
Total other comprehensive (loss) |  | (18,461) |  |  | (8,713) |  |  |  |  | — |  |  | (27,174) |
Balance at End of Period |  | $ | (176,274) |  |  | $ | (9,349) |  |  |  |  | $ | (617) |  |  | $ | (186,240) |
Three Months Ended June 30, 2022 |  |  |  |  |  |  |  |  |  |
Balance at Beginning of Period |  | $ | (76,392) |  |  | $ | — |  |  |  |  | $ | (1,845) |  |  | $ | (78,237) |
Other comprehensive (loss) before reclassifications |  | (44,758) |  |  | — |  |  |  |  | — |  |  | (44,758) |
Less: amounts reclassified from accumulated other comprehensive (loss) |  | 4 |  |  | — |  |  |  |  | — |  |  | 4 |
Total other comprehensive income |  | (44,762) |  |  | — |  |  |  |  | — |  |  | (44,762) |
Balance at End of Period |  | $ | (121,154) |  |  | $ | — |  |  |  |  | $ | (1,845) |  |  | $ | (122,999) |
(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
Six Months Ended June 30, 2023 |  |  |  |  |  |  |  |  |  |
Balance at Beginning of Period |  | $ | (175,557) |  |  | $ | (4,878) |  |  |  |  | $ | (617) |  |  | (181,052) |
Other comprehensive (loss) before reclassifications |  | (717) |  |  | (4,701) |  |  |  |  | — |  |  | (5,418) |
Less: amounts reclassified from accumulated other comprehensive (loss) |  | — |  |  | (230) |  |  |  |  | — |  |  | (230) |
Total other comprehensive (loss) |  | (717) |  |  | (4,471) |  |  |  |  | — |  |  | (5,188) |
Balance at End of Period |  | $ | (176,274) |  |  | $ | (9,349) |  |  |  |  | $ | (617) |  |  | $ | (186,240) |
Six Months Ended June 30, 2022 |  |  |  |  |  |  |  |  |  |
Balance at Beginning of Period |  | $ | (1,398) |  |  | $ | — |  |  |  |  | $ | (1,845) |  |  | $ | (3,243) |
Other comprehensive (loss) before reclassifications |  | (119,752) |  |  | — |  |  |  |  | — |  |  | (119,752) |
Less: amounts reclassified from accumulated other comprehensive (loss) |  | 4 |  |  | — |  |  |  |  | — |  |  | 4 |
Total other comprehensive income |  | (119,756) |  |  | — |  |  |  |  | — |  |  | (119,756) |
Balance at End of Period |  | $ | (121,154) |  |  | $ | — |  |  |  |  | $ | (1,845) |  |  | $ | (122,999) |
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 six months ended June 30, 2023 and 2022:
|  |  |  |  |  | Affected Line Item in the
|  | Three Months Ended June 30, |  | Statement where Net Income
(In thousands) |  | 2023 |  | 2022 |  | is Presented
Realized gains on AFS securities: |  |  |  |  |  |
|  | $ | — |  |  | $ | 6 |  |  | Non-interest income
|  | — |  |  | (2) |  |  | Tax expense
|  | — |  |  | 4 |  |  | Net of tax
Realized (losses) on cash flow hedging derivatives: |  |  |  |  |  |
|  | (157) |  |  | — |  |  | Interest expense
|  | — |  |  | — |  |  | Non-interest expense
|  | 42 |  |  | — |  |  | Tax benefit
|  | (115) |  |  | — |  |  | Net of tax
Total reclassifications for the period |  | $ | (115) |  |  | $ | 4 |  |  | Net of tax
|  |  |  |  |  | Affected Line Item in the
|  | Six Months Ended June 30, |  | Statement where Net Income
(In thousands) |  | 2023 |  | 2022 |  | is Presented
Realized gains on AFS securities: |  |  |  |  |  |
|  | $ | — |  |  | $ | 6 |  |  | Non-interest income
|  | — |  |  | (2) |  |  | Tax expense
|  | — |  |  | 4 |  |  | Net of tax
Realized (losses) on cash flow hedging derivatives: |  |  |  |  |  |
|  | (314) |  |  | — |  |  | Interest expense
|  | — |  |  | — |  |  | Non-interest expense
|  | 84 |  |  | — |  |  | Tax benefit
|  | (230) |  |  | — |  |  | Net of tax
Total reclassifications for the period |  | $ | (230) |  |  | $ | 4 |  |  | Net of tax

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