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CAPITAL RATIOS AND SHAREHOLDERS' EQUITY (Tables)

6 Months Ended

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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