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CAPITAL RATIOS AND SHAREHOLDERS' EQUITY (Tables) | 9 Months Ended
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Sep. 30, 2024
Equity [Abstract] |
Schedule of Actual and Required Capital Ratios | The actual and required capital ratios were as follows:
|  | September 30, 2024 |  | December 31, 2023 |  | Minimum Capital Requirement
Company (consolidated) |  |  |  |  |  |
Total capital to risk-weighted assets |  | 14.4 | % |  | 14.4 | % |  | 8.0 | %
Tier 1 capital to risk-weighted assets |  | 12.2 |  |  | 12.3 |  |  | 6.0 |
Common equity tier 1 capital to risk-weighted assets |  | 12.0 |  |  | 12.0 |  |  | 4.5 |
Tier 1 capital to average assets |  | 9.9 |  |  | 9.7 |  |  | 4.0 |
|  | September 30, 2024 |  | December 31, 2023 |  | Regulatory Minimum to be Adequately Capitalized |  | Regulatory Minimum to be Well Capitalized
Bank |  |  |  |  |  |  |  |
Total capital to risk-weighted assets |  | 13.7 | % |  | 13.3 | % |  | 8.0 | % |  | 10.0 | %
Tier 1 capital to risk-weighted assets |  | 12.5 |  |  | 12.2 |  |  | 6.0 |  |  | 8.0 |
Common equity tier 1 capital to risk-weighted assets |  | 12.5 |  |  | 12.2 |  |  | 4.5 |  |  | 6.5 |
Tier 1 capital to average assets |  | 10.2 |  |  | 9.6 |  |  | 4.0 |  |  | 5.0 |
Schedule of Components of Accumulated Other Comprehensive Income (Loss) | Components of accumulated other comprehensive (loss) are as follows:
(In thousands) |  | September 30, 2024 |  | December 31, 2023
Other accumulated comprehensive income, before tax: |  |  |  |
Net unrealized holding (loss) on AFS securities |  | $ | (120,206) |  |  | $ | (188,927) |
Net unrealized (loss) on cash flow hedging derivatives |  | (16) |  |  | (4,265) |
Net unrealized holding (loss) on pension plans |  | (528) |  |  | (528) |
Income taxes related to items of accumulated other comprehensive income: |  |  |  |
Net unrealized tax benefit on AFS securities |  | 31,345 |  |  | 49,401 |
Net unrealized tax benefit on cash flow hedging derivatives |  | 4 |  |  | 1,159 |
Net unrealized tax benefit on pension plans |  | 144 |  |  | 144 |
Accumulated other comprehensive loss |  | $ | (89,257) |  |  | $ | (143,016) |
Schedule of Components of Other Comprehensive Income (Loss) | The following table presents the components of other comprehensive (loss) for the three and nine months ended September 30, 2024 and 2023:
(In thousands) |  | Before Tax |  | Tax Effect |  | Net of Tax
Three Months Ended September 30, 2024 |  |  |  |  |  |
Net unrealized holding gain on AFS securities: |  |  |  |  |  |
Net unrealized gains arising during the period |  | $ | 25,250 |  |  | $ | (6,616) |  |  | $ | 18,634 |
Less: reclassification adjustment for (losses) realized in net income |  | — |  |  | — |  |  | — |
Net unrealized holding gain on AFS securities |  | 25,250 |  |  | (6,616) |  |  | 18,634 |
Net unrealized gain on cash flow hedging derivatives: |  |  |  |  |  |
Net unrealized gain arising during the period |  | 9,190 |  |  | (2,499) |  |  | 6,691 |
Less: reclassification adjustment for (losses) realized in net income |  | (159) |  |  | 43 |  |  | (116) |
Net unrealized gain on cash flow hedging derivatives |  | 9,349 |  |  | (2,542) |  |  | 6,807 |
Other comprehensive income |  | $ | 34,599 |  |  | $ | (9,158) |  |  | $ | 25,441 |
Three Months Ended September 30, 2023 |  |  |  |  |  |
Net unrealized holding loss on AFS securities: |  |  |  |  |  |
Net unrealized (losses) arising during the period |  | $ | (40,525) |  |  | $ | 10,544 |  |  | $ | (29,981) |
Less: reclassification adjustment for gains realized in net income |  | — |  |  | — |  |  | — |
Net unrealized holding (loss) on AFS securities |  | (40,525) |  |  | 10,544 |  |  | (29,981) |
Net unrealized loss on cash flow hedging derivatives: |  |  |  |  |  |
Net unrealized (loss) arising during the period |  | (3,118) |  |  | 836 |  |  | (2,282) |
Less: reclassification adjustment for (losses) realized in net income |  | (159) |  |  | 42 |  |  | (117) |
Net unrealized (loss) on cash flow hedging derivatives |  | (2,959) |  |  | 794 |  |  | (2,165) |
Other comprehensive (loss) |  | $ | (43,484) |  |  | $ | 11,338 |  |  | $ | (32,146) |
(In thousands) |  | Before Tax |  | Tax Effect |  | Net of Tax
Nine Months Ended September 30, 2024 |  |  |  |  |  |
Net unrealized holding gain on AFS securities: |  |  |  |  |  |
Net unrealized gains arising during the period |  | $ | 18,812 |  |  | $ | (4,501) |  |  | $ | 14,311 |
Less: reclassification adjustment for (losses) realized in net income |  | (49,909) |  |  | 13,555 |  |  | (36,354) |
Net unrealized holding gain on AFS securities |  | 68,721 |  |  | (18,056) |  |  | 50,665 |
Net unrealized gain on cash flow hedging derivatives: |  |  |  |  |  |
Net unrealized gain arising during the period |  | 3,776 |  |  | (1,026) |  |  | 2,750 |
Less: reclassification adjustment for (losses) realized in net income |  | (473) |  |  | 129 |  |  | (344) |
Net unrealized gain on cash flow hedging derivatives |  | 4,249 |  |  | (1,155) |  |  | 3,094 |
Other comprehensive income |  | $ | 72,970 |  |  | $ | (19,211) |  |  | $ | 53,759 |
Nine Months Ended September 30, 2023 |  |  |  |  |  |
Net unrealized holding loss on AFS securities: |  |  |  |  |  |
Net unrealized (losses) arising during the period |  | $ | (41,398) |  |  | $ | 10,701 |  |  | $ | (30,697) |
Less: reclassification adjustment for gains realized in net income |  | — |  |  | — |  |  | — |
Net unrealized holding (loss) on AFS securities |  | (41,398) |  |  | 10,701 |  |  | (30,697) |
Net unrealized (loss) on cash flow hedging derivatives: |  |  |  |  |  |
Net unrealized (loss) arising during the period |  | (9,545) |  |  | 2,562 |  |  | (6,983) |
Less: reclassification adjustment for (losses) realized in net income |  | (473) |  |  | 127 |  |  | (346) |
Net unrealized (loss) on cash flow hedging derivatives |  | (9,072) |  |  | 2,435 |  |  | (6,637) |
Other comprehensive (loss) |  | $ | (50,470) |  |  | $ | 13,136 |  |  | $ | (37,334) |
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 income/(loss), for the three and nine months ended September 30, 2024 and 2023:
(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 September 30, 2024 |  |  |  |  |  |  |  |  |  |
Balance at Beginning of Period |  | $ | (107,495) |  |  | $ | (6,819) |  |  |  |  | $ | (384) |  |  | $ | (114,698) |
Other comprehensive (loss) before reclassifications |  | 18,634 |  |  | 6,691 |  |  |  |  | — |  |  | 25,325 |
Less: amounts reclassified from accumulated other comprehensive (loss) |  | — |  |  | (116) |  |  |  |  | — |  |  | (116) |
Total other comprehensive income |  | 18,634 |  |  | 6,807 |  |  |  |  | — |  |  | 25,441 |
Balance at End of Period |  | $ | (88,861) |  |  | $ | (12) |  |  |  |  | $ | (384) |  |  | $ | (89,257) |
Three Months Ended September 30, 2023 |  |  |  |  |  |  |  |  |  |
Balance at Beginning of Period |  | $ | (176,274) |  |  | $ | (9,350) |  |  |  |  | $ | (616) |  |  | $ | (186,240) |
Other comprehensive income before reclassifications |  | (29,981) |  |  | (2,282) |  |  |  |  | — |  |  | (32,263) |
Less: amounts reclassified from accumulated other comprehensive (loss) |  | — |  |  | (117) |  |  |  |  | — |  |  | (117) |
Total other comprehensive (loss) |  | (29,981) |  |  | (2,165) |  |  |  |  | — |  |  | (32,146) |
Balance at End of Period |  | $ | (206,255) |  |  | $ | (11,515) |  |  |  |  | $ | (616) |  |  | $ | (218,386) |
Nine Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |  |
Balance at Beginning of Period |  | $ | (139,526) |  |  | $ | (3,106) |  |  |  |  | $ | (384) |  |  | $ | (143,016) |
Other comprehensive (loss) before reclassifications |  | 14,311 |  |  | 2,750 |  |  |  |  | — |  |  | 17,061 |
Less: amounts reclassified from accumulated other comprehensive income |  | (36,354) |  |  | (344) |  |  |  |  | — |  |  | (36,698) |
Total other comprehensive income |  | 50,665 |  |  | 3,094 |  |  |  |  | — |  |  | 53,759 |
Balance at End of Period |  | (88,861) |  |  | (12) |  |  |  |  | (384) |  |  | (89,257) |
Nine Months Ended September 30, 2023 |  |  |  |  |  |  |  |  |  |
Balance at Beginning of Period |  | $ | (175,558) |  |  | $ | (4,878) |  |  |  |  | $ | (616) |  |  | $ | (181,052) |
Other comprehensive (loss) before reclassifications |  | (30,697) |  |  | (6,983) |  |  |  |  | — |  |  | (37,680) |
Less: amounts reclassified from accumulated other comprehensive income |  | — |  |  | (346) |  |  |  |  | — |  |  | (346) |
Total other comprehensive (loss) |  | (30,697) |  |  | (6,637) |  |  |  |  | — |  |  | (37,334) |
Balance at End of Period |  | $ | (206,255) |  |  | $ | (11,515) |  |  |  |  | $ | (616) |  |  | $ | (218,386) |
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 nine months ended September 30, 2024 and 2023:
|  |  |  |  |  | Affected Line Item in the
|  | Three Months Ended September 30, |  | Statement where Net Income
(In thousands) |  | 2024 |  | 2023 |  | is Presented
Realized (losses) on AFS securities: |  |  |  |  |  |
|  | $ | — |  |  | $ | — |  |  | Non-interest income
|  | — |  |  | — |  |  | Tax expense
|  | — |  |  | — |  |  | Net of tax
Realized (losses) on cash flow hedging derivatives: |  |  |  |  |  |
|  | (159) |  |  | (159) |  |  | Interest expense
|  | — |  |  | — |  |  | Non-interest expense
|  | 43 |  |  | 42 |  |  | Tax benefit
|  | (116) |  |  | (117) |  |  | Net of tax
Total reclassifications for the period |  | $ | (116) |  |  | $ | (117) |  |  | Net of tax
|  |  |  |  |  | Affected Line Item in the
|  | Nine Months Ended September 30, |  | Statement where Net Income
(In thousands) |  | 2024 |  | 2023 |  | is Presented
Realized (losses) on AFS securities: |  |  |  |  |  |
|  | $ | (49,909) |  |  | $ | — |  |  | Non-interest income
|  | 13,555 |  |  | — |  |  | Tax expense
|  | (36,354) |  |  | — |  |  | Net of tax
Realized (losses) on cash flow hedging derivatives: |  |  |  |  |  |
|  | (473) |  |  | (473) |  |  | Interest expense
|  | — |  |  | — |  |  | Non-interest expense
|  | 129 |  |  | 127 |  |  | Tax benefit
|  | (344) |  |  | (346) |  |  | Net of tax
Total reclassifications for the period |  | $ | (36,698) |  |  | $ | (346) |  |  | Net of tax

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