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CAPITAL RATIOS AND SHAREHOLDERS' EQUITY
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
CAPITAL RATIOS AND SHAREHOLDERS' EQUITY CAPITAL RATIOS AND SHAREHOLDERS’ EQUITY
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 assets14.4 %14.4 %8.0 %
Tier 1 capital to risk-weighted assets12.2 12.3 6.0 
Common equity tier 1 capital to risk-weighted assets12.0 12.0 4.5 
Tier 1 capital to average assets9.9 9.7 4.0 
September 30,
2024		December 31,
2023		Regulatory Minimum to be Adequately CapitalizedRegulatory
Minimum to be
Well Capitalized
Bank
Total capital to risk-weighted assets13.7 %13.3 %8.0 %10.0 %
Tier 1 capital to risk-weighted assets12.5 12.2 6.0 8.0 
Common equity tier 1 capital to risk-weighted assets12.5 12.2 4.5 6.5 
Tier 1 capital to average assets10.2 9.6 4.0 5.0 

The Company and the Bank are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off-balance sheet items calculated under regulatory accounting practices. Failure to meet capital requirements can initiate regulatory action. At each date shown, the Company met the minimum capital requirements and the Bank met the conditions to be classified as “well capitalized” under the relevant regulatory framework. To be categorized as well capitalized, an institution must maintain minimum total risk-based, tier 1 risk-based, and tier 1 leverage ratios as set forth in the table above.

As of January 1, 2019, banking organizations must maintain a minimum common equity tier 1 risk-based capital ratio of 7.0%, a minimum Tier 1 risk-based capital ratio of 8.5%, and a minimum Total risk-based capital ratio of 10.5%, including a 2.5% capital conservation buffer. Capital rules impose restrictions on capital distributions and certain discretionary cash bonus payments if the capital conservation buffer is not met.

At September 30, 2024, the capital levels of both the Company and the Bank exceeded all regulatory capital requirements and the Bank's regulatory capital ratios were above the minimum levels required to be considered well capitalized for regulatory purposes. The capital levels of both the Company and the Bank at September 30, 2024 also exceeded the minimum capital requirements including the currently applicable capital conservation buffer of 2.5%.
Accumulated other comprehensive (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 securities31,345 49,401 
Net unrealized tax benefit on cash flow hedging derivatives4 1,159 
Net unrealized tax benefit on pension plans144 144 
Accumulated other comprehensive loss$(89,257)$(143,016)

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 TaxTax EffectNet 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 period9,190 (2,499)6,691 
Less: reclassification adjustment for (losses) realized in net income(159)43 (116)
Net unrealized gain on cash flow hedging derivatives9,349 (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 TaxTax EffectNet 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 securities68,721 (18,056)50,665 
Net unrealized gain on cash flow hedging derivatives:
   
Net unrealized gain arising during the period3,776 (1,026)2,750 
Less: reclassification adjustment for (losses) realized in net income(473)129 (344)
Net unrealized gain on cash flow hedging derivatives4,249 (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 $(37,334)
The following table presents the changes in each component of accumulated other comprehensive income/(loss), for the three and nine months ended September 30, 2024 and 2023:
(In thousands)Net unrealized
holding loss
on AFS Securities		Net loss on
effective cash
flow hedging derivatives		Net unrealized
holding loss
on pension plans		Total
Three Months Ended September 30, 2024    
Balance at Beginning of Period$(107,495)$(6,819)$(384)$(114,698)
Other comprehensive (loss) before reclassifications18,634 6,691 — 25,325 
Less: amounts reclassified from accumulated other comprehensive (loss)— (116)— (116)
Total other comprehensive income18,634 6,807 — 25,441 
Balance at End of Period$(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)$(143,016)
Other comprehensive (loss) before reclassifications14,311 2,750 — 17,061 
Less: amounts reclassified from accumulated other comprehensive income(36,354)(344)— (36,698)
Total other comprehensive income50,665 3,094 — 53,759 
Balance at End of Period(88,861)(12)(384)(89,257)
Nine Months Ended September 30, 2023    
Balance at Beginning of Period$(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)

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)20242023is 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)20242023is 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