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CAPITAL RATIOS AND SHAREHOLDERS' EQUITY (Tables)

9 Months Ended

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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