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REGULATORY CAPITAL MATTERS | 12 Months Ended
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Dec. 31, 2022
REGULATORY CAPITAL MATTERS |
REGULATORY CAPITAL MATTERS | 25. REGULATORY CAPITAL MATTERS The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can result in certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s and the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital requirements that involve quantitative measures of the Company’s and Bank’s assets, liabilities, and certain off-balance sheet items calculated under regulatory accounting practices. The Company’s and Bank’s capital amounts and classifications also are subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios of total, tier 1, and common equity tier 1 capital to risk-weighted assets and of tier 1 capital to average assets. Tier 1 capital, risk-weighted assets and average assets are as defined by regulation. The required minimums for the Company and Bank are set forth in the tables that follow. The Company and the Bank met all capital adequacy requirements at December 31, 2022 and 2021. Under the Basel III Capital Rules the Company and the Bank are subject to the following minimum capital to risk-weighted assets ratios: a) 4.5% based on common equity tier 1 capital ("CET1"); b) 6.0% based on tier 1 capital; and c) 8.0% based on total regulatory capital. A minimum leverage ratio (tier 1 capital as a percentage of total average assets) of 4.0% is also required under the Basel III Capital Rules. The Basel III Capital Rules additionally require institutions to retain a capital conservation buffer, composed of CET1, of 2.5% above these required minimum capital ratio levels. Including the capital conservation buffer, the Company and the Bank effectively have the following minimum capital to risk-weighted assets ratios: a) 7.0% based on CET1; b) 8.5% based on tier 1 capital; and c) 10.5% based on total regulatory capital. The Company and the Bank made the one-time, permanent election to continue to exclude the effects of accumulated other comprehensive income or loss items included in stockholders’ equity for the purposes of determining the regulatory capital ratios. As of December 31, 2022, the most recent notification from the Federal Deposit Insurance Corporation categorized the Bank as “well capitalized” under the regulatory framework for prompt corrective action. To be categorized as “well capitalized,” the Bank must maintain minimum total risk-based, tier 1 risk-based, common equity tier 1 risk-based, and tier 1 leverage ratios as set forth in the tables below. Since that notification, there are no conditions or events that management believes have changed the institution’s category. The following tables present actual capital levels and minimum required levels for the Company and the Bank under Basel III rules at December 31, 2022 and 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | For Capital | ​ | To Be Categorized |
(Dollars in thousands) | ​ | Actual | ​ | Adequacy Purposes(1) | ​ | as “Well Capitalized”(1) |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Minimum | ​ | ​ | ​ | ​ | Minimum |
December 31, 2022 |  | Amount |  | Ratio |  | Amount |  | Ratio |  | Amount |  | Ratio |
Tier 1 capital / % of average total assets | ​ | ​ |  | ​ |  | ​ | ​ |  | ​ |  | ​ | ​ |  | ​ |  | ​
Bank | ​ | $ | 1,286,656 |  | 10.0 | % | $ | 517,606 |  | 4.0 | % | $ | 647,008 |  | 5.0 | %
Consolidated Company | ​ |  | 1,103,498 |  | 8.5 | ​ |  | 517,914 |  | 4.0 | ​ |  | N/A |  | N/A | ​
Common equity Tier 1 capital / % of risk-weighted assets | ​ |  |  |  |  | ​ |  | ​ |  |  | ​ |  |  |  |  | ​
Bank | ​ |  | 1,286,656 |  | 11.9 | ​ |  | 485,062 |  | 4.5 | ​ |  | 700,645 |  | 6.5 | ​
Consolidated Company | ​ |  | 986,928 |  | 9.2 | ​ |  | 485,243 |  | 4.5 | ​ |  | N/A |  | N/A | ​
Tier 1 capital / % of risk-weighted assets | ​ |  |  |  |  | ​ |  | ​ |  |  | ​ |  |  |  |  | ​
Bank | ​ |  | 1,286,656 |  | 11.9 | ​ |  | 646,749 |  | 6.0 | ​ |  | 862,332 |  | 8.0 | ​
Consolidated Company | ​ |  | 1,103,498 |  | 10.2 | ​ |  | 646,990 |  | 6.0 | ​ |  | N/A |  | N/A | ​
Total capital / % of risk-weighted assets | ​ |  |  |  |  | ​ |  | ​ |  |  | ​ |  |  |  |  | ​
Bank | ​ |  | 1,373,431 |  | 12.7 | ​ |  | 862,332 |  | 8.0 | ​ |  | 1,077,915 |  | 10.0 | ​
Consolidated Company | ​ |  | 1,390,272 |  | 12.9 | ​ |  | 862,654 |  | 8.0 | ​ |  | N/A |  | N/A | ​
(1) | In accordance with the Basel III rules.
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | For Capital | ​ | To Be Categorized
(Dollars in thousands) | ​ | Actual | ​ | Adequacy Purposes(1) | ​ | as “Well Capitalized”(1)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Minimum | ​ | ​ | ​ | ​ | Minimum
December 31, 2021 |  | Amount |  | Ratio |  | Amount |  | Ratio |  | Amount |  | Ratio
Tier 1 capital / % of average total assets |  | ​ |  |  |  |  | ​ |  |  |  |  | ​ |  |  |
Bank | ​ | $ | 1,215,586 |  | 10.0 | % | $ | 488,506 |  | 4.0 | % | $ | 610,633 |  | 5.0
Consolidated Company | ​ |  | 1,037,235 |  | 8.5 | ​ |  | 490,420 |  | 4.0 | ​ |  | N/A |  | N/A
Common equity Tier 1 capital / % of risk-weighted assets | ​ |  |  |  |  | ​ |  | ​ |  |  | ​ |  |  |  |
Bank | ​ |  | 1,215,586 |  | 12.5 | ​ |  | 436,539 |  | 4.5 | ​ |  | 630,557 |  | 6.5
Consolidated Company | ​ |  | 920,666 |  | 9.5 | ​ |  | 436,700 |  | 4.5 | ​ |  | N/A |  | N/A
Tier 1 capital / % of risk-weighted assets | ​ |  |  |  |  | ​ |  | ​ |  |  | ​ |  |  |  |
Bank | ​ |  | 1,215,586 |  | 12.5 | ​ |  | 582,052 |  | 6.0 | ​ |  | 776,070 |  | 8.0
Consolidated Company | ​ |  | 1,037,235 |  | 10.7 | ​ |  | 582,267 |  | 6.0 | ​ |  | N/A |  | N/A
Total capital / % of risk-weighted assets | ​ |  |  |  |  | ​ |  | ​ |  |  | ​ |  |  |  |
Bank | ​ |  | 1,304,242 |  | 13.4 | ​ |  | 776,070 |  | 8.0 | ​ |  | 970,087 |  | 10.0
Consolidated Company | ​ |  | 1,304,891 |  | 13.4 | ​ |  | 776,356 |  | 8.0 | ​ |  | N/A |  | N/A
(1) | In accordance with the Basel III rules.

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- Definition The entire disclosure for regulatory capital requirement for depository and lending institutions. Institutions include, but not are not limited to, finance company, insured depository institution, bank holding company, savings and loan association holding company, bank and savings institution not federally insured, mortgage company, foreign financial institution and credit union. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 505 -Section 50 -Paragraph 1F -URI https://asc.fasb.org/extlink&oid=117337116&loc=SL5958575-112826 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 505 -Section 50 -Paragraph 1 -Subparagraph (c)(2) -URI https://asc.fasb.org/extlink&oid=117337116&loc=SL5958568-112826 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 505 -Section 50 -Paragraph 1 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=117337116&loc=SL5958568-112826 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 505 -Section 50 -Paragraph 1A -URI https://asc.fasb.org/extlink&oid=117337116&loc=SL5958569-112826 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 505 -Section 50 -Paragraph 1 -Subparagraph (a)(2) -URI https://asc.fasb.org/extlink&oid=117337116&loc=SL5958568-112826 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 505 -Section 50 -Paragraph 1 -Subparagraph (a)(1) -URI https://asc.fasb.org/extlink&oid=117337116&loc=SL5958568-112826 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 505 -Section 50 -Paragraph 1 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=117337116&loc=SL5958568-112826 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 505 -Section 50 -Paragraph 1D -URI https://asc.fasb.org/extlink&oid=117337116&loc=SL5958573-112826 + Details
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