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SHAREHOLDERS' EQUITY | 12 Months Ended
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Dec. 31, 2024
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] |
SHAREHOLDERS' EQUITY | SHAREHOLDERS’ EQUITY Cash dividends declared and paid were $1.44, $1.42 and $1.40 per share for the years ended December 31, 2024, 2023 and 2022, respectively. Future dividends will depend on our earnings, financial condition and other factors which the board of directors considers to be relevant. Our dividend policy requires that any cash dividend payments made may not exceed consolidated earnings for that year. We are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on our financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, we must meet specific capital guidelines that involve quantitative measures of our assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. Our capital amounts and classification are also subject to qualitative judgments by the regulators regarding components, risk weightings and other factors. Quantitative measures established by regulation to ensure capital adequacy require us to maintain minimum amounts and ratios (set forth in the table below) of Common Equity Tier 1, Tier 1 and Total Capital (as defined in the regulations) to risk-weighted assets (as defined) and of Tier 1 Capital (as defined) to average assets (as defined). At December 31, 2024, we exceeded all regulatory minimum capital requirements. As of December 31, 2024, the most recent notification from the FDIC categorized us as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized we must maintain minimum Common Equity Tier 1 risk-based, Tier 1 risk-based, Total risk-based and Tier 1 leverage ratios as set forth in the following table (dollars in thousands). There are no conditions or events since that notification that management believes have changed our category.
|  | Actual |  | For Capital Adequacy Purposes |  | To Be Well Capitalized Under Prompt Corrective Action Provisions
|  | Amount |  | Ratio |  | Amount |  | Ratio |  | Amount |  | Ratio
December 31, 2024 |  |
Common Equity Tier 1 (to Risk Weighted Assets) |  |  |  |  |  |  |  |  |  |  |  |
Consolidated |  | $ | 739,351 |  |  | 13.04 | % |  | $ | 255,228 |  |  | 4.50 | % |  | N/A |  | N/A
Bank Only |  | $ | 870,541 |  |  | 15.35 | % |  | $ | 255,183 |  |  | 4.50 | % |  | $ | 368,598 |  |  | 6.50 | %
Tier 1 Capital (to Risk Weighted Assets) |  |  |  |  |  |  |  |  |  |  |  |
Consolidated |  | $ | 797,814 |  |  | 14.07 | % |  | $ | 340,304 |  |  | 6.00 | % |  | N/A |  | N/A
Bank Only |  | $ | 870,541 |  |  | 15.35 | % |  | $ | 340,244 |  |  | 6.00 | % |  | $ | 453,659 |  |  | 8.00 | %
Total Capital (to Risk Weighted Assets) |  |  |  |  |  |  |  |  |  |  |  |
Consolidated |  | $ | 935,308 |  |  | 16.49 | % |  | $ | 453,739 |  |  | 8.00 | % |  | N/A |  | N/A
Bank Only |  | $ | 915,993 |  |  | 16.15 | % |  | $ | 453,659 |  |  | 8.00 | % |  | $ | 567,074 |  |  | 10.00 | %
Tier 1 Capital (to Average Assets) (1) |  |  |  |  |  |  |  |  |  |  |  |
Consolidated |  | $ | 797,814 |  |  | 9.67 | % |  | $ | 330,155 |  |  | 4.00 | % |  | N/A |  | N/A
Bank Only |  | $ | 870,541 |  |  | 10.55 | % |  | $ | 330,042 |  |  | 4.00 | % |  | $ | 412,553 |  |  | 5.00 | %
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Common Equity Tier 1 (to Risk Weighted Assets) |  |  |  |  |  |  |  |  |  |  |  |
Consolidated |  | $ | 690,296 |  |  | 12.28 | % |  | $ | 252,954 |  |  | 4.50 | % |  | N/A |  | N/A
Bank Only |  | $ | 836,228 |  |  | 14.88 | % |  | $ | 252,865 |  |  | 4.50 | % |  | $ | 365,249 |  |  | 6.50 | %
Tier 1 Capital (to Risk Weighted Assets) |  |  |  |  |  |  |  |  |  |  |  |
Consolidated |  | $ | 748,755 |  |  | 13.32 | % |  | $ | 337,273 |  |  | 6.00 | % |  | N/A |  | N/A
Bank Only |  | $ | 836,228 |  |  | 14.88 | % |  | $ | 337,153 |  |  | 6.00 | % |  | $ | 449,537 |  |  | 8.00 | %
Total Capital (to Risk Weighted Assets) |  |  |  |  |  |  |  |  |  |  |  |
Consolidated |  | $ | 884,095 |  |  | 15.73 | % |  | $ | 449,697 |  |  | 8.00 | % |  | N/A |  | N/A
Bank Only |  | $ | 877,691 |  |  | 15.62 | % |  | $ | 449,537 |  |  | 8.00 | % |  | $ | 561,922 |  |  | 10.00 | %
Tier 1 Capital (to Average Assets) (1) |  |  |  |  |  |  |  |  |  |  |  |
Consolidated |  | $ | 748,755 |  |  | 9.39 | % |  | $ | 318,906 |  |  | 4.00 | % |  | N/A |  | N/A
Bank Only |  | $ | 836,228 |  |  | 10.49 | % |  | $ | 318,814 |  |  | 4.00 | % |  | $ | 398,517 |  |  | 5.00 | %
(1) Refers to quarterly average assets as calculated in accordance with policies established by bank regulatory agencies. Our payment of dividends is limited under regulation. The amount that can be paid in any calendar year without prior approval of our regulatory agencies cannot exceed the lesser of net profits (as defined) for that year plus the net profits for the preceding two calendar years or retained earnings.

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