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REGULATORY CAPITAL | 12 Months Ended
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Dec. 31, 2023
REGULATORY CAPITAL |
REGULATORY CAPITAL | NOTE 17 — REGULATORY CAPITAL The Company and Bank are subject to various regulatory capital requirements administered by the Federal banking agencies. At December 31, 2023 and 2022, the Company and the Bank met all applicable regulatory capital requirements to be considered “well capitalized” under regulatory guidelines. The Company and Bank manage their capital to comply with their internal planning targets and regulatory capital standards administered by federal banking agencies. The Company and Bank review capital levels on a monthly basis. The Company and the Bank are subject to the Basel Committee on Banking Supervision’s capital guidelines for U.S. banks (Basel III rules). The minimum required capital conservation buffer was 2.5% at December 31, 2023 and December 31, 2022. As of December 31, 2023 and 2022, the capital conservation buffer for the Company was 4.8% and 5.4%, respectively. As of December 31, 2023 and 2022, the capital conservation buffer for the Bank was 4.5% and 5.1%, respectively. The net unrealized gain or loss on AFS securities is not included in the computation of the regulatory capital. The Company and the Bank meet all capital adequacy requirements, to which they are subject, as of December 31, 2023 and 2022. Prompt corrective action regulations provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized, although these terms are not used to represent overall financial condition. If adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. At December 31, 2023 and 2022, the most recent regulatory notifications categorized the Bank and the Company as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the institution’s category. The following is a summary of actual capital amounts and ratios for the Company and the Bank compared to the requirements for minimum capital adequacy and classification as well capitalized. Actual and required capital amounts and ratios are presented below at year end (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | For | ​ | ​ | To be Well |  | ​ | Minimum | ​
​ | ​ | ​ | ​ | ​ | Capital | ​ | ​ | Capitalized under | ​ | ​ | Capital | ​
​ | ​ | ​ | ​ | ​ | Adequacy | ​ | ​ | Prompt Corrective |  | ​ | Conservation | ​
​ | ​ | Actual | ​ | ​ | Purposes | ​ | ​ | Action Regulations |  | ​ | Buffer | ​
​ | ​ | Amount | Ratio |  | ​ | Amount | Ratio |  | ​ | Amount | Ratio |  | ​ | Ratio | ​
At December 31, 2023 | ​ | ​ |  |  |  | ​ | ​ |  |  |  | ​ | ​ |  |  | ​ | ​ | ​ | ​
The Company | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Tier 1 leverage ratio (Tier 1 capital to average assets) | ​ | $ | 722,844 | 10.6 | % | ​ | $ | 274,064 | 4.0 | % | ​ | $ | N/A | N/A | ​ | ​ | — | %
Tier 1 common equity (to risk-weighted assets) | ​ | $ | 702,224 | 11.5 | % | ​ | $ | 274,867 | 4.5 | % | ​ | $ | N/A | N/A | ​ | ​ | 2.5 | %
Tier 1 capital (to risk-weighted assets) | ​ | $ | 722,844 | 11.8 | % | ​ | $ | 366,490 | 6.0 | % | ​ | $ | N/A | N/A | ​ | ​ | 2.5 | %
Total capital (to risk-weighted assets) | ​ | $ | 781,991 | 12.8 | % | ​ | $ | 488,653 | 8.0 | % | ​ | $ | N/A | N/A | ​ | ​ | 2.5 | %
The Bank | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Tier 1 leverage ratio (Tier 1 capital to average assets) | ​ | $ | 703,823 | 10.3 | % | ​ | $ | 274,055 | 4.0 | % | ​ | $ | 342,569 | 5.0 | % | ​ | — | %
Tier 1 common equity (to risk-weighted assets) | ​ | $ | 703,823 | 11.5 | % | ​ | $ | 274,838 | 4.5 | % | ​ | $ | 396,989 | 6.5 | % | ​ | 2.5 | %
Tier 1 capital (to risk-weighted assets) | ​ | $ | 703,823 | 11.5 | % | ​ | $ | 366,451 | 6.0 | % | ​ | $ | 488,601 | 8.0 | % | ​ | 2.5 | %
Total capital (to risk-weighted assets) | ​ | $ | 762,969 | 12.5 | % | ​ | $ | 488,601 | 8.0 | % | ​ | $ | 610,752 | 10.0 | % | ​ | 2.5 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
At December 31, 2022 | ​ |  |  |  | ​ | ​ |  |  |  | ​ | ​ |  |  |  | ​ | ​ | ​ | ​
The Company | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Tier 1 leverage ratio (Tier 1 capital to average assets) | ​ | $ | 641,082 | 10.2 | % | ​ | $ | 250,963 | 4.0 | % | ​ | $ | N/A | N/A | ​ | ​ | — | %
Tier 1 common equity (to risk-weighted assets) | ​ | $ | 620,462 | 12.1 | % | ​ | $ | 230,879 | 4.5 | % | ​ | $ | N/A | N/A | ​ | ​ | 2.5 | %
Tier 1 capital (to risk-weighted assets) | ​ | $ | 641,082 | 12.5 | % | ​ | $ | 307,838 | 6.0 | % | ​ | $ | N/A | N/A | ​ | ​ | 2.5 | %
Total capital (to risk-weighted assets) | ​ | $ | 686,139 | 13.4 | % | ​ | $ | 410,451 | 8.0 | % | ​ | $ | N/A | N/A | ​ | ​ | 2.5 | %
The Bank | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Tier 1 leverage ratio (Tier 1 capital to average assets) | ​ | $ | 628,825 | 10.0 | % | ​ | $ | 250,920 | 4.0 | % | ​ | $ | 313,650 | 5.0 | % | ​ | — | %
Tier 1 common equity (to risk-weighted assets) | ​ | $ | 628,825 | 12.3 | % | ​ | $ | 230,815 | 4.5 | % | ​ | $ | 333,399 | 6.5 | % | ​ | 2.5 | %
Tier 1 capital (to risk-weighted assets) | ​ | $ | 628,825 | 12.3 | % | ​ | $ | 307,753 | 6.0 | % | ​ | $ | 410,337 | 8.0 | % | ​ | 2.5 | %
Total capital (to risk-weighted assets) | ​ | $ | 673,876 | 13.1 | % | ​ | $ | 410,337 | 8.0 | % | ​ | $ | 512,922 | 10.0 | % | ​ | 2.5 | %
​ As a result of the Economic Growth, Regulatory Relief and Consumer Protection Act of 2018, banking regulatory agencies adopted a revised definition of “well capitalized” for financial institutions and holding companies with assets of less than $10.0 billion and that are not determined to be ineligible by their primary federal regulator due to their risk profile (a “Qualifying Community Bank”). The definition expanded the ways that a Qualifying Community Bank may meet its capital requirements and be deemed “well capitalized.” The rule established a community bank leverage ratio (“CBLR”) equal to the tangible equity capital divided by the average total consolidated assets. Regulators established the CBLR at 8.5% through calendar year 2021 and 9% thereafter. The CARES Act temporarily reduced the CBLR to 8%. A Qualifying Community Bank that maintains a leverage ratio greater than 9% is considered to be well capitalized and to have met generally applicable leverage capital requirements, generally applicable risk-based capital requirements, and any other capital or leverage requirements to which such financial institution or holding company is subject. The Company and Bank intend to continue to measure capital adequacy using the ratios in the table above. ​

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