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REGULATORY CAPITAL | 12 Months Ended
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Dec. 31, 2024
REGULATORY CAPITAL |
REGULATORY CAPITAL | NOTE 16 — REGULATORY CAPITAL The Company and Bank are subject to various regulatory capital requirements administered by the Federal banking agencies. At December 31, 2024 and 2023, 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, 2024 and December 31, 2023. As of December 31, 2024 and 2023, the capital conservation buffer for the Company was 5.3% and 4.8%, respectively. As of December 31, 2024 and 2023, the capital conservation buffer for the Bank was 5.0% and 4.5%, 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, 2024 and 2023. 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, 2024 and 2023, 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, 2024 | ​ | ​ |  |  |  | ​ | ​ |  |  |  | ​ | ​ |  |  | ​ | ​ | ​ | ​
The Company | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Tier 1 leverage ratio (Tier 1 capital to average assets) | ​ | $ | 793,847 | 10.8 | % | ​ | $ | 294,141 | 4.0 | % | ​ | $ | N/A | N/A | ​ | ​ | — | %
Tier 1 common equity (to risk-weighted assets) | ​ | $ | 773,227 | 11.9 | % | ​ | $ | 291,450 | 4.5 | % | ​ | $ | N/A | N/A | ​ | ​ | 2.5 | %
Tier 1 capital (to risk-weighted assets) | ​ | $ | 793,847 | 12.3 | % | ​ | $ | 388,600 | 6.0 | % | ​ | $ | N/A | N/A | ​ | ​ | 2.5 | %
Total capital (to risk-weighted assets) | ​ | $ | 859,129 | 13.3 | % | ​ | $ | 518,134 | 8.0 | % | ​ | $ | N/A | N/A | ​ | ​ | 2.5 | %
The Bank | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Tier 1 leverage ratio (Tier 1 capital to average assets) | ​ | $ | 775,106 | 10.6 | % | ​ | $ | 293,513 | 4.0 | % | ​ | $ | 366,892 | 5.0 | % | ​ | — | %
Tier 1 common equity (to risk-weighted assets) | ​ | $ | 775,106 | 12.0 | % | ​ | $ | 291,421 | 4.5 | % | ​ | $ | 420,942 | 6.5 | % | ​ | 2.5 | %
Tier 1 capital (to risk-weighted assets) | ​ | $ | 775,106 | 12.0 | % | ​ | $ | 388,562 | 6.0 | % | ​ | $ | 518,082 | 8.0 | % | ​ | 2.5 | %
Total capital (to risk-weighted assets) | ​ | $ | 840,387 | 13.0 | % | ​ | $ | 518,082 | 8.0 | % | ​ | $ | 647,603 | 10.0 | % | ​ | 2.5 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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 | %
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