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CAPITAL RATIOS AND SHAREHOLDERS' EQUITY (Tables)

3 Months Ended

Mar. 31, 2021

Stockholders' Equity Note [Abstract]

Schedule of Actual and Required Capital Ratios


			Regulatory				Regulatory
	March 31,		Minimum to be		December 31,		Minimum to be
	2021		"Well-Capitalized"		2020		"Well-Capitalized"
Company (consolidated)
Total capital to risk-weighted assets	13.83	%	10.50	%	13.56	%	10.50	%
Common equity tier 1 capital to risk-weighted assets	10.55		7.00		10.49		7.00
Tier 1 capital to risk-weighted assets	11.34		8.50		11.28		8.50
Tier 1 capital to average assets	8.27		5.00		8.12		5.00

Bank
Total capital to risk-weighted assets	13.62	%	10.50	%	13.27	%	10.50	%
Common equity tier 1 capital to risk-weighted assets	12.66		7.00		12.52		7.00
Tier 1 capital to risk-weighted assets	12.66		8.50		12.52		8.50
Tier 1 capital to average assets	9.23		5.00		9.02		5.00

Schedule of Components of Accumulated Other Comprehensive Income


(in thousands)	March 31, 2021		December 31, 2020
Accumulated other comprehensive income, before tax:
Net unrealized gain on AFS securities	$	5,884	$	13,069
Net unrealized gain on hedging derivatives		485		3,144
Net unrealized loss on post-retirement plans		(1,850)		(1,850)

Income taxes related to items of accumulated other comprehensive income:
Net unrealized gain on AFS securities		(1,374)		(3,046)
Net unrealized gain on hedging derivatives		(113)		(733)
Net unrealized loss on post-retirement plans		432		432
Accumulated other comprehensive income	$	3,464	$	11,016

Schedule of Components of Other Comprehensive Income (Loss)

The following table presents the components of other comprehensive income (loss) for the three months ended March 31, 2021 and 2020:


(in thousands)	Before Tax		Tax Effect		Net of Tax
Three Months Ended March 31, 2021
Net unrealized loss on AFS securities:
Net unrealized loss arising during the period	$	(7,185)	$	1,672	$	(5,513)
Less: reclassification adjustment for gains (losses) realized in net income		—		—		—
Net unrealized loss on AFS securities		(7,185)		1,672		(5,513)

Net unrealized gain on hedging derivatives:
Net unrealized loss arising during the period		(2,659)		620		(2,039)
Less: reclassification adjustment for gains (losses) realized in net income		—		—		—
Net unrealized loss on cash flow hedging derivatives		(2,659)		620		(2,039)

Net unrealized loss on post-retirement plans:
Net unrealized loss arising during the period		—		—		—
Less: reclassification adjustment for gains (losses) realized in net income		—		—		—
Net unrealized loss on post-retirement plans		—		—		—
Other comprehensive loss	$	(9,844)	$	2,292	$	(7,552)

Three Months Ended March 31, 2020
Net unrealized gain on AFS securities:
Net unrealized gain arising during the period	$	5,492	$	(1,378)	$	4,114
Less: reclassification adjustment for gains (losses) realized in net income		135		(32)		103
Net unrealized gain on AFS securities		5,357		(1,346)		4,011

Net unrealized loss on derivative hedgess:
Net unrealized loss arising during the period		(2,382)		650		(1,732)
Less: reclassification adjustment for gains (losses) realized in net income		—		—		—
Net unrealized loss on cash flow derivative hedges		(2,382)		650		(1,732)

Net unrealized loss on post-retirement plans:
Net unrealized loss arising during the period		—		—		—
Less: reclassification adjustment for gains (losses) realized in net income		—		—		—
Net unrealized loss on post-retirement plans		—		—		—
Other comprehensive income	$	2,975	$	(696)	$	2,279

Schedule of Changes in Components of Accumulated Other Comprehensive Income (Loss)


	Net unrealized		Net loss on		Net unrealized
	gain		effective cash		loss
	on AFS		flow hedging		on pension
(in thousands)	Securities		derivatives		plans		Total
Three Months Ended March 31, 2021
Balance at beginning of period	$	10,021	$	2,413	$	(1,418)	$	11,016
Other comprehensive loss before reclassifications		(5,513)		(2,039)		—		(7,552)
Less: amounts reclassified from accumulated other comprehensive income		—		—		—		—
Total other comprehensive loss		(5,513)		(2,039)		—		(7,552)
Balance at end of period	$	4,508	$	374	$	(1,418)	$	3,464

Three Months Ended March 31, 2020
Balance at beginning of period	$	5,549	$	(481)	$	(1,157)	$	3,911
Other comprehensive gain (loss) before reclassifications		4,114		(1,732)		—		2,382
Less: amounts reclassified from accumulated other comprehensive income		103		—		—		103
Total other comprehensive income (loss)		4,011		(1,732)		—		2,279
Balance at end of period	$	9,560	$	(2,213)	$	(1,157)	$	6,190

Reclassification out of Accumulated Other Comprehensive Income


	Three Months Ended March 31,				Affected Line Item where
(in thousands)	2021		2020		Net Income is Presented
Net realized gains on AFS securities:
Before tax	$	—	$	135	Non-interest income
Tax effect		—		(32)	Tax expense
Total reclassifications for the period	$	—	$	103	Net of tax

(1)	Net realized gains before tax include no realized gains and losses for the three months ended March 31, 2021 and gross realized gains of $146 thousand and realized losses of $11 thousand for the three months ended March 31, 2020.