XML 57 R40.htm IDEA: XBRL DOCUMENT

SHAREHOLDERS' EQUITY AND EARNINGS PER COMMON SHARE (Tables)

12 Months Ended

Dec. 31, 2021

SHAREHOLDERS' EQUITY AND EARNINGS PER COMMON SHARE

Schedule of Actual and Required Capital Ratios


	2021
					Regulatory Minimum to
	Actual				be "Well-Capitalized"
(in thousands, except ratios)	Amount		Ratio		Amount		Ratio
Company (consolidated)
Total capital to risk-weighted assets	$	380,690	14.32	%	$	265,845	10.00	%
Common equity tier 1 capital to risk-weighted assets		295,635	11.12			172,808	6.50
Tier 1 capital to risk-weighted assets		316,255	11.90			212,608	8.00
Tier 1 capital to average assets		316,255	8.66			182,595	5.00

Bank
Total capital to risk-weighted assets	$	375,435	14.14	%	$	265,513	10.00	%
Common equity tier 1 capital to risk-weighted assets		351,000	13.22			172,579	6.50
Tier 1 capital to risk-weighted assets		351,000	13.22			212,405	8.00
Tier 1 capital to average assets		351,000	9.62			182,432	5.00


	2020
					Regulatory Minimum to
	Actual				be "Well-Capitalized"
(in thousands, except ratios)	Amount		Ratio		Amount		Ratio
Company (consolidated)
Total capital to risk-weighted assets	$	353,239	13.56	%	$	260,457	10.00	%
Common equity tier 1 capital to risk-weighted assets		273,178	10.49			169,297	6.50
Tier 1 capital to risk-weighted assets		273,178	11.28			193,742	8.00
Tier 1 capital to average assets		273,178	8.12			168,147	5.00

Bank
Total capital to risk-weighted assets	$	345,397	13.27	%	$	260,284	10.00	%
Common equity tier 1 capital to risk-weighted assets		325,956	12.52			169,226	6.50
Tier 1 capital to risk-weighted assets		325,956	12.52			208,279	8.00
Tier 1 capital to average assets		325,956	9.02			180,685	5.00

Schedule of Components of Accumulated Other Comprehensive Income


(in thousands)	December 31, 2021		December 31, 2020
Accumulated other comprehensive income, before tax:
Net unrealized gain on AFS securities	$	2,580	$	13,069
Net unrealized gain (loss) on hedging derivatives⁽¹⁾		1,130		(2,432)
Net unrealized loss on post-retirement plans		(718)		(1,850)

Income taxes related to items of accumulated other comprehensive income:
Net unrealized gain on AFS securities		(595)		(3,046)
Net unrealized (gain) loss on hedging derivatives⁽¹⁾		(260)		567
Net unrealized loss on post-retirement plans		166		432
Accumulated other comprehensive income⁽¹⁾	$	2,303	$	6,740

(1)	Prior period has been revised, see Note 1 – Summary of Significant Accounting Policies – Revision of Previously Issued Financial Statements.

Schedule of Components of Other Comprehensive Income (Loss)


(in thousands)	Before Tax		Tax Effect		Net of Tax
Year Ended December 31, 2021
Net unrealized loss on AFS securities:
Net unrealized loss arising during the period	$	(7,619)	$	1,779	$	(5,840)
Less: reclassification adjustment for gains (losses) realized in net income		2,870		(672)		2,198
Net unrealized loss on AFS securities		(10,489)		2,451		(8,038)

Net unrealized gain on hedging derivatives:
Net unrealized gain arising during the period		3,562		(827)		2,735
Less: reclassification adjustment for gains (losses) realized in net income		—		—		—
Net unrealized gain on hedging derivatives		3,562		(827)		2,735

Net unrealized gain on post-retirement plans:
Net unrealized gain arising during the period		1,132		(266)		866
Less: reclassification adjustment for gains (losses) realized in net income		—		—		—
Net unrealized gain on post-retirement plans		1,132		(266)		866
Other comprehensive loss	$	(5,795)	$	1,358	$	(4,437)

(in thousands)	Before Tax		Tax Effect		Net of Tax
Year Ended December 31, 2020
Net unrealized gain on AFS securities:
Net unrealized gain arising during the period	$	11,264	$	(2,636)	$	8,628
Less: reclassification adjustment for gains realized in net income		5,445		(1,291)		4,154
Net unrealized gain on AFS securities		5,819		(1,345)		4,474

Net unrealized loss on hedging derivatives:
Net unrealized loss arising during the period⁽¹⁾		(6,503)		1,303		(5,200)
Less: reclassification adjustment for gains (losses) realized in net income		(4,852)		917		(3,935)
Net unrealized loss on cash flow hedging derivatives⁽¹⁾		(1,651)		386		(1,265)

Net unrealized gain on post-retirement plans:
Net unrealized loss arising during the period		(338)		77		(261)
Less: reclassification adjustment for gains (losses) realized in net income		—		—		—
Net unrealized loss on post-retirement plans		(338)		77		(261)
Other comprehensive income⁽¹⁾	$	3,830	$	(882)	$	2,948

(1)	Prior period has been revised, see Note 1 – Summary of Significant Accounting Policies – Revision of Previously Issued Financial Statements.


	2019
(in thousands)	Before Tax		Tax Effect		Net of Tax
Net unrealized gain on AFS securities:
Net unrealized gain arising during the period	$	18,883	$	(4,489)	$	14,394
Less: reclassification adjustment for gains (losses) realized in net income		237		(55)		182
Net unrealized gain on AFS securities		18,646		(4,434)		14,212

Net unrealized loss on hedging derivatives:
Net unrealized loss arising during the period⁽¹⁾		(1,096)		326		(770)
Less: reclassification adjustment for gains (losses) realized in net income		(3,156)		737		(2,419)
Net unrealized loss on hedging derivatives⁽¹⁾		2,060		(411)		1,649

Net unrealized loss on post-retirement plans:
Net unrealized loss arising during the period		(350)		83		(267)
Less: reclassification adjustment for gains (losses) realized in net income		—		—		—
Net unrealized loss on post-retirement plans		(350)		83		(267)
Other comprehensive income⁽¹⁾	$	20,356	$	(4,762)	$	15,594

(1)	Prior period has been revised, see Note 1 – Summary of Significant Accounting Policies – Revision of Previously Issued Financial Statements.

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


	2021
	Net unrealized		Net loss on		Net unrealized
	gain		effective cash		loss
	on AFS		flow hedging		on pension
(in thousands)	Securities		derivatives		plans		Total⁽¹⁾
Year Ended December 31, 2021
Balance at beginning of period	$	10,023	$	(1,865)	$	(1,418)	$	6,740
Other comprehensive loss before reclassifications		(5,840)		2,735		866		(2,239)
Less: amounts reclassified from accumulated other comprehensive income		2,198		—		—		2,198
Total other comprehensive (loss) income		(8,038)		2,735		866		(4,437)
Balance at end of period	$	1,985	$	870	$	(552)	$	2,303


	2020
	Net unrealized		Net loss on		Net unrealized
	(loss) gain		effective cash		loss
	on AFS		flow hedging		on pension
(in thousands)	Securities		derivatives⁽¹⁾		plans		Total
Balance at beginning of period	$	5,549	$	(600)	$	(1,157)	$	3,792
Other comprehensive (loss) gain before reclassifications		8,628		(5,200)		(261)		3,167
Less: amounts reclassified from accumulated other comprehensive income		4,154		(3,935)		—		219
Total other comprehensive income (loss)		4,474		(1,265)		(261)		2,948
Balance at end of period	$	10,023	$	(1,865)	$	(1,418)	$	6,740

(1)	Prior period has been revised, see Note 1 – Summary of Significant Accounting Policies – Revision of Previously Issued Financial Statements.


	2019
	Net unrealized		Net loss on		Net unrealized
	(loss) gain		effective cash		loss
	on AFS		flow hedging		on pension
(in thousands)	Securities		derivatives⁽¹⁾		plans		Total
Balance at beginning of period	$	(8,663)	$	(2,249)	$	(890)	$	(11,802)
Other comprehensive (loss) gain before reclassifications		14,394		(770)		(267)		13,357
Less: amounts reclassified from accumulated other comprehensive income		182		(2,419)		—		(2,237)
Total other comprehensive (loss) income		14,212		1,649		(267)		15,594
Balance at end of period	$	5,549	$	(600)	$	(1,157)	$	3,792

(1)	Prior period has been revised, see Note 1 – Summary of Significant Accounting Policies – Revision of Previously Issued Financial Statements.

Reclassification out of Accumulated Other Comprehensive Income (Loss)


							Affected Line Item where
(in thousands)	2021		2020		2019		Net Income is Presented
Net realized gains on AFS securities:
Before tax⁽¹⁾	$	2,870	$	5,445	$	237	Non-interest income
Tax effect		(672)		(1,275)		(55)	Tax expense
Total reclassifications for the period	$	2,198	$	4,170	$	182

							Affected Line Item where
(in thousands)	2021		2020		2019		Net Income is Presented
Net realized loss on hedging derivatives:
Before tax	$	—	$	(4,852)	$	—	Non-interest income
Tax effect		—		917		—	Tax expense
Total reclassifications for the period	$	—	$	(3,935)	$	—


							Affected Line Item where
(in thousands)	2021		2020		2019		Net Income is Presented
Realized loss on post-retirement plans:
Before tax	$	—	$	—	$	—	Non-interest expense
Tax effect		—		—		—	Tax expense
Total reclassifications for the period	$	—	$	—	$	—

Schedule of Earnings Per Share




(in thousands, except per share and share data)	2021		2020		2019
Net income	$	39,299	$	33,244	$	22,620

Average number of basic common shares outstanding		14,968,973		15,245,728		15,540,884
Plus: dilutive effect of stock options and awards outstanding		76,189		25,819		46,109
Average number of diluted common shares outstanding⁽¹⁾		15,045,162		15,271,547		15,586,993

Earnings per share:
Basic	$	2.63	$	2.18	$	1.46
Diluted	$	2.61	$	2.18	$	1.45

(1)	Average diluted shares outstanding are computed using the treasury stock method.