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CAPITAL RATIOS AND SHAREHOLDERS' EQUITY | 3 Months Ended
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Mar. 31, 2022
CAPITAL RATIOS AND SHAREHOLDERS' EQUITY |
CAPITAL RATIOS AND SHAREHOLDERS' EQUITY | ​ ​ NOTE 6. CAPITAL RATIOS AND SHAREHOLDERS’ EQUITY ​ The actual and required capital ratios are, as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2022 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Regulatory Minimum to | ​
​ | ​ | Actual | ​ | be "Well-Capitalized" | ​
(in thousands, except ratios) |  | Amount |  | Ratio | ​ | Amount |  | Ratio | ​
Company (consolidated) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​
Total capital to risk-weighted assets | ​ | $ | 388,289 | ​ | 13.90 | % | ​ | $ | 279,345 | ​ | 10.00 | %
Common equity tier 1 capital to risk-weighted assets | ​ |  | 302,378 | ​ | 10.83 | ​ | ​ |  | 181,483 | ​ | 6.50 | ​
Tier 1 capital to risk-weighted assets | ​ |  | 322,998 | ​ | 11.56 | ​ | ​ |  | 223,528 | ​ | 8.00 | ​
Tier 1 capital to average assets | ​ |  | 322,998 | ​ | 8.99 | ​ | ​ |  | 179,643 | ​ | 5.00 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Bank | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total capital to risk-weighted assets | ​ | $ | 381,949 | ​ | 13.69 | % | ​ | $ | 278,999 | ​ | 10.00 | %
Common equity tier 1 capital to risk-weighted assets | ​ |  | 356,658 | ​ | 12.78 | ​ | ​ |  | 181,399 | ​ | 6.50 | ​
Tier 1 capital to risk-weighted assets | ​ |  | 356,658 | ​ | 12.78 | ​ | ​ |  | 223,260 | ​ | 8.00 | ​
Tier 1 capital to average assets | ​ |  | 356,658 | ​ | 9.94 | ​ | ​ |  | 179,389 | ​ | 5.00 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 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 | ​
​ At each date shown, the Company and the Bank met the conditions to be classified as “well-capitalized” under the relevant regulatory framework. To be categorized as "well-capitalized," an institution must maintain minimum total risk-based, Tier 1 risk-based, and Tier 1 leverage ratios as set forth in the table above. ​ The Company and the Bank are subject to the Basel III rule that requires the Company and the Bank to assess their Common equity tier 1 capital to risk-weighted assets and the Company and the Bank each exceed the minimum to be "well-capitalized." Effective January 1, 2019 all banking organizations must maintain a minimum Common equity tier 1 risk-based capital ratio of 6.5%, a minimum Tier 1 risk-based capital ratio of 8.0% and a minimum Total risk-based capital ratio of 10.0%. ​ Accumulated other comprehensive (loss) income ​ Components of accumulated other comprehensive income is, as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) |  | March 31, 2022 |  | December 31, 2021
Accumulated other comprehensive income, before tax: |  | ​ |  |  | ​ |
Net unrealized (loss) gain on AFS securities | ​ | $ | (26,264) | ​ | $ | 2,580
Net unrealized (loss) gain on hedging derivatives | ​ |  | (751) | ​ |  | 1,130
Net unrealized loss on post-retirement plans | ​ |  | (718) | ​ |  | (718)
​ | ​ | ​ | ​ | ​ | ​ | ​
Income taxes related to items of accumulated other comprehensive income: | ​ |  |  | ​ |  |
Net unrealized loss (gain) on AFS securities | ​ |  | 6,039 | ​ |  | (595)
Net unrealized loss (gain) on hedging derivatives | ​ |  | 173 | ​ |  | (260)
Net unrealized loss on post-retirement plans | ​ |  | 166 | ​ |  | 166
Accumulated other comprehensive (loss) income | ​ | $ | (21,355) | ​ | $ | 2,303
​ The following table presents the components of other comprehensive income (loss) for the three months ended March 31, 2022 and 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022
(in thousands) |  | Before Tax |  | Tax Effect |  | Net of Tax
Three Months Ended March 31, 2022 |  | ​ |  |  | ​ |  |  | ​ |
Net unrealized loss on AFS securities: |  | ​ |  |  | ​ |  |  | ​ |
Net unrealized loss arising during the period | ​ | $ | (28,835) | ​ | $ | 6,632 | ​ | $ | (22,203)
Less: reclassification adjustment for gains (losses) realized in net income | ​ |  | 9 | ​ |  | (2) | ​ |  | 7
Net unrealized loss on AFS securities | ​ |  | (28,844) | ​ |  | 6,634 | ​ |  | (22,210)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net unrealized loss on hedging derivatives: | ​ |  |  | ​ |  |  | ​ |  | ​
Net unrealized loss arising during the period | ​ |  | (1,881) | ​ |  | 433 | ​ |  | (1,448)
Less: reclassification adjustment for gains (losses) realized in net income | ​ |  | — | ​ |  | — | ​ |  | —
Net unrealized loss on cash flow hedging derivatives | ​ |  | (1,881) | ​ |  | 433 | ​ |  | (1,448)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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 | ​ | $ | (30,725) | ​ | $ | 7,067 | ​ | $ | (23,658)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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 derivative hedgess: | ​ |  |  | ​ |  |  | ​ |  | ​
Net unrealized gain arising during the period | ​ |  | 2,393 | ​ |  | (557) | ​ |  | 1,836
Less: reclassification adjustment for gains (losses) realized in net income | ​ |  | — | ​ |  | — | ​ |  | —
Net unrealized gain on cash flow derivative hedges | ​ |  | 2,393 | ​ |  | (557) | ​ |  | 1,836
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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 | ​ | $ | (4,792) | ​ | $ | 1,115 | ​ | $ | (3,677)
​ The following table presents the changes in each component of accumulated other comprehensive income (loss), net of tax impacts, for the three months ended March 31, 2022 and 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022
​ |  | Net unrealized |  | Net gain (loss) on |  | Net unrealized |  | ​ | ​
​ | ​ | gain (loss) | ​ | effective cash | ​ | loss | ​ | ​ | ​
​ | ​ | on AFS | ​ | flow hedging | ​ | on pension | ​ | ​ | ​
(in thousands) | ​ | Securities | ​ | derivatives | ​ | plans | ​ | Total
Three Months Ended March 31, 2022 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
Balance at beginning of period | ​ | $ | 1,985 | ​ | $ | 870 | ​ | $ | (552) | ​ | $ | 2,303
Other comprehensive loss before reclassifications | ​ |  | (22,203) | ​ |  | (1,448) | ​ |  | — | ​ |  | (23,651)
Less: amounts reclassified from accumulated other comprehensive income | ​ |  | 7 | ​ |  | — | ​ |  | — | ​ |  | 7
Total other comprehensive loss | ​ |  | (22,210) | ​ |  | (1,448) | ​ |  | — | ​ |  | (23,658)
Balance at end of period | ​ | $ | (20,225) | ​ | $ | (578) | ​ | $ | (552) | ​ | $ | (21,355)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three Months Ended March 31, 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance at beginning of period | ​ | $ | 10,021 | ​ | $ | (2,623) | ​ | $ | (1,418) | ​ | $ | 5,980
Other comprehensive gain (loss) before reclassifications | ​ |  | (5,513) | ​ |  | 1,836 | ​ |  | — | ​ |  | (3,677)
Less: amounts reclassified from accumulated other comprehensive income | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Total other comprehensive loss | ​ |  | (5,513) | ​ |  | 1,836 | ​ |  | — | ​ |  | (3,677)
Balance at end of period | ​ | $ | 4,508 | ​ | $ | (787) | ​ | $ | (1,418) | ​ | $ | 2,303
​ The following tables presents the amounts reclassified out of each component of accumulated other comprehensive income for three months ended March 31, 2022 and 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31, | ​ | ​ | Affected Line Item where
(in thousands) |  | 2022 |  | 2021 |  |  | Net Income is Presented
Net realized gains on AFS securities: | ​ |  | ​ | ​ |  | ​ | ​ | ​ |
Before tax (1) | ​ | $ | 9 | ​ | $ | — | ​ |  | Non-interest income
Tax effect | ​ |  | (2) | ​ |  | — | ​ |  | Tax expense
Total reclassifications for the period | ​ | $ | 7 | ​ | $ | — | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31, | ​ | ​ | Affected Line Item where
(in thousands) |  | 2022 |  | 2021 |  |  | Net Income is Presented
Net realized loss on hedging derivatives: | ​ |  | ​ | ​ |  | ​ | ​ | ​ |
Before tax | ​ | $ | — | ​ | $ | — | ​ |  | Non-interest income
Tax effect | ​ |  | — | ​ |  | — | ​ |  | Tax expense
Total reclassifications for the period | ​ | $ | — | ​ | $ | — | ​ | ​ | ​
(a) | Net realized gains before tax include $9 thousand realized gains for the three months ended March 31, 2022 and no gross realized losses. There were no net realized gains or losses for the three months ended March 31, 2021.

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