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CAPITAL RATIOS AND SHAREHOLDERS' EQUITY (Tables)

3 Months Ended

Mar. 31, 2022

CAPITAL RATIOS AND SHAREHOLDERS' EQUITY

Schedule of Actual and Required Capital Ratios


	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

Schedule of Components of Accumulated Other Comprehensive Income


(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

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, 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)

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


	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

Reclassification out of Accumulated Other Comprehensive Income (Loss)


	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.