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CAPITAL RATIOS AND SHAREHOLDERS' EQUITY (Tables) | 6 Months Ended
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Jun. 30, 2022
CAPITAL RATIOS AND SHAREHOLDERS' EQUITY |
Schedule of Actual and Required Capital Ratios |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2022 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Regulatory Minimum to | ​
​ | ​ | Actual | ​ | be "Well-Capitalized" | ​
(in thousands, except ratios) |  | Amount |  | Ratio | ​ | Amount |  | Ratio | ​
Company (consolidated) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​
Total capital to risk-weighted assets | ​ | $ | 395,301 | ​ | 13.76 | % | ​ | $ | 287,216 | ​ | 10.00 | %
Common equity tier 1 capital to risk-weighted assets | ​ |  | 308,825 | ​ | 10.75 | ​ | ​ |  | 186,691 | ​ | 6.50 | ​
Tier 1 capital to risk-weighted assets | ​ |  | 329,445 | ​ | 11.47 | ​ | ​ |  | 299,773 | ​ | 8.00 | ​
Tier 1 capital to average assets | ​ |  | 329,445 | ​ | 9.16 | ​ | ​ |  | 179,785 | ​ | 5.00 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Bank | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total capital to risk-weighted assets | ​ | $ | 389,279 | ​ | 13.57 | % | ​ | $ | 286,882 | ​ | 10.00 | %
Common equity tier 1 capital to risk-weighted assets | ​ |  | 363,423 | ​ | 12.67 | ​ | ​ |  | 186,474 | ​ | 6.50 | ​
Tier 1 capital to risk-weighted assets | ​ |  | 363,423 | ​ | 12.67 | ​ | ​ |  | 229,506 | ​ | 8.00 | ​
Tier 1 capital to average assets | ​ |  | 363,423 | ​ | 10.12 | ​ | ​ |  | 179,637 | ​ | 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 | ​ | 14.31 | % | ​ | $ | 265,997 | ​ | 10.00 | %
Common equity tier 1 capital to risk-weighted assets | ​ |  | 295,635 | ​ | 11.11 | ​ | ​ |  | 172,898 | ​ | 6.50 | ​
Tier 1 capital to risk-weighted assets | ​ |  | 316,255 | ​ | 11.89 | ​ | ​ |  | 212,798 | ​ | 8.00 | ​
Tier 1 capital to average assets | ​ |  | 316,255 | ​ | 8.66 | ​ | ​ |  | 182,536 | ​ | 5.00 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Bank | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total capital to risk-weighted assets | ​ | $ | 375,435 | ​ | 14.13 | % | ​ | $ | 265,733 | ​ | 10.00 | %
Common equity tier 1 capital to risk-weighted assets | ​ |  | 351,000 | ​ | 13.21 | ​ | ​ |  | 172,726 | ​ | 6.50 | ​
Tier 1 capital to risk-weighted assets | ​ |  | 351,000 | ​ | 13.21 | ​ | ​ |  | 212,586 | ​ | 8.00 | ​
Tier 1 capital to average assets | ​ |  | 351,000 | ​ | 9.62 | ​ | ​ |  | 182,396 | ​ | 5.00 | ​
Schedule of Components of Accumulated Other Comprehensive Income |
​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) |  | June 30, 2022 |  | December 31, 2021
Accumulated other comprehensive income, before tax: |  | ​ |  |  | ​ |
Net unrealized (loss) gain on AFS securities | ​ | $ | (49,673) | ​ | $ | 2,580
Net unrealized (loss) gain on hedging derivatives | ​ |  | (2,748) | ​ |  | 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 | ​ |  | 11,369 | ​ |  | (595)
Net unrealized loss (gain) on hedging derivatives | ​ |  | 633 | ​ |  | (260)
Net unrealized loss on post-retirement plans | ​ |  | 166 | ​ |  | 166
Accumulated other comprehensive (loss) income | ​ | $ | (40,971) | ​ | $ | 2,303
Schedule of Components of Other Comprehensive Income (Loss) | The following table presents the components of other comprehensive income (loss) for the three and six months ended June 30, 2022 and 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022
(in thousands) |  | Before Tax |  | Tax Effect |  | Net of Tax
Three Months Ended June 30, 2022 |  | ​ |  |  | ​ |  |  | ​ |
Net unrealized loss on AFS securities: |  | ​ |  |  | ​ |  |  | ​ |
Net unrealized loss arising during the period | ​ | $ | (23,409) | ​ | $ | 5,330 | ​ | $ | (18,079)
Less: reclassification adjustment for gains (losses) realized in net income | ​ |  | — | ​ |  | — | ​ |  | —
Net unrealized loss on AFS securities | ​ |  | (23,409) | ​ |  | 5,330 | ​ |  | (18,079)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net unrealized loss on hedging derivatives: | ​ |  |  | ​ |  |  | ​ |  | ​
Net unrealized loss arising during the period | ​ |  | (1,997) | ​ |  | 460 | ​ |  | (1,537)
Less: reclassification adjustment for gains (losses) realized in net income | ​ |  | — | ​ |  | — | ​ |  | —
Net unrealized loss on cash flow hedging derivatives | ​ |  | (1,997) | ​ |  | 460 | ​ |  | (1,537)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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 | ​ | $ | (25,406) | ​ | $ | 5,790 | ​ | $ | (19,616)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three Months Ended June 30, 2021 | ​ |  |  | ​ |  |  | ​ |  |
Net unrealized gain on AFS securities: | ​ |  |  | ​ |  |  | ​ |  |
Net unrealized gain arising during the period | ​ | $ | 3,607 | ​ | $ | (842) | ​ | $ | 2,765
Less: reclassification adjustment for gains (losses) realized in net income | ​ |  | 50 | ​ |  | (12) | ​ |  | 38
Net unrealized gain on AFS securities | ​ |  | 3,557 | ​ |  | (830) | ​ |  | 2,727
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net unrealized gain on derivative hedgess: | ​ |  |  | ​ |  |  | ​ |  | ​
Net unrealized gain arising during the period | ​ |  | 120 | ​ |  | (28) | ​ |  | 92
Less: reclassification adjustment for gains (losses) realized in net income | ​ |  | — | ​ |  | — | ​ |  | —
Net unrealized gain on cash flow derivative hedges | ​ |  | 120 | ​ |  | (28) | ​ |  | 92
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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 | ​ | $ | 3,677 | ​ | $ | (858) | ​ | $ | 2,819
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) |  | Before Tax |  | Tax Effect |  | Net of Tax
Six Months Ended June 30, 2022 |  | ​ |  |  | ​ |  |  | ​ |
Net unrealized loss on AFS securities: |  | ​ |  |  | ​ |  |  | ​ |
Net unrealized loss arising during the period | ​ | $ | (52,244) | ​ | $ | 11,962 | ​ | $ | (40,282)
Less: reclassification adjustment for gains (losses) realized in net income | ​ |  | 9 | ​ |  | (2) | ​ |  | 7
Net unrealized loss on AFS securities | ​ |  | (52,253) | ​ |  | 11,964 | ​ |  | (40,289)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net unrealized loss on hedging derivatives: | ​ |  | ​ | ​ |  |  | ​ |  |
Net unrealized loss arising during the period | ​ |  | (3,878) | ​ |  | 893 | ​ |  | (2,985)
Less: reclassification adjustment for gains (losses) realized in net income | ​ |  | — | ​ |  | — | ​ |  | —
Net unrealized gain on hedging derivatives | ​ |  | (3,878) | ​ |  | 893 | ​ |  | (2,985)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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 | ​ | $ | (56,131) | ​ | $ | 12,857 | ​ | $ | (43,274)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Six Months Ended June 30, 2021 | ​ |  |  | ​ |  |  | ​ |  |
Net unrealized loss on AFS securities: | ​ |  |  | ​ |  |  | ​ |  |
Net unrealized loss arising during the period | ​ | $ | (3,578) | ​ | $ | 830 | ​ | $ | (2,748)
Less: reclassification adjustment for gains realized in net income | ​ |  | 50 | ​ |  | (12) | ​ |  | 38
Net unrealized loss on AFS securities | ​ |  | (3,628) | ​ |  | 842 | ​ |  | (2,786)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net unrealized gain on hedging derivatives: | ​ |  |  | ​ |  |  | ​ |  |
Net unrealized gain arising during the period | ​ |  | 2,516 | ​ |  | (588) | ​ |  | 1,928
Less: reclassification adjustment for gains (losses) realized in net income | ​ |  | — | ​ |  | — | ​ |  | —
Net unrealized gain on cash flow hedging derivatives | ​ |  | 2,516 | ​ |  | (588) | ​ |  | 1,928
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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 | ​ | $ | (1,112) | ​ | $ | 254 | ​ | $ | (858)
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 June 30, 2022 | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Balance at beginning of period | ​ | $ | (20,225) | ​ | $ | (578) | ​ | $ | (552) | ​ | $ | (21,355)
Other comprehensive loss before reclassifications | ​ |  | (18,079) | ​ |  | (1,537) | ​ |  | — | ​ |  | (19,616)
Less: amounts reclassified from accumulated other comprehensive income | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Total other comprehensive income | ​ |  | (18,079) | ​ |  | (1,537) | ​ |  | — | ​ |  | (19,616)
Balance at end of period | ​ | $ | (38,304) | ​ | $ | (2,115) | ​ | $ | (552) | ​ | $ | (40,971)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three Months Ended June 30, 2021 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
Balance at beginning of period | ​ | $ | 4,510 | ​ | $ | (30) | ​ | $ | (1,418) | ​ | $ | 3,062
Other comprehensive gain before reclassifications | ​ |  | 2,765 | ​ |  | 92 | ​ |  | — | ​ |  | 2,857
Less: amounts reclassified from accumulated other comprehensive income | ​ |  | 38 | ​ |  | — | ​ |  | — | ​ |  | 38
Total other comprehensive income | ​ |  | 2,727 | ​ |  | 92 | ​ |  | — | ​ |  | 2,819
Balance at end of period | ​ | $ | 7,237 | ​ | $ | 62 | ​ | $ | (1,418) | ​ | $ | 5,881
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Six Months Ended June 30, 2022 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
Balance at beginning of period | ​ | $ | 1,985 | ​ | $ | 870 | ​ | $ | (552) | ​ | $ | 2,303
Other comprehensive loss before reclassifications | ​ |  | (40,282) | ​ |  | (2,985) | ​ |  | — | ​ |  | (43,267)
Less: amounts reclassified from accumulated other comprehensive income | ​ |  | 7 | ​ |  | — | ​ |  | — | ​ |  | 7
Total other comprehensive loss | ​ |  | (40,289) | ​ |  | (2,985) | ​ |  | — | ​ |  | (43,274)
Balance at end of period | ​ | $ | (38,304) | ​ | $ | (2,115) | ​ | $ | (552) | ​ | $ | (40,971)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Six Months Ended June 30, 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance at beginning of period | ​ | $ | 10,023 | ​ | $ | (1,866) | ​ | $ | (1,418) | ​ | $ | 6,739
Other comprehensive (loss) gain before reclassifications | ​ |  | (2,748) | ​ |  | 1,928 | ​ |  | — | ​ |  | (820)
Less: amounts reclassified from accumulated other comprehensive income | ​ |  | 38 | ​ |  | — | ​ |  | — | ​ |  | 38
Total other comprehensive loss | ​ |  | (2,786) | ​ |  | 1,928 | ​ |  | — | ​ |  | (858)
Balance at end of period | ​ | $ | 7,237 | ​ | $ | 62 | ​ | $ | (1,418) | ​ | $ | 5,881
​
Reclassification out of Accumulated Other Comprehensive Income (Loss) |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30, | Affected Line Item where
(in thousands) |  | 2022 |  | 2021 |  | 2022 |  | 2021 | Net Income is Presented
Net realized gains on AFS securities: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ |
Before tax (1) | ​ | $ | — | ​ | $ | 50 | ​ | $ | 9 | ​ | $ | 50 | Non-interest income
Tax effect | ​ |  | — | ​ |  | (12) | ​ |  | (2) | ​ |  | (12) | Tax expense
Total reclassifications for the period | ​ | $ | — | ​ | $ | 38 | ​ | $ | 7 | ​ | $ | 38 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30, | Affected Line Item where
(in thousands) |  | 2022 |  | 2021 |  | 2022 |  | 2021 | Net Income is Presented
Net realized loss on hedging derivatives: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ |
Before tax | ​ | $ | — | ​ | $ | — | ​ | $ | 4,852 | ​ | $ | 1,486 | Non-interest income
Tax effect | ​ |  | — | ​ |  | — | ​ |  | (917) | ​ |  | (355) | Tax expense
Total reclassifications for the period | ​ | $ | — | ​ | $ | — | ​ | $ | 3,935 | ​ | $ | 1,131 | ​
(1) | There were no net realized gains or losses for the three months ended June 30, 2021. Net realized gains before tax include $9 thousand realized gains for the six months ended June 30, 2022 and no gross realized losses.

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