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CAPITAL RATIOS AND SHAREHOLDERS' EQUITY (Tables) | 9 Months Ended
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Sep. 30, 2022
CAPITAL RATIOS AND SHAREHOLDERS' EQUITY |
Schedule of Actual and Required Capital Ratios |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2022 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Minimum Regulatory | ​
​ | ​ | Actual | ​ | Capital Requirements | ​
(in thousands, except ratios) |  | Amount |  | Ratio | ​ | Amount |  | Ratio | ​
Company (consolidated) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​
Total capital to risk-weighted assets | ​ | $ | 404,804 | ​ | 13.42 | % | ​ | $ | 241,314 | ​ | 8.00 | %
Common equity tier 1 capital to risk-weighted assets | ​ |  | 317,043 | ​ | 10.51 | ​ | ​ |  | 135,740 | ​ | 4.50 | ​
Tier 1 capital to risk-weighted assets | ​ |  | 337,663 | ​ | 11.19 | ​ | ​ |  | 180,986 | ​ | 6.00 | ​
Tier 1 capital to average assets (leverage ratio) | ​ |  | 337,663 | ​ | 9.13 | ​ | ​ |  | 147,908 | ​ | 4.00 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Bank | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total capital to risk-weighted assets | ​ | $ | 398,292 | ​ | 13.22 | % | ​ | $ | 241,079 | ​ | 8.00 | %
Common equity tier 1 capital to risk-weighted assets | ​ |  | 371,151 | ​ | 12.32 | ​ | ​ |  | 135,606 | ​ | 4.50 | ​
Tier 1 capital to risk-weighted assets | ​ |  | 371,151 | ​ | 12.32 | ​ | ​ |  | 180,808 | ​ | 6.00 | ​
Tier 1 capital to average assets (leverage ratio) | ​ |  | 371,151 | ​ | 10.05 | ​ | ​ |  | 147,791 | ​ | 4.00 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2021 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Minimum Regulatory | ​
​ | ​ | Actual | ​ | Capital Requirements | ​
(in thousands, except ratios) |  | Amount |  | Ratio | ​ | Amount |  | Ratio | ​
Company (consolidated) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​
Total capital to risk-weighted assets | ​ | $ | 380,690 | ​ | 14.31 | % | ​ | $ | 212,798 | ​ | 8.00 | %
Common equity tier 1 capital to risk-weighted assets | ​ |  | 295,635 | ​ | 11.11 | ​ | ​ |  | 119,699 | ​ | 4.50 | ​
Tier 1 capital to risk-weighted assets | ​ |  | 316,255 | ​ | 11.89 | ​ | ​ |  | 159,598 | ​ | 6.00 | ​
Tier 1 capital to average assets (leverage ratio) | ​ |  | 316,255 | ​ | 8.66 | ​ | ​ |  | 146,029 | ​ | 4.00 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Bank | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total capital to risk-weighted assets | ​ | $ | 375,435 | ​ | 14.13 | % | ​ | $ | 220,425 | ​ | 8.00 | %
Common equity tier 1 capital to risk-weighted assets | ​ |  | 351,000 | ​ | 13.21 | ​ | ​ |  | 123,812 | ​ | 4.50 | ​
Tier 1 capital to risk-weighted assets | ​ |  | 351,000 | ​ | 13.21 | ​ | ​ |  | 165,082 | ​ | 6.00 | ​
Tier 1 capital to average assets (leverage ratio) | ​ |  | 351,000 | ​ | 9.62 | ​ | ​ |  | 151,082 | ​ | 4.00 | ​
Schedule of Components of Accumulated Other Comprehensive Income |
​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) |  | September 30, 2022 |  | December 31, 2021
Accumulated other comprehensive income, before tax: |  | ​ |  |  | ​ |
Net unrealized (loss) gain on AFS securities | ​ | $ | (76,606) | ​ | $ | 2,580
Net unrealized (loss) gain on hedging derivatives | ​ |  | (4,316) | ​ |  | 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 | ​ |  | 17,891 | ​ |  | (595)
Net unrealized loss (gain) on hedging derivatives | ​ |  | 994 | ​ |  | (260)
Net unrealized loss on post-retirement plans | ​ |  | 166 | ​ |  | 166
Accumulated other comprehensive (loss) income | ​ | $ | (62,589) | ​ | $ | 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 nine months ended September 30, 2022 and 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) |  | Before Tax |  | Tax Effect |  | Net of Tax
Three Months Ended September 30, 2022 |  | ​ |  |  | ​ |  |  | ​ |
Net unrealized loss on AFS securities: |  | ​ |  |  | ​ |  |  | ​ |
Net unrealized loss arising during the period | ​ | $ | (26,889) | ​ | $ | 6,512 | ​ | $ | (20,377)
Less: reclassification adjustment for gains (losses) realized in net income | ​ |  | 44 | ​ |  | (10) | ​ |  | 34
Net unrealized loss on AFS securities | ​ |  | (26,933) | ​ |  | 6,522 | ​ |  | (20,411)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net unrealized loss on hedging derivatives: | ​ |  |  | ​ |  |  | ​ |  | ​
Net unrealized loss arising during the period | ​ |  | (1,568) | ​ |  | 361 | ​ |  | (1,207)
Less: reclassification adjustment for gains (losses) realized in net income | ​ |  | — | ​ |  | — | ​ |  | —
Net unrealized loss on cash flow hedging derivatives | ​ |  | (1,568) | ​ |  | 361 | ​ |  | (1,207)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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 | ​ | $ | (28,501) | ​ | $ | 6,883 | ​ | $ | (21,618)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three Months Ended September 30, 2021 | ​ |  |  | ​ |  |  | ​ |  |
Net unrealized gain on AFS securities: | ​ |  |  | ​ |  |  | ​ |  |
Net unrealized gain arising during the period | ​ | $ | (1,770) | ​ | $ | 403 | ​ | $ | (1,367)
Less: reclassification adjustment for gains (losses) realized in net income | ​ |  | 1,930 | ​ |  | (458) | ​ |  | 1,472
Net unrealized gain on AFS securities | ​ |  | (3,700) | ​ |  | 861 | ​ |  | (2,839)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net unrealized gain on derivative hedgess: | ​ |  |  | ​ |  |  | ​ |  | ​
Net unrealized gain arising during the period | ​ |  | (203) | ​ |  | 48 | ​ |  | (155)
Less: reclassification adjustment for gains (losses) realized in net income | ​ |  | — | ​ |  | — | ​ |  | —
Net unrealized gain on cash flow derivative hedges | ​ |  | (203) | ​ |  | 48 | ​ |  | (155)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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) income | ​ | $ | (3,903) | ​ | $ | 909 | ​ | $ | (2,994)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) |  | Before Tax |  | Tax Effect |  | Net of Tax
Nine Months Ended September 30, 2022 |  | ​ |  |  | ​ |  |  | ​ |
Net unrealized loss on AFS securities: |  | ​ |  |  | ​ |  |  | ​ |
Net unrealized loss arising during the period | ​ | $ | (79,133) | ​ | $ | 18,474 | ​ | $ | (60,659)
Less: reclassification adjustment for gains (losses) realized in net income | ​ |  | 53 | ​ |  | (12) | ​ |  | 41
Net unrealized loss on AFS securities | ​ |  | (79,186) | ​ |  | 18,486 | ​ |  | (60,700)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net unrealized loss on hedging derivatives: | ​ |  | ​ | ​ |  |  | ​ |  |
Net unrealized loss arising during the period | ​ |  | (5,446) | ​ |  | 1,254 | ​ |  | (4,192)
Less: reclassification adjustment for gains (losses) realized in net income | ​ |  | — | ​ |  | — | ​ |  | —
Net unrealized gain on hedging derivatives | ​ |  | (5,446) | ​ |  | 1,254 | ​ |  | (4,192)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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 | ​ | $ | (84,632) | ​ | $ | 19,740 | ​ | $ | (64,892)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nine Months Ended September 30, 2021 | ​ |  |  | ​ |  |  | ​ |  |
Net unrealized loss on AFS securities: | ​ |  |  | ​ |  |  | ​ |  |
Net unrealized loss arising during the period | ​ | $ | (5,348) | ​ | $ | 1,234 | ​ | $ | (4,114)
Less: reclassification adjustment for gains realized in net income | ​ |  | 1,980 | ​ |  | (469) | ​ |  | 1,511
Net unrealized loss on AFS securities | ​ |  | (7,328) | ​ |  | 1,703 | ​ |  | (5,625)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net unrealized gain on hedging derivatives: | ​ |  |  | ​ |  |  | ​ |  |
Net unrealized gain arising during the period | ​ |  | 2,311 | ​ |  | (538) | ​ |  | 1,773
Less: reclassification adjustment for gains (losses) realized in net income | ​ |  | — | ​ |  | — | ​ |  | —
Net unrealized gain on cash flow hedging derivatives | ​ |  | 2,311 | ​ |  | (538) | ​ |  | 1,773
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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) income | ​ | $ | (5,017) | ​ | $ | 1,165 | ​ | $ | (3,852)
Schedule of Changes in Components of Accumulated Other Comprehensive Income (Loss) |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 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 September 30, 2022 | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Balance at beginning of period | ​ | $ | (38,304) | ​ | $ | (2,115) | ​ | $ | (552) | ​ | $ | (40,971)
Other comprehensive loss before reclassifications | ​ |  | (20,377) | ​ |  | (1,207) | ​ |  | — | ​ |  | (21,584)
Less: amounts reclassified from accumulated other comprehensive income | ​ |  | 34 | ​ |  | — | ​ |  | — | ​ |  | 34
Total other comprehensive income | ​ |  | (20,411) | ​ |  | (1,207) | ​ |  | — | ​ |  | (21,618)
Balance at end of period | ​ | $ | (58,715) | ​ | $ | (3,322) | ​ | $ | (552) | ​ | $ | (62,589)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three Months Ended September 30, 2021 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
Balance at beginning of period | ​ | $ | 7,237 | ​ | $ | 63 | ​ | $ | (1,418) | ​ | $ | 5,882
Other comprehensive gain before reclassifications | ​ |  | (1,367) | ​ |  | (155) | ​ |  | — | ​ |  | (1,522)
Less: amounts reclassified from accumulated other comprehensive income | ​ |  | 1,472 | ​ |  | — | ​ |  | — | ​ |  | 1,472
Total other comprehensive income | ​ |  | (2,839) | ​ |  | (155) | ​ |  | — | ​ |  | (2,994)
Balance at end of period | ​ | $ | 4,398 | ​ | $ | (92) | ​ | $ | (1,418) | ​ | $ | 2,888
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nine Months Ended September 30, 2022 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
Balance at beginning of period | ​ | $ | 1,985 | ​ | $ | 870 | ​ | $ | (552) | ​ | $ | 2,303
Other comprehensive loss before reclassifications | ​ |  | (60,659) | ​ |  | (4,192) | ​ |  | — | ​ |  | (64,851)
Less: amounts reclassified from accumulated other comprehensive income | ​ |  | 41 | ​ |  | — | ​ |  | — | ​ |  | 41
Total other comprehensive loss | ​ |  | (60,700) | ​ |  | (4,192) | ​ |  | — | ​ |  | (64,892)
Balance at end of period | ​ | $ | (58,715) | ​ | $ | (3,322) | ​ | $ | (552) | ​ | $ | (62,589)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nine Months Ended September 30, 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance at beginning of period | ​ | $ | 10,023 | ​ | $ | (1,865) | ​ | $ | (1,418) | ​ | $ | 6,740
Other comprehensive (loss) gain before reclassifications | ​ |  | (4,114) | ​ |  | 1,773 | ​ |  | — | ​ |  | (2,341)
Less: amounts reclassified from accumulated other comprehensive income | ​ |  | 1,511 | ​ |  | — | ​ |  | — | ​ |  | 1,511
Total other comprehensive (loss) gain | ​ |  | (5,625) | ​ |  | 1,773 | ​ |  | — | ​ |  | (3,852)
Balance at end of period | ​ | $ | 4,398 | ​ | $ | (92) | ​ | $ | (1,418) | ​ | $ | 2,888
​
Reclassification out of Accumulated Other Comprehensive Income (Loss) |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, | ​ | Nine Months Ended September 30, | Affected Line Item where
(in thousands) |  | 2022 |  | 2021 |  | 2022 |  | 2021 | Net Income is Presented
Net realized gains on AFS securities: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ |
Before tax (1) | ​ | $ | 44 | ​ | $ | 1,930 | ​ | $ | 53 | ​ | $ | 1,980 | Non-interest income
Tax effect | ​ |  | (10) | ​ |  | (458) | ​ |  | (12) | ​ |  | (469) | Tax expense
Total reclassifications for the period | ​ | $ | 34 | ​ | $ | 1,472 | ​ | $ | 41 | ​ | $ | 1,511 | ​
(1) | Net realized gains before tax include $141 thousand realized gains for the three months ended September 30, 2022 and $97 thousand of gross realized losses. Net realized gains before tax include $150 thousand realized gains for the nine months ended September 30, 2022 and $97 thousand of gross realized losses. Net realized gains before tax include $1.9 million realized gains for the three months ended September 30, 2021 and $97 thousand of gross realized losses. Net realized gains before tax include $2.0 million realized gains for the nine months ended September 30, 2021 and $50 thousand of gross realized losses.

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