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CAPITAL RATIOS AND SHAREHOLDERS' EQUITY | 3 Months Ended
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Mar. 31, 2023
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, 2023 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Minimum Regulatory | ​
​ | ​ | Actual | ​ | Capital Requirements | ​
(in thousands, except ratios) |  | Amount |  | Ratio | ​ | Amount |  | Ratio | ​
Company (consolidated) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​
Total capital to risk-weighted assets | ​ | $ | 427,290 | ​ | 13.65 | % | ​ | $ | 250,436 | ​ | 8.00 | %
Common equity tier 1 capital to risk-weighted assets | ​ |  | 336,331 | ​ | 10.74 | ​ | ​ |  | 140,871 | ​ | 4.50 | ​
Tier 1 capital to risk-weighted assets | ​ |  | 347,133 | ​ | 11.40 | ​ | ​ |  | 182,662 | ​ | 6.00 | ​
Tier 1 capital to average assets (leverage ratio) | ​ |  | 347,133 | ​ | 9.33 | ​ | ​ |  | 148,896 | ​ | 4.00 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Bank | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total capital to risk-weighted assets | ​ | $ | 419,780 | ​ | 13.50 | % | ​ | $ | 248,747 | ​ | 8.00 | %
Common equity tier 1 capital to risk-weighted assets | ​ |  | 389,441 | ​ | 11.24 | ​ | ​ |  | 155,897 | ​ | 4.50 | ​
Tier 1 capital to risk-weighted assets | ​ |  | 389,441 | ​ | 11.24 | ​ | ​ |  | 207,863 | ​ | 6.00 | ​
Tier 1 capital to average assets (leverage ratio) | ​ |  | 389,441 | ​ | 10.57 | ​ | ​ |  | 147,326 | ​ | 4.00 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Minimum Regulatory | ​
​ | ​ | Actual | ​ | Capital Requirements | ​
(in thousands, except ratios) |  | Amount |  | Ratio | ​ | Amount |  | Ratio | ​
Company (consolidated) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​
Total capital to risk-weighted assets | ​ | $ | 416,900 | ​ | 13.50 | % | ​ | $ | 247,041 | ​ | 8.00 | %
Common equity tier 1 capital to risk-weighted assets | ​ |  | 326,513 | ​ | 10.57 | ​ | ​ |  | 138,960 | ​ | 4.50 | ​
Tier 1 capital to risk-weighted assets | ​ |  | 347,133 | ​ | 11.24 | ​ | ​ |  | 185,281 | ​ | 6.00 | ​
Tier 1 capital to average assets (leverage ratio) | ​ |  | 347,133 | ​ | 9.21 | ​ | ​ |  | 150,772 | ​ | 4.00 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Bank | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total capital to risk-weighted assets | ​ | $ | 410,053 | ​ | 13.29 | % | ​ | $ | 246,812 | ​ | 8.00 | %
Common equity tier 1 capital to risk-weighted assets | ​ |  | 380,286 | ​ | 12.33 | ​ | ​ |  | 138,832 | ​ | 4.50 | ​
Tier 1 capital to risk-weighted assets | ​ |  | 380,286 | ​ | 12.33 | ​ | ​ |  | 185,110 | ​ | 6.00 | ​
Tier 1 capital to average assets (leverage ratio) | ​ |  | 380,286 | ​ | 10.10 | ​ | ​ |  | 150,655 | ​ | 4.00 | ​
​ In order to be classified as “well-capitalized” under the relevant regulatory framework, (i) the Company must, on a consolidated basis, maintain a total risk-based capital ratio of 10.00% or greater and a Tier 1 risk-based capital ratio of 6.00% or greater; and (ii) the Bank must maintain a total risk-based capital ratio of 10.00% or greater, a Tier 1 risk-based capital ratio of 8.00% or greater, a common equity Tier 1 capital ratio of 6.50% or greater, and a leverage ratio of 5.00% or greater. At each date shown in the tables above, the Company and the Bank met the conditions to be classified as “well-capitalized” under the relevant regulatory framework. ​ Accumulated other comprehensive (loss) income ​ Components of accumulated other comprehensive income is, as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) |  | March 31, 2023 |  | December 31, 2022
Accumulated other comprehensive income, before tax: |  | ​ |  |  | ​ |
Net unrealized loss on AFS securities | ​ | $ | (65,826) | ​ | $ | (71,832)
Net unrealized loss on hedging derivatives | ​ |  | (1,566) | ​ |  | (2,333)
Net unrealized loss on post-retirement plans | ​ |  | (1,675) | ​ |  | (1,691)
​ | ​ | ​ | ​ | ​ | ​ | ​
Income taxes related to items of accumulated other comprehensive income: | ​ |  |  | ​ |  |
Net unrealized loss on AFS securities | ​ |  | 15,180 | ​ |  | 16,586
Net unrealized loss on hedging derivatives | ​ |  | 361 | ​ |  | 539
Net unrealized loss on post-retirement plans | ​ |  | 375 | ​ |  | 391
Accumulated other comprehensive loss | ​ | $ | (53,151) | ​ | $ | (58,340)
​ The following table presents the components of other comprehensive income (loss) for the three months ended March 31, 2023 and 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) |  | Before Tax |  | Tax Effect |  | Net of Tax
Three Months Ended March 31, 2023 |  | ​ |  |  | ​ |  |  | ​ |
Net unrealized gain on AFS securities: |  | ​ |  |  | ​ |  |  | ​ |
Net unrealized gain arising during the period | ​ | $ | 6,040 | ​ | $ | (1,414) | ​ | $ | 4,626
Less: reclassification adjustment for gains (losses) realized in net income | ​ |  | 34 | ​ |  | (8) | ​ |  | 26
Net unrealized gain on AFS securities | ​ |  | 6,006 | ​ |  | (1,406) | ​ |  | 4,600
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net unrealized loss on hedging derivatives: | ​ |  |  | ​ |  |  | ​ |  | ​
Net unrealized gain arising during the period | ​ |  | 767 | ​ |  | (178) | ​ |  | 589
Less: reclassification adjustment for gains (losses) realized in net income | ​ |  | — | ​ |  | — | ​ |  | —
Net unrealized gain on cash flow hedging derivatives | ​ |  | 767 | ​ |  | (178) | ​ |  | 589
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other comprehensive income (loss) | ​ | $ | 6,773 | ​ | $ | (1,584) | ​ | $ | 5,189
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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 gain on AFS securities | ​ |  | (28,844) | ​ |  | 6,634 | ​ |  | (22,210)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net unrealized loss on derivative hedgess: | ​ |  |  | ​ |  |  | ​ |  | ​
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 derivative hedges | ​ |  | (1,881) | ​ |  | 433 | ​ |  | (1,448)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other comprehensive (loss) income | ​ | $ | (30,725) | ​ | $ | 7,067 | ​ | $ | (23,658)
​ ​ ​ ​ ​ ​ ​ ​ 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, 2023 and 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, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance at beginning of period | ​ | $ | (55,246) | ​ | $ | (1,794) | ​ | $ | (1,300) | ​ | $ | (58,340)
Other comprehensive loss before reclassifications | ​ |  | 4,626 | ​ |  | 589 | ​ |  | — | ​ |  | 5,215
Less: amounts reclassified from accumulated other comprehensive income | ​ |  | 26 | ​ |  | — | ​ |  | — | ​ |  | 26
Total other comprehensive income | ​ |  | 4,600 | ​ |  | 589 | ​ |  | — | ​ |  | 5,189
Balance at end of period | ​ | $ | (50,646) | ​ | $ | (1,205) | ​ | $ | (1,300) | ​ | $ | (53,151)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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)
​ ​ The following tables presents the amounts reclassified out of each component of accumulated other comprehensive income for three months ended March 31, 2023 and 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Affected Line Item where
(in thousands) |  | 2023 |  | 2022 |  | Net Income is Presented
Net realized gains on AFS securities: | ​ |  | ​ | ​ |  | ​ | ​ |
Before tax (1) | ​ | $ | 34 | ​ | $ | 9 |  | Non-interest income
Tax effect | ​ |  | (8) | ​ |  | (2) |  | Tax expense
Total reclassifications for the period | ​ | $ | 26 | ​ | $ | 7 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Affected Line Item where
(in thousands) |  | 2023 |  | 2022 |  | Net Income is Presented
Net realized loss on hedging derivatives: | ​ |  | ​ | ​ |  | ​ | ​ |
Before tax | ​ | $ | — | ​ | $ | — |  | Non-interest income
Tax effect | ​ |  | — | ​ |  | — |  | Tax expense
Total reclassifications for the period | ​ | $ | — | ​ | $ | — | ​ | ​
(1) | Net realized gains before tax include $34 thousand realized gains for the three months ended March 31, 2023 and no gross realized losses. Net realized gains before tax include $9 thousand realized gains for the three months ended March 31, 2022 and no gross realized losses.

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