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CAPITAL RATIOS AND SHAREHOLDERS' EQUITY (Tables)

3 Months Ended

Mar. 31, 2023


	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 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)


(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)


	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)


					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.