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CAPITAL RATIOS AND SHAREHOLDERS' EQUITY (Tables) | 6 Months Ended
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Jun. 30, 2023
CAPITAL RATIOS AND SHAREHOLDERS' EQUITY |
Schedule of Actual and Required Capital Ratios | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2023 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Minimum Regulatory | ​
​ | ​ | Actual | ​ | Capital Requirements | ​
(in thousands, except ratios) |  | Amount |  | Ratio | ​ | Amount |  | Ratio | ​
Company (consolidated) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​
Total capital to risk-weighted assets | ​ | $ | 435,229 | ​ | 13.62 | % | ​ | $ | 257,458 | ​ | 8.00 | %
Common equity tier 1 capital to risk-weighted assets | ​ |  | 343,470 | ​ | 10.67 | ​ | ​ |  | 144,819 | ​ | 4.50 | ​
Tier 1 capital to risk-weighted assets | ​ |  | 364,090 | ​ | 11.31 | ​ | ​ |  | 193,093 | ​ | 6.00 | ​
Tier 1 capital to average assets (leverage ratio) | ​ |  | 364,090 | ​ | 9.40 | ​ | ​ |  | 154,881 | ​ | 4.00 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Bank | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total capital to risk-weighted assets | ​ | $ | 427,327 | ​ | 13.29 | % | ​ | $ | 257,232 | ​ | 8.00 | %
Common equity tier 1 capital to risk-weighted assets | ​ |  | 396,188 | ​ | 12.33 | ​ | ​ |  | 144,594 | ​ | 4.50 | ​
Tier 1 capital to risk-weighted assets | ​ |  | 396,188 | ​ | 12.33 | ​ | ​ |  | 192,792 | ​ | 6.00 | ​
Tier 1 capital to average assets (leverage ratio) | ​ |  | 396,188 | ​ | 10.24 | ​ | ​ |  | 154,761 | ​ | 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 | ​
Schedule of Components of Accumulated Other Comprehensive Loss | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) |  | June 30, 2023 |  | December 31, 2022
Accumulated other comprehensive income, before tax: |  | ​ |  |  | ​ |
Net unrealized loss on AFS securities | ​ | $ | (71,883) | ​ | $ | (71,832)
Net unrealized loss on hedging derivatives | ​ |  | (1,245) | ​ |  | (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 | ​ |  | 16,576 | ​ |  | 16,586
Net unrealized loss on hedging derivatives | ​ |  | 288 | ​ |  | 539
Net unrealized loss on post-retirement plans | ​ |  | 375 | ​ |  | 391
Accumulated other comprehensive loss | ​ | $ | (57,564) | ​ | $ | (58,340)
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, 2023 and 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) |  | Before Tax |  | Tax Effect |  | Net of Tax
Three Months Ended June 30, 2023 |  | ​ |  |  | ​ |  |  | ​ |
Net unrealized loss on AFS securities: |  | ​ |  |  | ​ |  |  | ​ |
Net unrealized loss arising during the period | ​ | $ | (6,057) | ​ | $ | 1,396 | ​ | $ | (4,661)
Less: reclassification adjustment for gains (losses) realized in net income | ​ |  | — | ​ |  | — | ​ |  | —
Net unrealized loss on AFS securities | ​ |  | (6,057) | ​ |  | 1,396 | ​ |  | (4,661)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net unrealized gain on hedging derivatives: | ​ |  |  | ​ |  |  | ​ |  | ​
Net unrealized gain arising during the period | ​ |  | 321 | ​ |  | (73) | ​ |  | 248
Less: reclassification adjustment for gains (losses) realized in net income | ​ |  | — | ​ |  | — | ​ |  | —
Net unrealized gain on cash flow hedging derivatives | ​ |  | 321 | ​ |  | (73) | ​ |  | 248
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other comprehensive (loss) income | ​ | $ | (5,736) | ​ | $ | 1,323 | ​ | $ | (4,413)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other comprehensive (loss) income | ​ | $ | (25,406) | ​ | $ | 5,790 | ​ | $ | (19,616)
​ ​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​
(in thousands) |  | Before Tax |  | Tax Effect |  | Net of Tax
Six Months Ended June 30, 2023 |  | ​ |  |  | ​ |  |  | ​ |
Net unrealized loss on AFS securities: |  | ​ |  |  | ​ |  |  | ​ |
Net unrealized loss arising during the period | ​ | $ | (17) | ​ | $ | (18) | ​ | $ | (35)
Less: reclassification adjustment for gains realized in net income | ​ |  | 34 | ​ |  | (8) | ​ |  | 26
Net unrealized loss on AFS securities | ​ |  | (51) | ​ |  | (10) | ​ |  | (61)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net unrealized gain on hedging derivatives: | ​ |  | ​ | ​ |  |  | ​ |  |
Net unrealized gain arising during the period | ​ |  | 1,088 | ​ |  | (251) | ​ |  | 837
Less: reclassification adjustment for gains (losses) realized in net income | ​ |  | — | ​ |  | — | ​ |  | —
Net unrealized gain on hedging derivatives | ​ |  | 1,088 | ​ |  | (251) | ​ |  | 837
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other comprehensive income | ​ | $ | 1,037 | ​ | $ | (261) | ​ | $ | 776
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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 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 loss on cash flow hedging derivatives | ​ |  | (3,878) | ​ |  | 893 | ​ |  | (2,985)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other comprehensive loss | ​ | $ | (56,131) | ​ | $ | 12,857 | ​ | $ | (43,274)
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 June 30, 2023 | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Balance at beginning of period | ​ | $ | (50,646) | ​ | $ | (1,205) | ​ | $ | (1,300) | ​ | $ | (53,151)
Other comprehensive loss before reclassifications | ​ |  | (4,661) | ​ |  | 248 | ​ |  | — | ​ |  | (4,413)
Less: amounts reclassified from accumulated other comprehensive income | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Total other comprehensive income | ​ |  | (4,661) | ​ |  | 248 | ​ |  | — | ​ |  | (4,413)
Balance at end of period | ​ | $ | (55,307) | ​ | $ | (957) | ​ | $ | (1,300) | ​ | $ | (57,564)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three Months Ended June 30, 2022 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
Balance at beginning of period | ​ | $ | (20,225) | ​ | $ | (578) | ​ | $ | (552) | ​ | $ | (21,355)
Other comprehensive gain 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)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Six Months Ended June 30, 2023 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
Balance at beginning of period | ​ | $ | (55,246) | ​ | $ | (1,794) | ​ | $ | (1,300) | ​ | $ | (58,340)
Other comprehensive loss before reclassifications | ​ |  | (35) | ​ |  | 837 | ​ |  | — | ​ |  | 802
Less: amounts reclassified from accumulated other comprehensive income | ​ |  | 26 | ​ |  | — | ​ |  | — | ​ |  | 26
Total other comprehensive loss | ​ |  | (61) | ​ |  | 837 | ​ |  | — | ​ |  | 776
Balance at end of period | ​ | $ | (55,307) | ​ | $ | (957) | ​ | $ | (1,300) | ​ | $ | (57,564)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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)
​ ​
Reclassification out of Accumulated Other Comprehensive Income (Loss) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30, | ​ | ​ | Affected Line Item where
(in thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022 |  |  | Net Income is Presented
Net realized gains on AFS securities: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | ​ |
Before tax | ​ | $ | — | ​ | $ | — | ​ | $ | 34 | ​ | $ | 9 | ​ |  | Non-interest income
Tax effect | ​ |  | — | ​ |  | — | ​ |  | (8) | ​ |  | (2) | ​ |  | Tax expense
Total reclassifications for the period | ​ | $ | — | ​ | $ | — | ​ | $ | 26 | ​ | $ | 7 | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30, | ​ | ​ | Affected Line Item where
(in thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022 |  |  | Net Income is Presented
Net realized loss on hedging derivatives: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | ​ |
Before tax | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 4,852 | ​ |  | Non-interest income
Tax effect | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (917) | ​ |  | Tax expense
Total reclassifications for the period | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 3,935 | ​ | ​ | ​

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