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CAPITAL RATIOS AND SHAREHOLDERS' EQUITY (Tables) | 9 Months Ended
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Sep. 30, 2023
CAPITAL RATIOS AND SHAREHOLDERS' EQUITY |
Schedule of Actual and Required Capital Ratios | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2023 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Minimum Regulatory | ​
​ | ​ | Actual | ​ | Capital Requirements | ​
(in thousands, except ratios) |  | Amount |  | Ratio | ​ | Amount |  | Ratio | ​
Company (consolidated) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​
Total capital to risk-weighted assets | ​ | $ | 443,482 | ​ | 13.86 | % | ​ | $ | 255,967 | ​ | 8.00 | %
Common equity tier 1 capital to risk-weighted assets | ​ |  | 351,029 | ​ | 10.97 | ​ | ​ |  | 143,981 | ​ | 4.50 | ​
Tier 1 capital to risk-weighted assets | ​ |  | 371,649 | ​ | 11.62 | ​ | ​ |  | 191,976 | ​ | 6.00 | ​
Tier 1 capital to average assets (leverage ratio) | ​ |  | 371,649 | ​ | 9.45 | ​ | ​ |  | 157,333 | ​ | 4.00 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Bank | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total capital to risk-weighted assets | ​ | $ | 434,770 | ​ | 13.60 | % | ​ | $ | 257,232 | ​ | 8.00 | %
Common equity tier 1 capital to risk-weighted assets | ​ |  | 402,937 | ​ | 12.61 | ​ | ​ |  | 144,594 | ​ | 4.50 | ​
Tier 1 capital to risk-weighted assets | ​ |  | 402,937 | ​ | 12.61 | ​ | ​ |  | 192,792 | ​ | 6.00 | ​
Tier 1 capital to average assets (leverage ratio) | ​ |  | 402,937 | ​ | 10.25 | ​ | ​ |  | 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) |  | September 30, 2023 |  | December 31, 2022
Accumulated other comprehensive loss, before tax: |  | ​ |  |  | ​ |
Net unrealized loss on AFS securities | ​ | $ | (86,469) | ​ | $ | (71,832)
Net unrealized loss on hedging derivatives | ​ |  | (4,640) | ​ |  | (2,333)
Net unrealized loss on post-retirement plans | ​ |  | (1,675) | ​ |  | (1,691)
​ | ​ | ​ | ​ | ​ | ​ | ​
Income taxes related to items of accumulated other comprehensive loss: | ​ |  |  | ​ |  |
Net unrealized loss on AFS securities | ​ |  | 19,939 | ​ |  | 16,586
Net unrealized loss on hedging derivatives | ​ |  | 1,070 | ​ |  | 539
Net unrealized loss on post-retirement plans | ​ |  | 375 | ​ |  | 391
Accumulated other comprehensive loss | ​ | $ | (71,400) | ​ | $ | (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 nine months ended September 30, 2023 and 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) |  | Before Tax |  | Tax Effect |  | Net of Tax
Three Months Ended September 30, 2023 |  | ​ |  |  | ​ |  |  | ​ |
Net unrealized loss on AFS securities: |  | ​ |  |  | ​ |  |  | ​ |
Net unrealized loss arising during the period | ​ | $ | (14,586) | ​ | $ | 3,363 | ​ | $ | (11,223)
Less: reclassification adjustment for gains (losses) realized in net income | ​ |  | — | ​ |  | — | ​ |  | —
Net unrealized loss on AFS securities | ​ |  | (14,586) | ​ |  | 3,363 | ​ |  | (11,223)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net unrealized loss on hedging derivatives: | ​ |  |  | ​ |  |  | ​ |  | ​
Net unrealized loss arising during the period | ​ |  | (3,395) | ​ |  | 782 | ​ |  | (2,613)
Less: reclassification adjustment for gains (losses) realized in net income | ​ |  | — | ​ |  | — | ​ |  | —
Net unrealized loss on cash flow hedging derivatives | ​ |  | (3,395) | ​ |  | 782 | ​ |  | (2,613)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other comprehensive loss | ​ | $ | (17,981) | ​ | $ | 4,145 | ​ | $ | (13,836)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other comprehensive loss | ​ | $ | (28,501) | ​ | $ | 6,883 | ​ | $ | (21,618)
​ ​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​
(in thousands) |  | Before Tax |  | Tax Effect |  | Net of Tax
Nine Months Ended September 30, 2023 |  | ​ |  |  | ​ |  |  | ​ |
Net unrealized loss on AFS securities: |  | ​ |  |  | ​ |  |  | ​ |
Net unrealized loss arising during the period | ​ | $ | (14,603) | ​ | $ | 3,345 | ​ | $ | (11,258)
Less: reclassification adjustment for gains realized in net income | ​ |  | 34 | ​ |  | (8) | ​ |  | 26
Net unrealized loss on AFS securities | ​ |  | (14,637) | ​ |  | 3,353 | ​ |  | (11,284)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net unrealized loss on hedging derivatives: | ​ |  | ​ | ​ |  |  | ​ |  |
Net unrealized loss arising during the period | ​ |  | (2,307) | ​ |  | 531 | ​ |  | (1,776)
Less: reclassification adjustment for gains (losses) realized in net income | ​ |  | — | ​ |  | — | ​ |  | —
Net unrealized loss on hedging derivatives | ​ |  | (2,307) | ​ |  | 531 | ​ |  | (1,776)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other comprehensive loss | ​ | $ | (16,944) | ​ | $ | 3,884 | ​ | $ | (13,060)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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 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 loss on cash flow hedging derivatives | ​ |  | (5,446) | ​ |  | 1,254 | ​ |  | (4,192)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other comprehensive loss | ​ | $ | (84,632) | ​ | $ | 19,740 | ​ | $ | (64,892)
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, 2023 | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Balance at beginning of period | ​ | $ | (55,307) | ​ | $ | (957) | ​ | $ | (1,300) | ​ | $ | (57,564)
Other comprehensive loss before reclassifications | ​ |  | (11,223) | ​ |  | (2,613) | ​ |  | — | ​ |  | (13,836)
Less: amounts reclassified from accumulated other comprehensive income | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Total other comprehensive loss | ​ |  | (11,223) | ​ |  | (2,613) | ​ |  | — | ​ |  | (13,836)
Balance at end of period | ​ | $ | (66,530) | ​ | $ | (3,570) | ​ | $ | (1,300) | ​ | $ | (71,400)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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 loss | ​ |  | (20,411) | ​ |  | (1,207) | ​ |  | — | ​ |  | (21,618)
Balance at end of period | ​ | $ | (58,715) | ​ | $ | (3,322) | ​ | $ | (552) | ​ | $ | (62,589)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nine Months Ended September 30, 2023 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
Balance at beginning of period | ​ | $ | (55,246) | ​ | $ | (1,794) | ​ | $ | (1,300) | ​ | $ | (58,340)
Other comprehensive loss before reclassifications | ​ |  | (11,258) | ​ |  | (1,776) | ​ |  | — | ​ |  | (13,034)
Less: amounts reclassified from accumulated other comprehensive income | ​ |  | 26 | ​ |  | — | ​ |  | — | ​ |  | 26
Total other comprehensive loss | ​ |  | (11,284) | ​ |  | (1,776) | ​ |  | — | ​ |  | (13,060)
Balance at end of period | ​ | $ | (66,530) | ​ | $ | (3,570) | ​ | $ | (1,300) | ​ | $ | (71,400)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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)
​ ​
Reclassification out of Accumulated Other Comprehensive Income (Loss) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, | ​ | Nine Months Ended September 30, | ​ | ​ | Affected Line Item where
(in thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022 |  |  | Net Income is Presented
Net realized gains on AFS securities: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | ​ |
Before tax | ​ | $ | — | ​ | $ | 44 | ​ | $ | 34 | ​ | $ | 53 | ​ |  | Non-interest income
Tax effect | ​ |  | — | ​ |  | (10) | ​ |  | (8) | ​ |  | (12) | ​ |  | Tax expense
Total reclassifications for the period | ​ | $ | — | ​ | $ | 34 | ​ | $ | 26 | ​ | $ | 41 | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, | ​ | Nine Months Ended September 30, | ​ | ​ | Affected Line Item where
(in thousands) |  | 2023 |  | 2022 |  | 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 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | ​ | ​

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