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SHAREHOLDERS' EQUITY AND EARNINGS PER COMMON SHARE | 12 Months Ended
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Dec. 31, 2023
SHAREHOLDERS' EQUITY AND EARNINGS PER COMMON SHARE |
SHAREHOLDERS' EQUITY AND EARNINGS PER COMMON SHARE | NOTE 12. SHAREHOLDERS’ EQUITY AND EARNINGS PER COMMON SHARE The actual and required capital ratios at December 31, 2023 and December 31, 2022 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2023 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Minimum Regulatory | ​
​ | ​ | Actual | ​ | Capital Requirements | ​
(in thousands, except ratios) |  | Amount |  | Ratio | ​ | Amount |  | Ratio | ​
Company (consolidated) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​
Total capital to risk-weighted assets | ​ | $ | 450,160 | ​ | 14.24 | % | ​ | $ | 252,888 | ​ | 8.00 | %
Common equity tier 1 capital to risk-weighted assets | ​ |  | 357,574 | ​ | 11.31 | ​ | ​ |  | 142,249 | ​ | 4.50 | ​
Tier 1 capital to risk-weighted assets | ​ |  | 378,194 | ​ | 11.96 | ​ | ​ |  | 189,666 | ​ | 6.00 | ​
Tier 1 capital to average assets (leverage ratio) | ​ |  | 378,194 | ​ | 9.70 | ​ | ​ |  | 156,022 | ​ | 4.00 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Bank | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total capital to risk-weighted assets | ​ | $ | 441,278 | ​ | 13.97 | % | ​ | $ | 252,642 | ​ | 8.00 | %
Common equity tier 1 capital to risk-weighted assets | ​ |  | 409,312 | ​ | 12.96 | ​ | ​ |  | 142,111 | ​ | 4.50 | ​
Tier 1 capital to risk-weighted assets | ​ |  | 409,312 | ​ | 12.96 | ​ | ​ |  | 189,482 | ​ | 6.00 | ​
Tier 1 capital to average assets (leverage ratio) | ​ |  | 409,312 | ​ | 10.50 | ​ | ​ |  | 155,908 | ​ | 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, 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 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 Income Components of accumulated other comprehensive income at December 31, 2023 and December 31, 2022 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) |  | December 31, 2023 |  | December 31, 2022
Accumulated other comprehensive loss, before tax: |  | ​ |  |  | ​ |
Net unrealized loss on AFS securities | ​ | $ | (62,351) | ​ | $ | (71,832)
Net unrealized loss on hedging derivatives | ​ |  | (1,322) | ​ |  | (2,333)
Net unrealized loss on post-retirement plans | ​ |  | (1,540) | ​ |  | (1,691)
​ | ​ | ​ | ​ | ​ | ​ | ​
Income taxes related to items of accumulated other comprehensive loss: | ​ |  |  | ​ |  |
Net unrealized loss on AFS securities | ​ |  | 14,702 | ​ |  | 16,586
Net unrealized loss on hedging derivatives | ​ |  | 312 | ​ |  | 539
Net unrealized loss on post-retirement plans | ​ |  | 337 | ​ |  | 391
Accumulated other comprehensive loss | ​ | $ | (49,862) | ​ | $ | (58,340)
​ The following table presents the components of other comprehensive income in 2023, 2022 and 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​
(in thousands) |  | Before Tax |  | Tax Effect |  | Net of Tax
Year Ended December 31, 2023 |  | ​ |  |  | ​ |  |  | ​ |
Net unrealized gain on AFS securities: |  | ​ |  |  | ​ |  |  | ​ |
Net unrealized gain arising during the period | ​ | $ | 9,515 | ​ | $ | (1,892) | ​ | $ | 7,623
Less: reclassification adjustment for gains realized in net income | ​ |  | 34 | ​ |  | (8) | ​ |  | 26
Net unrealized gain on AFS securities | ​ |  | 9,481 | ​ |  | (1,884) | ​ |  | 7,597
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net unrealized gain on hedging derivatives: | ​ |  | ​ | ​ |  |  | ​ |  |
Net unrealized gain arising during the period | ​ |  | 1,011 | ​ |  | (227) | ​ |  | 784
Less: reclassification adjustment for gains realized in net income | ​ |  | — | ​ |  | — | ​ |  | —
Net unrealized gain on hedging derivatives | ​ |  | 1,011 | ​ |  | (227) | ​ |  | 784
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net unrealized gain on post-retirement plans: | ​ |  |  | ​ |  |  | ​ |  |
Net unrealized gain arising during the period | ​ |  | 135 | ​ |  | (38) | ​ |  | 97
Less: reclassification adjustment for gains realized in net income | ​ |  | — | ​ |  | — | ​ |  | —
Net unrealized gain on post-retirement plans | ​ |  | 135 | ​ |  | (38) | ​ |  | 97
Other comprehensive income | ​ | $ | 10,627 | ​ | $ | (2,149) | ​ | $ | 8,478
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year Ended December 31, 2022 | ​ |  |  | ​ |  |  | ​ |  |
Net unrealized loss on AFS securities: | ​ |  |  | ​ |  |  | ​ |  |
Net unrealized loss arising during the period | ​ | $ | (74,359) | ​ | $ | 17,169 | ​ | $ | (57,190)
Less: reclassification adjustment for gains realized in net income | ​ |  | 53 | ​ |  | (12) | ​ |  | 41
Net unrealized loss on AFS securities | ​ |  | (74,412) | ​ |  | 17,181 | ​ |  | (57,231)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net unrealized loss on hedging derivatives: | ​ |  |  | ​ |  |  | ​ |  |
Net unrealized loss arising during the period | ​ |  | (3,463) | ​ |  | 799 | ​ |  | (2,664)
Less: reclassification adjustment for gains (losses) realized in net income | ​ |  | — | ​ |  | — | ​ |  | —
Net unrealized gain on hedging derivatives | ​ |  | (3,463) | ​ |  | 799 | ​ |  | (2,664)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net unrealized loss on post-retirement plans: | ​ |  |  | ​ |  |  | ​ |  |
Net unrealized loss arising during the period | ​ |  | (973) | ​ |  | 225 | ​ |  | (748)
Less: reclassification adjustment for gains (losses) realized in net income | ​ |  | — | ​ |  | — | ​ |  | —
Net unrealized loss on post-retirement plans | ​ |  | (973) | ​ |  | 225 | ​ |  | (748)
Other comprehensive loss | ​ | $ | (78,848) | ​ | $ | 18,205 | ​ | $ | (60,643)
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2021
(in thousands) |  | Before Tax |  | Tax Effect |  | Net of Tax
Net unrealized loss on AFS securities: | ​ |  |  | ​ |  |  | ​ |  |
Net unrealized loss arising during the period | ​ | $ | (7,619) | ​ | $ | 1,779 | ​ | $ | (5,840)
Less: reclassification adjustment for gains realized in net income | ​ |  | 2,870 | ​ |  | (672) | ​ |  | 2,198
Net unrealized loss on AFS securities | ​ |  | (10,489) | ​ |  | 2,451 | ​ |  | (8,038)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net unrealized gain on hedging derivatives: | ​ |  |  | ​ |  |  | ​ |  |
Net unrealized gain arising during the period | ​ |  | 3,562 | ​ |  | (827) | ​ |  | 2,735
Less: reclassification adjustment for gains (losses) realized in net income | ​ |  | — | ​ |  | — | ​ |  | —
Net unrealized gain on cash flow hedging derivatives | ​ |  | 3,562 | ​ |  | (827) | ​ |  | 2,735
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net unrealized loss on post-retirement plans: | ​ |  |  | ​ |  |  | ​ |  |
Net unrealized loss arising during the period | ​ |  | 1,132 | ​ |  | (266) | ​ |  | 866
Less: reclassification adjustment for gains (losses) realized in net income | ​ |  | — | ​ |  | — | ​ |  | —
Net unrealized loss on post-retirement plans | ​ |  | 1,132 | ​ |  | (266) | ​ |  | 866
Other comprehensive loss | ​ | $ | (5,795) | ​ | $ | 1,358 | ​ | $ | (4,437)
​ The following table presents the changes in each component of accumulated other comprehensive income/(loss) in 2023, 2022 and 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​
​ |  | 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
Year Ended December 31, 2023 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
Balance at beginning of period | ​ | $ | (55,246) | ​ | $ | (1,794) | ​ | $ | (1,300) | ​ | $ | (58,340)
Other comprehensive gain before reclassifications | ​ |  | 7,623 | ​ |  | 784 | ​ |  | 97 | ​ |  | 8,504
Less: amounts reclassified from accumulated other comprehensive income | ​ |  | 26 | ​ |  | — | ​ |  | — | ​ |  | 26
Total other comprehensive income | ​ |  | 7,597 | ​ |  | 784 | ​ |  | 97 | ​ |  | 8,478
Balance at end of period | ​ | $ | (47,649) | ​ | $ | (1,010) | ​ | $ | (1,203) | ​ | $ | (49,862)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year Ended December 31, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance at beginning of period | ​ | $ | 1,985 | ​ | $ | 870 | ​ | $ | (552) | ​ | $ | 2,303
Other comprehensive loss before reclassifications | ​ |  | (57,190) | ​ |  | (2,664) | ​ |  | (748) | ​ |  | (60,602)
Less: amounts reclassified from accumulated other comprehensive income | ​ |  | 41 | ​ |  | — | ​ |  | — | ​ |  | 41
Total other comprehensive loss | ​ |  | (57,231) | ​ |  | (2,664) | ​ |  | (748) | ​ |  | (60,643)
Balance at end of period | ​ | $ | (55,246) | ​ | $ | (1,794) | ​ | $ | (1,300) | ​ | $ | (58,340)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year Ended December 31, 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance at beginning of period | ​ | $ | 10,023 | ​ | $ | (1,865) | ​ | $ | (1,418) | ​ | $ | 6,740
Other comprehensive loss before reclassifications | ​ |  | (5,840) | ​ |  | 2,735 | ​ |  | 866 | ​ |  | (2,239)
Less: amounts reclassified from accumulated other comprehensive income | ​ |  | 2,198 | ​ |  | — | ​ |  | — | ​ |  | 2,198
Total other comprehensive loss | ​ |  | (8,038) | ​ |  | 2,735 | ​ |  | 866 | ​ |  | (4,437)
Balance at end of period | ​ | $ | 1,985 | ​ | $ | 870 | ​ | $ | (552) | ​ | $ | 2,303
​ ​ ​ ​ The following tables presents the amounts reclassified out of each component of accumulated other comprehensive income (loss) in 2023, 2022 and 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Affected Line Item where
(in thousands) |  | 2023 |  | 2022 |  | 2021 |  | Net Income is Presented
Net realized gains on AFS securities: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Before tax | ​ | $ | 34 | ​ | $ | 53 | ​ | $ | 2,870 |  | Non-interest income
Tax effect | ​ |  | (8) | ​ |  | (12) | ​ |  | (672) |  | Tax expense
Total reclassifications for the period | ​ | $ | 26 | ​ | $ | 41 | ​ | $ | 2,198 | ​ | ​
​ ​ ​ Earnings per Share Earnings per share have been computed based on the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​
(in thousands, except per share and share data) |  | 2023 |  | 2022 |  | 2021
Net income | ​ | $ | 44,852 | ​ | $ | 43,557 | ​ | $ | 39,299
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Average number of basic common shares outstanding | ​ |  | 15,142,188 | ​ |  | 15,040,162 | ​ |  | 14,968,973
Plus: dilutive effect of stock options and awards outstanding | ​ |  | 53,048 | ​ |  | 71,799 | ​ |  | 76,189
Average number of diluted common shares outstanding(1) | ​ |  | 15,195,236 | ​ |  | 15,111,961 | ​ |  | 15,045,162
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Earnings per share: | ​ |  |  | ​ |  |  | ​ |  |
Basic | ​ | $ | 2.96 | ​ | $ | 2.90 | ​ | $ | 2.63
Diluted | ​ | $ | 2.95 | ​ | $ | 2.88 | ​ | $ | 2.61
​
(1) | Average diluted shares outstanding are computed using the treasury stock method.

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