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SHAREHOLDERS' EQUITY AND EARNINGS PER COMMON SHARE

12 Months Ended

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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The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 235
-Name Accounting Standards Codification
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-Topic 946
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-Topic 815
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