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CAPITAL RATIOS AND SHAREHOLDERS' EQUITY (Tables) | 6 Months Ended
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Jun. 30, 2024
CAPITAL RATIOS AND SHAREHOLDERS' EQUITY |
Schedule of Actual and Required Capital Ratios | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2024 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Minimum Regulatory | ​
​ | ​ | Actual | ​ | Capital Requirements | ​
(in thousands, except ratios) |  | Amount |  | Ratio | ​ | Amount |  | Ratio | ​
Company (consolidated) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​
Total capital to risk-weighted assets | ​ | $ | 463,626 | ​ | 14.29 | % | ​ | $ | 259,576 | ​ | 8.00 | %
Common equity tier 1 capital to risk-weighted assets | ​ |  | 370,512 | ​ | 11.42 | ​ | ​ |  | 146,011 | ​ | 4.50 | ​
Tier 1 capital to risk-weighted assets | ​ |  | 391,132 | ​ | 12.05 | ​ | ​ |  | 194,682 | ​ | 6.00 | ​
Tier 1 capital to average assets (leverage ratio) | ​ |  | 391,132 | ​ | 10.01 | ​ | ​ |  | 156,223 | ​ | 4.00 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Bank | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total capital to risk-weighted assets | ​ | $ | 457,619 | ​ | 14.12 | % | ​ | $ | 259,238 | ​ | 8.00 | %
Common equity tier 1 capital to risk-weighted assets | ​ |  | 425,125 | ​ | 13.12 | ​ | ​ |  | 145,822 | ​ | 4.50 | ​
Tier 1 capital to risk-weighted assets | ​ |  | 425,125 | ​ | 13.12 | ​ | ​ |  | 194,429 | ​ | 6.00 | ​
Tier 1 capital to average assets (leverage ratio) | ​ |  | 425,125 | ​ | 10.89 | ​ | ​ |  | 156,094 | ​ | 4.00 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 | ​
Schedule of Components of Accumulated Other Comprehensive Loss | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) |  | June 30, 2024 |  | December 31, 2023
Accumulated other comprehensive loss, before tax: |  | ​ |  |  | ​ |
Net unrealized loss on AFS securities | ​ | $ | (68,455) | ​ | $ | (62,351)
Net unrealized loss on hedging derivatives | ​ |  | (2,571) | ​ |  | (1,322)
Net unrealized loss on post-retirement plans | ​ |  | (1,517) | ​ |  | (1,540)
​ | ​ | ​ | ​ | ​ | ​ | ​
Income taxes related to items of accumulated other comprehensive loss: | ​ |  |  | ​ |  |
Net unrealized loss on AFS securities | ​ |  | 16,142 | ​ |  | 14,702
Net unrealized loss on hedging derivatives | ​ |  | 606 | ​ |  | 312
Net unrealized loss on post-retirement plans | ​ |  | 308 | ​ |  | 337
Accumulated other comprehensive loss | ​ | $ | (55,487) | ​ | $ | (49,862)
Schedule of Components of Other Comprehensive Income (Loss) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) |  | Before Tax |  | Tax Effect |  | Net of Tax
Three Months Ended June 30, 2024 |  | ​ |  |  | ​ |  |  | ​ |
Net unrealized loss on AFS securities: |  | ​ |  |  | ​ |  |  | ​ |
Net unrealized loss arising during the period | ​ | $ | (3,457) | ​ | $ | 815 | ​ | $ | (2,642)
Less: reclassification adjustment for gains realized in net income | ​ |  | 50 | ​ |  | (12) | ​ |  | 38
Net unrealized loss on AFS securities | ​ |  | (3,507) | ​ |  | 827 | ​ |  | (2,680)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net unrealized loss on hedging derivatives: | ​ |  |  | ​ |  |  | ​ |  | ​
Net unrealized loss arising during the period | ​ |  | (312) | ​ |  | 73 | ​ |  | (239)
Less: reclassification adjustment for gains (losses) realized in net income | ​ |  | — | ​ |  | — | ​ |  | —
Net unrealized loss on cash flow hedging derivatives | ​ |  | (312) | ​ |  | 73 | ​ |  | (239)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net unrealized loss on post-retirement plans: | ​ |  |  | ​ |  |  | ​ |  | ​
Net unrealized loss arising during the period | ​ |  | — | ​ |  | — | ​ |  | —
Less: reclassification adjustment for gains (losses) realized in net income | ​ |  | — | ​ |  | — | ​ |  | —
Net unrealized loss on post-retirement plans | ​ |  | — | ​ |  | — | ​ |  | —
Other comprehensive loss | ​ | $ | (3,819) | ​ | $ | 900 | ​ | $ | (2,919)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net unrealized loss on post-retirement plans: | ​ |  |  | ​ |  |  | ​ |  | ​
Net unrealized loss arising during the period | ​ |  | — | ​ |  | — | ​ |  | —
Less: reclassification adjustment for gains (losses) realized in net income | ​ |  | — | ​ |  | — | ​ |  | —
Net unrealized loss on post-retirement plans | ​ |  | — | ​ |  | — | ​ |  | —
Other comprehensive loss | ​ | $ | (5,736) | ​ | $ | 1,323 | ​ | $ | (4,413)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​
(in thousands) |  | Before Tax |  | Tax Effect |  | Net of Tax
Six Months Ended June 30, 2024 |  | ​ |  |  | ​ |  |  | ​ |
Net unrealized loss on AFS securities: |  | ​ |  |  | ​ |  |  | ​ |
Net unrealized loss arising during the period | ​ | $ | (6,054) | ​ | $ | 1,428 | ​ | $ | (4,626)
Less: reclassification adjustment for gains realized in net income | ​ |  | 50 | ​ |  | (12) | ​ |  | 38
Net unrealized loss on AFS securities | ​ |  | (6,104) | ​ |  | 1,440 | ​ |  | (4,664)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net unrealized loss on hedging derivatives: | ​ |  | ​ | ​ |  |  | ​ |  |
Net unrealized loss arising during the period | ​ |  | (1,249) | ​ |  | 294 | ​ |  | (955)
Less: reclassification adjustment for gains realized in net income | ​ |  | — | ​ |  | — | ​ |  | —
Net unrealized loss on hedging derivatives | ​ |  | (1,249) | ​ |  | 294 | ​ |  | (955)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net unrealized gain on post-retirement plans: | ​ |  |  | ​ |  |  | ​ |  |
Net unrealized gain arising during the period | ​ |  | 22 | ​ |  | (28) | ​ |  | (6)
Less: reclassification adjustment for gains realized in net income | ​ |  | — | ​ |  | — | ​ |  | —
Net unrealized gain on post-retirement plans | ​ |  | 22 | ​ |  | (28) | ​ |  | (6)
Other comprehensive loss | ​ | $ | (7,331) | ​ | $ | 1,706 | ​ | $ | (5,625)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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 realized in net income | ​ |  | — | ​ |  | — | ​ |  | —
Net unrealized gain on hedging derivatives | ​ |  | 1,088 | ​ |  | (251) | ​ |  | 837
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net unrealized loss on post-retirement plans: | ​ |  |  | ​ |  |  | ​ |  |
Net unrealized loss arising during the period | ​ |  | — | ​ |  | — | ​ |  | —
Less: reclassification adjustment for gains (losses) realized in net income | ​ |  | — | ​ |  | — | ​ |  | —
Net unrealized loss on post-retirement plans | ​ |  | — | ​ |  | — | ​ |  | —
Other comprehensive income | ​ | $ | 1,037 | ​ | $ | (261) | ​ | $ | 776
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, 2024 | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Balance at beginning of period | ​ | $ | (49,633) | ​ | $ | (1,726) | ​ | $ | (1,209) | ​ | $ | (52,568)
Other comprehensive loss before reclassifications | ​ |  | (2,642) | ​ |  | (239) | ​ |  | — | ​ |  | (2,881)
Less: amounts reclassified from accumulated other comprehensive income | ​ |  | 38 | ​ |  | — | ​ |  | — | ​ |  | 38
Total other comprehensive loss | ​ |  | (2,680) | ​ |  | (239) | ​ |  | — | ​ |  | (2,919)
Balance at end of period | ​ | $ | (52,313) | ​ | $ | (1,965) | ​ | $ | (1,209) | ​ | $ | (55,487)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three Months Ended June 30, 2023 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
Balance at beginning of period | ​ | $ | (50,646) | ​ | $ | (1,205) | ​ | $ | (1,300) | ​ | $ | (53,151)
Other comprehensive (loss) gain before reclassifications | ​ |  | (4,661) | ​ |  | 248 | ​ |  | — | ​ |  | (4,413)
Less: amounts reclassified from accumulated other comprehensive income | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Total other comprehensive (loss) gain | ​ |  | (4,661) | ​ |  | 248 | ​ |  | — | ​ |  | (4,413)
Balance at end of period | ​ | $ | (55,307) | ​ | $ | (957) | ​ | $ | (1,300) | ​ | $ | (57,564)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Six Months Ended June 30, 2024 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
Balance at beginning of period | ​ | $ | (47,649) | ​ | $ | (1,010) | ​ | $ | (1,203) | ​ | $ | (49,862)
Other comprehensive loss before reclassifications | ​ |  | (4,626) | ​ |  | (955) | ​ |  | (6) | ​ |  | (5,587)
Less: amounts reclassified from accumulated other comprehensive income | ​ |  | 38 | ​ |  | — | ​ |  | — | ​ |  | 38
Total other comprehensive loss | ​ |  | (4,664) | ​ |  | (955) | ​ |  | (6) | ​ |  | (5,625)
Balance at end of period | ​ | $ | (52,313) | ​ | $ | (1,965) | ​ | $ | (1,209) | ​ | $ | (55,487)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Six Months Ended June 30, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance at beginning of period | ​ | $ | (55,246) | ​ | $ | (1,794) | ​ | $ | (1,300) | ​ | $ | (58,340)
Other comprehensive (loss) gain before reclassifications | ​ |  | (35) | ​ |  | 837 | ​ |  | — | ​ |  | 802
Less: amounts reclassified from accumulated other comprehensive income | ​ |  | 26 | ​ |  | — | ​ |  | — | ​ |  | 26
Total other comprehensive (loss) gain | ​ |  | (61) | ​ |  | 837 | ​ |  | — | ​ |  | 776
Balance at end of period | ​ | $ | (55,307) | ​ | $ | (957) | ​ | $ | (1,300) | ​ | $ | (57,564)
​
Reclassification out of Accumulated Other Comprehensive Income (Loss) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30, | ​ | ​ | Affected Line Item where
(in thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  |  | Net Income is Presented
Net realized gains on AFS securities: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | ​ |
Before tax | ​ | $ | 50 | ​ | $ | — | ​ | $ | 50 | ​ | $ | 34 | ​ |  | Non-interest income
Tax effect | ​ |  | (12) | ​ |  | — | ​ |  | (12) | ​ |  | (8) | ​ |  | Tax expense
Total reclassifications for the period | ​ | $ | 38 | ​ | $ | — | ​ | $ | 38 | ​ | $ | 26 | ​ | ​ | ​

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