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CAPITAL RATIOS AND SHAREHOLDERS' EQUITY

6 Months Ended

Jun. 30, 2024

CAPITAL RATIOS AND SHAREHOLDERS' EQUITY

CAPITAL RATIOS AND SHAREHOLDERS' EQUITY

​

​

NOTE 6.           CAPITAL RATIOS AND SHAREHOLDERS’ EQUITY

​

The actual and required capital ratios are, as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

​

In order to be classified as “well-capitalized” under the relevant regulatory framework, (i) 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 (ii) 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 (loss) income

​

Components of accumulated other comprehensive loss is, as follows:

​

​	​	​	​	​	​	​
(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)

​

The following table presents the components of other comprehensive income (loss) for the three and six months ended June 30, 2024 and 2023:

​

​	​	​	​	​	​	​	​	​	​
(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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

The following table presents the changes in each component of accumulated other comprehensive income (loss), net of tax impacts, for the three and six months ended June 30, 2024 and 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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)

​

​

​

​

The following tables presents the amounts reclassified out of each component of accumulated other comprehensive income for three and six months ended June 30, 2024 and 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

​

​

​

X

- References

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- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

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-Topic 505
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

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

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (c)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

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