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CAPITAL RATIOS AND SHAREHOLDERS' EQUITY (Tables)

6 Months Ended

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