XML 63 R42.htm IDEA: XBRL DOCUMENT

SHAREHOLDERS' EQUITY AND EARNINGS PER COMMON SHARE (Tables)

12 Months Ended

Dec. 31, 2024

SHAREHOLDERS' EQUITY AND EARNINGS PER COMMON SHARE

Schedule of Actual and Required Capital Ratios


		December 31, 2024
								Minimum Required for
		Actual						Capital Adequacy purposes
(in thousands, except ratios)		Amount			Ratio			Amount			Ratio
Company (consolidated)
Total capital to risk-weighted assets		$	454,960		13.47	%		$	270,206		8.00	%
Common equity Tier 1 capital to risk-weighted assets			386,548		11.45				151,918		4.50
Tier 1 capital to risk-weighted assets			407,168		12.06				202,571		6.00
Tier 1 capital to average assets (leverage ratio)			407,168		10.30				158,123		4.00

Bank
Total capital to risk-weighted assets		$	452,823		13.44	%		$	269,538		8.00	%
Common equity Tier 1 capital to risk-weighted assets			421,031		12.50				151,571		4.50
Tier 1 capital to risk-weighted assets			421,031		12.50				202,095		6.00
Tier 1 capital to average assets (leverage ratio)			421,031		10.66				157,985		4.00


		December 31, 2023
								Minimum Required for
		Actual						Capital Adequacy purposes
(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)		December 31, 2024			December 31, 2023
Accumulated other comprehensive loss, before tax:
Net unrealized loss on AFS securities		$	(62,298)		$	(62,351)
Net unrealized loss on hedging derivatives			(3,368)			(1,322)
Net unrealized loss on post-retirement plans			(1,565)			(1,540)

Income taxes related to items of accumulated other comprehensive loss:
Net unrealized loss on AFS securities			14,557			14,702
Net unrealized loss on hedging derivatives			786			312
Net unrealized loss on post-retirement plans			352			337
Accumulated other comprehensive loss		$	(51,536)		$	(49,862)

Schedule of Components of Other Comprehensive Income (Loss)



(in thousands)		Before Tax			Tax Effect			Net of Tax
Year Ended December 31, 2024
Net unrealized loss on AFS securities:
Net unrealized loss arising during the period		$	103		$	(157)		$	(54)
Less: reclassification adjustment for gains (losses) realized in net income			50			(12)			38
Net unrealized loss on AFS securities			53			(145)			(92)

Net unrealized loss on hedging derivatives:
Net unrealized loss arising during the period			(2,046)			474			(1,572)
Less: reclassification adjustment for gains (losses) realized in net income			—			—			—
Net unrealized loss on hedging derivatives			(2,046)			474			(1,572)

Net unrealized loss on post-retirement plans:
Net unrealized loss arising during the period			(25)			15			(10)
Less: reclassification adjustment for gains (losses) realized in net income			—			—			—
Net unrealized loss on post-retirement plans			(25)			15			(10)
Other comprehensive loss		$	(2,018)		$	344		$	(1,674)

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 (losses) 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 (losses) 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 (losses) realized in net income			—			—			—
Net unrealized gain on post-retirement plans			135			(38)			97
Other comprehensive gain		$	10,627		$	(2,149)		$	8,478

Year Ended December 31, 2022
Net unrealized gain on AFS securities:
Net unrealized gain arising during the period		$	(74,359)		$	17,169		$	(57,190)
Less: reclassification adjustment for gains (losses) realized in net income			53			(12)			41
Net unrealized gain on AFS securities			(74,412)			17,181			(57,231)

Net unrealized gain on hedging derivatives:
Net unrealized gain 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 gain on post-retirement plans:
Net unrealized gain arising during the period			(973)			225			(748)
Less: reclassification adjustment for gains (losses) realized in net income			—			—			—
Net unrealized gain on post-retirement plans			(973)			225			(748)
Other comprehensive gain		$	(78,848)		$	18,205		$	(60,643)

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
Year Ended December 31, 2024
Balance at beginning of period		$	(47,649)		$	(1,010)		$	(1,203)		$	(49,862)
Other comprehensive loss before reclassifications			(54)			(1,572)			(10)			(1,636)
Less: amounts reclassified from accumulated other comprehensive income			38			—			—			38
Total other comprehensive loss			(92)			(1,572)			(10)			(1,674)
Balance at end of period		$	(47,741)		$	(2,582)		$	(1,213)		$	(51,536)

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 gain			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 gain before reclassifications			(57,190)			(2,664)			(748)			(60,602)
Less: amounts reclassified from accumulated other comprehensive income			41			—			—			41
Total other comprehensive gain			(57,231)			(2,664)			(748)			(60,643)
Balance at end of period		$	(55,246)		$	(1,794)		$	(1,300)		$	(58,340)

Reclassification out of Accumulated Other Comprehensive Income (Loss)


											Affected Line Item where
(in thousands)		2024			2023			2022			Net Income is Presented
Net realized gains on AFS securities:
Before tax		$	50		$	34		$	53		Non-interest income
Tax effect			(12)			(8)			(12)		Tax expense
Total reclassifications for the period		$	38		$	26		$	41

Schedule of Earnings Per Share




(in thousands, except per share and share data)		2024			2023			2022
Net income		$	43,544		$	44,852		$	43,557

Average number of basic common shares outstanding			15,240,446			15,142,188			15,040,162
Plus: dilutive effect of stock options and awards outstanding			70,275			53,048			71,799
Average number of diluted common shares outstanding⁽¹⁾			15,310,721			15,195,236			15,111,961

Earnings per share:
Basic		$	2.86		$	2.96		$	2.90
Diluted		$	2.84		$	2.95		$	2.88

(1)	Average diluted shares outstanding are computed using the treasury stock method.