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REGULATORY CAPITAL | 12 Months Ended
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Dec. 31, 2024
Regulatory Capital [Abstract] |
REGULATORY CAPITAL | 16. REGULATORY CAPITAL Banks and bank holding companies are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off-balance-sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet minimum capital requirements can initiate certain mandatory – and possibly additional discretionary – actions by regulators that, if undertaken, could have a direct material effect on the Company’s and the Bank’s financial statements and results of operations. The final rules implementing Basel Committee on Banking Supervision’s capital guidelines for U.S. banks (Basel III rules) became effective for the Company on January 1, 2015, with full compliance of all the requirements being fully phased in on January 1, 2019. The Company has chosen to exclude net unrealized gain or loss on available for sale securities in computing regulatory capital. Management believes that as of December 31, 2024, the Company and the Bank meet all capital adequacy requirements to which they were subject at that date. Prompt corrective action regulations provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized, although these terms are not used to represent overall financial condition. If adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. At December 31, 2024 and 2023, the most recent regulatory notifications categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the institution’s category. To be categorized as well capitalized, the Bank must maintain minimum total risk-based, Tier I risk-based, common equity Tier 1 and Tier I leverage ratios as set forth in the table. The Bank’s regulatory capital amounts and ratios are presented in the following table:
|  |  |  |  |  |  |  | To Be Well |  |  |  |  |  | For Capital |
|  |  |  |  |  |  |  | Capitalized Under |  |  | For Capital |  |  | Adequacy Purposes |
|  |  |  |  |  |  |  | Prompt Corrective |  |  | Adequacy |  |  | Including Capital |
|  | Actual |  |  | Action Provisions |  |  | Purposes |  |  | Conservation Buffer (A) |
(Dollars in thousands) |  | Amount |  |  | Ratio |  |  | Amount |  |  | Ratio |  |  | Amount |  |  | Ratio |  |  | Amount |  |  | Ratio |
As of December 31, 2024: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total capital |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(to risk-weighted assets) |  | $ | 801,365 |  |  |  | 14.75 | % |  | $ | 543,234 |  |  |  | 10.00 | % |  | $ | 434,587 |  |  |  | 8.00 | % |  | $ | 570,396 |  |  |  | 10.50 | %
Tier I capital |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(to risk-weighted assets) |  |  | 733,389 |  |  |  | 13.50 |  |  |  | 434,587 |  |  |  | 8.00 |  |  |  | 325,940 |  |  |  | 6.00 |  |  |  | 461,749 |  |  |  | 8.50 |
Common equity tier I |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(to risk-weighted assets) |  |  | 733,383 |  |  |  | 13.50 |  |  |  | 353,102 |  |  |  | 6.50 |  |  |  | 244,455 |  |  |  | 4.50 |  |  |  | 380,264 |  |  |  | 7.00 |
Tier I capital |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(to average assets) |  |  | 733,389 |  |  |  | 10.57 |  |  |  | 347,006 |  |  |  | 5.00 |  |  |  | 277,605 |  |  |  | 4.00 |  |  |  | 277,605 |  |  |  | 4.00 |
As of December 31, 2023: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total capital |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(to risk-weighted assets) |  | $ | 773,083 |  |  |  | 14.73 | % |  | $ | 525,001 |  |  |  | 10.00 | % |  | $ | 420,001 |  |  |  | 8.00 | % |  | $ | 551,251 |  |  |  | 10.50 | %
Tier I capital |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(to risk-weighted assets) |  |  | 707,446 |  |  |  | 13.48 |  |  |  | 420,001 |  |  |  | 8.00 |  |  |  | 315,000 |  |  |  | 6.00 |  |  |  | 446,251 |  |  |  | 8.50 |
Common equity tier I |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(to risk-weighted assets) |  |  | 707,434 |  |  |  | 13.47 |  |  |  | 341,250 |  |  |  | 6.50 |  |  |  | 236,250 |  |  |  | 4.50 |  |  |  | 367,500 |  |  |  | 7.00 |
Tier I capital |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(to average assets) |  |  | 707,446 |  |  |  | 10.83 |  |  |  | 326,507 |  |  |  | 5.00 |  |  |  | 261,205 |  |  |  | 4.00 |  |  |  | 261,205 |  |  |  | 4.00 |
(A) See footnote on following table. The Company’s regulatory capital amounts and ratios are presented in the following table:
|  |  |  |  |  |  |  | To Be Well |  |  |  |  | For Capital |
|  |  |  |  |  |  |  | Capitalized Under |  | For Capital |  |  | Adequacy Purposes |
|  |  |  |  |  |  |  | Prompt Corrective |  | Adequacy |  |  | Including Capital |
|  | Actual |  |  | Action Provisions |  | Purposes |  |  | Conservation Buffer (A) |
(Dollars in thousands) |  | Amount |  |  | Ratio |  |  | Amount |  | Ratio |  | Amount |  |  | Ratio |  |  | Amount |  |  | Ratio |
As of December 31, 2024: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total capital |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(to risk-weighted assets) |  | $ | 806,404 |  |  |  | 14.84 | % |  | N/A |  | N/A |  | $ | 434,830 |  |  |  | 8.00 | % |  | $ | 570,715 |  |  |  | 10.50 | %
Tier I capital |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(to risk-weighted assets) |  |  | 625,830 |  |  |  | 11.51 |  |  | N/A |  | N/A |  |  | 326,123 |  |  |  | 6.00 |  |  |  | 462,007 |  |  |  | 8.50 |
Common equity tier I |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(to risk-weighted assets) |  |  | 625,824 |  |  |  | 11.51 |  |  | N/A |  | N/A |  |  | 244,592 |  |  |  | 4.50 |  |  |  | 380,477 |  |  |  | 7.00 |
Tier I capital |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(to average assets) |  |  | 625,830 |  |  |  | 9.01 |  |  | N/A |  | N/A |  |  | 277,710 |  |  |  | 4.00 |  |  |  | 277,710 |  |  |  | 4.00 |
As of December 31, 2023: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total capital |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(to risk-weighted assets) |  | $ | 785,413 |  |  |  | 14.95 | % |  | N/A |  | N/A |  | $ | 420,377 |  |  |  | 8.00 | % |  | $ | 551,745 |  |  |  | 10.50 | %
Tier I capital |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(to risk-weighted assets) |  |  | 600,444 |  |  |  | 11.43 |  |  | N/A |  | N/A |  |  | 315,283 |  |  |  | 6.00 |  |  |  | 446,651 |  |  |  | 8.50 |
Common equity tier I |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(to risk-weighted assets) |  |  | 600,432 |  |  |  | 11.43 |  |  | N/A |  | N/A |  |  | 236,462 |  |  |  | 4.50 |  |  |  | 367,830 |  |  |  | 7.00 |
Tier I capital |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(to average assets) |  |  | 600,444 |  |  |  | 9.19 |  |  | N/A |  | N/A |  |  | 261,358 |  |  |  | 4.00 |  |  |  | 261,358 |  |  |  | 4.00 |
(A) The Basel Rules require the Company and the Bank to maintain a 2.5 percent “capital conservation buffer” on top of the minimum risk-weighted asset ratios. The capital conservation buffer is designed to absorb losses during periods of economic stress. Banking institutions with a ratio of (i) CET1 to risk-weighted assets, (ii) Tier 1 capital to risk-weighted assets or (iii) total capital to risk-weighted assets above the respective minimum but below the capital conservation buffer face constraints on dividends, stock repurchases and discretionary bonus payments to executive officers based on the amount of the shortfall.

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