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REGULATORY CAPITAL REQUIREMENTS | 12 Months Ended
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Dec. 31, 2024
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] |
REGULATORY CAPITAL REQUIREMENTS | REGULATORY CAPITAL REQUIREMENTS The Bank is subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and 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 capital requirements can initiate regulatory action. Under Basel III rules, the Bank must hold a capital conservation buffer of 2.5% above the adequately capitalized risk-based capital ratios. Organizations that fail to maintain the minimum capital conservation buffer could face restrictions on capital distributions or discretionary bonus payments to executive officers. The net unrealized gain or loss on available for sale securities and changes in the funded status of the defined benefit pension plan and other benefit plans are not included in computing regulatory capital. Management believes as of December 31, 2024, the Bank met all capital adequacy requirements to which it is subject. 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. As of December 31, 2024, the most recent regulatory notifications categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. The Corporation is no longer subject to Federal Reserve consolidated capital requirements applicable to bank holding companies, which are similar to those applicable to the Bank, until it reaches $3.0 billion in assets. As of December 31, 2024, the most recent notification from the Federal Reserve Bank of New York categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized the Bank must maintain minimum total risk-based, Tier 1 risk-based, common equity Tier 1 risk-based, and Tier 1 leverage ratios as set forth in the table below. There have been no conditions or events since this notification that management believes have changed the Bank's or the Corporation's capital category. The Corporation’s principal source of funds for dividend payments is dividends received from the Bank. Banking regulations limit the amount of dividends that may be paid without prior approval of regulatory agencies. Under these regulations, the amount of dividends that may be paid in any calendar year is limited to the current year’s net income, combined with the retained net income of the preceding two years, subject to the capital requirements in the table below. During 2025, the Bank could, without prior approval, declare dividends of approximately $62.2 million plus any 2025 net income retained to the date of the dividend declaration. The actual capital amounts and ratios of the Corporation and the Bank are presented in the following tables (in thousands):
|  | Actual |  | Minimal Capital Adequacy |  | Minimal Capital Adequacy with Capital Buffer |  | To Be Well Capitalized Under Prompt Corrective Action Provisions
As of December 31, 2024 |  | Amount |  | Ratio |  | Amount |  | Ratio |  | Amount |  | Ratio |  | Amount |  | Ratio
Total Capital (to Risk Weighted Assets): |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated |  | $ | 280,778 |  |  | 13.35 | % |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A
Bank |  | $ | 275,179 |  |  | 13.09 | % |  | $ | 168,137 |  |  | 8.00 | % |  | $ | 220,680 |  |  | 10.50 | % |  | $ | 210,172 |  |  | 10.00 | %
Tier 1 Capital (to Risk Weighted Assets): |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated |  | $ | 258,550 |  |  | 12.30 | % |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A
Bank |  | $ | 252,950 |  |  | 12.04 | % |  | $ | 126,103 |  |  | 6.00 | % |  | $ | 178,646 |  |  | 8.50 | % |  | $ | 168,137 |  |  | 8.00 | %
Common Equity Tier 1 Capital (to Risk Weighted Assets): |  |  |  |  |  |  |  |  |  |
Consolidated |  | $ | 258,550 |  |  | 12.30 | % |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A
Bank |  | $ | 252,950 |  |  | 12.04 | % |  | $ | 94,577 |  |  | 4.50 | % |  | $ | 147,120 |  |  | 7.00 | % |  | $ | 136,612 |  |  | 6.50 | %
Tier 1 Capital (to Average Assets): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated |  | $ | 258,550 |  |  | 9.18 | % |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A
Bank |  | $ | 252,950 |  |  | 8.98 | % |  | $ | 112,639 |  |  | 4.00 | % |  | N/A |  | N/A |  | $ | 140,799 |  |  | 5.00 | %
|  | Actual |  | Minimum Capital Adequacy |  | Minimal Capital Adequacy with Capital Buffer |  | To Be Well Capitalized Under Prompt Corrective Action Provisions
As of December 31, 2023 |  | Amount |  | Ratio |  | Amount |  | Ratio |  | Amount |  | Ratio |  | Amount |  | Ratio
Total Capital (to Risk Weighted Assets): |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated |  | $ | 262,864 |  |  | 13.26 | % |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A
Bank |  | $ | 252,783 |  |  | 12.76 | % |  | $ | 158,438 |  |  | 8.00 | % |  | $ | 207,950 |  |  | 10.50 | % |  | $ | 198,048 |  |  | 10.00 | %
Tier 1 Capital (to Risk Weighted Assets): |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated |  | $ | 239,429 |  |  | 12.08 | % |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A
Bank |  | $ | 229,348 |  |  | 11.58 | % |  | $ | 118,829 |  |  | 6.00 | % |  | $ | 168,341 |  |  | 8.50 | % |  | $ | 158,438 |  |  | 8.00 | %
Common Equity Tier 1 Capital (to Risk Weighted Assets):
Consolidated |  | $ | 239,429 |  |  | 12.08 | % |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A
Bank |  | $ | 229,348 |  |  | 11.58 | % |  | $ | 89,122 |  |  | 4.50 | % |  | $ | 138,634 |  |  | 7.00 | % |  | $ | 128,731 |  |  | 6.50 | %
Tier 1 Capital (to Average Assets): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated |  | $ | 239,429 |  |  | 8.62 | % |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A
Bank |  | $ | 229,348 |  |  | 8.26 | % |  | $ | 111,034 |  |  | 4.00 | % |  | N/A |  | N/A |  | $ | 138,792 |  |  | 5.00 | %

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- Definition The entire disclosure for regulatory capital requirement for depository and lending institutions. Institutions include, but not are not limited to, finance company, insured depository institution, bank holding company, savings and loan association holding company, bank and savings institution not federally insured, mortgage company, foreign financial institution and credit union. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477270/942-505-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477270/942-505-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477270/942-505-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477270/942-505-50-1 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477270/942-505-50-1 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 1D -Publisher FASB -URI https://asc.fasb.org/1943274/2147477270/942-505-50-1D Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org/1943274/2147477270/942-505-50-1A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 1F -Publisher FASB -URI https://asc.fasb.org/1943274/2147477270/942-505-50-1F + Details
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