XML 76 R47.htm IDEA: XBRL DOCUMENT v3.24.0.1
SHAREHOLDERS' EQUITY AND EARNINGS PER COMMON SHARE (Tables)
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Schedule of Actual and Required Capital Ratios
The Company and Bank’s actual and required capital amounts were as follows:
Minimum
Capital
Requirement
 Actual
(Dollars in thousands)AmountRatioAmountRatio
December 31, 2023    
Company (Consolidated)    
Total capital to risk-weighted assets$1,371,740 14.36 %$764,130 8.00 %
Common Equity Tier 1 Capital to risk weighted assets1,149,620 12.04 429,823 4.50 
Tier 1 capital to risk-weighted assets1,171,957 12.27 573,098 6.00 
Tier 1 capital to average assets1,171,957 9.65 382,065 4.00 
Total risk-weighted assets9,551,627 N/AN/AN/A
December 31, 2022
Company (Consolidated)
Total capital to risk-weighted assets$1,336,029 14.60 %$732,070 8.00 %
Common Equity Tier 1 Capital to risk weighted assets1,130,522 12.35 411,789 4.50 
Tier 1 capital to risk-weighted assets1,152,808 12.60 549,052 6.00 
Tier 1 capital to average assets1,152,808 10.18 366,035 4.00 
Total risk-weighted assets9,150,869 N/AN/AN/A

Minimum
Capital
Requirement		Minimum to be Well
Capitalized Under
Prompt Corrective
Action Provisions
 Actual
(Dollars in thousands)AmountRatioAmountRatioAmountRatio
December 31, 2023
Bank   
Total capital to risk-weighted assets$1,268,037 13.29 %$763,503 8.00 %$954,379 10.00 %
Common Equity Tier 1 Capital to risk weighted assets1,167,282 12.23 429,470 4.50 620,346 6.50 
Tier 1 capital to risk-weighted assets1,167,282 12.23 572,627 6.00 763,503 8.00 
Tier 1 capital to average assets1,167,282 9.61 381,751 4.00 477,189 5.00 
Total risk-weighted assets9,543,786 N/AN/AN/AN/AN/A
December 31, 2022      
Bank
Total capital to risk-weighted assets$1,239,722 13.56 %$731,259 8.00 %$914,074 10.00 %
Common Equity Tier 1 Capital to risk weighted assets1,155,280 12.64 411,333 4.50 594,148 6.50 
Tier 1 capital to risk-weighted assets1,155,280 12.64 548,444 6.00 731,259 8.00 
Tier 1 capital to average assets1,155,280 10.20 365,629 4.00 457,037 5.00 
Total risk-weighted assets9,140,737 N/AN/AN/AN/AN/A
Schedule of Components of Accumulated Other Comprehensive Income
Year-end components of accumulated other comprehensive (loss) are as follows:
(In thousands)20232022
Other accumulated comprehensive (loss), before tax:  
Net unrealized holding (loss) on AFS securities$(188,927)$(236,887)
Net (loss) on effective cash flow hedging derivatives(4,265)(6,667)
Net unrealized holding (loss) on pension plans(528)(844)
Income taxes related to items of accumulated other comprehensive (loss):
  
Net unrealized holding loss on AFS securities49,401 61,329 
Net loss on effective cash flow hedging derivatives1,159 1,789 
Net unrealized holding loss on pension plans144 228 
Accumulated other comprehensive (loss)$(143,016)$(181,052)
Schedule of Components of Other Comprehensive (Loss)/Income
The following table presents the components of other comprehensive income/(loss) for the years ended December 31, 2023, 2022, and 2021:
(In thousands)Before TaxTax EffectNet of Tax
Year Ended December 31, 2023   
Net unrealized holding gain on AFS securities:
   
Net unrealized gain arising during the period$22,903 $(5,122)$17,781 
Less: reclassification adjustment for (losses) realized in net income(25,057)6,806 (18,251)
Net unrealized holding gain on AFS securities47,960 (11,928)36,032 
Net gain on cash flow hedging derivatives:
   
Net unrealized gain arising during the period1,770 (458)1,312 
Less: reclassification adjustment for (losses) realized in net income(632)172 (460)
Net gain on cash flow hedging derivatives2,402 (630)1,772 
Net unrealized holding gain on pension plans
   
Net unrealized gain arising during the period316 (84)232 
Less: reclassification adjustment for (losses) realized in net income— — — 
Net unrealized holding gain on pension plans316 (84)232 
Other comprehensive income$50,678 $(12,642)$38,036 
(In thousands)Before TaxTax EffectNet of Tax
Year Ended December 31, 2022   
Net unrealized holding (loss) on AFS securities:   
Net unrealized (loss) arising during the period$(235,075)$60,920 $(174,155)
Less: reclassification adjustment for gains realized in net income6 (2)4 
Net unrealized holding (loss) on AFS securities(235,081)60,922 (174,159)
Net (loss) on cash flow hedging derivatives:
Net unrealized (loss) arising during the period(6,667)1,789 (4,878)
Less: reclassification adjustment for (losses) realized in net income— — — 
Net (loss) on cash flow hedging derivatives(6,667)1,789 (4,878)
Net unrealized holding gain on pension plans
   
Net unrealized gain arising during the period1,674 (446)1,228 
Less: reclassification adjustment for (losses) realized in net income— — — 
Net unrealized holding gain on pension plans1,674 (446)1,228 
Other comprehensive (loss)$(240,074)$62,265 $(177,809)
(In thousands)Before TaxTax EffectNet of Tax
Year Ended December 31, 2021   
Net unrealized holding (loss) on AFS securities:   
Net unrealized (loss) arising during the period$(46,794)$11,937 $(34,857)
Less: reclassification adjustment for gains realized in net income— — — 
Net unrealized holding (loss) on AFS securities(46,794)11,937 (34,857)
Net unrealized holding gain on pension plans
   
Net unrealized gain arising during the period993 (250)743 
Less: reclassification adjustment for (losses) realized in net income— — — 
Net unrealized holding gain on pension plans993 (250)743 
Other comprehensive (loss)$(45,801)$11,687 $(34,114)
Schedule of Gross Changes in Each Component of Accumulated Other Comprehensive Income (Loss)
The following table presents the changes in each component of accumulated other comprehensive (loss)/income, for the years ended December 31, 2023, 2022, and 2021:
(in thousands)Net unrealized holding gain (loss) on AFS SecuritiesNet loss on effective cash flow hedging derivativesNet unrealized holding gain (loss) on pension plansTotal
Year Ended December 31, 2023    
Balance at Beginning of Year$(175,557)$(4,878)$(617)$(181,052)
Other comprehensive income before reclassifications
17,781 1,312 232 19,325 
Amounts reclassified from accumulated other comprehensive income(18,251)(460)— (18,711)
Total other comprehensive income
36,032 1,772 232 38,036 
Balance at End of Period$(139,525)$(3,106)$(385)$(143,016)
Year Ended December 31, 2022    
Balance at Beginning of Year$(1,398)$— $(1,845)$(3,243)
Other comprehensive (loss)/income before reclassifications
(174,155)(4,878)1,228 (177,805)
Amounts reclassified from accumulated other comprehensive income4 — — 4 
Total other comprehensive (loss)/income(174,159)(4,878)1,228 (177,809)
Balance at End of Period$(175,557)$(4,878)$(617)$(181,052)
Year Ended December 31, 2021    
Balance at Beginning of Year$33,459 $— $(2,588)$30,871 
Other comprehensive (loss)/income before reclassifications
(34,857)— 743 (34,114)
Amounts reclassified from accumulated other comprehensive income— — — — 
Total other comprehensive (loss)/income
(34,857)— 743 (34,114)
Balance at End of Period$(1,398)$— $(1,845)$(3,243)
Schedule of Amounts Reclassified out of Each Component of Accumulated Other Comprehensive (Loss)/Income
The following table presents the amounts reclassified out of each component of accumulated other comprehensive income/(loss) for the years ended December 31, 2023, 2022, and 2021:
    Affected Line Item in the
Statement Where Net Income
Is Presented
 Years Ended December 31,
(in thousands)202320222021
Realized (losses)/gains on AFS securities:
 $(25,057)$6 $— Non-interest income
 6,806 (2)— Tax expense
 (18,251)4 —  
Realized (losses) on cash flow hedging derivatives:
(632)— — Interest expense
 — — — Non-interest expense
 172 — — Tax benefit
 (460)— —  
Realized (losses) on pension plans:
— — — Non-interest expense
— — — Tax expense
— — — 
Total reclassifications for the period$(18,711)$4 $—  
Schedule of Earnings (Loss) Per Share
Earnings per common share has been computed based on the following (average diluted shares outstanding is calculated using the treasury stock method):
 Years Ended December 31,
(In thousands, except per share data)202320222021
Net income$69,598 $92,533 $118,664 
Average number of common shares issued51,903 51,903 51,903 
Less: average number of treasury shares7,820 5,577 1,951 
Less: average number of unvested stock award shares795 762 712 
Average number of basic common shares outstanding43,288 45,564 49,240 
Plus: dilutive effect of unvested stock award shares216 345 309 
Plus: dilutive effect of stock options outstanding— 5 5 
Average number of diluted common shares outstanding43,504 45,914 49,554 
Basic earnings per common share$1.61 $2.03 $2.41 
Diluted earnings per common share$1.60 $2.02 $2.39