SHAREHOLDERS’ EQUITY AND COMPENSATION PLANS (Tables)

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The following tables present the changes in accumulated other comprehensive income after-tax by component:

Three months ended
(in thousands)	Net Unrealized Gain on Available-for-Sale Debt Securities		Unamortized Gain (Loss) on Held-to-Maturity Securities		Net Unrealized Gain (Loss) on Cash Flow Hedges		Total
Balance, June 30, 2021	$	14,250	$	17,322	$	(3,300)	$	28,272
Net change	$	(7,870)	$	(805)	$	305	$	(8,370)
Balance, September 30, 2021	$	6,380	$	16,517	$	(2,995)	$	19,902
Balance, June 30, 2020	$	27,872	$	13,099	$	(8,162)	$	32,809
Net change	$	(220)	$	(705)	$	624	$	(301)
Balance, September 30, 2020	$	27,652	$	12,394	$	(7,538)	$	32,508
Nine months ended
(in thousands)	Net Unrealized Gain (Loss) on Available-for-Sale Debt Securities		Unamortized Gain (Loss) on Held-to-Maturity Securities		Net Unrealized Gain (Loss) on Cash Flow Hedges		Total
Balance, December 31, 2020	$	22,320	$	19,308	$	(4,508)	$	37,120
Net change	$	(15,940)	$	(2,791)	$	1,513	$	(17,218)
Balance, September 30, 2021	$	6,380	$	16,517	$	(2,995)	$	19,902
Balance, December 31, 2019	$	14,977	$	4,934	$	(2,162)	$	17,749
Net change	$	21,325	$	(1,190)	$	(5,376)	$	14,759
Transfer from available-for-sale to held-to-maturity	$	(8,650)	$	8,650	$	—	$	—
Balance, September 30, 2020	$	27,652	$	12,394	$	(7,538)	$	32,508

Schedule of Pre-tax and After-tax Changes in the Components of Other Comprehensive Income

The following tables present the pre-tax and after-tax changes in the components of other comprehensive income:

	Three months ended September 30,
	2021						2020
(in thousands)	Pre-tax		Tax effect		After-tax		Pre-tax		Tax effect		After-tax
Change in unrealized gain (loss) on available-for-sale debt securities	$	(10,479)	$	(2,609)	$	(7,870)	$	125	$	31	$	94
Reclassification adjustment for realized gain on sale of available-for-sale debt securities(a)	—		—		—		(417)		(103)		(314)
Reclassification of gain on held-to-maturity securities(b)	(1,072)		(267)		(805)		(936)		(231)		(705)
Change in unrealized gain on cash flow hedges arising during the period	12		3		9		146		36		110
Reclassification of loss on cash flow hedges(b)	395		99		296		683		169		514
Total other comprehensive income	$	(11,144)	$	(2,774)	$	(8,370)	$	(399)	$	(98)	$	(301)
	Nine months ended September 30,
	2021						2020
(in thousands)	Pre-tax		Tax effect		After-tax		Pre-tax		Tax effect		After-tax
Change in unrealized gain (loss) on available-for-sale debt securities	$	(21,226)	$	(5,285)	$	(15,941)	$	28,741	$	7,099	$	21,642
Reclassification adjustment for realized gain on sale of available-for-sale debt securities(a)	—		—		—		(421)		(104)		(317)
Reclassification of gain on held-to-maturity securities(b)	(3,716)		(925)		(2,791)		(1,580)		(390)		(1,190)
Change in unrealized gain (loss) on cash flow hedges arising during the period	867		216		651		(8,296)		(2,049)		(6,247)
Reclassification of loss on cash flow hedges(b)	1,149		286		863		1,157		286		871
Total other comprehensive income	$	(22,926)	$	(5,708)	$	(17,218)	$	19,601	$	4,842	$	14,759

(a)The pre-tax amount is reported in noninterest income/expense in the Consolidated Statements of Operations

(b)The pre-tax amount is reported in interest income/expense in the Consolidated Statements of Operations

Schedule of Stock Options Roll Forward

During the nine months ended September 30, 2021, employee stock options were granted under the Amended and Restated 2018 Stock Incentive Plan.

Various information related to the stock options is shown below.

	Employee Stock Options	Weighted Average Life	Weighted Average Exercise Price
Options Outstanding, December 31, 2020	—
Options granted	118,604		$	43.80
Options forfeited	(4,597)
Options Outstanding, September 30, 2021	114,007	9.5