CAPITAL RATIOS AND SHAREHOLDERS' EQUITY (Tables)
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3 Months Ended |
Mar. 31, 2020 |
Stockholders' Equity Note [Abstract] |
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Schedule of Actual and Required Capital Ratios |
The actual and required capital ratios were as follows: | | | | | | | | | | | | | | | | March 31, 2020 | | Regulatory Minimum to be Well Capitalized | | December 31, 2019 | | Regulatory Minimum to be Well Capitalized | Company (consolidated) | | |
| | |
| | |
| | |
| Total capital to risk weighted assets | | 13.8 | % | | N/A |
| | 13.7 | % | | N/A |
| Common equity tier 1 capital to risk weighted assets | | 11.9 |
| | N/A |
| | 12.1 |
| | N/A |
| Tier 1 capital to risk weighted assets | | 12.1 |
| | N/A |
| | 12.3 |
| | N/A |
| Tier 1 capital to average assets | | 9.3 |
| | N/A |
| | 9.3 |
| | N/A |
| | | | | | | | | | Bank | | |
| | | | |
| | |
| Total capital to risk weighted assets | | 12.5 | % | | 10.0 | % | | 12.8 | % | | 10.0 | % | Common equity tier 1 capital to risk weighted assets | | 11.7 |
| | 6.5 |
| | 12.2 |
| | 6.5 |
| Tier 1 capital to risk weighted assets | | 11.7 |
| | 8.0 |
| | 12.2 |
| | 8.0 |
| Tier 1 capital to average assets | | 8.9 |
| | 5.0 |
| | 9.1 |
| | 5.0 |
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Schedule of Components of Accumulated Other Comprehensive Income |
Components of accumulated other comprehensive income is as follows: | | | | | | | | | | (In thousands) | | March 31, 2020 | | December 31, 2019 | Other accumulated comprehensive income, before tax: | | |
| | |
| Net unrealized holding gain on AFS securities | | $ | 44,877 |
| | $ | 19,263 |
| Net unrealized holding (loss) on pension plans | | (3,023 | ) | | (3,023 | ) | | | | | | Income taxes related to items of accumulated other comprehensive income: | | |
| | |
| Net unrealized tax (expense) on AFS securities | | (11,649 | ) | | (5,059 | ) | Net unrealized tax benefit on pension plans | | 812 |
| | 812 |
| Accumulated other comprehensive income | | $ | 31,017 |
| | $ | 11,993 |
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Schedule of Components of Other Comprehensive Income |
The following table presents the components of other comprehensive income for the three months ended March 31, 2020 and 2019: | | | | | | | | | | | | | | (In thousands) | | Before Tax | | Tax Effect | | Net of Tax | Three Months Ended March 31, 2020 | | |
| | |
| | |
| Net unrealized holding gain on AFS securities: | | x |
| | | | |
| Net unrealized gains arising during the period | | $ | 25,613 |
| | $ | (6,590 | ) | | $ | 19,023 |
| Less: reclassification adjustment for (losses) realized in net income | | (1 | ) | | — |
| | (1 | ) | Net unrealized holding gain on AFS securities | | 25,614 |
| | (6,590 | ) | | 19,024 |
| Other comprehensive income | | $ | 25,614 |
| | $ | (6,590 | ) | | $ | 19,024 |
| | | | | | | | Three Months Ended March 31, 2019 | | |
| | |
| | |
| Net unrealized holding gain on AFS securities: | | | | |
| | |
| Net unrealized gains arising during the period | | $ | 14,221 |
| | $ | (3,653 | ) | | $ | 10,568 |
| Less: reclassification adjustment for gains realized in net income | | 6 |
| | (2 | ) | | 4 |
| Net unrealized holding gain on AFS securities | | 14,215 |
| | (3,651 | ) | | 10,564 |
| Other comprehensive income | | $ | 14,215 |
| | $ | (3,651 | ) | | $ | 10,564 |
|
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Schedule of Gross Changes in Each Component of Accumulated Other Comprehensive Income |
The following table presents the changes in each component of accumulated other comprehensive income, for the three ended March 31, 2020 and 2019: | | | | | | | | | | | | | | (In thousands) | | Net unrealized holding loss on AFS Securities | | Net unrealized holding loss on pension plans | | Total | Three Months Ended March 31, 2020 | | |
| | |
| | |
| Balance at Beginning of Period | | $ | 14,204 |
| | $ | (2,211 | ) | | $ | 11,993 |
| Other comprehensive income before reclassifications | | 19,023 |
| | — |
| | 19,023 |
| Less: amounts reclassified from accumulated other comprehensive income (loss) | | (1 | ) | | — |
| | (1 | ) | Total other comprehensive income | | 19,024 |
| | — |
| | 19,024 |
| Balance at End of Period | | $ | 33,228 |
| | $ | (2,211 | ) | | $ | 31,017 |
| | | | | | | | Three Months Ended March 31, 2019 | | |
| | |
| | |
| Balance at Beginning of Period | | $ | (11,453 | ) | | $ | (2,017 | ) | | $ | (13,470 | ) | Other comprehensive (loss) before reclassifications | | 10,568 |
| | — |
| | 10,568 |
| Less: amounts reclassified from accumulated other comprehensive income (loss) | | 4 |
| | — |
| | 4 |
| Total other comprehensive (loss) | | 10,564 |
| | — |
| | 10,564 |
| Balance at End of Period | | $ | (889 | ) | | $ | (2,017 | ) | | $ | (2,906 | ) |
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Schedule of Amounts Reclassified Out of Each Component of Accumulated Other Comprehensive Income |
The following table presents the amounts reclassified out of each component of accumulated other comprehensive income for the three ended March 31, 2020 and 2019: | | | | | | | | | | | | | | | | | | Affected Line Item in the | | | Three Months Ended March 31, | | Statement where Net Income | (In thousands) | | 2020 | | 2019 | | is Presented | Realized gains on AFS securities: | | |
| | |
| | | | | $ | (1 | ) | | $ | 6 |
| | Non-interest income | | | — |
| | (2 | ) | | Tax expense | | | (1 | ) | | 4 |
| | Net of tax | | | | | | | | Total reclassifications for the period | | $ | (1 | ) | | $ | 4 |
| | Net of tax |
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