SHAREHOLDERS’ EQUITY AND EARNINGS PER COMMON SHARE (Tables)
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12 Months Ended |
Dec. 31, 2019 |
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| Stockholders' Equity Note [Abstract] |
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| Schedule of Actual and Required Capital Ratios |
The actual and required capital ratios at December 31, 2019 and December 31, 2018 were as follows: | | | | | | | | | | | | | | | | | | 2019 | | | Actual | | Regulatory Minimum to be "Well-Capitalized" | (in thousands, except ratios) | | Amount | | Ratio | | Amount | | Ratio | Company (consolidated) | | | | | | | | | Total capital to risk-weighted assets | | $ | 341,492 |
| | 13.61 | % | | $ | 263,377 |
| | 10.50 | % | Common equity tier 1 capital to risk-weighted assets | | 265,205 |
| | 10.57 |
| | 175,584 |
| | 7.00 |
| Tier 1 capital to risk-weighted assets | | 285,825 |
| | 11.39 |
| | 213,211 |
| | 8.50 |
| Tier 1 capital to average assets | | 285,825 |
| | 8.13 |
| | 175,890 |
| | 5.00 |
| | | | | | | | | | Bank | | | | | | | | | Total capital to risk-weighted assets | | $ | 310,982 |
| | 12.42 | % | | $ | 262,999 |
| | 10.50 | % | Common equity tier 1 capital to risk-weighted assets | | 295,315 |
| | 11.79 |
| | 175,332 |
| | 7.00 |
| Tier 1 capital to risk-weighted assets | | 295,315 |
| | 11.79 |
| | 212,904 |
| | 8.50 |
| Tier 1 capital to average assets | | 295,315 |
| | 8.39 |
| | 175,996 |
| | 5.00 |
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| | | | | | | | | | | | | | | | | | 2018 | | | Actual | | Regulatory Minimum to be "Well-Capitalized" | (in thousands, except ratios) | | Amount | | Ratio | | Amount | | Ratio | Company (consolidated) | | | | | | | | | Total capital to risk-weighted assets | | $ | 331,628 |
| | 14.23 | % | | $ | 230,093 |
| | 9.88 | % | Common equity tier 1 capital to risk-weighted assets | | 274,838 |
| | 11.80 |
| | 148,542 |
| | 6.38 |
| Tier 1 capital to risk-weighted assets | | 295,458 |
| | 12.68 |
| | 183,492 |
| | 7.88 |
| Tier 1 capital to average assets | | 295,458 |
| | 8.53 |
| | 173,102 |
| | 5.00 |
| | | | | | | | | | Bank | | | | | | | | | Total capital to risk-weighted assets | | $ | 321,390 |
| | 13.82 | % | | $ | 229,707 |
| | 9.88 | % | Common equity tier 1 capital to risk-weighted assets | | 302,220 |
| | 12.99 |
| | 148,292 |
| | 6.38 |
| Tier 1 capital to risk-weighted assets | | 302,220 |
| | 12.99 |
| | 183,184 |
| | 7.88 |
| Tier 1 capital to average assets | | 302,220 |
| | 8.74 |
| | 172,990 |
| | 5.00 |
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| Schedule of Components of Accumulated Other Comprehensive Income |
Components of accumulated other comprehensive income at December 31, 2019 and December 31, 2018 are as follows: | | | | | | | | | | (in thousands) | | 2019 | | 2018 | Other accumulated comprehensive income (loss), before tax: | | | | | Net unrealized gain (loss) on AFS securities | | $ | 7,342 |
| | $ | (11,304 | ) | Net unrealized loss on derivative hedges | | (718 | ) | | (2,934 | ) | Net unrealized loss on post-retirement plans | | (1,512 | ) | | (1,162 | ) | | |
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| Income taxes related to items of accumulated other comprehensive (income) loss: | |
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| Net unrealized (gain) loss on AFS securities | | (1,793 | ) | | 2,641 |
| Net unrealized loss on derivative hedges | | 237 |
| | 685 |
| Net unrealized loss on post-retirement plans | | 355 |
| | 272 |
| Accumulated other comprehensive income (loss) | | $ | 3,911 |
| | $ | (11,802 | ) |
The following table presents the changes in each component of accumulated other comprehensive income/(loss) in 2019, 2018 and 2017: | | | | | | | | | | | | | | | | | | | | 2019 | (in thousands) | | Net unrealized gain on AFS Securities | | Net loss on effective derivative hedges | | Net unrealized loss on post-retirement plans | | Total | Balance at beginning of period | | $ | (8,665 | ) | | $ | (2,249 | ) | | $ | (888 | ) | | $ | (11,802 | ) | Other comprehensive gain/(loss) before reclassifications | | 14,394 |
| | (651 | ) | | (267 | ) | | 13,476 |
| Less: amounts reclassified from accumulated other comprehensive income | | 182 |
| | (2,419 | ) | | — |
| | (2,237 | ) | Total other comprehensive loss | | 14,212 |
| | 1,768 |
| | (267 | ) | | 15,713 |
| Balance at end of period | | $ | 5,547 |
| | $ | (481 | ) | | $ | (1,155 | ) | | $ | 3,911 |
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| | | | | | | | | | | | | | | | | | | | 2018 | (in thousands) | | Net unrealized gain on AFS Securities | | Net loss on effective derivative hedges | | Net unrealized loss on post-retirement plans | | Total | Balance at beginning of period | | $ | (1,713 | ) | | $ | (2,250 | ) | | $ | (591 | ) | | $ | (4,554 | ) | Other comprehensive gain/(loss) before reclassifications | | (7,293 | ) | | 486 |
| | (191 | ) | | (6,998 | ) | Less: amounts reclassified from accumulated other comprehensive income | | (708 | ) | | — |
| | (22 | ) | | (730 | ) | Total other comprehensive loss | | (6,585 | ) | | 486 |
| | (169 | ) | | (6,268 | ) | Less: amounts reclassified from accumulated other comprehensive income for ASU 2018-02 | | (367 | ) | | (485 | ) | | (128 | ) | | (980 | ) | Balance at end of period | | $ | (8,665 | ) | | $ | (2,249 | ) | | $ | (888 | ) | | $ | (11,802 | ) |
| | | | | | | | | | | | | | | | | | | | 2017 | (in thousands) | | Net unrealized gain on AFS Securities | | Net loss on effective derivative hedges | | Net unrealized loss on post-retirement plans | | Total | Balance at beginning of period | | $ | (2,125 | ) | | $ | (1,798 | ) | | $ | (403 | ) | | $ | (4,326 | ) | Other comprehensive gain/(loss) before reclassifications | | 424 |
| | (452 | ) | | (201 | ) | | (229 | ) | Less: amounts reclassified from accumulated other comprehensive income | | 12 |
| | — |
| | (13 | ) | | (1 | ) | Total other comprehensive loss | | 412 |
| | (452 | ) | | (188 | ) | | (228 | ) | Balance at end of period | | $ | (1,713 | ) | | $ | (2,250 | ) | | $ | (591 | ) | | $ | (4,554 | ) |
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| Schedule of Components of Other Comprehensive Income |
The following table presents the components of other comprehensive income in 2019, 2018 and 2017: | | | | | | | | | | | | | | | | 2019 | (in thousands) | | Before Tax | | Tax Effect | | Net of Tax | Net unrealized gain on AFS securities: | | | | | | | Net unrealized gain arising during the period | | $ | 18,883 |
| | $ | (4,489 | ) | | $ | 14,394 |
| Less: reclassification adjustment for gains (losses) realized in net income | | 237 |
| | (55 | ) | | 182 |
| Net unrealized gain on AFS securities | | 18,646 |
| | (4,434 | ) | | 14,212 |
| | | | | | | | Net unrealized loss on derivative hedges: | | | | | | | Net unrealized loss arising during the period | | (940 | ) | | 289 |
| | (651 | ) | Less: reclassification adjustment for gains (losses) realized in net income | | (3,156 | ) | | 737 |
| | (2,419 | ) | Net unrealized gain on derivative hedges | | 2,216 |
| | (448 | ) | | 1,768 |
| | | | | | | | Net unrealized gain on post-retirement plans: | | | | | | | Net unrealized gain arising during the period | | (350 | ) | | 83 |
| | (267 | ) | Less: reclassification adjustment for gains (losses) realized in net income | | — |
| | — |
| | — |
| Net unrealized gain on post-retirement plans | | (350 | ) | | 83 |
| | (267 | ) | Other comprehensive income | | $ | 20,512 |
| | $ | (4,799 | ) | | $ | 15,713 |
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| | | | | | | | | | | | | | | | 2018 | (in thousands) | | Before Tax | | Tax Effect | | Net of Tax | Net unrealized loss on AFS securities: | | | | | | | Net unrealized loss arising during the period | | $ | (9,487 | ) | | $ | 2,194 |
| | $ | (7,293 | ) | Less: reclassification adjustment for gains (losses) realized in net income | | (924 | ) | | 216 |
| | (708 | ) | Net unrealized loss on AFS securities | | (8,563 | ) | | 1,978 |
| | (6,585 | ) | | | | | | | | Net unrealized gain on derivative hedges: | | | | | | | Net unrealized gain arising during the period | | 654 |
| | (168 | ) | | 486 |
| Less: reclassification adjustment for gains (losses) realized in net income | | — |
| | — |
| | — |
| Net unrealized gain on derivative hedges | | 654 |
| | (168 | ) | | 486 |
| | | | | | | | Net unrealized loss on post-retirement plans: | | | | | | | Net unrealized loss arising during the period | | (245 | ) | | 54 |
| | (191 | ) | Less: reclassification adjustment for gains (losses) realized in net income | | (29 | ) | | 7 |
| | (22 | ) | Net unrealized loss on post-retirement plans | | (216 | ) | | 47 |
| | (169 | ) | Other comprehensive loss | | $ | (8,125 | ) | | $ | 1,857 |
| | $ | (6,268 | ) |
| | | | | | | | | | | | | | | | 2017 | (in thousands) | | Before Tax | | Tax Effect | | Net of Tax | Net unrealized gain on AFS securities: | | | | | | | Net unrealized gain arising during the period | | $ | 545 |
| | $ | (121 | ) | | $ | 424 |
| Less: reclassification adjustment for gains (losses) realized in net income | | 19 |
| | (7 | ) | | 12 |
| Net unrealized gain on AFS securities | | 526 |
| | (114 | ) | | 412 |
| | | | | | | | Net unrealized loss on derivative hedges: | | | | | | | Net unrealized loss arising during the period | | (838 | ) | | 386 |
| | (452 | ) | Less: reclassification adjustment for gains (losses) realized in net income | | — |
| | — |
| | — |
| Net unrealized loss on derivative hedges | | (838 | ) | | 386 |
| | (452 | ) | | | | | | | | Net unrealized loss on post-retirement plans: | | | | | | | Net unrealized loss arising during the period | | (347 | ) | | 146 |
| | (201 | ) | Less: reclassification adjustment for gains (losses) realized in net income | | (21 | ) | | 8 |
| | (13 | ) | Net unrealized loss on post-retirement plans | | (326 | ) | | 138 |
| | (188 | ) | Other comprehensive loss | | $ | (638 | ) | | $ | 410 |
| | $ | (228 | ) |
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| Schedule of Reclassification out of Accumulated Other Comprehensive Income |
The following tables presents the amounts reclassified out of each component of accumulated other comprehensive income (loss) in 2019, 2018 and 2017: | | | | | | | | | | | | | | | | (in thousands) | | 2019 | | 2018 | | 2017 | | Affected Line Item where Net Income is Presented | Realized gains on AFS securities: | | | | | | | | | Before tax | | $ | 237 |
| | $ | (924 | ) | | $ | 19 |
| | Non-interest income | Tax effect | | (55 | ) | | 216 |
| | (7 | ) | | Tax expense | Total reclassifications for the period | | $ | 182 |
| | $ | (708 | ) | | $ | 12 |
| | Net of tax |
| | | | | | | | | | | | | | | | (in thousands) | | 2019 | | 2018 | | 2017 | | Affected Line Item where Net Income is Presented | Realized loss on effective derivative hedges: | | | | | | | | | Before tax | | $ | (3,156 | ) | | $ | — |
| | $ | — |
| | Non-interest expense | Tax effect | | 737 |
| | — |
| | — |
| | Tax benefit | Total reclassifications for the period | | $ | (2,419 | ) | | $ | — |
| | $ | — |
| | Net of tax |
| | | | | | | | | | | | | | | | (in thousands) | | 2019 | | 2018 | | 2017 | | Affected Line Item where Net Income is Presented | Realized loss on post-retirement plans: | | | | | | | | | Before tax | | $ | — |
| | $ | (29 | ) | | $ | (21 | ) | | Salaries and benefits | Tax effect | | — |
| | 7 |
| | 8 |
| | Tax benefit | Total reclassifications for the period | | $ | — |
| | $ | (22 | ) | | $ | (13 | ) | | Net of tax |
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| Schedule of Earnings Per Share, Basic and Diluted |
Earnings per share have been computed based on the following (average diluted shares outstanding are calculated using the treasury stock method): | | | | | | | | | | | | | | (in thousands, except per share and share data) | | 2019 | | 2018 | | 2017 | Net income | | $ | 22,620 |
| | $ | 32,937 |
| | $ | 25,993 |
| | | | | | | | Average number of basic common shares outstanding | | 15,540,884 |
| | 15,487,686 |
| | 15,183,615 |
| Plus: dilutive effect of stock options and awards outstanding | | 46,109 |
| | 76,778 |
| | 106,795 |
| Average number of diluted common shares outstanding | | 15,586,993 |
| | 15,564,464 |
| | 15,290,410 |
| | | | | | | | Anti-dilutive options excluded from earnings calculation | | — |
| | 7,991 |
| | 8,659 |
| | | | | | | | Earnings per share: | | | | | | | Basic | | $ | 1.46 |
| | $ | 2.13 |
| | $ | 1.71 |
| Diluted | | $ | 1.45 |
| | $ | 2.12 |
| | $ | 1.70 |
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