SHAREHOLDERS' EQUITY AND EARNINGS PER COMMON SHARE (Tables)

12 Months Ended

Dec. 31, 2022

SHAREHOLDERS' EQUITY AND EARNINGS PER COMMON SHARE

Schedule of Actual and Required Capital Ratios

	December 31, 2022
					Minimum Regulatory
	Actual				Capital Requirements
(in thousands, except ratios)	Amount		Ratio		Amount		Ratio
Company (consolidated)
Total capital to risk-weighted assets	$	416,900	13.50	%	$	247,041	8.00	%
Common equity tier 1 capital to risk-weighted assets		326,513	10.57			138,960	4.50
Tier 1 capital to risk-weighted assets		347,133	11.24			185,281	6.00
Tier 1 capital to average assets (leverage ratio)		347,133	9.21			150,772	4.00
Bank
Total capital to risk-weighted assets	$	410,053	13.29	%	$	246,812	8.00	%
Common equity tier 1 capital to risk-weighted assets		380,286	12.33			138,832	4.50
Tier 1 capital to risk-weighted assets		380,286	12.33			185,110	6.00
Tier 1 capital to average assets (leverage ratio)		380,286	10.10			150,655	4.00

	December 31, 2021
					Minimum Regulatory
	Actual				Capital Requirements
(in thousands, except ratios)	Amount		Ratio		Amount		Ratio
Company (consolidated)
Total capital to risk-weighted assets	$	380,690	14.31	%	$	212,798	8.00	%
Common equity tier 1 capital to risk-weighted assets		295,635	11.12			119,699	4.50
Tier 1 capital to risk-weighted assets		316,255	11.90			159,598	6.00
Tier 1 capital to average assets (leverage ratio)		316,255	8.66			146,029	4.00
Bank
Total capital to risk-weighted assets	$	375,435	14.13	%	$	220,425	8.00	%
Common equity tier 1 capital to risk-weighted assets		351,000	13.22			123,812	4.50
Tier 1 capital to risk-weighted assets		351,000	13.22			165,082	6.00
Tier 1 capital to average assets (leverage ratio)		351,000	9.62			151,082	4.00

Schedule of Components of Accumulated Other Comprehensive Income

(in thousands)	December 31, 2022		December 31, 2021
Accumulated other comprehensive income, before tax:
Net unrealized (loss) gain on AFS securities	$	(71,832)	$	2,580
Net unrealized (loss) gain on hedging derivatives		(2,333)		1,130
Net unrealized loss on post-retirement plans		(1,691)		(718)
Income taxes related to items of accumulated other comprehensive income:
Net unrealized loss (gain) on AFS securities		16,586		(595)
Net unrealized loss (gain) on hedging derivatives		539		(260)
Net unrealized loss on post-retirement plans		391		166
Accumulated other comprehensive (loss) income	$	(58,340)	$	2,303

Schedule of Components of Other Comprehensive Income (Loss)

(in thousands)	Before Tax		Tax Effect		Net of Tax
Year Ended December 31, 2022
Net unrealized loss on AFS securities:
Net unrealized loss arising during the period	$	(74,359)	$	17,169	$	(57,190)
Less: reclassification adjustment for gains realized in net income		53		(12)		41
Net unrealized loss on AFS securities		(74,412)		17,181		(57,231)
Net unrealized loss on hedging derivatives:
Net unrealized loss arising during the period		(3,463)		799		(2,664)
Less: reclassification adjustment for gains (losses) realized in net income		—		—		—
Net unrealized gain on hedging derivatives		(3,463)		799		(2,664)
Net unrealized loss on post-retirement plans:
Net unrealized loss arising during the period		(973)		225		(748)
Less: reclassification adjustment for gains (losses) realized in net income		—		—		—
Net unrealized loss on post-retirement plans		(973)		225		(748)
Other comprehensive loss	$	(78,848)	$	18,205	$	(60,643)
Year Ended December 31, 2021
Net unrealized loss on AFS securities:
Net unrealized loss arising during the period	$	(7,619)	$	1,779	$	(5,840)
Less: reclassification adjustment for gains realized in net income		2,870		(672)		2,198
Net unrealized loss on AFS securities		(10,489)		2,451		(8,038)
Net unrealized gain on hedging derivatives:
Net unrealized gain arising during the period		3,562		(827)		2,735
Less: reclassification adjustment for gains (losses) realized in net income		—		—		—
Net unrealized gain on cash flow hedging derivatives		3,562		(827)		2,735
Net unrealized loss on post-retirement plans:
Net unrealized loss arising during the period		1,132		(266)		866
Less: reclassification adjustment for gains (losses) realized in net income		—		—		—
Net unrealized loss on post-retirement plans		1,132		(266)		866
Other comprehensive (loss) income	$	(5,795)	$	1,358	$	(4,437)

	2020
(in thousands)	Before Tax		Tax Effect		Net of Tax
Net unrealized gain on AFS securities:
Net unrealized gain arising during the period	$	11,264	$	(2,636)	$	8,628
Less: reclassification adjustment for gains (losses) realized in net income		5,445		(1,291)		4,154
Net unrealized gain on AFS securities		5,819		(1,345)		4,474
Net unrealized loss on hedging derivatives:
Net unrealized loss arising during the period		(6,503)		1,303		(5,200)
Less: reclassification adjustment for gains (losses) realized in net income		(4,852)		917		(3,935)
Net unrealized loss on hedging derivatives		(1,651)		386		(1,265)
Net unrealized loss on post-retirement plans:
Net unrealized loss arising during the period		(338)		77		(261)
Less: reclassification adjustment for gains (losses) realized in net income		—		—		—
Net unrealized loss on post-retirement plans		(338)		77		(261)
Other comprehensive income	$	3,830	$	(882)	$	2,948

Schedule of Changes in Components of Accumulated Other Comprehensive Income (Loss)

	2022
	Net unrealized		Net gain (loss) on		Net unrealized
	gain (loss)		effective cash		loss
	on AFS		flow hedging		on pension
(in thousands)	Securities		derivatives		plans		Total
Balance at beginning of period	$	1,985	$	870	$	(552)	$	2,303
Other comprehensive loss before reclassifications		(57,190)		(2,664)		(748)		(60,602)
Less: amounts reclassified from accumulated other comprehensive income		41		—		—		41
Total other comprehensive loss		(57,231)		(2,664)		(748)		(60,643)
Balance at end of period	$	(55,246)	$	(1,794)	$	(1,300)	$	(58,340)

	2021
	Net unrealized		Net loss on		Net unrealized
	(loss) gain		effective cash		loss
	on AFS		flow hedging		on pension
(in thousands)	Securities		derivatives		plans		Total
Balance at beginning of period	$	10,023	$	(1,865)	$	(1,418)	$	6,740
Other comprehensive (loss) gain before reclassifications		(5,840)		2,735		866		(2,239)
Less: amounts reclassified from accumulated other comprehensive income		2,198		—		—		2,198
Total other comprehensive (loss) income		(8,038)		2,735		866		(4,437)
Balance at end of period	$	1,985	$	870	$	(552)	$	2,303

	2020
	Net unrealized		Net loss on		Net unrealized
	(loss) gain		effective cash		loss
	on AFS		flow hedging		on pension
(in thousands)	Securities		derivatives		plans		Total
Balance at beginning of period	$	5,549	$	(600)	$	(1,157)	$	3,792
Other comprehensive (loss) gain before reclassifications		8,628		(5,200)		(261)		3,167
Less: amounts reclassified from accumulated other comprehensive income		4,154		(3,935)		—		219
Total other comprehensive income (loss)		4,474		(1,265)		(261)		2,948
Balance at end of period	$	10,023	$	(1,865)	$	(1,418)	$	6,740

Reclassification out of Accumulated Other Comprehensive Income (Loss)

							Affected Line Item where
(in thousands)	2022		2021		2020		Net Income is Presented
Net realized gains on AFS securities:
Before tax	$	53	$	2,870	$	5,445	Non-interest income
Tax effect		(12)		(672)		(1,275)	Tax expense
Total reclassifications for the period	$	41	$	2,198	$	4,170
							Affected Line Item where
(in thousands)	2022		2021		2020		Net Income is Presented
Net realized loss on hedging derivatives:
Before tax	$	—	$	—	$	(4,852)	Non-interest income
Tax effect		—		—		917	Tax expense
Total reclassifications for the period	$	—	$	—	$	(3,935)

							Affected Line Item where
(in thousands)	2022		2021		2020		Net Income is Presented
Realized loss on post-retirement plans:
Before tax	$	—	$	—	$	—	Non-interest expense
Tax effect		—		—		—	Tax expense
Total reclassifications for the period	$	—	$	—	$	—

Schedule of Earnings Per Share

(in thousands, except per share and share data)	2022		2021		2020
Net income	$	43,557	$	39,299	$	33,244
Average number of basic common shares outstanding		15,040,162		14,968,973		15,245,728
Plus: dilutive effect of stock options and awards outstanding		71,799		76,189		25,819
Average number of diluted common shares outstanding(1)		15,111,961		15,045,162		15,271,547
Earnings per share:
Basic	$	2.90	$	2.63	$	2.18
Diluted	$	2.88	$	2.61	$	2.18

(1) Average diluted shares outstanding are computed using the treasury stock method.