Regulatory Capital

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Regulatory Capital

13.     Regulatory Capital

Under current capital regulations, the Bank is required to comply with four separate capital adequacy standards and a Capital Conservation Buffer (“CCB”). As of September 30, 2023, the Bank continues to be categorized as “well-capitalized” under the prompt corrective action regulations and continues to exceed all regulatory capital requirements. The CCB for the Bank was 6.02% and 6.37% at September 30, 2023 and December 31, 2022, respectively.

Set forth below is a summary of the Bank’s compliance with banking regulatory capital standards.

	September 30, 2023				December 31, 2022
	(As Restated)
			Percent of				Percent of
	Amount		Assets		Amount		Assets
	(Dollars in thousands)
Tier I (leverage) capital:
Capital level	$	915,547	10.58	%	$	915,628	10.56	%
Requirement to be well-capitalized		432,820	5.00			433,667	5.00
Excess		482,727	5.58			481,961	5.56
Common Equity Tier I risk-based capital:
Capital level	$	915,547	13.45	%	$	915,628	13.79	%
Requirement to be well-capitalized		442,391	6.50			431,734	6.50
Excess		473,156	6.95			483,894	7.29
Tier I risk-based capital:
Capital level	$	915,547	13.45	%	$	915,628	13.79	%
Requirement to be well-capitalized		544,482	8.00			531,365	8.00
Excess		371,065	5.45			384,263	5.79
Total risk-based capital:
Capital level	$	954,335	14.02	%	$	954,457	14.37	%
Requirement to be well-capitalized		680,602	10.00			664,206	10.00
Excess		273,733	4.02			290,251	4.37

The Company is subject to the same regulatory capital requirements as the Bank. As of September 30, 2023, the Company continues to be categorized as “well-capitalized” under the prompt corrective action regulations and continues to exceed all regulatory capital requirements. The CCB for the Company at September 30, 2023 and December 31, 2022 was 4.83% and 5.25%, respectively.

Set forth below is a summary of the Company’s compliance with banking regulatory capital standards.

	September 30, 2023				December 31, 2022
	(As Restated)
			Percent of				Percent of
	Amount		Assets		Amount		Assets
	(Dollars in thousands)
Tier I (leverage) capital:
Capital level	$	736,744	8.51	%	$	746,880	8.61	%
Requirement to be well-capitalized		432,763	5.00			433,607	5.00
Excess		303,981	3.51			313,273	3.61
Common Equity Tier I risk-based capital:
Capital level	$	690,294	10.14	%	$	698,258	10.52	%
Requirement to be well-capitalized		442,291	6.50			431,635	6.50
Excess		248,003	3.64			266,623	4.02
Tier I risk-based capital:
Capital level	$	736,744	10.83	%	$	746,880	11.25	%
Requirement to be well-capitalized		544,358	8.00			531,243	8.00
Excess		192,386	2.83			215,637	3.25
Total risk-based capital:
Capital level	$	965,532	14.19	%	$	975,709	14.69	%
Requirement to be well-capitalized		680,448	10.00			664,054	10.00
Excess		285,084	4.19			311,655	4.69