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ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Tables) | 6 Months Ended
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Jun. 30, 2022
Equity [Abstract] |
Schedule of Accumulated Other Comprehensive Income (Loss) | Accumulated other comprehensive (loss) income, net of income taxes, as of June 30, 2022 and December 31, 2021 consisted of:
| June 30, |  | December 31,
| 2022 |  | 2021
| (In thousands)
Unrealized (loss) gain on securities available-for-sale which are not other-than-temporarily impaired | $ | (58,313) |  |  | $ | 7,292 |
Income tax effect of unrealized loss (gain) on securities available-for-sale | 8,707 |  |  | (1,629) |
Net unrealized (loss) gain on securities available-for-sale which are not other-than-temporarily impaired | (49,606) |  |  | 5,663 |
Unrealized gain (loss) on cash flow hedges | 165 |  |  | (804) |
Income tax effect of unrealized gain (loss) on cash flow hedges | (61) |  |  | 301 |
Net unrealized gain (loss) on cash flow hedges | 104 |  |  | (503) |
Accumulated other comprehensive (loss) income, net of income taxes | $ | (49,502) |  |  | $ | 5,160 |
The following table presents changes in accumulated other comprehensive (loss) income by component, net of taxes, for the quarters and six-month periods ended June 30, 2022 and 2021:
| Quarter Ended June 30, 2022
| Net unrealized loss on securities available-for-sale |  | Net unrealized gain on cash flow hedges |  | Accumulated other comprehensive (loss) income
| (In thousands)
Beginning balance | $ | (20,522) |  |  | $ | (116) |  |  | $ | (20,638) |
Other comprehensive (loss) income before reclassifications | (29,086) |  |  | 36 |  |  | (29,050) |
Amounts reclassified out of accumulated other comprehensive (loss) income | 2 |  |  | 184 |  |  | 186 |
Other comprehensive (loss) income | (29,084) |  |  | 220 |  |  | (28,864) |
Ending balance | $ | (49,606) |  |  | $ | 104 |  |  | $ | (49,502) |
| Six-Month Period Ended June 30, 2022
| Net unrealized loss on securities available-for-sale |  | Net unrealized gain on cash flow hedges |  | Accumulated other comprehensive (loss) income
| (In thousands)
Beginning balance | $ | 5,663 |  |  | $ | (503) |  |  | $ | 5,160 |
Other comprehensive (loss) income before reclassifications | (55,273) |  |  | 230 |  |  | (55,043) |
Amounts reclassified out of accumulated other comprehensive (loss) income | 4 |  |  | 377 |  |  | 381 |
Other comprehensive (loss) income | (55,269) |  |  | 607 |  |  | (54,662) |
Ending balance | $ | (49,606) |  |  | $ | 104 |  |  | $ | (49,502) |
| Quarter Ended June 30, 2021
| Net unrealized gains on securities available-for-sale |  | Net unrealized loss on cash flow hedges |  | Accumulated other comprehensive income
| (In thousands)
Beginning balance | $ | 7,145 |  |  | $ | (915) |  |  | $ | 6,230 |
Other comprehensive income (loss) before reclassifications | 1,262 |  |  | (345) |  |  | 917 |
Amounts reclassified out of accumulated other comprehensive income | 1 |  |  | 452 |  |  | 453 |
Other comprehensive income | 1,263 |  |  | 107 |  |  | 1,370 |
Ending balance | $ | 8,408 |  |  | $ | (808) |  |  | $ | 7,600 |
| Six-Month Period Ended June 30, 2021
| Net unrealized gains on securities available-for-sale |  | Net unrealized loss on cash flow hedges |  | Accumulated other comprehensive (loss) income
| (In thousands)
Beginning balance | $ | 12,092 |  |  | $ | (1,070) |  |  | $ | 11,022 |
Other comprehensive (loss) income before reclassifications | (3,687) |  |  | (649) |  |  | (4,336) |
Amounts reclassified out of accumulated other comprehensive income | 3 |  |  | 911 |  |  | 914 |
Other comprehensive (loss) income | (3,684) |  |  | 262 |  |  | (3,422) |
Ending balance | $ | 8,408 |  |  | $ | (808) |  |  | $ | 7,600 |
Schedule of Reclassifications Out of Other Comprehensive Income | The following table presents reclassifications out of accumulated other comprehensive (loss) income for the quarters and six-month periods ended June 30, 2022 and 2021:
| Amount reclassified out of accumulated other comprehensive (loss) income quarter ended June 30, |  | Affected Line Item in Consolidated Statement of Operations
| 2022 |  | 2021 |  |  |
| (In thousands) |  |
Cash flow hedges: |  |  |  |  |  |  |
Interest-rate contracts | $ | 184 |  |  | $ | 452 |  |  |  |  | Net interest expense
Available-for-sale securities: |  |  |  |  |  |  |
Tax effect from changes in tax rates | 2 |  |  | 1 |  |  |  |  | Income tax expense
| $ | 186 |  |  | $ | 453 |  |  |  |  |
| Amount reclassified out of accumulated other comprehensive (loss) income six-month period ended June 30, |  | Affected Line Item in Consolidated Statement of Operations
| 2022 |  | 2021 |  |  |
| (In thousands) |  |
Cash flow hedges: |  |  |  |  |  |  |
Interest-rate contracts | $ | 377 |  |  | $ | 911 |  |  |  |  | Net interest expense
Available-for-sale securities: |  |  |  |  |  |  |
Tax effect from changes in tax rates | 4 |  |  | 3 |  |  |  |  | Income tax expense
| $ | 381 |  |  | $ | 914 |  |  |  |  |

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