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ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 6 Months Ended
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Jun. 30, 2023
Equity [Abstract] |
Schedule of Accumulated Other Comprehensive Income (Loss) | Accumulated other comprehensive loss, net of income taxes, as of June 30, 2023 and December 31, 2022 consisted of:
| June 30, |  | December 31,
| 2023 |  | 2022
| (In thousands)
Unrealized loss on securities available-for-sale | $ | (105,304) |  |  | $ | (110,036) |
Income tax effect of unrealized loss on securities available-for-sale | 15,665 |  |  | 16,373 |
Net unrealized loss on securities available-for-sale | (89,639) |  |  | (93,663) |
Unrealized gain on cash flow hedges | 120 |  |  | 406 |
Income tax effect of unrealized gain on cash flow hedges | (45) |  |  | (152) |
Net unrealized gain on cash flow hedges | 75 |  |  | 254 |
Accumulated other comprehensive loss, net of income taxes | $ | (89,564) |  |  | $ | (93,409) |
The following table presents changes in accumulated other comprehensive loss by component, net of taxes, for the quarters and six month periods ended June 30, 2023 and 2022:
| Quarter Ended June 30, 2023
| Net unrealized loss on securities available-for-sale |  | Net unrealized gain on cash flow hedges |  | Accumulated other comprehensive loss
| (In thousands)
Beginning balance | $ | (78,512) |  |  | $ | 172 |  |  | $ | (78,340) |
Other comprehensive loss before reclassifications | (9,980) |  |  | (2,525) |  |  | (12,505) |
Amounts reclassified out of accumulated other comprehensive loss | (1,147) |  |  | 2,428 |  |  | 1,281 |
Other comprehensive loss | (11,127) |  |  | (97) |  |  | (11,224) |
Ending balance | $ | (89,639) |  |  | $ | 75 |  |  | $ | (89,564) |
| Six-Month Period Ended June 30, 2023
| Net unrealized loss on securities available-for-sale |  | Net unrealized gain on cash flow hedges |  | Accumulated other comprehensive loss
| (In thousands)
Beginning balance | $ | (93,663) |  |  | $ | 254 |  |  | $ | (93,409) |
Other comprehensive income (loss) before reclassifications | 5,169 |  |  | (3,198) |  |  | 1,971 |
Amounts reclassified out of accumulated other comprehensive (loss) income | (1,145) |  |  | 3,019 |  |  | 1,874 |
Other comprehensive income (loss) | 4,024 |  |  | (179) |  |  | 3,845 |
Ending balance | $ | (89,639) |  |  | $ | 75 |  |  | $ | (89,564) |
| Quarter Ended June 30, 2022
| Net unrealized loss on securities available-for-sale |  | Net unrealized loss on cash flow hedges |  | Accumulated other comprehensive loss
| (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 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
| (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 income | 4 |  |  | 377 |  |  | 381 |
Other comprehensive (loss) income | (55,269) |  |  | 607 |  |  | (54,662) |
Ending balance | $ | (49,606) |  |  | $ | 104 |  |  | $ | (49,502) |
Schedule of Reclassifications Out of Other Comprehensive Income | The following table presents reclassifications out of accumulated other comprehensive loss for the quarters and six month periods ended June 30, 2023 and 2022:
| Amount reclassified out of accumulated other comprehensive loss Quarter Ended June 30, |  | Affected Line Item in Consolidated Statement of Operations
| 2023 |  | 2022 |  |  |
| (In thousands) |  |
Cash flow hedges: |  |  |  |  |  |  |
Interest-rate contracts | $ | 2,428 |  |  | $ | 184 |  |  |  |  | Net interest expense
Available-for-sale securities: |  |  |  |  |  |  |
Loss on sale of investments | (1,149) |  |  | — |  |  |  |  | Net loss on sale of securities
Tax effect from changes in tax rates | 2 |  |  | 2 |  |  |  |  | Income tax expense
| $ | 1,281 |  |  | $ | 186 |  |  |  |  |
|  |  | Affected Line Item in Consolidated Statement of Operations
| Amount reclassified out of accumulated other comprehensive loss Six-Month Period Ended June 30,
| 2023 |  | 2022 |  |  |  |
| (In thousands) |  |
Cash flow hedges: |  |  |  |  |  |  |
Interest-rate contracts | $ | 3,019 |  |  | $ | 377 |  |  |  |  | Net interest expense
Available-for-sale securities: |  |  |  |  |  |  |
Loss on sale of investments | (1,149) |  |  | — |  |  |  |  | Net loss on sale of securities
Tax effect from changes in tax rates | 4 |  |  | 4 |  |  |  |  | Income tax expense
| $ | 1,874 |  |  | $ | 381 |  |  |  |  |

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