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ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 9 Months Ended
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Sep. 30, 2023
Equity [Abstract] |
Schedule of Accumulated Other Comprehensive Income (Loss) | Accumulated other comprehensive loss, net of income taxes, as of September 30, 2023 and December 31, 2022 consisted of:
| September 30, |  | December 31,
| 2023 |  | 2022
| (In thousands)
Unrealized loss on securities available-for-sale | $ | (150,480) |  |  | $ | (110,036) |
Income tax effect of unrealized loss on securities available-for-sale | 22,803 |  |  | 16,373 |
Net unrealized loss on securities available-for-sale | (127,677) |  |  | (93,663) |
Unrealized gain on cash flow hedges | — |  |  | 406 |
Income tax effect of unrealized gain on cash flow hedges | — |  |  | (152) |
Net unrealized gain on cash flow hedges | — |  |  | 254 |
Accumulated other comprehensive loss, net of income taxes | $ | (127,677) |  |  | $ | (93,409) |
The following table presents changes in accumulated other comprehensive loss by component, net of taxes, for the quarters and nine-month periods ended September 30, 2023 and 2022:
| Quarter Ended September 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 | $ | (89,639) |  |  | $ | 75 |  |  | $ | (89,564) |  |  |  |  |  |  |
Other comprehensive loss before reclassifications | (38,040) |  |  | (2,449) |  |  | (40,489) |  |  |  |  |  |  |
Amounts reclassified out of accumulated other comprehensive loss | 2 |  |  | 2,374 |  |  | 2,376 |  |  |  |  |  |  |
Other comprehensive loss | (38,038) |  |  | (75) |  |  | (38,113) |  |  |  |  |  |  |
Ending balance | $ | (127,677) |  |  | $ | — |  |  | $ | (127,677) |  |  |  |  |  |  |
| Nine-Month Period Ended September 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 loss before reclassifications | (32,871) |  |  | (5,647) |  |  | (38,518) |  |  |  |  |  |  |
Amounts reclassified out of accumulated other comprehensive (loss) income | (1,143) |  |  | 5,393 |  |  | 4,250 |  |  |  |  |  |  |
Other comprehensive loss | (34,014) |  |  | (254) |  |  | (34,268) |  |  |  |  |  |  |
Ending balance | $ | (127,677) |  |  | $ | — |  |  | $ | (127,677) |  |  |  |  |  |  |
| Quarter Ended September 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 | $ | (49,606) |  |  | $ | 104 |  |  | $ | (49,502) |
Other comprehensive loss before reclassifications | (54,541) |  |  | (26) |  |  | (54,567) |
Amounts reclassified out of accumulated other comprehensive income | 2 |  |  | 178 |  |  | 180 |
Other comprehensive (loss) income | (54,539) |  |  | 152 |  |  | (54,387) |
Ending balance | $ | (104,145) |  |  | $ | 256 |  |  | $ | (103,889) |
| Nine-Month Period Ended September 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 | (109,814) |  |  | 204 |  |  | (109,610) |
Amounts reclassified out of accumulated other comprehensive income | 6 |  |  | 555 |  |  | 561 |
Other comprehensive (loss) income | (109,808) |  |  | 759 |  |  | (109,049) |
Ending balance | $ | (104,145) |  |  | $ | 256 |  |  | $ | (103,889) |
Schedule of Reclassifications Out of Other Comprehensive Income | The following table presents reclassifications out of accumulated other comprehensive loss for the quarters and nine-month periods ended September 30, 2023 and 2022:
| Amount reclassified out of accumulated other comprehensive loss Quarter Ended September 30, |  | Affected Line Item in Consolidated Statement of Operations
| 2023 |  | 2022 |  |  |
| (In thousands) |  |
Cash flow hedges: |  |  |  |  |  |  |
Interest-rate contracts | $ | 2,374 |  |  | $ | 178 |  |  |  |  | Net interest expense
Available-for-sale securities: |  |  |  |  |  |  |
Tax effect from changes in tax rates | 2 |  |  | 2 |  |  |  |  | Income tax expense
| $ | 2,376 |  |  | $ | 180 |  |  |  |  |
|  |  | Affected Line Item in Consolidated Statement of Operations
| Amount reclassified out of accumulated other comprehensive loss nine-month period ended September 30,
| 2023 |  | 2022 |  |  |  |
| (In thousands) |  |
Cash flow hedges: |  |  |  |  |  |  |
Interest-rate contracts | $ | 5,393 |  |  | $ | 555 |  |  |  |  | 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 | 6 |  |  | 6 |  |  |  |  | Income tax expense
| $ | 4,250 |  |  | $ | 561 |  |  |  |  |

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