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ACCUMULATED OTHER COMPREHENSIVE LOSS | 9 Months Ended
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Sep. 30, 2023
Equity [Abstract] |
ACCUMULATED OTHER COMPREHENSIVE LOSS | ACCUMULATED OTHER COMPREHENSIVE 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) |
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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- Definition The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(19)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(21)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(23)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//220/tableOfContent + Details
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