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ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 9 Months Ended
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Sep. 30, 2024
Equity [Abstract] |
Schedule of Accumulated Other Comprehensive Income (Loss) | Accumulated other comprehensive loss, net of income taxes, as of September 30, 2024 and December 31, 2023 consisted of:
| September 30, 2024 |  | December 31, 2023
| (In thousands)
Unrealized loss on securities available-for-sale | $ | (37,480) |  |  | $ | (78,497) |
Income tax effect of unrealized loss on securities available-for-sale | 4,490 |  |  | 11,484 |
Net unrealized loss on securities available-for-sale | (32,990) |  |  | (67,013) |
Accumulated other comprehensive loss, net of income taxes | $ | (32,990) |  |  | $ | (67,013) |
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, 2024 and 2023:
| Net unrealized loss on securities available-for-sale |  |  |  |
| Quarter Ended September 30, 2024 |  | Nine-Month Period Ended September 30, 2024
| (In thousands)
Beginning balance | $ | (86,494) |  |  |  |  |  |  | $ | (67,013) |  |  |  |  |
Other comprehensive loss before reclassifications | 53,502 |  |  |  |  |  |  | 34,024 |  |  |  |  |
Amounts reclassified out of accumulated other comprehensive loss | 2 |  |  |  |  |  |  | (1) |  |  |  |  |
Other comprehensive loss | 53,504 |  |  |  |  |  |  | 34,023 |  |  |  |  |
Ending balance | $ | (32,990) |  |  |  |  |  |  | $ | (32,990) |  |  |  |  |
| 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 income (loss) before reclassifications | (32,871) |  |  | (5,647) |  |  | (38,518) |
Amounts reclassified out of accumulated other comprehensive loss | (1,143) |  |  | 5,393 |  |  | 4,250 |
Other comprehensive income (loss) | (34,014) |  |  | (254) |  |  | (34,268) |
Ending balance | $ | (127,677) |  |  | $ | — |  |  | $ | (127,677) |
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, 2024 and 2023:
| Amount reclassified out of accumulated other comprehensive loss | Affected Line Item in Consolidated Statement of Operations
| Quarter Ended September 30, |  | Nine-Month Period Ended September 30, |  |
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |
| (In thousands) |
Cash flow hedges: |  |  |  |  |  |  |  |  |  |
Interest-rate contracts | $ | — |  |  | $ | 2,374 |  |  | $ | — |  |  | $ | 5,393 |  |  |  | Net interest expense
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |
Loss on sale of investments | — |  |  | — |  |  | (7) |  |  | (1,149) |  |  |  | Net loss on sale of securities
Tax effect from changes in tax rates | 2 |  |  | 2 |  |  | 6 |  |  | 6 |  |  |  | Income tax expense
| $ | 2 |  |  | $ | 2,376 |  |  | $ | (1) |  |  | $ | 4,250 |  |  |  |

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