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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 6 Months Ended
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Jun. 30, 2024
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) |
Schedule of changes in accumulated other comprehensive income (loss), net of tax | The following table summarizes the changes in Accumulated Other Comprehensive Income (Loss) balances, net of tax effects at the dates indicated (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Total
​ | ​ | ​ | ​ | ​ | ​ | Accumulated
​ | ​ | ​ | ​ | ​ | ​ | Other
​ | ​ | AFS | ​ | Cash Flow | ​ | Comprehensive
​ | ​ | Securities | ​ | Hedge | ​ | Income (Loss)
Three Months Ended | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance at April 1, 2024 | ​ | $ | (57,251) | ​ | $ | 5,161 | ​ | $ | (52,090)
Unrealized gain (loss) arising during the period, net of tax | ​ | ​ | 103 | ​ | ​ | 656 | ​ | ​ | 759
Reclassification adjustment for gain included in net income, net of tax | ​ | ​ | — | ​ | ​ | (874) | ​ | ​ | (874)
Other comprehensive income (loss), net of tax | ​ | ​ | 103 | ​ | ​ | (218) | ​ | ​ | (115)
Balance at June 30, 2024 | ​ | $ | (57,148) | ​ | $ | 4,943 | ​ | $ | (52,205)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance at April 1, 2023 | ​ | $ | (56,114) | ​ | $ | 5,982 | ​ | $ | (50,132)
Unrealized gain (loss) arising during the period, net of tax | ​ | ​ | (4,675) | ​ | ​ | 4,702 | ​ | ​ | 27
Reclassification adjustment for gain included in net income, net of tax | ​ | ​ | — | ​ | ​ | (816) | ​ | ​ | (816)
Other comprehensive income (loss), net of tax | ​ | ​ | (4,675) | ​ | ​ | 3,886 | ​ | ​ | (789)
Balance at June 30, 2023 | ​ | $ | (60,789) | ​ | $ | 9,868 | ​ | $ | (50,921)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Six Months Ended | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance at January 1, 2024 | ​ | $ | (54,685) | ​ | $ | 1,749 | ​ | $ | (52,936)
Unrealized gain (loss) arising during the period, net of tax | ​ | ​ | (2,463) | ​ | ​ | 4,935 | ​ | ​ | 2,472
Reclassification adjustment for gain included in net income, net of tax | ​ | ​ | — | ​ | ​ | (1,741) | ​ | ​ | (1,741)
Other comprehensive income (loss), net of tax | ​ | ​ | (2,463) | ​ | ​ | 3,194 | ​ | ​ | 731
Balance at June 30, 2024 | ​ | $ | (57,148) | ​ | $ | 4,943 | ​ | $ | (52,205)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance at January 1, 2023 | ​ | $ | (61,833) | ​ | $ | 7,535 | ​ | $ | (54,298)
Unrealized gain (loss) arising during the period, net of tax | ​ | ​ | 1,044 | ​ | ​ | 4,007 | ​ | ​ | 5,051
Reclassification adjustment for gain included in net income, net of tax | ​ | ​ | — | ​ | ​ | (1,674) | ​ | ​ | (1,674)
Other comprehensive income (loss), net of tax | ​ | ​ | 1,044 | ​ | ​ | 2,333 | ​ | ​ | 3,377
Balance at June 30, 2023 | ​ | $ | (60,789) | ​ | $ | 9,868 | ​ | $ | (50,921)
Schedule of reclassifications out of accumulated other comprehensive income | The following table presents the tax effects allocated to each component of Accumulated Other Comprehensive Income (Loss) at the dates indicated (in thousands):
Schedule of table shows the amounts reclassified out of each component of accumulated other comprehensive income for the gain on the sale of securities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Gross | ​ | Tax | ​ | ​
​ | ​ | Amount | ​ | Component | ​ | Total
Balance at June 30, 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unrealized gain (loss) on AFS Securities | ​ | $ | (82,125) | ​ | $ | 24,977 | ​ | $ | (57,148)
Unrealized gain (loss) on Cash Flow Hedges | ​ | ​ | 7,080 | ​ | ​ | (2,137) | ​ | ​ | 4,943
Total ending other comprehensive income (loss) | ​ | $ | (75,045) | ​ | $ | 22,840 | ​ | $ | (52,205)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
At December 31, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unrealized gain (loss) on AFS Securities | ​ | $ | (77,783) | ​ | $ | 23,098 | ​ | $ | (54,685)
Unrealized gain (loss) on Cash Flow Hedges | ​ | ​ | 2,574 | ​ | ​ | (825) | ​ | ​ | 1,749
Total ending other comprehensive income (loss) | ​ | $ | (75,209) | ​ | $ | 22,273 | ​ | $ | (52,936)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
The following table shows the amounts reclassified out of AOCI for the realized gain on cash flow hedges (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Affected line item in
​ | ​ | Three months ended | ​ | Six months ended | ​ | the Consolidated Statements
​ | ​ | June 30, | ​ | June 30, | ​ | of Operations
​ | ​ | 2024 | ​ | 2023 | ​ | 2024 | ​ | 2023 |  | ​
Realized gain (loss) on cash flow hedges | ​ | $ | 1,262 | ​ | $ | 1,218 |  | $ | 2,513 | ​ | $ | 2,453 | ​ | Licensing fees
Income tax (expense) benefit | ​ | ​ | (388) | ​ | ​ | (402) | ​ | ​ | (772) | ​ | ​ | (779) | ​ | Income tax expense
Total reclassifications, net of income tax | ​ | $ | 874 | ​ | $ | 816 | ​ | $ | 1,741 | ​ | $ | 1,674 | ​ | ​
​

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