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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 9 Months Ended
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Sep. 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 July 1, 2024 | ​ | $ | (57,148) | ​ | $ | 4,943 | ​ | $ | (52,205)
Unrealized gain (loss) arising during the period, net of tax | ​ | ​ | 13,459 | ​ | ​ | (4,518) | ​ | ​ | 8,941
Reclassification adjustment for gain included in net income, net of tax | ​ | ​ | — | ​ | ​ | (863) | ​ | ​ | (863)
Other comprehensive income (loss), net of tax | ​ | ​ | 13,459 | ​ | ​ | (5,381) | ​ | ​ | 8,078
Balance at September 30, 2024 | ​ | $ | (43,689) | ​ | $ | (438) | ​ | $ | (44,127)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance at July 1, 2023 | ​ | $ | (60,789) | ​ | $ | 9,868 | ​ | $ | (50,921)
Unrealized gain (loss) arising during the period, net of tax | ​ | ​ | (8,908) | ​ | ​ | 509 | ​ | ​ | (8,399)
Reclassification adjustment for gain included in net income, net of tax | ​ | ​ | — | ​ | ​ | (831) | ​ | ​ | (831)
Other comprehensive income (loss), net of tax | ​ | ​ | (8,908) | ​ | ​ | (322) | ​ | ​ | (9,230)
Balance at September 30, 2023 | ​ | $ | (69,697) | ​ | $ | 9,546 | ​ | $ | (60,151)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nine Months Ended | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance at January 1, 2024 | ​ | $ | (54,685) | ​ | $ | 1,749 | ​ | $ | (52,936)
Unrealized gain (loss) arising during the period, net of tax | ​ | ​ | 10,996 | ​ | ​ | 417 | ​ | ​ | 11,413
Reclassification adjustment for gain included in net income, net of tax | ​ | ​ | — | ​ | ​ | (2,604) | ​ | ​ | (2,604)
Other comprehensive income (loss), net of tax | ​ | ​ | 10,996 | ​ | ​ | (2,187) | ​ | ​ | 8,809
Balance at September 30, 2024 | ​ | $ | (43,689) | ​ | $ | (438) | ​ | $ | (44,127)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance at January 1, 2023 | ​ | $ | (61,833) | ​ | $ | 7,535 | ​ | $ | (54,298)
Unrealized gain (loss) arising during the period, net of tax | ​ | ​ | (7,864) | ​ | ​ | 4,517 | ​ | ​ | (3,347)
Reclassification adjustment for gain included in net income, net of tax | ​ | ​ | — | ​ | ​ | (2,506) | ​ | ​ | (2,506)
Other comprehensive income (loss), net of tax | ​ | ​ | (7,864) | ​ | ​ | 2,011 | ​ | ​ | (5,853)
Balance at September 30, 2023 | ​ | $ | (69,697) | ​ | $ | 9,546 | ​ | $ | (60,151)
Schedule of tax effects allocated to each component of Accumulated Other Comprehensive Income (Loss) | 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 September 30, 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unrealized gain (loss) on AFS Securities | ​ | $ | (62,981) | ​ | $ | 19,292 | ​ | $ | (43,689)
Unrealized gain (loss) on Cash Flow Hedges | ​ | ​ | (591) | ​ | ​ | 153 | ​ | ​ | (438)
Total ending other comprehensive income (loss) | ​ | $ | (63,572) | ​ | $ | 19,445 | ​ | $ | (44,127)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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 | ​ | Nine months ended | ​ | the Consolidated Statements
​ | ​ | September 30, | ​ | September 30, | ​ | of Operations
​ | ​ | 2024 | ​ | 2023 | ​ | 2024 | ​ | 2023 |  | ​
Realized gain (loss) on cash flow hedges | ​ | $ | 1,245 | ​ | $ | 1,200 |  | $ | 3,757 | ​ | $ | 3,653 | ​ | Licensing fees
Income tax (expense) benefit | ​ | ​ | (382) | ​ | ​ | (369) | ​ | ​ | (1,153) | ​ | ​ | (1,147) | ​ | Income tax expense
Total reclassifications, net of income tax | ​ | $ | 863 | ​ | $ | 831 | ​ | $ | 2,604 | ​ | $ | 2,506 | ​ | ​
​

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