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ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Tables) | 6 Months Ended
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Jun. 30, 2024
Stockholders' Equity Note [Abstract] |
Schedule of Accumulated Other Comprehensive Income/(Loss) Balances, Net of Tax | The following is a summary of the accumulated other comprehensive income/(loss) balances, net of tax, for the three months ended June 30, 2024 and 2023:
|  |  |  |  |  |  |  | Amount |  |  | Other |  |  |  |
|  |  |  |  |  |  |  | Reclassified |  |  | Comprehensive |  |  |  |
|  |  |  |  | Other |  |  | From |  |  | Income/(Loss) |  |  |  |
|  |  |  |  | Comprehensive |  |  | Accumulated |  |  | Three Months |  |  |  |
|  | Balance at |  |  | Income/(Loss) |  |  | Other |  |  | Ended |  |  | Balance at |
|  | April 1, |  |  | Before |  |  | Comprehensive |  |  | June 30, |  |  | June 30, |
(In thousands) |  | 2024 |  |  | Reclassifications |  |  | Income/(Loss) |  |  | 2024 |  |  | 2024 |
Net unrealized holding gain/(loss) on securities available for sale, net of tax |  | $ | (74,769 | ) |  | $ | (419 | ) |  | $ | — |  |  | $ | (419 | ) |  | $ | (75,188 | )
Gain/(loss) on cash flow hedges |  |  | 7,009 |  |  |  | (163 | ) |  |  | — |  |  |  | (163 | ) |  |  | 6,846 |
Accumulated other comprehensive gain/(loss), net of tax |  | $ | (67,760 | ) |  | $ | (582 | ) |  | $ | — |  |  | $ | (582 | ) |  | $ | (68,342 | )
|  |  |  |  |  |  |  | Amount |  |  | Other |  |  |  |
|  |  |  |  |  |  |  | Reclassified |  |  | Comprehensive |  |  |  |
|  |  |  |  | Other |  |  | From |  |  | Income/(Loss) |  |  |  |
|  |  |  |  | Comprehensive |  |  | Accumulated |  |  | Three Months |  |  |  |
|  | Balance at |  |  | Income/(Loss) |  |  | Other |  |  | Ended |  |  | Balance at |
|  | April 1, |  |  | Before |  |  | Comprehensive |  |  | June 30, |  |  | June 30, |
(In thousands) |  | 2023 |  |  | Reclassifications |  |  | Income/(Loss) |  |  | 2023 |  |  | 2023 |
Net unrealized holding gain/(loss) on securities available for sale, net of tax |  | $ | (72,251 | ) |  | $ | (3,796 | ) |  | $ | — |  |  | $ | (3,796 | ) |  | $ | (76,047 | )
Gain/(loss) on cash flow hedges |  |  | 4,806 |  |  |  | 3,274 |  |  |  | (30 | ) |  |  | 3,244 |  |  |  | 8,050 |
Accumulated other comprehensive gain/(loss), net of tax |  | $ | (67,445 | ) |  | $ | (522 | ) |  | $ | (30 | ) |  | $ | (552 | ) |  | $ | (67,997 | )
The following is a summary of the accumulated other comprehensive income/(loss) balances, net of tax, for the six months ended June 30, 2024 and 2023:
|  |  |  |  |  |  |  | Amount |  |  | Other |  |  |  |
|  |  |  |  |  |  |  | Reclassified |  |  | Comprehensive |  |  |  |
|  |  |  |  | Other |  |  | From |  |  | Income/(Loss) |  |  |  |
|  |  |  |  | Comprehensive |  |  | Accumulated |  |  | Six Months |  |  |  |
|  | Balance at |  |  | Income/(Loss) |  |  | Other |  |  | Ended |  |  | Balance at |
|  | January 1, |  |  | Before |  |  | Comprehensive |  |  | June 30, |  |  | June 30, |
(In thousands) |  | 2024 |  |  | Reclassifications |  |  | Income/(Loss) |  |  | 2024 |  |  | 2024 |
Net unrealized holding gain/(loss) on securities available for sale, net of tax |  | $ | (69,809 | ) |  | $ | (5,379 | ) |  | $ | — |  |  | $ | (5,379 | ) |  | $ | (75,188 | )
Gain/(loss) on cash flow hedges |  |  | 4,931 |  |  |  | 1,915 |  |  |  | — |  |  |  | 1,915 |  |  |  | 6,846 |
Accumulated other comprehensive gain/(loss), net of tax |  | $ | (64,878 | ) |  | $ | (3,464 | ) |  | $ | — |  |  | $ | (3,464 | ) |  | $ | (68,342 | )
|  |  |  |  |  |  |  | Amount |  |  | Other |  |  |  |
|  |  |  |  |  |  |  | Reclassified |  |  | Comprehensive |  |  |  |
|  |  |  |  | Other |  |  | From |  |  | Income/(Loss) |  |  |  |
|  |  |  |  | Comprehensive |  |  | Accumulated |  |  | Six Months |  |  |  |
|  | Balance at |  |  | Income/(Loss) |  |  | Other |  |  | Ended |  |  | Balance at |
|  | January 1, |  |  | Before |  |  | Comprehensive |  |  | June 30, |  |  | June 30, |
(In thousands) |  | 2023 |  |  | Reclassifications |  |  | Income/(Loss) |  |  | 2023 |  |  | 2023 |
Net unrealized holding gain/(loss) on securities available for sale, net of tax |  | $ | (80,972 | ) |  | $ | 4,925 |  |  | $ | — |  |  | $ | 4,925 |  |  | $ | (76,047 | )
Gain/(loss) on cash flow hedges |  |  | 6,761 |  |  |  | 1,349 |  |  |  | (60 | ) |  |  | 1,289 |  |  |  | 8,050 |
Accumulated other comprehensive gain/(loss), net of tax |  | $ | (74,211 | ) |  | $ | 6,274 |  |  | $ | (60 | ) |  | $ | 6,214 |  |  | $ | (67,997 | )
Schedule of Reclassifications Out of Accumulated Other Comprehensive Income/(loss) | The following represents the reclassifications out of accumulated other comprehensive income/(loss) for the three months ended June 30, 2024 and 2023:
|  | Three Months Ended |  |  |
|  | June 30, |  |  |
(In thousands) |  | 2024 |  |  | 2023 |  |  | Affected Line Item in Income Statement
Unrealized gains/(losses) on cash flow hedge derivatives: |  |  |  |  |  |  |  |
Reclassification adjustment for amounts included in net income |  | $ | — |  |  | $ | (42 | ) |  | Interest Expense
Tax effect |  |  | — |  |  |  | 12 |  |  | Income tax expense
Total reclassifications, net of tax |  | $ | — |  |  | $ | (30 | ) |  |
The following represents the reclassifications out of accumulated other comprehensive income/(loss) for the six months ended June 30, 2024 and 2023:
|  | Six Months Ended |  |  |
|  | June 30, |  |  |
(In thousands) |  | 2024 |  |  | 2023 |  |  | Affected Line Item in Income
Unrealized gains/(losses) on cash flow hedge derivatives: |  |  |  |  |  |  |  |
Reclassification adjustment for amounts included in net income |  | $ | — |  |  | $ | (84 | ) |  | Interest Expense
Tax effect |  |  | — |  |  |  | 24 |  |  | Income tax expense
Total reclassifications, net of tax |  | $ | — |  |  | $ | (60 | ) |  |

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- Definition Tabular disclosure of the components of accumulated other comprehensive income (loss). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482790/220-10-45-14A Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481674/830-30-50-1 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 20 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481694/830-30-45-20 + Details
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