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ACCUMULATED OTHER COMPREHENSIVE INCOME | 6 Months Ended
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Jun. 30, 2023
Equity [Abstract] |
ACCUMULATED OTHER COMPREHENSIVE INCOME | ACCUMULATED OTHER COMPREHENSIVE INCOME Accumulated other comprehensive income represents the net unrealized holding gains on securities available-for-sale, derivatives and the funded status of the Company’s post-retirement plans, as of the balance sheet dates, net of the related tax effect. The tax effect in accumulated other comprehensive income is adjusted to reflect the Company’s valuation allowance on deferred tax assets. The following table presents the components of other comprehensive income (loss) both gross and net of tax, inclusive of a deferred tax valuation allowance, for the periods indicated:
|  | Three Months Ended June 30,
|  | 2023 |  | 2022
|  | Before Tax |  | Tax Effect |  | After Tax |  | Before Tax |  | Tax Effect |  | After Tax
|  | (In thousands)
Unrealized loss on securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
Unrealized loss arising during the period |  | $ | (3,800) |  |  | $ | — |  |  | $ | (3,800) |  |  | $ | (10,808) |  |  | $ | 3 |  |  | $ | (10,805) |
Reclassification adjustment for gain included in net income |  | — |  |  | — |  |  | — |  |  | (14) |  |  | — |  |  | (14) |
Total |  | (3,800) |  |  | — |  |  | (3,800) |  |  | (10,822) |  |  | 3 |  |  | (10,819) |
Unrealized gain on cash flow hedge: |  |  |  |  |  |  |  |  |  |  |  |
Unrealized gain arising during the period |  | 5,149 |  |  | — |  |  | 5,149 |  |  | 2,214 |  |  | — |  |  | 2,214 |
Reclassification adjustment for (gain) loss included in net (loss) income |  | (1,346) |  |  | — |  |  | (1,346) |  |  | 146 |  |  | — |  |  | 146 |
Total gain |  | 3,803 |  |  | — |  |  | 3,803 |  |  | 2,360 |  |  | — |  |  | 2,360 |
Post-Retirement plans: |  |  |  |  |  |  |  |  |  |  |  |
Net benefit arising from plan amendment (1) |  | — |  |  | — |  |  | — |  |  | 164 |  |  | — |  |  | 164 |
Reclassification adjustment for amortization of: |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial (gain) loss |  | (2) |  |  | — |  |  | (2) |  |  | 52 |  |  | — |  |  | 52 |
Total |  | (2) |  |  | — |  |  | (2) |  |  | 216 |  |  | — |  |  | 216 |
Total other comprehensive income (loss) |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |  |  | $ | (8,246) |  |  | $ | 3 |  |  | $ | (8,243) |
(1) Benefit arising from plan amendment approved in June 2022.
|  | Six Months Ended June 30,
|  | 2023 |  | 2022
|  | Before Tax |  | Tax Effect |  | After Tax |  | Before Tax |  | Tax Effect |  | After Tax
|  | (In thousands)
Unrealized gain (loss) on securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
Unrealized gain (loss) arising during the period |  | $ | 239 |  |  | $ | — |  |  | $ | 239 |  |  | $ | (26,596) |  |  | $ | 52 |  |  | $ | (26,544) |
Reclassification adjustment for gain included in net income |  | — |  |  | — |  |  | — |  |  | (14) |  |  | — |  |  | (14) |
Total |  | 239 |  |  | — |  |  | 239 |  |  | (26,610) |  |  | 52 |  |  | (26,558) |
Unrealized gain on cash flow hedge: |  |  |  |  |  |  |  |  |  |  |  |
Unrealized gain arising during the period |  | 3,709 |  |  | — |  |  | 3,709 |  |  | 7,451 |  |  | — |  |  | 7,451 |
Reclassification adjustment for (gain) loss included in net (loss) income |  | (2,350) |  |  | — |  |  | (2,350) |  |  | 468 |  |  | — |  |  | 468 |
Total gain |  | 1,359 |  |  | — |  |  | 1,359 |  |  | 7,919 |  |  | — |  |  | 7,919 |
Post-Retirement plans: |  |  |  |  |  |  |  |  |  |  |  |
Net benefit arising from plan amendment (1) |  | — |  |  | — |  |  | — |  |  | 164 |  |  | — |  |  | 164 |
Reclassification adjustment for amortization of: |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial (gain) loss |  | (4) |  |  | — |  |  | (4) |  |  | 100 |  |  | — |  |  | 100 |
Total |  | (4) |  |  | — |  |  | (4) |  |  | 264 |  |  | — |  |  | 264 |
Total other comprehensive income (loss) |  | $ | 1,594 |  |  | $ | — |  |  | $ | 1,594 |  |  | $ | (18,427) |  |  | $ | 52 |  |  | $ | (18,375) |
(1) Benefit arising from plan amendment approved in June 2022. The following is a summary of the changes in accumulated other comprehensive income by component, net of tax, inclusive of a deferred tax valuation allowance, for the periods indicated:
|  | Unrealized Gains on Cash Flow Hedges |  | Unrealized Losses on Available-for-Sale Securities |  | Post-Retirement Plans |  | Total
|  | (In thousands)
Balance at March 31, 2023 |  | $ | 8,647 |  |  | $ | (32,144) |  |  | $ | 371 |  |  | $ | (23,126) |
Other comprehensive income (loss) before reclassification |  | 5,149 |  |  | (3,800) |  |  | — |  |  | 1,349 |
Amounts reclassified from accumulated other comprehensive income |  | (1,346) |  |  | — |  |  | (2) |  |  | (1,348) |
Net current period other comprehensive gain (loss) |  | 3,803 |  |  | (3,800) |  |  | (2) |  |  | 1 |
Balance at June 30, 2023 |  | $ | 12,450 |  |  | $ | (35,944) |  |  | $ | 369 |  |  | $ | (23,125) |
|  | Unrealized Gains on Cash Flow Hedges |  | Unrealized Losses on Available-for-Sale Securities |  | Post-Retirement Plans |  | Total
|  | (In thousands)
Balance at March 31, 2022 |  | $ | 5,313 |  |  | $ | (14,648) |  |  | $ | (1,169) |  |  | $ | (10,504) |
Other comprehensive income (loss) before reclassification |  | 2,214 |  |  | (10,805) |  |  | 164 |  |  | (8,427) |
Amounts reclassified from accumulated other comprehensive income |  | 146 |  |  | (14) |  |  | 52 |  |  | 184 |
Net current period other comprehensive gain (loss) |  | 2,360 |  |  | (10,819) |  |  | 216 |  |  | (8,243) |
Balance at June 30, 2022 |  | $ | 7,673 |  |  | $ | (25,467) |  |  | $ | (953) |  |  | $ | (18,747) |
|  | Unrealized Gains and (Losses) on Cash Flow Hedges |  | Unrealized Gains and (Losses) on Available-for-Sale Securities |  | Post-Retirement Plans |  | Total
|  | (In thousands)
Balance at December 31, 2022 |  | $ | 11,091 |  |  | $ | (36,183) |  |  | $ | 373 |  |  | $ | (24,719) |
Other comprehensive income (loss) before reclassification |  | 3,709 |  |  | 239 |  |  | — |  |  | 3,948 |
Amounts reclassified from accumulated other comprehensive income |  | (2,350) |  |  | — |  |  | (4) |  |  | (2,354) |
Net current period other comprehensive gain (loss) |  | 1,359 |  |  | 239 |  |  | (4) |  |  | 1,594 |
Balance at June 30, 2023 |  | $ | 12,450 |  |  | $ | (35,944) |  |  | $ | 369 |  |  | $ | (23,125) |
|  | Unrealized Gains and (Losses) on Cash Flow Hedges |  | Unrealized Gains and (Losses) on Available-for-Sale Securities |  | Post-Retirement Plans |  | Total
|  | (In thousands)
Balance at December 31, 2021 |  | $ | (246) |  |  | $ | 1,091 |  |  | $ | (1,217) |  |  | $ | (372) |
Other comprehensive income (loss) before reclassification |  | 7,451 |  |  | (26,544) |  |  | 164 |  |  | (18,929) |
Amounts reclassified from accumulated other comprehensive income |  | 468 |  |  | (14) |  |  | 100 |  |  | 554 |
Net current period other comprehensive gain (loss) |  | 7,919 |  |  | (26,558) |  |  | 264 |  |  | (18,375) |
Balance at June 30, 2022 |  | $ | 7,673 |  |  | $ | (25,467) |  |  | $ | (953) |  |  | $ | (18,747) |
The following table presents information about amounts reclassified from accumulated other comprehensive income (loss) to the consolidated statements of income for the periods indicated:
Details about Accumulated Other Comprehensive Income Components |  | Three Months Ended June 30, |  | Six Months Ended June 30, |  | Affected Line Item in the Statement Where Net Income is Presented
| 2023 |  | 2022 |  | 2023 |  | 2022 |
|  | (In thousands) |  |
Unrealized gains on securities available for sale: |  |  |  |  |  |  |  |  |  |
Realized gains on securities available for sale |  | $ | — |  |  | $ | 14 |  |  | $ | — |  |  | $ | 14 |  |  | Gain on securities, net
Losses on cash flow hedges: |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | 1,346 |  |  | (146) |  |  | 2,350 |  |  | (468) |  |  | Interest expense
Amortization of post-retirement plan items: |  |  |  |  |  |  |  |  |  |
Net actuarial loss |  | 2 |  |  | (52) |  |  | 4 |  |  | (100) |  |  | Compensation and employee benefits
Total tax effect (1) |  | — |  |  | — |  |  | — |  |  | — |  |  | Income tax expense
Total reclassification for the period, net of tax |  | $ | 1,348 |  |  | $ | (184) |  |  | $ | 2,354 |  |  | $ | (554) |  |  |
(1)

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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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