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ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 6 Months Ended
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Jun. 30, 2023
Equity [Abstract] |
Schedule of components of comprehensive (loss) income gross and net of tax | 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.
Schedule of changes in accumulated other comprehensive income by component, net of tax | 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) |
Summary of reclassification out of each component of accumulated other comprehensive income (loss) | 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) Reflects deferred tax valuation allowance.

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