ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)

6 Months Ended

Jun. 30, 2023

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.