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ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Tables)
9 Months Ended
Sep. 30, 2022
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 September 30, 2022 and 2021:

 

 

 

 

 

 

 

 

 

Amount

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

Reclassified

 

 

Comprehensive

 

 

 

 

 

 

 

 

 

Other

 

 

From

 

 

Income/(Loss)

 

 

 

 

 

 

 

 

 

Comprehensive

 

 

Accumulated

 

 

Three Months

 

 

 

 

 

 

Balance at

 

 

Income/(Loss)

 

 

Other

 

 

Ended

 

 

Balance at

 

 

 

July 1,

 

 

Before

 

 

Comprehensive

 

 

September 30,

 

 

September 30,

 

(In thousands)

 

2022

 

 

Reclassifications

 

 

Income/(Loss)

 

 

2022

 

 

2022

 

Net unrealized holding gain/(loss) on
   securities available for sale, net of tax

 

$

(59,066

)

 

$

(23,563

)

 

$

 

 

$

(23,563

)

 

$

(82,629

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain/(loss) on cash flow hedges

 

 

339

 

 

 

7,349

 

 

 

(42

)

 

 

7,307

 

 

 

7,646

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated other comprehensive gain/(loss),
   net of tax

 

$

(58,727

)

 

$

(16,214

)

 

$

(42

)

 

$

(16,256

)

 

$

(74,983

)

 

 

 

 

 

 

 

 

 

 

Amount

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

Reclassified

 

 

Comprehensive

 

 

 

 

 

 

 

 

 

Other

 

 

From

 

 

Income/(Loss)

 

 

 

 

 

 

 

 

 

Comprehensive

 

 

Accumulated

 

 

Three Months

 

 

 

 

 

 

Balance at

 

 

Income/(Loss)

 

 

Other

 

 

Ended

 

 

Balance at

 

 

 

July 1,

 

 

Before

 

 

Comprehensive

 

 

September 30,

 

 

September 30,

 

(In thousands)

 

2021

 

 

Reclassifications

 

 

Income/(Loss)

 

 

2021

 

 

2021

 

Net unrealized holding gain/(loss) on
   securities available for sale, net of tax

 

$

(956

)

 

$

(4,293

)

 

$

 

 

$

(4,293

)

 

$

(5,249

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain/(loss) on cash flow hedges

 

 

(4,459

)

 

 

673

 

 

 

 

 

 

673

 

 

 

(3,786

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated other comprehensive gain/(loss),
   net of tax

 

$

(5,415

)

 

$

(3,620

)

 

$

 

 

$

(3,620

)

 

$

(9,035

)

The following is a summary of the accumulated other comprehensive income/(loss) balances, net of tax, for the nine months ended September 30, 2022 and 2021:

 

 

 

 

 

 

 

 

Amount

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

Reclassified

 

 

Comprehensive

 

 

 

 

 

 

 

 

 

Other

 

 

From

 

 

Income/(Loss)

 

 

 

 

 

 

 

 

 

Comprehensive

 

 

Accumulated

 

 

Nine Months

 

 

 

 

 

 

Balance at

 

 

Income/(Loss)

 

 

Other

 

 

Ended

 

 

Balance at

 

 

 

January 1,

 

 

Before

 

 

Comprehensive

 

 

September 30,

 

 

September 30,

 

(In thousands)

 

2022

 

 

Reclassifications

 

 

Income/(Loss)

 

 

2022

 

 

2022

 

Net unrealized holding gain/(loss) on
   securities available for sale, net of tax

 

$

(9,873

)

 

$

(77,783

)

 

$

5,027

 

 

$

(72,756

)

 

$

(82,629

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain/(loss) on cash flow hedges

 

 

(2,501

)

 

 

10,189

 

 

 

(42

)

 

 

10,147

 

 

 

7,646

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated other comprehensive
   gain/(loss), net of tax

 

$

(12,374

)

 

$

(67,594

)

 

$

4,985

 

 

$

(62,609

)

 

$

(74,983

)

 

 

 

 

 

 

 

 

 

Amount

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

Reclassified

 

 

Comprehensive

 

 

 

 

 

 

 

 

 

Other

 

 

From

 

 

Income/(Loss)

 

 

 

 

 

 

 

 

 

Comprehensive

 

 

Accumulated

 

 

Nine Months

 

 

 

 

 

 

Balance at

 

 

Income/(Loss)

 

 

Other

 

 

Ended

 

 

Balance at

 

 

 

January 1,

 

 

Before

 

 

Comprehensive

 

 

September 30,

 

 

September 30,

 

(In thousands)

 

2021

 

 

Reclassifications

 

 

Income/(Loss)

 

 

2021

 

 

2021

 

Net unrealized holding gain/(loss) on
   securities available for sale, net of tax

 

$

5,521

 

 

$

(10,770

)

 

$

 

 

$

(10,770

)

 

$

(5,249

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain/(loss) on cash flow hedges

 

 

(6,913

)

 

 

2,521

 

 

 

606

 

 

 

3,127

 

 

 

(3,786

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated other comprehensive
   gain/(loss), net of tax

 

$

(1,392

)

 

$

(8,249

)

 

$

606

 

 

$

(7,643

)

 

$

(9,035

)

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 September 30, 2022 and 2021:

 

 

Three Months Ended

 

 

 

 

 

September 30,

 

 

 

(In thousands)

 

2022

 

 

2021

 

 

Affected Line Item in Income Statement

Unrealized gains/(losses) on securities
   available for sale:

 

 

 

 

 

 

 

 

Reclassification adjustment for gains on termination
   of swaps included in net income

 

$

(58

)

 

$

 

 

Other income

Tax effect

 

 

16

 

 

 

 

 

Income tax expense

Total reclassifications, net of tax

 

$

(42

)

 

$

 

 

 

The following represents the reclassifications out of accumulated other comprehensive income/(loss) for the nine months ended September 30, 2022 and 2021:

 

 

 

Nine Months Ended

 

 

 

 

 

September 30,

 

 

 

(In thousands)

 

2022

 

 

2021

 

 

Affected Line Item in Income

Unrealized gains/(losses) on cash flow hedge
   derivatives:

 

 

 

 

 

 

 

 

Reclassification adjustment for amounts
   included in net income

 

$

6,609

 

 

$

 

 

Securities losses, net

Reclassification adjustment for (gains)/losses on
  termination of swaps included in net income

 

 

(58

)

 

 

842

 

 

Other income

Tax effect

 

 

(1,566

)

 

 

(236

)

 

Income tax expense

Total reclassifications, net of tax

 

$

4,985

 

 

$

606