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ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)
12 Months Ended
Dec. 31, 2023
Stockholders' Equity Note [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE INCOME/ (LOSS)

22. ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)

The following is a summary of the accumulated other comprehensive income/(loss) balances, net of tax, for the years ended December 31, 2023, 2022 and 2021:

 

 

 

 

 

 

 

 

 

Amount

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

Reclassified

 

 

Comprehensive

 

 

 

 

 

 

 

 

 

Other

 

 

From

 

 

Income/(Loss)

 

 

 

 

 

 

 

 

 

Comprehensive

 

 

Accumulated

 

 

Year

 

 

 

 

 

 

Balance at

 

 

Income/(Loss)

 

 

Other

 

 

Ended

 

 

Balance at

 

 

 

January 1,

 

 

Before

 

 

Comprehensive

 

 

December 31,

 

 

December 31,

 

(In thousands)

 

2023

 

 

Reclassifications

 

 

Income/(Loss)

 

 

2023

 

 

2023

 

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

 

$

(80,972

)

 

$

11,163

 

 

$

 

 

$

11,163

 

 

$

(69,809

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain/(loss) on cash flow hedges

 

 

6,761

 

 

 

(1,770

)

 

 

(60

)

 

 

(1,830

)

 

 

4,931

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

(74,211

)

 

$

9,393

 

 

$

(60

)

 

$

9,333

 

 

$

(64,878

)

 

 

 

 

 

 

 

 

 

 

Amount

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

Reclassified

 

 

Comprehensive

 

 

 

 

 

 

 

 

 

Other

 

 

From

 

 

Income/(Loss)

 

 

 

 

 

 

 

 

 

Comprehensive

 

 

Accumulated

 

 

Year

 

 

 

 

 

 

Balance at

 

 

Income/(Loss)

 

 

Other

 

 

Ended

 

 

Balance at

 

 

 

January 1,

 

 

Before

 

 

Comprehensive

 

 

December 31,

 

 

December 31,

 

(In thousands)

 

2022

 

 

Reclassifications

 

 

Income/(Loss)

 

 

2022

 

 

2022

 

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

 

$

(9,873

)

 

$

(76,126

)

 

$

5,027

 

 

$

(71,099

)

 

$

(80,972

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain/(loss) on cash flow hedges

 

 

(2,501

)

 

 

9,348

 

 

 

(86

)

 

 

9,262

 

 

 

6,761

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

(12,374

)

 

$

(66,778

)

 

$

4,941

 

 

$

(61,837

)

 

$

(74,211

)

 

 

 

 

 

 

 

 

 

Amount

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

Reclassified

 

 

Comprehensive

 

 

 

 

 

 

 

 

 

Other

 

 

From

 

 

Income/(Loss)

 

 

 

 

 

 

 

 

 

Comprehensive

 

 

Accumulated

 

 

Year

 

 

 

 

 

 

Balance at

 

 

Income/(Loss)

 

 

Other

 

 

Ended

 

 

Balance at

 

 

 

January 1,

 

 

Before

 

 

Comprehensive

 

 

December 31,

 

 

December 31,

 

(In thousands)

 

2021

 

 

Reclassifications

 

 

Income/(Loss)

 

 

2021

 

 

2021

 

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

 

$

5,521

 

 

$

(15,394

)

 

$

 

 

$

(15,394

)

 

$

(9,873

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain/(loss) on cash flow hedges

 

 

(6,913

)

 

 

3,806

 

 

 

606

 

 

 

4,412

 

 

 

(2,501

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

(1,392

)

 

$

(11,588

)

 

$

606

 

 

$

(10,982

)

 

$

(12,374

)

 

The following represents the reclassifications out of accumulated other comprehensive income/(loss) for the years ended December 31, 2023, 2022 and 2021:

 

 

 

Years Ended

 

 

 

 

 

December 31,

 

 

 

(In thousands)

 

2023

 

 

2022

 

 

2021

 

 

Affected Line Item in Statements of Income

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

 

 

 

 

 

 

 

 

 

 

 

Reclassification adjustment for amounts included
   in net income

 

$

 

 

$

6,609

 

 

$

 

 

Securities losses, net

Tax effect

 

 

 

 

 

(1,582

)

 

 

 

 

Income tax expense

Total reclassifications, net of tax

 

$

 

 

$

5,027

 

 

$

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

Reclassification adjustment for amounts included
   in net income

 

$

(84

)

 

$

(116

)

 

$

842

 

 

Interest expense/other income

Tax effect

 

 

24

 

 

 

30

 

 

 

(236

)

 

Income tax expense

Total reclassifications, net of tax

 

$

(60

)

 

$

(86

)

 

$

606