ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of components of comprehensive (loss) income gross and net of tax

The following table presents the components of other comprehensive (loss) income both gross and net of tax, inclusive of a deferred tax valuation allowance, for the periods indicated.


	Three Months Ended September 30,
	2022						2021
	Before Tax		Tax Effect (1)		After Tax		Before Tax		Tax Effect		After Tax

	(In thousands)
Components of Other Comprehensive (Loss) Income:
Unrealized loss on securities available for sale:
Unrealized loss arising during the period	$	(13,091)	$	123	$	(12,968)	$	(1,501)	$	448	$	(1,053)


Unrealized gain on cash flow hedge:
Unrealized gain arising during the period	4,294		—		4,294		292		(82)		210
Reclassification adjustment for (gain) loss included in net income	(198)		—		(198)		368		(104)		264
Total	4,096		—		4,096		660		(186)		474
Post-Retirement plans:

Reclassification adjustment for amortization of:

Net actuarial loss	65		—		65		52		(14)		38

Total other comprehensive (loss) income:	$	(8,930)	$	123	$	(8,807)	$	(789)	$	248	$	(541)

(1) The 2022 period includes a deferred tax valuation allowance.


	Nine Months Ended September 30,
	2022						2021
	Before Tax		Tax Effect (1)		After Tax		Before Tax		Tax Effect		After Tax

	(In thousands)
Components of Other Comprehensive (Loss) Income:
Unrealized loss on securities available for sale:
Unrealized loss arising during the period	$	(39,687)	$	175	$	(39,512)	$	(3,254)	$	768	$	(2,486)
Reclassification adjustment for gains included in net income	(14)		—		(14)		—		—		—
Total	(39,701)		175		(39,526)		(3,254)		768		(2,486)
Unrealized gain on cash flow hedge:
Unrealized gain arising during the period	11,745		—		11,745		2,966		(834)		2,132
Reclassification adjustment for losses included in net income	270		—		270		1,059		(298)		761
Total	12,015		—		12,015		4,025		(1,132)		2,893
Post-Retirement plans:
Net benefit arising from plan amendment (2)	164		—		164		—		—		—
Reclassification adjustment for amortization of:

Net actuarial loss	165		—		165		155		(43)		112
Total	329		—		329		155		(43)		112
Total other comprehensive (loss) income:	$	(27,357)	$	175	$	(27,182)	$	926	$	(407)	$	519

(1) The 2022 period includes a deferred tax valuation allowance.

(2) 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 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	11,745		(39,512)		164		(27,603)
Amounts reclassified from accumulated other comprehensive income	270		(14)		165		421
Net current period other comprehensive gain (loss)	12,015		(39,526)		329		(27,182)
Balance at September 30, 2022	$	11,769	$	(38,435)	$	(888)	$	(27,554)





Balance at December 31, 2020	$	(3,986)	$	4,208	$	(1,253)	$	(1,031)
Other comprehensive income (loss) before reclassification	2,132		(2,486)		—		(354)
Amounts reclassified from accumulated other comprehensive income	761		—		112		873
Net current period other comprehensive gain (loss)	2,893		(2,486)		112		519
Balance at September 30, 2021	$	(1,093)	$	1,722	$	(1,141)	$	(512)

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 operations for the periods indicated:


Details about Accumulated Other Comprehensive Income Components	Three Months Ended September 30,				Nine Months Ended September 30,				Affected Line Item in the Statement Where Net Income is Presented
	2022		2021		2022		2021

	(In thousands)
Unrealized gains on securities available for sale: Realized (losses) gains on securities available for sale	$	—	$	—	$	14	$	—	(Loss) gain on sales and calls of securities
Losses on cash flow hedges:
Interest rate contracts	198		(368)		(270)		(1,059)		Interest (expense) income

Amortization of post-retirement plan items:
Net actuarial loss	(65)		(52)		(165)		(155)		Compensation and employee benefits
Total tax effect	—		118		—		341		Income tax expense
Total reclassification for the period, net of tax	$	133	$	(302)	$	(421)	$	(873)