ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)

9 Months Ended

Sep. 30, 2022

Activity in Net Accumulated Other Comprehensive Income (Loss) and the Components of the Activity

The following table presents the activity in net accumulated other comprehensive income/ (loss) and the components of the activity for the periods indicated:


(In thousands)	Unrealized Gains/(Losses) on Debt Securities Available-for-Sale		Defined Benefit Pension Plan		Unrealized Losses on Debt Securities Transferred from Available-for-Sale to Held-to-Maturity		Total
Balance at January 1, 2022	$	(336)	$	(8,203)	$	—	$	(8,539)
Other comprehensive loss before reclassification from accumulated other comprehensive loss, net of tax	(124,097)		—		(12,083)		(136,180)
Reclassifications from accumulated other comprehensive loss to earnings, net of tax	(36)		419		1,266		1,649
Current period change in other comprehensive loss, net of tax	(124,133)		419		(10,817)		(134,531)
Balance at September 30, 2022	$	(124,469)	$	(7,784)	$	(10,817)	$	(143,070)


(In thousands)	Unrealized Gains/ (Losses) on Debt Securities Available-for-Sale		Defined Benefit Pension Plan		Total
Balance at January 1, 2021	$	28,175	$	(9,470)	$	18,705
Other comprehensive income before reclassification, net of tax	(20,218)		—		(20,218)
Reclassifications from accumulated other comprehensive income, net of tax	(133)		520		387
Current period change in other comprehensive income, net of tax	(20,351)		520		(19,831)
Balance at September 30, 2021	$	7,824	$	(8,950)	$	(1,126)

Schedule of Reclassification Adjustments Out of Accumulated Other Comprehensive Income (Loss)

The following table provides the information on the reclassification adjustments out of accumulated other comprehensive income/ (loss) for the periods indicated:


	Nine Months Ended September 30,
(In thousands)	2022		2021
Unrealized gains on available-for-sale debt securities:
Affected line item in the Statements of Income:
Investment securities gains	$	48	$	178
Income before taxes	48		178
Tax expense	(12)		(45)
Net income	$	36	$	133

Amortization of unrealized losses on debt securities transferred from available-for-sale to held-to-maturity:
Affected line item in the Statements of Income:
Interest and dividends on investment securities (1)	$	(1,735)	$	—
Income before taxes	(1,735)		—
Tax benefit	469		—
Net loss	$	(1,266)	$	—

Amortization of defined benefit pension plan items:
Affected line item in the Statements of Income:
Recognized actuarial loss (2)	$	(587)	$	(682)

Loss before taxes	(587)		(682)
Tax benefit	168		162
Net loss	$	(419)	$	(520)

(1)Amortization of unrealized losses on held-to-maturity debt securities is fully offset by accretion of a discount on held-to-maturity debt securities with no overall impact on net income and yield.

(2)This amount is included in the computation of net periodic benefit cost. See Note 10 for additional information on the pension plan.