ACCUMULATED OTHER COMPREHENSIVE INCOME/ (LOSS) (Tables)

12 Months Ended

Dec. 31, 2022

Net Accumulated Other Comprehensive Loss

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


(In thousands)	Unrealized Gains/ (Losses) on Investments 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, 2020	$	4,000	$	(8,332)	$	—	$	(4,332)
Period change, net of tax	24,175		(1,138)		—		23,037
Balance at December 31, 2020	28,175		(9,470)		—		18,705
Period change, net of tax	(28,511)		1,267		—		(27,244)
Balance at December 31, 2021	(336)		(8,203)		—		(8,539)
Period change, net of tax	(113,177)		201		(10,436)		(123,412)
Balance at December 31, 2022	$	(113,513)	$	(8,002)	$	(10,436)	$	(131,951)

Reclassification Adjustments Out of Accumulated Other Comprehensive Income

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


	Year Ended December 31,
(In thousands)	2022		2021		2020
Unrealized gains/ (losses) on investments available-for-sale:
Affected line item in the Consolidated Statements of Income:
Investment securities gains/ (losses)	$	(345)	$	212	$	467
Income before taxes	(345)		212		467
Tax (expense)/ benefit	88		(54)		(120)
Net income/ (loss)	$	(257)	$	158	$	347

Amortization of unrealized losses on debt securities transferred from available-for-sale to held-to-maturity:
Affected line item in the Consolidated Statements of Income:
Interest and dividends on investment securities (1)	$	(2,245)	$	—	$	—
Income before taxes	(2,245)		—		—
Tax benefit	598		—		—
Net loss	$	(1,647)	$	—	$	—

Amortization of defined benefit pension plan items:
Affected line item in the Consolidated Statements of Income:
Recognized actuarial loss (2)	$	(783)	$	(909)	$	(874)
Settlement charge (2)	—		(560)		—
Income before taxes	(783)		(1,469)		(874)
Tax benefit	199		376		223
Net loss	$	(584)	$	(1,093)	$	(651)

(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 13.