ACCUMULATED OTHER COMPREHENSIVE LOSS

12 Months Ended

Dec. 31, 2023

ACCUMULATED OTHER COMPREHENSIVE LOSS [Abstract]

ACCUMULATED OTHER COMPREHENSIVE LOSS

NOTE 18 – ACCUMULATED OTHER COMPREHENSIVE LOSS 

The following table presents the changes in accumulated other comprehensive loss for the years ended December 31, 2023, 2022,

and 2021:

Changes in Accumulated Other Comprehensive Loss by Component

(1)

Year Ended December 31,

2023

2022

2021

(In thousands)

Unrealized net holding losses on available-for-sale debt securities:

Beginning balance

$

(805,972)

$

(87,390)

$

55,725

 Other comprehensive income (loss)

165,420

(718,582)

(143,115)

Ending balance

$

(640,552)

$

(805,972)

$

(87,390)

Adjustment of pension and postretirement benefit plans:

Beginning balance

$

1,194

$

3,391

$

(270)

 Other comprehensive income (loss)

188

(2,197)

3,661

Ending balance

$

1,382

$

1,194

$

3,391

(1) All amounts presented are net of tax.

The following table presents the amounts reclassified out of each component of accumulated other comprehensive loss for the years

ended December 31, 2023, 2022, and 2021:

Reclassifications Out of Accumulated Other

Comprehensive Loss

Affected Line Item in the Consolidated

Statements of Income

Year Ended December 31,

2023

2022

2021

(In thousands)

Adjustment of pension and postretirement benefit plans:

Amortization of net loss

Other expenses

$

17

$

3

$

1

Total before tax

$

17

$

3

$

1

Income tax expense 

(6)

(1)

-

Total, net of tax

$

11

$

2

$

1