ACCUMULATED OTHER COMPREHENSIVE LOSS

12 Months Ended

Dec. 31, 2024

ACCUMULATED OTHER COMPREHENSIVE LOSS [Abstract]

ACCUMULATED OTHER COMPREHENSIVE LOSS

NOTE 16 – ACCUMULATED OTHER COMPREHENSIVE LOSS 

The following table presents the changes in accumulated other comprehensive loss for the years ended December 31, 2024, 2023,

and 2022:

Changes in Accumulated Other Comprehensive Loss by Component

(1)

Year Ended December 31,

2024

2023

2022

(In thousands)

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

Beginning balance

$

(640,552)

$

(805,972)

$

(87,390)

 Other comprehensive income (loss)

 (2)

73,214

165,420

(718,582)

Ending balance

$

(567,338)

$

(640,552)

$

(805,972)

Adjustment of pension and postretirement benefit plans:

Beginning balance

$

1,382

$

1,194

$

3,391

 Other comprehensive (loss) income

(600)

188

(2,197)

Ending balance

$

782

$

1,382

$

1,194

(1)

All amounts presented are net of tax.

(2)

Net unrealized holding losses on available-for-sale debt securities have no tax effect because securities are either tax-exempt, held by an IBE, or have a full deferred tax asset valuation allowance.

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

ended December 31, 2024, 2023, and 2022:

Reclassifications Out of Accumulated Other

Comprehensive Loss

Affected Line Item in the Consolidated

Statements of Income

Year Ended December 31,

2024

2023

2022

(In thousands)

Adjustment of pension and postretirement benefit plans:

Amortization of net loss

Other expenses

$

56

$

17

$

3

Total before tax

$

56

$

17

$

3

Income tax expense 

(21)

(6)

(1)

Total, net of tax

$

35

$

11

$

2