Accumulated Other Comprehensive (Loss) Income

9 Months Ended

Sep. 30, 2024

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive (Loss) Income

Note 12: Accumulated Other Comprehensive (Loss) Income

Changes in the components of accumulated other comprehensive (loss) income (“AOCI”), net of tax, for the periods indicated are summarized in the tables below.

	For the three months ended September 30, 2024
(In thousands)	Net Unrealized Loss on Retirement Plans			Unrealized Loss on Available-for-Sale Securities			Unrealized Gain on Derivatives and Hedging Activities			Total
Beginning balance	$	(2,018	)	$	(7,285	)	$	517		$	(8,786	)
Other comprehensive income (loss) before reclassifications		28			2,103			(61	)		2,070
Amounts reclassified from AOCI		-			-			-			-
Ending balance	$	(1,990	)	$	(5,182	)	$	456		$	(6,716	)

	For the three months ended September 30, 2023
(In thousands)	Net Unrealized Loss on Retirement Plans			Unrealized Loss on Available-for-Sale Securities			Unrealized Gain on Derivatives and Hedging Activities		Total
Beginning balance	$	(2,345	)	$	(9,495	)	$	470	$	(11,370	)
Other comprehensive (loss) income before reclassifications		-			(2,228	)		202		(2,026	)
Amounts reclassified from AOCI		41			(1	)		-		40
Ending balance	$	(2,304	)	$	(11,724	)	$	672	$	(13,356	)

	For the nine months ended September 30, 2024
(In thousands)	Net Unrealized Loss on Retirement Plans			Unrealized Loss on Available-for-Sale Securities			Unrealized Gain on Derivatives and Hedging Activities		Total
Beginning balance	$	(2,073	)	$	(7,564	)	$	32	$	(9,605	)
Other comprehensive income before reclassifications		83			2,279			424		2,786
Amounts reclassified from AOCI		-			103			-		103
Ending balance	$	(1,990	)	$	(5,182	)	$	456	$	(6,716	)

	For the nine months ended September 30, 2023
(In thousands)	Net Unrealized Loss on Retirement Plans			Unrealized Loss on Available-for-Sale Securities			Unrealized Gain on Derivatives and Hedging Activities		Total
Beginning balance	$	(2,427	)	$	(10,127	)	$	382	$	(12,172	)
Other comprehensive (loss) income before reclassifications		-			(3,023	)		290		(2,733	)
Amounts reclassified from AOCI		123			1,426			-		1,549
Ending balance	$	(2,304	)	$	(11,724	)	$	672	$	(13,356	)

The following table presents the amounts reclassified out of each component of AOCI for the indicated periods:

		Amount Reclassified						Amount Reclassified
		from AOCI (1)						from AOCI (1)
		(Unaudited)						(Unaudited)
(In thousands)		For the three months ended						For the nine months ended
Details about AOCI (1) components	Affected Line Item in the Statement of Income	September 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
Retirement plan items
Retirement plan net (losses)    recognized in plan expenses (2)	Salaries and employee benefits	$	(38	)	$	(56	)	$	(113	)	$	(167	)
Tax effect	Provision for income taxes		10			15			30			44
	Net Income	$	(28	)	$	(41	)	$	(83	)	$	(123	)
Available-for-sale securities
Realized gains (losses) on sale of securities	Net gains on sales and redemptions    of investment securities	$	-		$	1		$	(139	)	$	(1,932	)
Tax effect	Provision for income taxes		-			-			36			506
	Net Income	$	-		$	1		$	(103	)	$	(1,426	)

(1)Amounts in parentheses indicates debits in net income.

(2)These items are included in net periodic pension cost.

See Note 5 for additional information.