ACCUMULATED OTHER COMPREHENSIVE INCOME

12 Months Ended

Dec. 31, 2023

Accumulated other comprehensive income represents the net unrealized holding gains on securities available-for-sale, derivatives and the funded status of the Company’s benefit plans, as of the consolidated balance sheet dates, net of the related tax effect.

The following table presents the components of other comprehensive income (loss) both gross and net of tax, inclusive of a deferred tax valuation allowance, for the periods indicated.


	Year Ended December 31,
	2023						2022
	Before Tax		Tax Effect (1)		After Tax		Before Tax		Tax Effect		After Tax
	(In thousands)
Components of Other Comprehensive Income (Loss):
Unrealized gain (loss) on securities available-for-sale:
Unrealized gain (loss) arising during the period	$	5,504	$	—	$	5,504	$	(37,260)	$	—	$	(37,260)
Reclassification adjustment for (gains) losses included in net income	(20)		—		(20)		(14)		—		(14)
Total	5,484		—		5,484		(37,274)		—		(37,274)
Unrealized gain on cash flow hedge:
Unrealized gain arising during the period	1,963		—		1,963		11,693		—		11,693
Reclassification adjustment for (gains) losses included in net income	(5,472)		—		(5,472)		(356)		—		(356)
Total	(3,509)		—		(3,509)		11,337		—		11,337
Post-Retirement plans:
Net benefit arising from plan amendment (2)	—		—		—		504		—		504
Net gain arising during the period	—		—		—		858		—		858


Net actuarial loss	(136)		—		(136)		228		—		228
Total	(136)		—		(136)		1,590		—		1,590
Total other comprehensive income (loss):	$	1,839	$	—	$	1,839	$	(24,347)	$	—	$	(24,347)

(1) The 2023 and 2022 periods include a deferred tax valuation allowance.

(2) Benefit arising from plan amendment approved in June 2022.

The following is a summary of the changes in accumulated other comprehensive income by component, net of tax, inclusive of a deferred tax valuation allowance, for the periods indicated:


	Unrealized Gains and (Losses) on Cash Flow Hedges		Unrealized Gains and (Losses) on Available-for-sale Securities		Post- Retirement Plans		Total
	(In thousands)
Balance at December 31, 2022	$	11,091	$	(36,183)	$	373	$	(24,719)
Other comprehensive income (loss) before reclassification	1,963		5,504		—		7,467
Amounts reclassified from accumulated other comprehensive income	(5,472)		(20)		(136)		(5,628)
Net current period other comprehensive gain (loss)	(3,509)		5,484		(136)		1,839
Balance at December 31, 2023	$	7,582	$	(30,699)	$	237	$	(22,880)


	Unrealized Gains and (Losses) on Cash Flow Hedges		Unrealized Gains and (Losses) on Available-for-sale Securities		Post-Retirement Plans		Total
	(In thousands)
Balance at December 31, 2021	$	(246)	$	1,091	$	(1,217)	$	(372)
Other comprehensive income (loss) before reclassification	11,693		(37,260)		1,362		(24,205)
Amounts reclassified from accumulated other comprehensive income	(356)		(14)		228		(142)
Net current period other comprehensive gain (loss)	11,337		(37,274)		1,590		(24,347)
Balance at December 31, 2022	$	11,091	$	(36,183)	$	373	$	(24,719)

The following table presents information about amounts reclassified from accumulated other comprehensive income (loss) to the consolidated statements of operations for the periods indicated:


Details about Accumulated Other Comprehensive Income Components	Year Ended December 31,				Affected Line Item in the Statement Where Net Income is Presented
	2023		2022
	(In thousands)
Unrealized gain (loss) on securities available-for-sale:
Realized gains (losses) on securities available-for-sale	$	20	$	14	Gain (loss) on sales and calls of securities
Gains and (losses) on cash flow hedges:
Interest rate contracts	5,472		356		Interest expense
Amortization of benefit plan items:
Net actuarial loss	136		(228)		Compensation and benefits
Total tax effect	—		—		Income tax expense
Total reclassification for the period, net of tax	$	5,628	$	142