ACCUMULATED OTHER COMPREHENSIVE INCOME

9 Months Ended

Sep. 30, 2024

Accumulated other comprehensive income represents the net unrealized holding gains on securities available-for-sale, derivatives and the funded status of the Company’s post-retirement plans, as of the balance sheet dates, net of the related tax effect. The tax effect in accumulated other comprehensive income is adjusted to reflect the Company’s valuation allowance on deferred tax assets.

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:


	Three Months Ended September 30,
	2024						2023
	Before Tax		Tax Effect		After Tax		Before Tax		Tax Effect		After Tax
	(In thousands)
Unrealized gain (loss) on securities available-for-sale:
Unrealized gain (loss) arising during the period	$	8,568	$	—	$	8,568	$	(5,926)	$	—	$	(5,926)


Unrealized (loss) gain on cash flow hedge:
Unrealized (loss) gain arising during the period	(7,940)		—		(7,940)		3,435		—		3,435
Reclassification adjustment for gain (loss) included in net loss	1,620		—		1,620		(1,535)		—		(1,535)
Total (loss) gain	(6,320)		—		(6,320)		1,900		—		1,900
Post-retirement plans:

Reclassification adjustment for amortization of:

Net actuarial gain (loss)	3		—		3		(1)		—		(1)

Total other comprehensive income	$	2,251	$	—	$	2,251	$	(4,027)	$	—	$	(4,027)


	Nine Months Ended September 30,
	2024						2023
	Before Tax		Tax Effect		After Tax		Before Tax		Tax Effect		After Tax
	(In thousands)
Unrealized gain (loss) on securities available-for-sale:
Unrealized gain (loss) arising during the period	$	7,820	$	—	$	7,820	$	(5,687)	$	—	$	(5,687)


Unrealized (loss) gain on cash flow hedge:
Unrealized (loss) gain arising during the period	(8,461)		—		(8,461)		7,144		—		7,144
Reclassification adjustment for gain (loss) included in net loss	4,882		—		4,882		(3,885)		—		(3,885)
Total (loss) gain	(3,579)		—		(3,579)		3,259		—		3,259
Post-retirement plans:

Reclassification adjustment for amortization of:

Net actuarial gain (loss)	7		—		7		(5)		—		(5)
Total	7		—		7		(5)		—		(5)
Total other comprehensive income	$	4,248	$	—	$	4,248	$	(2,433)	$	—	$	(2,433)

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 on Cash Flow Hedges		Unrealized Losses on Available-for-Sale Securities		Post-Retirement Plans		Total
	(In thousands)
Balance at June 30, 2024	$	10,323	$	(31,447)	$	241	$	(20,883)
Other comprehensive (loss) income before reclassification	(7,940)		8,568		—		628
Amounts reclassified from accumulated other comprehensive income	1,620		—		3		1,623
Net current period other comprehensive (loss) gain	(6,320)		8,568		3		2,251
Balance at September 30, 2024	$	4,003	$	(22,879)	$	244	$	(18,632)


	Unrealized Gains on Cash Flow Hedges		Unrealized Losses on Available-for-Sale Securities		Post-Retirement Plans		Total
	(In thousands)
Balance at June 30, 2023	$	12,450	$	(35,944)	$	369	$	(23,125)
Other comprehensive income (loss) before reclassification	3,435		(5,926)		—		(2,491)
Amounts reclassified from accumulated other comprehensive income	(1,535)		—		(1)		(1,536)
Net current period other comprehensive gain (loss)	1,900		(5,926)		(1)		(4,027)
Balance at September 30, 2023	$	14,350	$	(41,870)	$	368	$	(27,152)


	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, 2023	$	7,582	$	(30,699)	$	237	$	(22,880)
Other comprehensive (loss) income before reclassification	(8,461)		7,820		—		(641)
Amounts reclassified from accumulated other comprehensive income	4,882		—		7		4,889
Net current period other comprehensive (loss) gain	(3,579)		7,820		7		4,248
Balance at September 30, 2024	$	4,003	$	(22,879)	$	244	$	(18,632)


	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	7,144		(5,687)		—		1,457
Amounts reclassified from accumulated other comprehensive loss	(3,885)		—		(5)		(3,890)
Net current period other comprehensive gain (loss)	3,259		(5,687)		(5)		(2,433)
Balance at September 30, 2023	$	14,350	$	(41,870)	$	368	$	(27,152)

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


Details about Accumulated Other Comprehensive Income Components	Three Months Ended September 30,				Nine Months Ended September 30,				Affected Line Item in the Statement Where Net Income is Presented
	2024		2023		2024		2023
	(In thousands)


Losses on cash flow hedges:
Interest rate contracts	$	(1,620)	$	1,535	$	(4,882)	$	3,885	Interest expense
Amortization of post-retirement plan items:
Net actuarial loss	(3)		1		(7)		5		Compensation and employee benefits
Total tax effect (1)	—		—		—		—		Income tax expense
Total reclassification for the period, net of tax	$	(1,623)	$	1,536	$	(4,889)	$	3,890

(1) Reflects deferred tax valuation allowance.