XML 37 R21.htm IDEA: XBRL DOCUMENT v3.22.4
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
 12 Months Ended
Dec. 31, 2022
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
13. ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME


The components of accumulated other comprehensive income (loss), net of tax, as of December 31, were as follows (in thousands):

 
2022
    
2021
  
Net unrealized gain on securities available for sale
  
$
(47,487
)
  
$
385
  
Tax effect
    
9,973
      
(81
)
Net -of-tax amount
    
(37,514
)
    
304
  
                 
Unrealized loss on interest rate swap
    
6,873
      
1,910
  
Tax effect
    
1,444
      
401
  
Net -of-tax amount
    
5,429
      
1,509
  
                 
Unrecognized pension costs
    
(1,336
)
    
(2,491
)
Tax effect
    
280
      
523
  
Net -of-tax amount
    
(1,056
)
    
(1,968
)
                 
Total accumulated other comprehensive loss
  
$
(33,141
)
  
$
(155
)


The following tables present the changes in accumulated other comprehensive income (loss) by component net of tax for the years ended December 31, 2022, 2021 and 2020 (in thousands):

 
Unrealized gain
(loss) on
available for sale
securities (a)
    
Unrealized
gain (loss) on
interest rate
swap (a)
    
Defined Benefit
Pension
Items (a)
    
Total
  
Balance as of December 31, 2019
  
$
2,290
    
$
-
    
$
(2,919
)
  
$
(629
)
Other comprehensive income (loss) before reclassifications (net of tax)
    
4,008
      
4
      
(727
)
    
3,285
  
Amounts reclassified from accumulated other comprehensive income (loss) (net of tax)
    
(240
)
    
(13
)
    
184
      
(69
)
Net current period other comprehensive income (loss)
    
3,768
      
(9
)
    
(543
)
    
3,216
  
Balance as of December 31, 2020
  
$
6,058
    
$
(9
)
  
$
(3,462
)
  
$
2,587
  
                                 
Balance as of December 31, 2020
  
$
6,058
    
$
(9
)
  
$
(3,462
)
  
$
2,587
  
Other comprehensive income (loss) before reclassifications (net of tax)
    
(5,586
)
    
1,403
      
1,229
      
(2,954
)
Amounts reclassified from accumulated other comprehensive income (loss) (net of tax)
    
(168
)
    
115
      
265
      
212
  
Net current period other comprehensive income (loss)
    
(5,754
)
    
1,518
      
1,494
      
(2,742
)
Balance as of December 31, 2021
  
$
304
    
$
1,509
    
$
(1,968
)
  
$
(155
)
                                 
Balance as of December 31, 2021
  
$
304
    
$
1,509
    
$
(1,968
)
  
$
(155
)
Other comprehensive income (loss) before reclassifications (net of tax)
    
(37,829
)
    
4,034
      
836
      
(32,959
)
Amounts reclassified from accumulated other comprehensive income (loss) (net of tax)
    
11
      
(114
)
    
76
      
(27
)
Net current period other comprehensive income (loss)
    
(37,818
)
    
3,920
      
912
      
(32,986
)
Balance as of December 31, 2022
  
$
(37,514
)
  
$
5,429
    
$
(1,056
)
  
$
(33,141
)
                                 
(a) Amounts in parentheses indicate debits
                                


The following table presents the significant amounts reclassified out of each component of accumulated other comprehensive loss for the years ended December 31, 2022, 2021 and 2020 (in thousands):

Details about accumulated other comprehensive income (loss)
  
Amount reclassified from accumulated
comprehensive income (loss) (a)
  
Affected line item in the Consolidated
Statement of Income
   
December 31,
    
   
2022
    
2021
    
2020
    
Unrealized gains and losses on available for sale securities
                             
   
$
(14
)
  
$
212
    
$
305
  
Available for sale securities (losses) gains, net
     
3
      
(44
)
    
(65
)
Provision for income taxes
   
$
(11
)
  
$
168
    
$
240
   Net of tax

                                     
Unrealized gain (loss) on interest rate swap   $ 145     $ (147 )   $ 18   Interest expense
      (31 )     32       (5 ) Provision for income taxes
    $ 114     $ (115 )   $ 13   Net of tax
                                  
Defined benefit pension items
                                         
   
$
(96
)
  
$
(336
)
  
$
(233
)
Other expenses
     
20
      
71
      
49
  
Provision for income taxes
   
$
(76
)
  
$
(265
)
  
$
(184
)
 Net of tax
Total reclassifications
  
$
27
    
$
(212
)
  
$
69
    
(a) Amounts in parentheses indicate debits to net income