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ACCUMULATED OTHER COMPREHENSIVE LOSS
 12 Months Ended
Dec. 31, 2024
ACCUMULATED OTHER COMPREHENSIVE LOSS [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE LOSS
14. ACCUMULATED OTHER COMPREHENSIVE LOSS


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

 
2024
    
2023
  
Net unrealized gain on securities available for sale
  
$
(33,624
)
  
$
(35,743
)
Tax effect
    
7,060
      
7,505
  
Net -of-tax amount
    
(26,564
)
    
(28,238
)
                 
Unrealized loss on interest rate swap
    
4,236
      
5,441
  
Tax effect
    
889
   
1,142
Net -of-tax amount
    
3,347
      
4,299
  
                 
Unrecognized pension costs
    
(385
)
    
(1,231
)
Tax effect
    
81
      
259
  
Net -of-tax amount
    
(304
)
    
(972
)
                 
Total accumulated other comprehensive loss
  
$
(23,521
)
  
$
(24,911
)


The following tables present the changes in accumulated other comprehensive loss by component net of tax for the years ended December 31, 2024, 2023 and 2022 (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, 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
)
                                 
Balance as of December 31, 2022
  
$
(37,514
)
  
$
5,429
    
$
(1,056
)
  
$
(33,141
)
Other comprehensive income (loss) before reclassifications (net of tax)
    
9,237
      
610
      
52
      
9,899
  
Amounts reclassified from accumulated other comprehensive income (loss) (net of tax)
    
39
      
(1,740
)
    
32
      
(1,669
)
Net current period other comprehensive income (loss)
    
9,276
      
(1,130
)
    
84
      
8,230
  
Balance as of December 31, 2023
  
$
(28,238
)
  
$
4,299
    
$
(972
)
  
$
(24,911
)
                                 
Balance as of December 31, 2023
  
$
(28,238
)
  
$
4,299
    
$
(972
)
  
$
(24,911
)
Other comprehensive income (loss) before reclassifications (net of tax)
    
1,674
      
1,036
      
642
      
3,352
  
Amounts reclassified from accumulated other comprehensive income (loss) (net of tax)
    
-
      
(1,988
)
    
26
      
(1,962
)
Net current period other comprehensive income (loss)
    
1,674
      
(952
)
    
668
      
1,390
  
Balance as of December 31, 2024
  
$
(26,564
)
  
$
3,347
    
$
(304
)
  
$
(23,521
)

(a) Amounts in parenthesis 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, 2024, 2023 and 2022 (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,
    
   
2024
    
2023
    
2022
    
Unrealized gains and losses on available for sale securities
                                   
   
$
-
    
$
(51
)
  
$
(14
)
Available for sale securities (losses) gains, net
     
-
      
12
      
3
  
Provision for income taxes
   
$
-
    
$
(39
)
  
$
(11
)
 Net of tax

                                                 
Unrealized gain (loss) on interest rate swap   $ 2,516     $ 2,203     $ 145   Interest expense
      (528 )     (463 )     (31 ) Provision for income taxes
    $ 1,988     $ 1,740     $ 114   Net of tax
                                                
Defined benefit pension items
                                                     
   
$
(33
)
  
$
(41
)
  
$
(96
)
Other expenses
     
7
      
9
      
20
  
Provision for income taxes
   
$
(26
)
  
$
(32
)
  
$
(76
)
 Net of tax
Total reclassifications
  
$
1,962
    
$
1,669
    
$
27
    
                           
(a) Amounts in parentheses indicate debits