ACCUMULATED OTHER COMPREHENSIVE INCOME/ (LOSS) (Tables)

9 Months Ended

Sep. 30, 2024

Activity in Net Accumulated Other Comprehensive Income (Loss) and the Components of the Activity

The following table presents the activity in net accumulated other comprehensive income/ (loss) and the components of the activity for the periods indicated:


(In thousands)	Unrealized Gains/(Losses) on Debt Securities Available-for-Sale		Defined Benefit Pension Plan		Unrealized Losses on Debt Securities Transferred from Available-for-Sale to Held-to-Maturity		Total
Balance at January 1, 2024	$	(88,169)	$	—	$	(9,162)	$	(97,331)
Other comprehensive loss before reclassification from accumulated other comprehensive loss, net of tax	20,570		—		—		20,570

Reclassifications from accumulated other comprehensive loss to earnings, net of tax	—		—		860		860
Current period change in other comprehensive loss, net of tax	20,570		—		860		21,430
Balance at September 30, 2024	$	(67,599)	$	—	$	(8,302)	$	(75,901)


(In thousands)	Unrealized Gains/ (Losses) on Debt Securities Available-for-Sale		Defined Benefit Pension Plan		Unrealized Losses on Debt Securities Transferred from Available-for-Sale to Held-to-Maturity		Total
Balance at January 1, 2023	$	(113,513)	$	(8,002)	$	(10,436)	$	(131,951)
Other comprehensive income before reclassification, net of tax	(12,510)		—		—		(12,510)
Pension termination - final valuation of plan assets	—		1,531		—		1,531
Reclassifications from accumulated other comprehensive income, net of tax	—		6,471		967		7,438
Current period change in other comprehensive income, net of tax	(12,510)		8,002		967		(3,541)
Balance at September 30, 2023	$	(126,023)	$	—	$	(9,469)	$	(135,492)

Schedule of Reclassification Adjustments Out of Accumulated Other Comprehensive Income (Loss)

The following table provides the information on the reclassification adjustments out of accumulated other comprehensive income/ (loss) for the periods indicated that had an impact on the Condensed Consolidated Statements of Income:


	Nine Months Ended September 30,
(In thousands)	2024		2023







Amortization of unrealized losses on debt securities transferred from available-for-sale to held-to-maturity:
Affected line item in the Statements of Income:
Interest and dividends on investment securities (1)	$	(1,137)	$	(1,314)
Income before taxes	(1,137)		(1,314)
Tax benefit	277		347
Net loss	$	(860)	$	(967)

Amortization of defined benefit pension plan items:
Affected line item in the Statements of Income:
Recognized actuarial loss (2)	$	—	$	(526)
Pension settlement expense (2)	—		(8,157)
Income before taxes	—		(8,683)
Tax benefit	—		2,212
Net loss	$	—	$	(6,471)

(1)Amortization of unrealized losses on held-to-maturity debt securities is fully offset by accretion of a discount on held-to-maturity debt securities with no overall impact on net income and yield.

(2)This amount is included in the computation of net periodic benefit cost. See Note 10 for additional information on the pension plan.