ACCUMULATED OTHER COMPREHENSIVE INCOME/ (LOSS) (Tables)

12 Months Ended

Dec. 31, 2024

Net Accumulated Other Comprehensive Loss

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


(In thousands)	Unrealized Gains/ (Losses) on Investments 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, 2022	$	(336)	$	(8,203)	$	—	$	(8,539)
Period change, net of tax	(113,177)		201		(10,436)		(123,412)
Balance at December 31, 2022	(113,513)		(8,002)		(10,436)		(131,951)
Period change, net of tax	25,344		8,002		1,274		34,620
Balance at December 31, 2023	(88,169)		—		(9,162)		(97,331)
Period change, net of tax	3,554		—		1,130		4,684
Balance at December 31, 2024	$	(84,615)	$	—	$	(8,032)	$	(92,647)

Reclassification Adjustments Out of Accumulated Other Comprehensive Income

The following table provides the information on the reclassification adjustments out of accumulated other comprehensive income/ (loss) for the periods indicated:


	Year Ended December 31,
(In thousands)	2024		2023		2022
Unrealized gains/ (losses) on investments available-for-sale:
Affected line item in the Consolidated Statements of Income:
Investment securities gains/ (losses)	$	—	$	—	$	(345)
Income before taxes	—		—		(345)
Tax (expense)/ benefit	—		—		88
Net income/ (loss)	$	—	$	—	$	(257)

Amortization of unrealized losses on debt securities transferred from available-for-sale to held-to-maturity:
Affected line item in the Consolidated Statements of Income:
Interest and dividends on investment securities (1)	$	(1,498)	$	(1,726)	$	(2,245)
Income before taxes	(1,498)		(1,726)		(2,245)
Tax benefit	368		452		598
Net loss	$	(1,130)	$	(1,274)	$	(1,647)

Amortization of defined benefit pension plan items:
Affected line item in the Consolidated Statements of Income:
Recognized actuarial loss (2)	$	—	$	(526)	$	(783)
Settlement charge (2)	—		(8,157)		—
Income before taxes	—		(8,683)		(783)
Tax benefit	—		2,212		199
Net loss	$	—	$	(6,471)	$	(584)

(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 13.