Stockholders' Equity and Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2024

Stockholders' Equity Note [Abstract]

Stockholders' Equity and Accumulated Other Comprehensive Income (Loss)

Stockholders' Equity and Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

The following table summarizes the change in the components of the Company's accumulated other comprehensive income (loss) for the years ended December 31, as indicated.

(dollars in thousands)	Unrealized Income (Loss) on Securities (1)		Unrecognized Net Pension and Postretirement Costs (2)		Accumulated Other Comprehensive Income (Loss)
Balance, December 31, 2022	$	(36,657)	$	4,943	$	(31,714)
Other comprehensive income (loss), before reclassifications	10,087		(640)		9,447
Amounts reclassified from accumulated other comprehensive income (loss)	9,148		4,129		13,277
Other comprehensive income, before tax	19,235		3,489		22,724
Income tax expense	(4,039)		(733)		(4,772)
Other comprehensive income, net of tax	15,196		2,756		17,952
Balance, December 31, 2023	$	(21,461)	$	7,699	$	(13,762)
Other comprehensive income (loss), before reclassifications	(3,740)		(690)		(4,430)
Amounts reclassified from accumulated other comprehensive income (loss)	—		6,100		6,100
Other comprehensive income (loss), before tax	(3,740)		5,410		1,670
Income tax (expense) benefit	785		(1,136)		(351)
Other comprehensive income (loss), net of tax	(2,955)		4,274		1,319
Balance, December 31, 2024	$	(24,416)	$	11,973	$	(12,443)

(1) The pre-tax amounts reclassified from accumulated other comprehensive income (loss) are included in gains (losses) on sale of investment securities in the consolidated statements of income.

(2) The pre-tax amounts reclassified from accumulated other comprehensive income (loss) are included in the computation of net periodic pension (income) cost. See Note 14.

Shares issued and outstanding

The following table shows the changes in shares of common stock issues and common stock held as treasury shares for the years ended December 31, 2023, 2023, and 2022.

	Common Stock Issued		Treasury Stock Held		Common Stock Outstanding
Balance at, December 31, 2021	$	7,023,821	$	(406,846)	$	6,616,975
Stock dividend	260,330		—		260,330
Repurchase of common stock	—		(108,724)		(108,724)
Balance at, December 31, 2022	$	7,284,151	$	(515,570)	$	6,768,581
Stock dividend	270,742		—		270,742
Balance at, December 31, 2023	$	7,554,893	$	(515,570)	$	7,039,323
Restricted share unit activity	—		5,994		5,994
Repurchase of common stock	—		(56,692)		(56,692)
Balance at, December 31, 2024	$	7,554,893	$	(566,268)	$	6,988,625

Stock Dividend On July 1, 2023, the Company paid a stock dividend of four percent to common shareholders of record at the close of business on June 15, 2023. For all periods presented, share information, including basic and diluted earnings per share, has been adjusted retroactively to reflect this change.

Repurchase Program

Pursuant to the Company's 2019 Repurchase Plan, management is given discretion to determine the number and pricing of the shares to be purchased, as well as the timing of any such purchases. The Company repurchased 56,692 common shares under the repurchase plan during the year end December 31, 2024 at an average cost of $19.51 per share totaling $1.1 million. As of December 31, 2024, $3.9 million remained available for share repurchase pursuant to the plan.