Stockholders’ Equity and Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2025

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 three months ended March 31, 2025 and 2024:

	Three Months Ended March 31, 2025
(dollars in thousands)	Unrealized Gains (Losses) on Securities (1)		Unrecognized Net Pension and Postretirement (Income) Costs (2)		Accumulated Other Comprehensive Income (Loss)
Balance at beginning of period	$	(24,416)	$	11,973	$	(12,443)
Other comprehensive income (loss), before reclassifications	485		(272)		213
Amounts reclassified from accumulated other comprehensive income (loss)	—		—		—
Current period other comprehensive income (loss), before tax	485		(272)		213
Income tax benefit (expense)	(102)		57		(45)
Current period other comprehensive income (loss), net of tax	383		(215)		168
Balance at end of period	$	(24,033)	$	11,758	$	(12,275)

	Three Months Ended March 31, 2024
(dollars in thousands)	Unrealized Gains (Losses) on Securities (1)		Unrecognized Net Pension and Postretirement (Income) Costs (2)		Accumulated Other Comprehensive Income (Loss)
Balance at beginning of period	$	(21,461)	$	7,699	$	(13,762)
Other comprehensive loss, before reclassifications	(2,804)		(159)		(2,963)
Amounts reclassified from accumulated other comprehensive loss	—		—		—
Current period other comprehensive loss, before tax	(2,804)		(159)		(2,963)
Income tax benefit	589		33		622
Current period other comprehensive loss, net of tax	(2,215)		(126)		(2,341)
Balance at end of period	$	(23,676)	$	7,573	$	(16,103)

(1)The pre-tax amounts reclassified from accumulated other comprehensive income (loss) are included in investment securities gains (losses), net 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.

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 repurchased, as well as the timing of any such repurchases. The Company repurchased 15,856 common shares under the repurchase plan during the first three months of 2025 at an average cost of $27.51 per share totaling $0.4 million. As of March 31, 2025, $3.5 million remained available for share repurchases pursuant to the plan.