| ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The Company recognizes as a component of other comprehensive income (loss) the actuarial gains or losses as well as the prior service costs or credits that arise during the period from post-retirement benefit plans. The Company also records unrealized gains and losses, net of taxes, on securities available for sale in accumulated other comprehensive income (loss) in the Consolidated Statements of Changes in Stockholders’ Equity. Gains and losses on securities available for sale are reclassified to operations as the gains or losses are recognized. Lastly, the Company recognizes as a component of comprehensive income the changes in unrealized gains and losses on derivatives. Other comprehensive income (loss) components and related income tax effects were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | | | | | | 2025 | | 2024 | | 2023 | | (In thousands) | | | | | | | | | | | Postretirement Benefit Plans | | | | | | | | | | | | Change in obligation for postretirement benefits and for prior service credit | | | | | | $ | 109 | | | $ | 150 | | | $ | 174 | | Reclassification adjustment for prior service expense included in other expense for the year ended December 31, 2025 and December 31, 2024, and in compensation and employee benefits for the year ended December 31, 2023 | | | | | | 29 | | | 29 | | | 29 | | | Change in obligation for other benefits | | | | | | (82) | | | (7) | | | 40 | | | Change in total obligation for postretirement benefits and for prior service credit and for other benefits | | | | | | 56 | | | 172 | | | 243 | | | | | | | | | | | | | | Income tax effect | | | | | | (16) | | | (55) | | | (72) | | | | | | | | | | | | | | Net change in total obligation for postretirement benefits and prior service credit and for other benefits | | | | | | 40 | | | 117 | | | 171 | | | | | | | | | | | | | Securities | | | | | | | | | | | | Unrealized holding gains (losses) on available for sale securities | | | | | | 31,269 | | | 25,415 | | | 22,183 | | | Reclassification adjustment for losses realized in income on sale of securities | | | | | | 3,404 | | | 9,698 | | | 7,392 | | | Accretion of net unrealized loss on securities transferred to held-to-maturity | | | | | | 2,099 | | | 2,232 | | | 1,895 | | | Change in unrealized gains on available for sale securities | | | | | | 36,772 | | | 37,345 | | | 31,470 | | | Income tax effect | | | | | | (10,067) | | | (10,566) | | | (8,938) | | | Net change in unrealized gains on securities | | | | | | 26,705 | | | 26,779 | | | 22,532 | | | | | | | | | | | | | Derivatives | | | | | | | | | | | | Unrealized holding gains (losses) on cash flow hedges | | | | | | (255) | | | 514 | | | — | | Reclassification adjustment for losses (gains) realized in interest income on securities | | | | | | (14) | | | 130 | | | — | | | Change in unrealized gains (losses) on cash flow hedges | | | | | | (269) | | | 644 | | | — | | | Income tax effect | | | | | | 73 | | | (173) | | | — | | | Net change in unrealized gains (losses) on cash flow hedges | | | | | | (196) | | | 471 | | | — | | | | | | | | | | | | | | Total | | | | | | $ | 26,549 | | | $ | 27,367 | | | $ | 22,703 | |
The following is a summary of the accumulated other comprehensive income (loss) balances, net of income taxes: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Unrealized loss on benefits plans | | Unrealized loss on available for sale securities | | Unaccreted unrealized loss on securities transferred to held-to-maturity | | | | Unrealized gain on cash flow hedges | | Total Accumulated Other Comprehensive Loss | | (In thousands) | | | | | | | | | | | | | | Balance as of January 1, 2023 | | $ | (1,652) | | | $ | (95,539) | | | $ | (11,516) | | | | | $ | — | | | $ | (108,707) | | | Current Period Change | | 243 | | | 29,575 | | | 1,895 | | | | | — | | | 31,713 | | | Income Tax Effect | | (72) | | | (8,384) | | | (554) | | | | | — | | | (9,010) | | | Balance as of December 31, 2023 | | (1,481) | | | (74,348) | | | (10,175) | | | | | — | | | (86,004) | | | Current Period Change | | 172 | | | 35,113 | | | 2,232 | | | | | 644 | | | 38,161 | | | Income Tax Effect | | (55) | | | (9,901) | | | (665) | | | | | (173) | | | (10,794) | | | Balance as of December 31, 2024 | | (1,364) | | | (49,136) | | | (8,608) | | | | | 471 | | | (58,637) | | | Current Period Change | | 56 | | | 34,673 | | | 2,099 | | | | | (269) | | | 36,559 | | | Income Tax Effect | | (16) | | | (9,464) | | | (603) | | | | | 73 | | | (10,010) | | | Balance as of December 31, 2025 | | $ | (1,324) | | | $ | (23,927) | | | $ | (7,112) | | | | | $ | 275 | | | $ | (32,088) | |
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