Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2024

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss)

(15.) ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following table presents the components of other comprehensive income (loss) for the years ended December 31 (in thousands):


	Pre-Tax Amount			Tax Effect			Net-of-Tax Amount
2024
Securities available for sale and transferred securities:
Change in unrealized (loss) gain during the year	$	(11,413	)	$	(2,924	)	$	(8,489	)
Changes in unrealized gain on securities transferred to held to maturities		53			14			39
Reclassification adjustment for net losses included in net income (1)		100,055			25,634			74,421
Total securities available for sale and transferred securities		88,695			22,724			65,971
Hedging derivative instruments:
Change in unrealized (loss) gain during the year		(1,109	)		(283	)		(826	)
Pension obligations:
Net actuarial gain arising during the year		2,172			556			1,616
Amortization of net actuarial loss and prior service cost included in income		775			199			576
Total pension obligations		2,947			755			2,192
Other comprehensive income	$	90,533		$	23,196		$	67,337
2023
Securities available for sale and transferred securities:
Change in unrealized (loss) gain during the year	$	18,849		$	4,829		$	14,020
Reclassification adjustment for net gains included in net income (1)		3,642			934			2,708
Total securities available for sale and transferred securities		22,491			5,763			16,728
Hedging derivative instruments:
Change in unrealized gain (loss) during the year		(1,108	)		(284	)		(824	)
Pension and post-retirement obligations:
Net actuarial (loss) gain arising during the year		(2,470	)		(633	)		(1,837	)
Amortization of net actuarial loss and prior service cost included in income		4,677			1,198			3,479
Total pension and post-retirement obligations		2,207			565			1,642
Other comprehensive loss	$	23,590		$	6,044		$	17,546
2022
Securities available for sale and transferred securities:
Change in unrealized (loss) gain during the year	$	(166,380	)	$	(42,630	)	$	(123,750	)
Reclassification adjustment for net gains included in net income (1)		117			30			87
Total securities available for sale and transferred securities		(166,263	)		(42,600	)		(123,663	)
Hedging derivative instruments:
Change in unrealized gain (loss) during the year		4,807			1,232			3,575
Pension and post-retirement obligations:
Net actuarial gain (loss) arising during the year		(5,932	)		(1,520	)		(4,412	)
Amortization of net actuarial loss and prior service cost included in income		296			76			220
Total pension and post-retirement obligations		(5,636	)		(1,444	)		(4,192	)
Other comprehensive loss	$	(167,092	)	$	(42,812	)	$	(124,280	)

(1)

Includes amounts related to the amortization/accretion of unrealized net gains and losses related to the Company’s reclassification of available for sale investment securities to the held to maturity category. The unrealized net gains/losses will be amortized/accreted over the remaining life of the investment securities as an adjustment of yield.

(15.) ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Continued)

Activity in accumulated other comprehensive income (loss), net of tax, was as follows (in thousands):


	Hedging Derivative Instruments			Securities Available for Sale and Transferred Securities			Pension and Post-Retirement Obligations			Accumulated Other Comprehensive (Loss) Income
Balance at January 1, 2024	$	3,911		$	(111,906	)	$	(11,946	)	$	(119,941	)
Other comprehensive (loss) income before reclassifications		(826	)		(8,489	)		1,616			(7,699	)
Amounts reclassified from accumulated other comprehensive income (loss)		-			74,460			576			75,036
Net current period other comprehensive (loss) income		(826	)		65,971			2,192			67,337
Balance at December 31, 2024	$	3,085		$	(45,935	)	$	(9,754	)	$	(52,604	)

Balance at January 1, 2023	$	4,735		$	(128,634	)	$	(13,588	)	$	(137,487	)
Other comprehensive (loss) income before reclassifications		(824	)		14,020			(1,837	)		11,359
Amounts reclassified from accumulated other comprehensive income (loss)		-			2,708			3,479			6,187
Net current period other comprehensive (loss) income		(824	)		16,728			1,642			17,546
Balance at December 31, 2023	$	3,911		$	(111,906	)	$	(11,946	)	$	(119,941	)

Balance at January 1, 2022	$	1,160		$	(4,971	)	$	(9,396	)	$	(13,207	)
Other comprehensive income (loss) before reclassifications		3,575			(123,750	)		(4,412	)		(124,587	)
Amounts reclassified from accumulated other comprehensive income (loss)		-			87			220			307
Net current period other comprehensive income (loss)		3,575			(123,663	)		(4,192	)		(124,280	)
Balance at December 31, 2022	$	4,735		$	(128,634	)	$	(13,588	)	$	(137,487	)

The following table presents the amounts reclassified out of each component of accumulated other comprehensive income (loss) for the years ended December 31 (in thousands):


Details About Accumulated Other Comprehensive Income (Loss) Components	Amount Reclassified from Accumulated Other Comprehensive (Loss) Income						Affected Line Item in the Consolidated Statement of Operations
	2024			2023
Realized (loss) gain on sale of investment securities	$	(100,055	)	$	(3,576	)	Net loss on investment securities
Amortization of unrealized holding losses on investment securities transferred from available for sale to held to maturity		(53	)		(66	)	Interest and dividends on investment securities
		(100,108	)		(3,642	)	Total before tax
		25,648			934		Income tax benefit
		(74,460	)		(2,708	)	Net of tax
Amortization of pension and post-retirement items:
Prior service credit (1)		(1,311	)		(3,413	)	Salaries and employee benefits
Net actuarial losses (1)		536			(1,264	)	Salaries and employee benefits
		(775	)		(4,677	)	Total before tax
		199			1,198		Income tax benefit
		(576	)		(3,479	)	Net of tax
Total reclassified for the period	$	(75,036	)	$	(6,187	)

(1)

These items are included in the computation of net periodic pension expense. See Note 19, Employee Benefit Plans, for additional information.