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Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended
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Mar. 31, 2025
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] |
Components of Other Comprehensive (Loss) Income | The following tables present the components of other comprehensive (loss) income for the three months ended March 31, 2025 and 2024 (in thousands):
|  | Pre-tax Amount |  |  | Tax Effect |  |  | Net-of-tax Amount |
March 31, 2025 |  |  |  |  |  |  |  |  |
Securities available for sale and transferred securities: |  |  |  |  |  |  |  |  |
Change in unrealized loss during the period |  | $ | 14,972 |  |  | $ | 3,836 |  |  | $ | 11,136 |
Reclassification adjustment for net gains included in net income (1) |  |  | 12 |  |  |  | 3 |  |  |  | 9 |
Total securities available for sale and transferred securities |  |  | 14,984 |  |  |  | 3,839 |  |  |  | 11,145 |
Hedging derivative instruments: |  |  |  |  |  |  |  |  |
Change in unrealized gain during the period |  |  | (860 | ) |  |  | (220 | ) |  |  | (640 | )
Pension obligations: |  |  |  |  |  |  |  |  |
Amortization of prior service credit included in income |  |  | (134 | ) |  |  | (34 | ) |  |  | (100 | )
Amortization of net actuarial loss included in income |  |  | 274 |  |  |  | 70 |  |  |  | 204 |
Total pension obligations |  |  | 140 |  |  |  | 36 |  |  |  | 104 |
Other comprehensive income |  | $ | 14,264 |  |  | $ | 3,655 |  |  | $ | 10,609 |
(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.
|  | Pre-tax Amount |  |  | Tax Effect |  |  | Net-of-tax Amount |
March 31, 2024 |  |  |  |  |  |  |  |  |
Securities available for sale and transferred securities: |  |  |  |  |  |  |  |  |
Change in unrealized loss during the period |  | $ | (9,646 | ) |  | $ | (2,472 | ) |  | $ | (7,174 | )
Reclassification adjustment for net gains included in net income (1) |  |  | 14 |  |  |  | 4 |  |  |  | 10 |
Total securities available for sale and transferred securities |  |  | (9,632 | ) |  |  | (2,468 | ) |  |  | (7,164 | )
Hedging derivative instruments: |  |  |  |  |  |  |  |  |
Change in unrealized gain during the period |  |  | 907 |  |  |  | 232 |  |  |  | 675 |
Pension obligations: |  |  |  |  |  |  |  |  |
Amortization of prior service credit included in income |  |  | (134 | ) |  |  | (34 | ) |  |  | (100 | )
Amortization of net actuarial loss included in income |  |  | 358 |  |  |  | 92 |  |  |  | 266 |
Total pension obligations |  |  | 224 |  |  |  | 58 |  |  |  | 166 |
Other comprehensive loss |  | $ | (8,501 | ) |  | $ | (2,178 | ) |  | $ | (6,323 | )
(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.
Components of Accumulated Other Comprehensive Income (Loss) | Activity in accumulated other comprehensive income (loss), net of tax, for the three months ended March 31, 2025 and 2024 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 |
March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | 3,085 |  |  | $ | (45,935 | ) |  | $ | (9,754 | ) |  | $ | (52,604 | )
Other comprehensive (loss) income before reclassifications |  |  | (640 | ) |  |  | 11,136 |  |  |  | — |  |  |  | 10,496 |
Amounts reclassified from accumulated other comprehensive income |  |  | — |  |  |  | 9 |  |  |  | 104 |  |  |  | 113 |
Net current period other comprehensive (loss) income |  |  | (640 | ) |  |  | 11,145 |  |  |  | 104 |  |  |  | 10,609 |
Balance at end of period |  | $ | 2,445 |  |  | $ | (34,790 | ) |  | $ | (9,650 | ) |  | $ | (41,995 | )
March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | 3,911 |  |  | $ | (111,906 | ) |  | $ | (11,946 | ) |  | $ | (119,941 | )
Other comprehensive income (loss) before reclassifications |  |  | 675 |  |  |  | (7,174 | ) |  |  | — |  |  |  | (6,499 | )
Amounts reclassified from accumulated other comprehensive income |  |  | — |  |  |  | 10 |  |  |  | 166 |  |  |  | 176 |
Net current period other comprehensive income (loss) |  |  | 675 |  |  |  | (7,164 | ) |  |  | 166 |  |  |  | (6,323 | )
Balance at end of period |  | $ | 4,586 |  |  | $ | (119,070 | ) |  | $ | (11,780 | ) |  | $ | (126,264 | )
Amounts Reclassified Out of Each Component of Accumulated Other Comprehensive (Loss) Income | The following table presents the amounts reclassified out of each component of accumulated other comprehensive (loss) income for the three months ended March 31, 2025 and 2024 (in thousands):
Details About Accumulated Other Comprehensive (Loss) Income Components |  | Amount Reclassified from Accumulated Other Comprehensive (Loss) Income |  |  | Affected Line Item in the Consolidated Statement of Operations
|  | Three months ended March 31, |  |  |
|  | 2025 |  |  | 2024 |  |  |
Amortization of unrealized holding gain on investment securities transferred from available for sale to held to maturity |  | $ | (12 | ) |  | $ | (14 | ) |  | Interest income
|  |  | (12 | ) |  |  | (14 | ) |  | Total before tax
|  |  | 3 |  |  |  | 4 |  |  | Income tax expense
|  |  | (9 | ) |  |  | (10 | ) |  | Net of tax
Amortization of pension and post-retirement items: |  |  |  |  |  |  |  |
Prior service credit (1) |  |  | 134 |  |  |  | 134 |  |  | Salaries and employee benefits
Net actuarial losses (1) |  |  | (274 | ) |  |  | (358 | ) |  | Salaries and employee benefits
|  |  | (140 | ) |  |  | (224 | ) |  | Total before tax
|  |  | 36 |  |  |  | 58 |  |  | Income tax benefit
|  |  | (104 | ) |  |  | (166 | ) |  | Net of tax
Total reclassified for the period |  | $ | (113 | ) |  | $ | (176 | ) |  |
(1) These items are included in the computation of net periodic pension expense. See Note 12, Employee Benefit Plans, for additional information.

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