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Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

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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Tabular disclosure of information about items reclassified out of accumulated other comprehensive income (loss).

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Tabular disclosure of the components of accumulated other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-14A

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481674/830-30-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

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Tabular disclosure of components of comprehensive income (loss). Includes, but is not limited to, foreign currency translation adjustments, foreign currency transactions designated as economic hedges of a net investment in foreign entity, gain (loss) and prior service cost (credit) for pension plans and other postretirement benefit plans.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 1
-Section 45
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1

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