XML 44 R36.htm IDEA: XBRL DOCUMENT v3.25.2
Accumulated Other Comprehensive Loss (Tables)
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 2025 and 2024 (in thousands):

 

 

 

Pre-tax
Amount

 

 

Tax
Effect

 

 

Net-of-tax
Amount

 

Three months ended June 30, 2025

 

 

 

 

 

 

 

 

 

Securities available for sale and transferred securities:

 

 

 

 

 

 

 

 

 

Change in unrealized loss during the period

 

$

109

 

 

$

28

 

 

$

81

 

Reclassification adjustment for net gains included in net income (1)

 

 

8

 

 

 

2

 

 

 

6

 

Total securities available for sale and transferred securities

 

 

117

 

 

 

30

 

 

 

87

 

Hedging derivative instruments:

 

 

 

 

 

 

 

 

 

Change in unrealized gain during the period

 

 

(550

)

 

 

(141

)

 

 

(409

)

Pension obligations:

 

 

 

 

 

 

 

 

 

Amortization of prior service credit included in income

 

 

(134

)

 

 

(34

)

 

 

(100

)

Amortization of net actuarial loss included in income

 

 

274

 

 

 

71

 

 

 

203

 

Total pension obligations

 

 

140

 

 

 

37

 

 

 

103

 

Other comprehensive (loss)

 

$

(293

)

 

$

(74

)

 

$

(219

)

Six months ended June 30, 2025

 

 

 

 

 

 

 

 

 

Securities available for sale and transferred securities:

 

 

 

 

 

 

 

 

 

Change in unrealized loss during the period

 

$

15,081

 

 

$

3,864

 

 

$

11,217

 

Reclassification adjustment for net gains included in net income (1)

 

 

20

 

 

 

5

 

 

 

15

 

Total securities available for sale and transferred securities

 

 

15,101

 

 

 

3,869

 

 

 

11,232

 

Hedging derivative instruments:

 

 

 

 

 

 

 

 

 

Change in unrealized gain during the period

 

 

(1,410

)

 

 

(361

)

 

 

(1,049

)

Pension obligations:

 

 

 

 

 

 

 

 

 

Amortization of prior service credit included in income

 

 

(268

)

 

 

(67

)

 

 

(201

)

Amortization of net actuarial loss included in income

 

 

548

 

 

 

140

 

 

 

408

 

Total pension obligations

 

 

280

 

 

 

73

 

 

 

207

 

Other comprehensive income

 

$

13,971

 

 

$

3,581

 

 

$

10,390

 

 

(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

 

Three months ended June 30, 2024

 

 

 

 

 

 

 

 

 

Securities available for sale and transferred securities:

 

 

 

 

 

 

 

 

 

Change in unrealized loss during the period

 

$

698

 

 

$

179

 

 

$

519

 

Reclassification adjustment for net gains included in net income (1)

 

 

13

 

 

 

3

 

 

 

10

 

Total securities available for sale and transferred securities

 

 

711

 

 

 

182

 

 

 

529

 

Hedging derivative instruments:

 

 

 

 

 

 

 

 

 

Change in unrealized gain during the period

 

 

(275

)

 

 

(70

)

 

 

(205

)

Pension obligations:

 

 

 

 

 

 

 

 

 

Amortization of prior service credit included in income

 

 

(134

)

 

 

(35

)

 

 

(99

)

Amortization of net actuarial loss included in income

 

 

357

 

 

 

92

 

 

 

265

 

Total pension obligations

 

 

223

 

 

 

57

 

 

 

166

 

Other comprehensive income

 

$

659

 

 

$

169

 

 

$

490

 

Six months ended June 30, 2024

 

 

 

 

 

 

 

 

 

Securities available for sale and transferred securities:

 

 

 

 

 

 

 

 

 

Change in unrealized loss during the period

 

$

(8,948

)

 

$

(2,293

)

 

$

(6,655

)

Reclassification adjustment for net gains included in net income (1)

 

 

27

 

 

 

7

 

 

 

20

 

Total securities available for sale and transferred securities

 

 

(8,921

)

 

 

(2,286

)

 

 

(6,635

)

Hedging derivative instruments:

 

 

 

 

 

 

 

 

 

Change in unrealized gain during the period

 

 

632

 

 

 

162

 

 

 

470

 

Pension obligations:

 

 

 

 

 

 

 

 

 

Amortization of prior service credit included in income

 

 

(268

)

 

 

(69

)

 

 

(199

)

Amortization of net actuarial loss included in income

 

 

715

 

 

 

184

 

 

 

531

 

Total pension obligations

 

 

447

 

 

 

115

 

 

 

332

 

Other comprehensive loss

 

$

(7,842

)

 

$

(2,009

)

 

$

(5,833

)

 

(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 and six months ended June 30, 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

 

Three months ended June 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

2,445

 

 

$

(34,790

)

 

$

(9,650

)

 

$

(41,995

)

Other comprehensive (loss) income before reclassifications

 

 

(409

)

 

 

81

 

 

 

—

 

 

 

(328

)

Amounts reclassified from accumulated other comprehensive income

 

 

—

 

 

 

6

 

 

 

103

 

 

 

109

 

Net current period other comprehensive (loss) income

 

 

(409

)

 

 

87

 

 

 

103

 

 

 

(219

)

Balance at end of period

 

$

2,036

 

 

$

(34,703

)

 

$

(9,547

)

 

$

(42,214

)

Six months ended June 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

3,085

 

 

$

(45,935

)

 

$

(9,754

)

 

$

(52,604

)

Other comprehensive (loss) income before reclassifications

 

 

(1,049

)

 

 

11,217

 

 

 

—

 

 

 

10,168

 

Amounts reclassified from accumulated other comprehensive income

 

 

—

 

 

 

15

 

 

 

207

 

 

 

222

 

Net current period other comprehensive (loss) income

 

 

(1,049

)

 

 

11,232

 

 

 

207

 

 

 

10,390

 

Balance at end of period

 

$

2,036

 

 

$

(34,703

)

 

$

(9,547

)

 

$

(42,214

)

Three months ended June 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

4,586

 

 

$

(119,070

)

 

$

(11,780

)

 

$

(126,264

)

Other comprehensive income (loss) before reclassifications

 

 

(205

)

 

 

519

 

 

 

—

 

 

 

314

 

Amounts reclassified from accumulated other comprehensive income

 

 

—

 

 

 

10

 

 

 

166

 

 

 

176

 

Net current period other comprehensive (loss) income

 

 

(205

)

 

 

529

 

 

 

166

 

 

 

490

 

Balance at end of period

 

$

4,381

 

 

$

(118,541

)

 

$

(11,614

)

 

$

(125,774

)

Six months ended June 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

3,911

 

 

$

(111,906

)

 

$

(11,946

)

 

$

(119,941

)

Other comprehensive income (loss) before reclassifications

 

 

470

 

 

 

(6,655

)

 

 

—

 

 

 

(6,185

)

Amounts reclassified from accumulated other comprehensive income

 

 

—

 

 

 

20

 

 

 

332

 

 

 

352

 

Net current period other comprehensive income (loss)

 

 

470

 

 

 

(6,635

)

 

 

332

 

 

 

(5,833

)

Balance at end of period

 

$

4,381

 

 

$

(118,541

)

 

$

(11,614

)

 

$

(125,774

)

 
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 and six months ended June 30, 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
June 30,

 

 

 

 

 

2025

 

 

2024

 

 

 

 

 

 

 

 

 

 

 

Realized gain on sale of investment securities

 

$

3

 

 

$

—

 

 

Net gain on sale or call of securities

Amortization of unrealized holding gain on investment securities transferred from available for sale to held to maturity

 

 

(11

)

 

 

(13

)

 

Interest income

 

 

(8

)

 

 

(13

)

 

Total before tax

 

 

2

 

 

 

3

 

 

Income tax expense

 

 

(6

)

 

 

(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

)

 

 

(357

)

 

Salaries and employee benefits

 

 

(140

)

 

 

(223

)

 

Total before tax

 

 

37

 

 

 

57

 

 

Income tax benefit

 

 

(103

)

 

 

(166

)

 

Net of tax

Total reclassified for the period

 

$

(109

)

 

$

(176

)

 

 

 

 

Six months ended

 

 

 

 

 

June 30,

 

 

 

 

 

2025

 

 

2024

 

 

 

Realized loss on sale of investment securities

 

$

3

 

 

$

—

 

 

Net gain on sale or call of securities

Amortization of unrealized holding gains
   on investment securities transferred from
   available for sale to held to maturity

 

 

(23

)

 

 

(27

)

 

Interest income

 

 

(20

)

 

 

(27

)

 

Total before tax

 

 

5

 

 

 

7

 

 

Income tax expense

 

 

(15

)

 

 

(20

)

 

Net of tax

Amortization of pension and post-retirement items:

 

 

 

 

 

 

 

 

Prior service credit (1)

 

 

268

 

 

 

268

 

 

Salaries and employee benefits

Net actuarial losses (1)

 

 

(548

)

 

 

(715

)

 

Salaries and employee benefits

 

 

(280

)

 

 

(447

)

 

Total before tax

 

 

73

 

 

 

115

 

 

Income tax benefit

 

 

(207

)

 

 

(332

)

 

Net of tax

Total reclassified for the period

 

$

(222

)

 

$

(352

)

 

 

 

(1) These items are included in the computation of net periodic pension expense. See Note 12, Employee Benefit Plans, for additional information.