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ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 12 Months Ended
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Dec. 31, 2024
ACCUMULATED OTHER COMPREHENSIVE LOSS [Abstract] |
Changes in Accumulated Other Comprehensive Loss by Component, Net of Tax | The components of accumulated other comprehensive loss, net of tax, as of December 31, were as follows (in thousands):
|  | 2024 |  |  | 2023 |
Net unrealized gain on securities available for sale |  | $ | (33,624 | ) |  | $ | (35,743 | )
Tax effect |  |  | 7,060 |  |  |  | 7,505 |
Net -of-tax amount |  |  | (26,564 | ) |  |  | (28,238 | )
Unrealized loss on interest rate swap |  |  | 4,236 |  |  |  | 5,441 |
Tax effect |  |  | 889 |  |  |  | 1,142 |
Net -of-tax amount |  |  | 3,347 |  |  |  | 4,299 |
Unrecognized pension costs |  |  | (385 | ) |  |  | (1,231 | )
Tax effect |  |  | 81 |  |  |  | 259 |
Net -of-tax amount |  |  | (304 | ) |  |  | (972 | )
Total accumulated other comprehensive loss |  | $ | (23,521 | ) |  | $ | (24,911 | )
The following tables present the changes in accumulated other comprehensive loss by component net of tax for the years ended December 31, 2024, 2023 and 2022 (in thousands):
|  | Unrealized gain (loss) on available for sale securities (a) |  |  | Unrealized gain (loss) on interest rate swap (a) |  |  | Defined Benefit Pension Items (a) |  |  | Total |
Balance as of December 31, 2021 |  | $ | 304 |  |  | $ | 1,509 |  |  | $ | (1,968 | ) |  | $ | (155 | )
Other comprehensive income (loss) before reclassifications (net of tax) |  |  | (37,829 | ) |  |  | 4,034 |  |  |  | 836 |  |  |  | (32,959 | )
Amounts reclassified from accumulated other comprehensive income (loss) (net of tax) |  |  | 11 |  |  |  | (114 | ) |  |  | 76 |  |  |  | (27 | )
Net current period other comprehensive income (loss) |  |  | (37,818 | ) |  |  | 3,920 |  |  |  | 912 |  |  |  | (32,986 | )
Balance as of December 31, 2022 |  | $ | (37,514 | ) |  | $ | 5,429 |  |  | $ | (1,056 | ) |  | $ | (33,141 | )
Balance as of December 31, 2022 |  | $ | (37,514 | ) |  | $ | 5,429 |  |  | $ | (1,056 | ) |  | $ | (33,141 | )
Other comprehensive income (loss) before reclassifications (net of tax) |  |  | 9,237 |  |  |  | 610 |  |  |  | 52 |  |  |  | 9,899 |
Amounts reclassified from accumulated other comprehensive income (loss) (net of tax) |  |  | 39 |  |  |  | (1,740 | ) |  |  | 32 |  |  |  | (1,669 | )
Net current period other comprehensive income (loss) |  |  | 9,276 |  |  |  | (1,130 | ) |  |  | 84 |  |  |  | 8,230 |
Balance as of December 31, 2023 |  | $ | (28,238 | ) |  | $ | 4,299 |  |  | $ | (972 | ) |  | $ | (24,911 | )
Balance as of December 31, 2023 |  | $ | (28,238 | ) |  | $ | 4,299 |  |  | $ | (972 | ) |  | $ | (24,911 | )
Other comprehensive income (loss) before reclassifications (net of tax) |  |  | 1,674 |  |  |  | 1,036 |  |  |  | 642 |  |  |  | 3,352 |
Amounts reclassified from accumulated other comprehensive income (loss) (net of tax) |  |  | - |  |  |  | (1,988 | ) |  |  | 26 |  |  |  | (1,962 | )
Net current period other comprehensive income (loss) |  |  | 1,674 |  |  |  | (952 | ) |  |  | 668 |  |  |  | 1,390 |
Balance as of December 31, 2024 |  | $ | (26,564 | ) |  | $ | 3,347 |  |  | $ | (304 | ) |  | $ | (23,521 | )
(a) Amounts in parenthesis indicate debits
Significant Amounts Reclassified out of each Component of Accumulated Other Comprehensive Loss | The following table presents the significant amounts reclassified out of each component of accumulated other comprehensive loss for the years ended December 31, 2024, 2023 and 2022 (in thousands):
Details about accumulated other comprehensive income (loss) |  | Amount reclassified from accumulated comprehensive income (loss) (a) |  | Affected line item in the Consolidated Statement of Income
|  | December 31, |  |
|  | 2024 |  |  | 2023 |  |  | 2022 |  |
Unrealized gains and losses on available for sale securities |  |  |  |  |  |  |  |  |  |
|  | $ | - |  |  | $ | (51 | ) |  | $ | (14 | ) | Available for sale securities (losses) gains, net
|  |  | - |  |  |  | 12 |  |  |  | 3 |  | Provision for income taxes
|  | $ | - |  |  | $ | (39 | ) |  | $ | (11 | ) | Net of tax
Unrealized gain (loss) on interest rate swap |  | $ | 2,516 |  |  | $ | 2,203 |  |  | $ | 145 |  | Interest expense
|  |  | (528 | ) |  |  | (463 | ) |  |  | (31 | ) | Provision for income taxes
|  | $ | 1,988 |  |  | $ | 1,740 |  |  | $ | 114 |  | Net of tax
Defined benefit pension items |  |  |  |  |  |  |  |  |  |  |  |  |
|  | $ | (33 | ) |  | $ | (41 | ) |  | $ | (96 | ) | Other expenses
|  |  | 7 |  |  |  | 9 |  |  |  | 20 |  | Provision for income taxes
|  | $ | (26 | ) |  | $ | (32 | ) |  | $ | (76 | ) | Net of tax
Total reclassifications |  | $ | 1,962 |  |  | $ | 1,669 |  |  | $ | 27 |  |
(a) Amounts in parentheses indicate debits |  |  |  |  |  |  |  |  |  |  |  |  |

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