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ACCUMULATED OTHER COMPREHENSIVE LOSS | 12 Months Ended
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Dec. 31, 2024
ACCUMULATED OTHER COMPREHENSIVE LOSS [Abstract] |
ACCUMULATED OTHER COMPREHENSIVE LOSS | 14. ACCUMULATED OTHER COMPREHENSIVE LOSS 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 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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