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Stockholders’ Equity and Accumulated Other Comprehensive Income (Loss)
 6 Months Ended
Jun. 30, 2025
Stockholders' Equity Note [Abstract]  
Stockholders’ Equity and Accumulated Other Comprehensive Income (Loss) Stockholders’ Equity and Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
The following table summarizes the change in the components of the Company’s accumulated other comprehensive income (loss) for the six months ended June 30, 2025 and 2024:
Six Months Ended June 30, 2025
(dollars in thousands)Unrealized Gains (Losses) on Securities (1)Unrecognized Net Pension and Postretirement (Income) Costs (2)Accumulated Other Comprehensive Income (Loss)
Balance at beginning of period$(24,416)$11,973 $(12,443)
Other comprehensive income (loss), before reclassifications1,339 (638)701 
Amounts reclassified from accumulated other comprehensive income (loss)
— — — 
Current period other comprehensive income (loss), before tax1,339 (638)701 
Income tax (expense) benefit(281)134 (147)
Current period other comprehensive income (loss), net of tax1,058 (504)554 
Balance at end of period$(23,358)$11,469 $(11,889)
Six Months Ended June 30, 2024
(dollars in thousands)Unrealized Gains (Losses) on Securities (1)Unrecognized Net Pension and Postretirement (Income) Costs (2)Accumulated Other Comprehensive Income (Loss)
Balance at beginning of period$(21,461)$7,699 $(13,762)
Other comprehensive loss, before reclassifications(4,048)(345)(4,393)
Amounts reclassified from accumulated other comprehensive loss— — — 
Current period other comprehensive loss, before tax(4,048)(345)(4,393)
Income tax benefit850 72 922 
Current period other comprehensive loss, net of tax(3,198)(273)(3,471)
Balance at end of period$(24,659)$7,426 $(17,233)
(1)The pre-tax amounts reclassified from accumulated other comprehensive income (loss) are included in investment securities gains (losses), net in the consolidated statements of income.
(2)The pre-tax amounts reclassified from accumulated other comprehensive income (loss) are included in the computation of net periodic pension income.
Repurchase Program
On June 5, 2025, the Company announced that its Board of Directors approved a new common stock repurchase program under which the Company may repurchase up to $10.0 million of its common stock, which replaced the Company’s prior common stock repurchase program. Pursuant to the repurchase program, management is given discretion to determine the number and pricing of the shares to be repurchased, as well as the timing of any such repurchases. The timing and total amount of stock repurchases will depend on market and other conditions and may be made from time to time in open market purchases or privately negotiated transactions. The program has no termination date, may be suspended or discontinued at any time and does not obligate the Company to acquire any amount of common stock. The Company repurchased 79,777 common shares under its repurchase programs during the first six months of 2025 at an average cost of $27.62 per share totaling $2.2 million. As of June 30, 2025, $9.0 million remained available for share repurchases pursuant to the Company's current repurchase program.