Accumulated Other Comprehensive (Loss) Income

6 Months Ended

Jun. 30, 2022

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss)

Note 12: Accumulated Other Comprehensive (Loss) Income

Changes in the components of accumulated other comprehensive (loss) income (“AOCI”), net of tax, for the periods indicated are summarized in the tables below.


	For the three months ended June 30, 2022
(In thousands)	Retirement Plans			Unrealized Loss on Available-for- Sale Securities			Unrealized Gain on Derivatives and Hedging Activities		Unrealized Gain on Securities Transferred to Held-to-Maturity		Total
Beginning balance	$	(1,412	)	$	(3,842	)	$	194	$	2	$	(5,058	)
Other comprehensive (loss) income before reclassifications		-			(4,559	)		237		-		(4,322	)
Amounts reclassified from AOCI		1			(20	)		-		-		(19	)
Ending balance	$	(1,411	)	$	(8,421	)	$	431	$	2	$	(9,399	)


	For the three months ended June 30, 2021
(In thousands)	Retirement Plans			Unrealized Gain on Available-for- Sale Securities		Unrealized Loss on Derivatives and Hedging Activities			Unrealized Loss on Securities Transferred to Held-to-Maturity			Total
Beginning balance	$	(2,074	)	$	1,108	$	(793	)	$	(9	)	$	(1,768	)
Other comprehensive income before reclassifications		-			441		69			4			514
Amounts reclassified from AOCI		19			-		-			-			19
Ending balance	$	(2,055	)	$	1,549	$	(724	)	$	(5	)	$	(1,235	)


	For the six months ended June 30, 2022
(In thousands)	Retirement Plans			Unrealized Loss on Available-for- Sale Securities			Unrealized Gain on Derivatives and Hedging Activities			Unrealized Gain on Securities Transferred to Held-to-Maturity		Total
Beginning balance	$	(1,412	)	$	428		$	(286	)	$	2	$	(1,268	)
Other comprehensive (loss) income before reclassifications		-			(8,830	)		717			-		(8,113	)
Amounts reclassified from AOCI		1			(19	)		-			-		(18	)
Ending balance	$	(1,411	)	$	(8,421	)	$	431		$	2	$	(9,399	)


	For the six months ended June 30, 2021
(In thousands)	Retirement Plans			Unrealized Gain on Available-for- Sale Securities		Unrealized Loss on Derivatives and Hedging Activities			Unrealized Loss on Securities Transferred to Held-to-Maturity			Total
Beginning balance	$	(2,093	)	$	837	$	(966	)	$	(14	)	$	(2,236	)
Other comprehensive income before reclassifications		-			712		242			9			963
Amounts reclassified from AOCI		38			-		-			-			38
Ending balance	$	(2,055	)	$	1,549	$	(724	)	$	(5	)	$	(1,235	)

The following table presents the amounts reclassified out of each component of AOCI for the indicated period:


		Amount Reclassified						Amount Reclassified
		from AOCI (1)						from AOCI (1)
		(Unaudited)						(Unaudited)
(In thousands)		For the three months ended						For the six months ended
Details about AOCI (1) components	Affected Line Item in the Statement of Income	June 30, 2022			June 30, 2021			June 30, 2022			June 30, 2021
Retirement plan items
Retirement plan net losses recognized in plan expenses (2)	Salaries and employee benefits	$	(1	)	$	(26	)	$	(1	)	$	(53	)
Tax effect	Provision for income taxes		-			7			-			15
	Net Income	$	(1	)	$	(19	)	$	(1	)	$	(38	)
Available-for-sale securities
Realized gain on sale of securities	Net gains on sales and redemptions of investment securities	$	26		$	-		$	25		$	-
Tax effect	Provision for income taxes		(6	)		-			(6	)		-
	Net Income	$	20		$	-		$	19		$	-

(1)

Amounts in parentheses indicates debits in net income.

(2)

These items are included in net periodic pension cost.

See Note 5 for additional information.