Accumulated Other Comprehensive (Loss) Income

3 Months Ended

Mar. 31, 2023

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 March 31, 2023
(In thousands)	Retirement Plans			Unrealized Loss on Available-for- Sale Securities			Unrealized Loss on Derivatives and Hedging Activities			Unrealized Gain on Securities Transferred to Held-to-Maturity		Total
Beginning balance	$	(2,427	)	$	(10,127	)	$	382		$	-	$	(12,172	)
Other comprehensive (loss) income before reclassifications		-			(376	)		(455	)		-		(831	)
Amounts reclassified from AOCI		41			1,428			-			-		1,469
Ending balance	$	(2,386	)	$	(9,075	)	$	(73	)	$	-	$	(11,534	)


	For the three months ended March 31, 2022
(In thousands)	Retirement Plans			Unrealized Loss on Available-for- Sale Securities			Unrealized Gain on Derivatives and Hedging Activities			Unrealized Loss on Securities Transferred to Held-to-Maturity		Total
Beginning balance	$	(1,412	)	$	428		$	(286	)	$	2	$	(1,268	)
Other comprehensive (loss) income before reclassifications		-			(4,271	)		480			-		(3,791	)
Amounts reclassified from AOCI		1			-			-			-		1
Ending balance	$	(1,411	)	$	(3,843	)	$	194		$	2	$	(5,058	)

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


		Amount Reclassified
		from AOCI (1)
		(Unaudited)
(In thousands)		For the three months ended
Details about AOCI (1) components	Affected Line Item in the Statement of Income	March 31, 2023			March 31, 2022
Retirement plan items
Retirement plan net losses recognized in plan expenses (2)	Salaries and employee benefits	$	(55	)	$	(1	)
Tax effect	Provision for income taxes		14			-
	Net (losses) income	$	(41	)	$	(1	)
Available-for-sale securities
Realized (loss) gain on sale of securities	Net gains on sales and redemptions of investment securities	$	(1,933	)	$	-
Tax effect	Provision for income taxes		505			-
	Net (losses) income	$	(1,428	)	$	-

(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.