Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2023

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

Accumulated Other Comprehensive Income (Loss)

NOTE 26: ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

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

	For the year ended December 31, 2023
(In thousands)	Net Unrealized Loss on 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	$	(2,427	)	$	(10,127	)	$	382		$	-	$	(12,172	)
Other comprehensive income (loss) before reclassifications		190			1,136			(350	)		-		976
Amounts reclassified from AOCI		164			1,427			-			-		1,591
Ending balance	$	(2,073	)	$	(7,564	)	$	32		$	-	$	(9,605	)

	For the year ended December 31, 2022
(In thousands)	Net Unrealized Loss on 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		(1,017	)		(10,673	)		668			(2	)		(11,024	)
Amounts reclassified from AOCI		2			118			-			-			120
Ending balance	$	(2,427	)	$	(10,127	)	$	382		$	-		$	(12,172	)

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

		Amount Reclassified
		from AOCI (1)
		(Unaudited)
(In thousands)		For the years ended
Details about AOCI (1) components	Affected Line Item in the Statement of Income	December 31, 2023			December 31, 2022
Retirement plan items
Retirement plan net losses    recognized in plan expenses  (2)	Salaries and employee benefits	$	(222	)	$	(2	)
Tax effect	Provision for income taxes		58			-
	Net Income	$	(164	)	$	(2	)
Available-for-sale securities
Realized losses on sale of securities	Net gains on sales and redemptions    of investment securities	$	(1,932	)	$	(160	)
Tax effect	Provision for income taxes		505			42
	Net Income	$	(1,427	)	$	(118	)

(1)Amounts in parentheses indicates debits in net income.

(2)These items are included in net periodic pension cost.

See Note 14 for additional information.