Comprehensive Income/(Loss)

3 Months Ended

Mar. 31, 2024

NOTE 10. COMPREHENSIVE INCOME/(LOSS)

The activity in accumulated other comprehensive income/(loss) for the three months ended March 31, 2024 and 2023 is as follows:


	Accumulated Other Comprehensive Income/(Loss) (1)
(unaudited, in thousands)	Defined Benefit Plans			Unrealized Gains (Losses) on Debt Securities Available-for-Sale			Total
Balance at December 31, 2023	$	6,515		$	(233,208	)	$	(226,693	)
Other comprehensive loss before reclassifications		—			(8,118	)		(8,118	)
Amounts reclassified from accumulated other comprehensive loss		(52	)		(59	)		(111	)
Period change		(52	)		(8,177	)		(8,229	)
Balance at March 31, 2024	$	6,463		$	(241,385	)	$	(234,922	)

Balance at December 31, 2022	$	(535	)	$	(261,881	)	$	(262,416	)
Other comprehensive income before reclassifications		—			27,828			27,828
Amounts reclassified from accumulated other comprehensive income		75			114			189
Period change		75			27,942			28,017
Balance at March 31, 2023	$	(460	)	$	(233,939	)	$	(234,399	)

(1)

All amounts are net of tax. Related income tax expense or benefit is calculated using a combined Federal and State income tax rate approximating 24% in both periods presented.

The following table provides details about amounts reclassified from accumulated other comprehensive income for the three months ended March 31, 2024 and 2023:


Details about Accumulated Other Comprehensive Income/(Loss) Components	For the Three Months Ended March 31,						Affected Line Item in the Statement of Comprehensive Income
(unaudited, in thousands)	2024			2023
Debt securities available-for-sale (1):
Net securities losses reclassified into earnings	$	—		$	151		Net securities gains/(losses) (Non-interest income)
Related income tax effect ⁽²⁾		(59	)		(37	)	Provision for income taxes
Net effect on accumulated other comprehensive income for the period		(59	)		114

Defined benefit plans (3):
Amortization of net loss and prior service costs		(101	)		98		Employee benefits (Non-interest expense)
Related income tax effect ⁽²⁾		49			(23	)	Provision for income taxes
Net effect on accumulated other comprehensive income for the period		(52	)		75
Total reclassifications for the period	$	(111	)	$	189

(1)

For additional detail related to unrealized gains on securities and related amounts reclassified from accumulated other comprehensive income, see Note 3, “Securities.”

(2)

Income tax expense or benefit is calculated using a combined Federal and State income tax rate approximating 24% in both periods presented.

(3)

Included in the computation of net periodic pension cost. See Note 7, “Benefit Plans” for additional detail.