| Comprehensive Income/(Loss) |
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:
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|
|
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:
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Details about Accumulated Other Comprehensive
Income/(Loss) Components |
For the Three Months
Ended March 31, |
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|
|
Affected Line Item in the Statement
of Comprehensive Income |
(unaudited, in thousands) |
2024 |
|
|
2023 |
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|
|
|
Debt securities available-for-sale (1): |
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|
|
|
|
|
|
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): |
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|
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|
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|
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. |