Comprehensive Income/(Loss)

6 Months Ended

Jun. 30, 2024

NOTE 10. COMPREHENSIVE INCOME/(LOSS)

The activity in accumulated other comprehensive income/(loss) for the six months ended June 30, 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		—			(8,278	)		(8,278	)
Amounts reclassified from accumulated other comprehensive loss		(130	)		(107	)		(237	)
Period change		(130	)		(8,385	)		(8,515	)
Balance at June 30, 2024	$	6,385		$	(241,593	)	$	(235,208	)

Balance at December 31, 2022	$	(535	)	$	(261,881	)	$	(262,416	)
Other comprehensive loss before reclassifications		—			(2,481	)		(2,481	)
Amounts reclassified from accumulated other comprehensive income		150			120			270
Period change		150			(2,361	)		(2,211	)
Balance at June 30, 2023	$	(385	)	$	(264,242	)	$	(264,627	)

(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 and six months ended June 30, 2024 and 2023:


Details about Accumulated Other Comprehensive Income/(Loss) Components	For the Three Months Ended June 30,						For the Six Months Ended June 30,						Affected Line Item in the Statement of Comprehensive Income
(unaudited, in thousands)	2024			2023			2024			2023
Debt securities available-for-sale (1):
Net securities losses reclassified into earnings	$	12		$	8		$	12		$	159		Net securities gains/(losses) (Non-interest income)
Related income tax effect ⁽²⁾		(61	)		(2	)		(119	)		(39	)	Provision for income taxes
Net effect on accumulated other comprehensive (loss) income for the period		(49	)		6			(107	)		120

Defined benefit plans (3):
Amortization of net (gain) loss and prior service costs		(101	)		99			(202	)		198		Employee benefits (Non-interest expense)
Related income tax effect ⁽²⁾		24			(24	)		72			(48	)	Provision for income taxes
Net effect on accumulated other comprehensive (loss) income for the period		(77	)		75			(130	)		150
Total reclassifications for the period	$	(126	)	$	81		$	(237	)	$	270

(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.