ACCUMULATED OTHER COMPREHENSIVE LOSS

6 Months Ended

Jun. 30, 2023

Comprehensive income/ (loss) is defined as net income/ (loss) plus transactions and other occurrences that are the result of non-owner changes in equity. For Condensed Consolidated Financial Statements presented for the Company, non-owner changes in equity are comprised of unrealized gains or losses on investments available-for-sale and held-to-maturity, and any minimum pension liability adjustments.

The following table presents the activity in net accumulated other comprehensive income/ (loss) and the components of the activity for the periods indicated:


(In thousands)	Unrealized Gains/(Losses) on Debt Securities Available-for-Sale		Defined Benefit Pension Plan		Unrealized Losses on Debt Securities Transferred from Available-for-Sale to Held-to-Maturity		Total
Balance at January 1, 2023	$	(113,513)	$	(8,002)	$	(10,436)	$	(131,951)
Other comprehensive loss before reclassification from accumulated other comprehensive loss, net of tax	5,347		—		—		5,347
Reclassifications from accumulated other comprehensive loss to earnings, net of tax	—		336		643		979
Current period change in other comprehensive loss, net of tax	5,347		336		643		6,326
Balance at June 30, 2023	$	(108,166)	$	(7,666)	$	(9,793)	$	(125,625)


(In thousands)	Unrealized Gains/ (Losses) on Debt Securities Available-for-Sale		Defined Benefit Pension Plan		Unrealized Losses on Debt Securities Transferred from Available-for-Sale to Held-to-Maturity		Total
Balance at January 1, 2022	$	(336)	$	(8,203)	$	—	$	(8,539)
Other comprehensive income before reclassification, net of tax	(77,922)		—		(12,083)		(90,005)
Reclassifications from accumulated other comprehensive income, net of tax	(34)		291		834		1,091
Current period change in other comprehensive income, net of tax	(77,956)		291		(11,249)		(88,914)
Balance at June 30, 2022	$	(78,292)	$	(7,912)	$	(11,249)	$	(97,453)

The following table provides the information on the reclassification adjustments out of accumulated other comprehensive income/ (loss) for the periods indicated:


	Six Months Ended June 30,
(In thousands)	2023		2022
Unrealized gains on available-for-sale debt securities:
Affected line item in the Statements of Income:
Investment securities gains	$	—	$	46
Income before taxes	—		46
Tax expense	—		(12)
Net income	$	—	$	34

Amortization of unrealized losses on debt securities transferred from available-for-sale to held-to-maturity:
Affected line item in the Statements of Income:
Interest and dividends on investment securities (1)	$	(863)	$	(1,122)
Income before taxes	(863)		(1,122)
Tax benefit	220		288
Net loss	$	(643)	$	(834)

Amortization of defined benefit pension plan items:
Affected line item in the Statements of Income:
Recognized actuarial loss (2)	$	(451)	$	(391)

Income before taxes	(451)		(391)
Tax benefit	115		100
Net loss	$	(336)	$	(291)

(1)Amortization of unrealized losses on held-to-maturity debt securities is fully offset by accretion of a discount on held-to-maturity debt securities with no overall impact on net income and yield.

(2)This amount is included in the computation of net periodic benefit cost. See Note 10 for additional information on the pension plan.