ACCUMULATED OTHER COMPREHENSIVE INCOME/ (LOSS)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

ACCUMULATED OTHER COMPREHENSIVE INCOME/ (LOSS)

ACCUMULATED OTHER COMPREHENSIVE INCOME/ (LOSS)

Comprehensive income/ (loss) is defined as net income plus transactions and other occurrences that are the result of non-owner changes in equity. For 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 pension liability adjustments. These adjustments do not have an impact on the Company’s net income. Realized gains and losses on available-for-sale debt securities, and the amortization of unrealized losses on held-to-maturity debt securities and net periodic benefit cost impact the Company's net income as discussed in the following tables.

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

(In thousands)	Unrealized Gains/ (Losses) on Investments 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, 2021	$	28,175	$	(9,470)	$	—	$	18,705
Period change, net of tax	(28,511)		1,267		—		(27,244)
Balance at December 31, 2021	(336)		(8,203)		—		(8,539)
Period change, net of tax	(113,177)		201		(10,436)		(123,412)
Balance at December 31, 2022	(113,513)		(8,002)		(10,436)		(131,951)
Period change, net of tax	25,344		8,002		1,274		34,620
Balance at December 31, 2023	$	(88,169)	$	—	$	(9,162)	$	(97,331)

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

	Year Ended December 31,
(In thousands)	2023		2022		2021
Unrealized gains/ (losses) on investments available-for-sale:
Affected line item in the Consolidated Statements of Income:
Investment securities gains/ (losses)	$	—	$	(345)	$	212
Income before taxes	—		(345)		212
Tax (expense)/ benefit	—		88		(54)
Net income/ (loss)	$	—	$	(257)	$	158
Amortization of unrealized losses on debt securities transferred from available-for-sale to held-to-maturity:
Affected line item in the Consolidated Statements of Income:
Interest and dividends on investment securities (1)	$	(1,726)	$	(2,245)	$	—
Income before taxes	(1,726)		(2,245)		—
Tax benefit	452		598		—
Net loss	$	(1,274)	$	(1,647)	$	—
Amortization of defined benefit pension plan items:
Affected line item in the Consolidated Statements of Income:
Recognized actuarial loss (2)	$	(526)	$	(783)	$	(909)
Settlement charge (2)	(8,157)		—		(560)
Income before taxes	(8,683)		(783)		(1,469)
Tax benefit	2,212		199		376
Net loss	$	(6,471)	$	(584)	$	(1,093)

(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 13.