Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2024

Other Comprehensive Income (Loss) [Abstract]

Other Comprehensive Income (Loss)

5. OTHER COMPREHENSIVE INCOME (LOSS)

The following tables summarize the changes in the components of accumulated other comprehensive income (loss) during the three and six month periods ended June 30, 2024 and 2023:

	Balance at March 31, 2024		Net Change		Balance at June 30, 2024
	(in thousands)
Net unrealized loss on investment securities	$	(43,234)	$	(347)	$	(43,581)
Net defined benefit pension plan adjustments		(1,512)		16		(1,496)
Total	$	(44,746)	$	(331)	$	(45,077)

	Balance at March 31, 2023		Net Change		Balance at June 30, 2023
	(in thousands)
Net unrealized loss on investment securities	$	(43,713)	$	(4,294)	$	(48,007)
Net defined benefit pension plan adjustments		(1,910)		20		(1,890)
Total	$	(45,623)	$	(4,274)	$	(49,897)

	Balance at December 31, 2023		Net Change		Balance at June 30, 2024
	(in thousands)
Net unrealized loss on investment securities	$	(40,741)	$	(2,840)	$	(43,581)
Net defined benefit pension plan adjustments		(1,530)		34		(1,496)
Total	$	(42,271)	$	(2,806)	$	(45,077)
	Balance at December 31, 2022		Net Change		Balance at June 30, 2023
	(in thousands)
Net unrealized loss on investment securities	$	(47,348)	$	(659)	$	(48,007)
Net defined benefit pension plan adjustments		(1,930)		40		(1,890)
Total	$	(49,278)	$	(619)	$	(49,897)

‎

	Three months ended June 30, 2024						Three months ended June 30, 2023
	(in thousands)						(in thousands)
	Before-Tax Amount		Income Tax (Provision) Benefit		Net-of-Tax Amount		Before-Tax Amount		Income Tax (Provision) Benefit		Net-of-Tax Amount
Unrealized loss on investment
securities:
Unrealized loss on investment
securities	$	(344)	$	(3)	$	(347)	$	(5,802)	$	1,508	$	(4,294)
Defined benefit pension plan
adjustments:
Amortization of prior service cost		-		-		-		-		-		-
Amortization of actuarial loss		25		(9)		16		27		(7)		20
Net change		25		(9)		16		27		(7)		20
Other comprehensive loss	$	(319)	$	(12)	$	(331)	$	(5,775)	$	1,501	$	(4,274)

	Six months ended June 30, 2024						Six months ended June 30, 2023
	(in thousands)						(in thousands)
	Before-Tax Amount		Income Tax (Provision) Benefit		Net-of-Tax Amount		Before-Tax Amount		Income Tax (Provision) Benefit		Net-of-Tax Amount
Unrealized loss on investment
securities:
Unrealized loss on investment
securities	$	(3,708)	$	868	$	(2,840)	$	(918)	$	259	$	(659)
Defined benefit pension plan
adjustments:
Amortization of prior service cost		-		-		-		-		-		-
Amortization of actuarial loss		50		(16)		34		54		(14)		40
Net change		50		(16)		34		54		(14)		40
Other comprehensive loss	$	(3,658)	$	852	$	(2,806)	$	(864)	$	245	$	(619)