Other Comprehensive Income (Loss)

9 Months Ended

Sep. 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 nine month periods ended September 30, 2024 and 2023:

	Balance at June 30, 2024		Net Change		Balance at September 30, 2024
	(in thousands)
Net unrealized loss on investment securities	$	(43,581)	$	8,370	$	(35,211)
Net defined benefit pension plan adjustments		(1,496)		17		(1,479)
Total	$	(45,077)	$	8,387	$	(36,690)

	Balance at June 30, 2023		Net Change		Balance at September 30, 2023
	(in thousands)
Net unrealized loss on investment securities	$	(48,007)	$	(8,813)	$	(56,820)
Net defined benefit pension plan adjustments		(1,890)		20		(1,870)
Total	$	(49,897)	$	(8,793)	$	(58,690)

	Balance at December 31, 2023		Net Change		Balance at September 30, 2024
	(in thousands)
Net unrealized loss on investment securities	$	(40,741)	$	5,530	$	(35,211)
Net defined benefit pension plan adjustments		(1,530)		51		(1,479)
Total	$	(42,271)	$	5,581	$	(36,690)
	Balance at December 31, 2022		Net Change		Balance at September 30, 2023
	(in thousands)
Net unrealized loss on investment securities	$	(47,348)	$	(9,472)	$	(56,820)
Net defined benefit pension plan adjustments		(1,930)		60		(1,870)
Total	$	(49,278)	$	(9,412)	$	(58,690)

‎

	Three months ended September 30, 2024						Three months ended September 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 gain (loss) on investment
securities:
Unrealized gain (loss) on investment
securities	$	11,291	$	(2,921)	$	8,370	$	(11,904)	$	3,091	$	(8,813)
Defined benefit pension plan
adjustments:
Amortization of prior service cost		-		-		-		-		-		-
Amortization of actuarial loss		25		(8)		17		27		(7)		20
Net change		25		(8)		17		27		(7)		20
Other comprehensive income (loss)	$	11,316	$	(2,929)	$	8,387	$	(11,877)	$	3,084	$	(8,793)

	Nine months ended September 30, 2024						Nine months ended September 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 gain (loss) on investment
securities:
Unrealized gain (loss) on investment
securities	$	7,583	$	(2,053)	$	5,530	$	(12,822)	$	3,350	$	(9,472)
Defined benefit pension plan
adjustments:
Amortization of prior service cost		-		-		-		-		-		-
Amortization of actuarial loss		75		(24)		51		81		(21)		60
Net change		75		(24)		51		81		(21)		60
Other comprehensive income (loss)	$	7,658	$	(2,077)	$	5,581	$	(12,741)	$	3,329	$	(9,412)