| Accumulated Other Comprehensive Loss |
Note 8 – Accumulated Other Comprehensive Loss
The following tables present the changes in accumulated other comprehensive loss by component, net of tax, for the three and six months ended June 30,
2025 and 2024 (in thousands):
| |
|
Unrealized gain
(loss) on available
for sale securities
(a)
|
|
|
Defined Benefit
Pension Items
(a)
|
|
|
Unrealized loss
on interest rate
swap (a)
|
|
|
Total
|
|
| |
|
Three months ended June 30, 2025
|
|
|
Balance as of March 31, 2025
|
|
$
|
(22,663
|
)
|
|
$
|
(304
|
)
|
|
$
|
2,728
|
|
|
$
|
(20,239
|
)
|
|
Other comprehensive (loss) income before reclassifications (net of tax)
|
|
|
(448
|
)
|
|
|
-
|
|
|
|
55
|
|
|
|
(393
|
)
|
|
Amounts reclassified from accumulated other comprehensive loss (net of tax)
|
|
|
-
|
|
|
|
-
|
|
|
|
(394
|
)
|
|
|
(394
|
)
|
|
Net current period other comprehensive loss
|
|
|
(448
|
)
|
|
|
-
|
|
|
|
(339
|
)
|
|
|
(787
|
)
|
|
Balance as of June 30,
2025
|
|
$
|
(23,111
|
)
|
|
$
|
(304
|
)
|
|
$
|
2,389
|
|
|
$
|
(21,026
|
)
|
|
|
Six months ended June 30, 2025
|
|
|
Balance as of December 31, 2024
|
|
$
|
(26,564
|
)
|
|
$
|
(304
|
)
|
|
$
|
3,347
|
|
|
$
|
(23,521
|
)
|
|
Other comprehensive income (loss) before reclassifications (net of tax)
|
|
|
3,453
|
|
|
|
-
|
|
|
|
(140
|
)
|
|
|
3,313
|
|
|
Amounts reclassified from accumulated other comprehensive loss (net of tax)
|
|
|
-
|
|
|
|
-
|
|
|
|
(818
|
)
|
|
|
(818
|
)
|
|
Net current period other comprehensive income (loss)
|
|
|
3,453
|
|
|
|
-
|
|
|
|
(958
|
)
|
|
|
2,495
|
|
|
Balance as of June 30,
2025
|
|
$
|
(23,111
|
)
|
|
$
|
(304
|
)
|
|
$
|
2,389
|
|
|
$
|
(21,026
|
)
|
|
|
Three months ended June 30, 2024
|
|
|
Balance as of March 31, 2024
|
|
$
|
(30,069
|
)
|
|
$
|
(970
|
)
|
|
$
|
4,419
|
|
|
$
|
(26,620
|
)
|
|
Other comprehensive income before reclassifications (net of tax)
|
|
|
911
|
|
|
|
-
|
|
|
|
263
|
|
|
|
1,174
|
|
|
Amounts reclassified from accumulated other comprehensive income (loss) (net of tax)
|
|
|
-
|
|
|
|
11
|
|
|
|
(497
|
)
|
|
|
(486
|
)
|
|
Net current period other comprehensive income (loss)
|
|
|
911
|
|
|
|
11
|
|
|
|
(234
|
)
|
|
|
688
|
|
|
Balance as of June 30, 2024
|
|
$
|
(29,158
|
)
|
|
$
|
(959
|
)
|
|
$
|
4,185
|
|
|
$
|
(25,932
|
)
|
|
|
Six months ended June 30, 2024
|
|
| |
|
Unrealized gain
(loss) on available
for sale securities
(a)
|
|
|
Defined Benefit
Pension Items
(a)
|
|
|
Unrealized loss
on interest rate
swap (a)
|
|
|
Total
|
|
|
Balance as of December 31, 2023
|
|
$
|
(28,238
|
)
|
|
$
|
(972
|
)
|
|
$
|
4,299
|
|
|
$
|
(24,911
|
)
|
|
Other comprehensive (loss) income before reclassifications (net of tax)
|
|
|
(920
|
)
|
|
|
-
|
|
|
|
887
|
|
|
|
(33
|
)
|
|
Amounts reclassified from accumulated other comprehensive income (loss) (net of tax)
|
|
|
-
|
|
|
|
13
|
|
|
|
(1,001
|
)
|
|
|
(988
|
)
|
|
Net current period other comprehensive (loss) income
|
|
|
(920
|
)
|
|
|
13
|
|
|
|
(114
|
)
|
|
|
(1,021
|
)
|
|
Balance as of June 30, 2024
|
|
$
|
(29,158
|
)
|
|
$
|
(959
|
)
|
|
$
|
4,185
|
|
|
$
|
(25,932
|
)
|
(a) Amounts in parentheses indicate debits on
the Consolidated Balance Sheet.
The following table presents the significant amounts reclassified out of each component of accumulated other comprehensive loss for the three and six
months ended June 30, 2025 and 2024 (in thousands):
|
Details about accumulated other comprehensive income (loss)
|
|
Amount reclassified from accumulated comprehensive
income (loss) (a)
|
|
Affected line item in the Consolidated Statement of Income
|
|
|
|
Three Months Ended June 30,
|
|
|
|
|
|
2025
|
|
|
2024
|
|
|
|
Unrealized gains and losses on available for sale securities
|
|
|
|
|
|
|
|
| |
|
$
|
-
|
|
|
$
|
-
|
|
Available for sale securities gains, net
|
| |
|
|
-
|
|
|
|
-
|
|
Provision for income taxes
|
| |
|
$
|
-
|
|
|
$
|
-
|
|
Net of tax
|
|
Defined benefit pension items
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
-
|
|
|
$
|
(14
|
)
|
Other expenses
|
|
|
|
|
-
|
|
|
|
3
|
|
Provision for income taxes
|
|
|
|
$
|
-
|
|
|
$
|
(11
|
)
|
Net of tax
|
Unrealized gain (loss) on interest rate swap
|
|
$ |
498 |
|
|
$ |
630 |
|
Interest expense
|
| |
|
|
(104 |
) |
|
|
(133 |
) |
Provision for income taxes
|
| |
|
$ |
394 |
|
|
$ |
497 |
|
Net of tax
|
| |
|
|
|
|
|
|
|
|
|
|
Total reclassifications
|
|
$
|
394
|
|
|
$
|
486
|
|
|
|
Six Months Ended June 30,
|
|
|
|
2025
|
|
|
2024
|
|
|
|
Unrealized gains and losses on available for sale securities
|
|
|
|
|
|
|
|
| |
|
$
|
-
|
|
|
$
|
-
|
|
Available for sale securities gains, net
|
| |
|
|
-
|
|
|
|
-
|
|
Provision for income taxes
|
| |
|
$
|
-
|
|
|
$
|
-
|
|
Net of tax
|
|
Defined benefit pension items
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
-
|
|
|
$
|
(16
|
)
|
Other expenses
|
|
|
|
|
-
|
|
|
|
3
|
|
Provision for income taxes
|
|
|
|
$
|
-
|
|
|
$
|
(13
|
)
|
Net of tax
|
| Unrealized gain (loss) on interest rate swap |
|
$ |
1,035 |
|
|
$ |
1,268 |
|
Interest expense
|
| |
|
|
(217 |
) |
|
|
(267 |
) |
Provision for income taxes
|
| |
|
$ |
818 |
|
|
$ |
1,001 |
|
Net of tax
|
| |
|
|
|
|
|
|
|
|
|
|
Total reclassifications
|
|
$
|
818
|
|
|
$
|
988
|
|
|
(a) Amounts in parentheses indicate expenses and
other amounts indicate income on the Consolidated Statement of Income
|