| Other Comprehensive Income (Loss) |
Other Comprehensive Income (Loss) The following tables present the components of other comprehensive income (loss), both gross and net of tax, for the three and six months ended June 30, 2025 and 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended June 30, | | 2025 | | 2024 | | Before Tax | | Tax Effect | | After Tax | | Before Tax | | Tax Effect | | After Tax | | (In thousands) | | Components of other comprehensive income (loss): | | | | | | | | | | | | | Unrealized gain (loss) on debt securities available for sale: | $ | 5,889 | | | $ | (1,639) | | | $ | 4,250 | | | $ | (626) | | | $ | 176 | | | $ | (450) | | | Accretion of unrealized (loss) gain on debt securities reclassified as held to maturity | 6 | | | (2) | | | 4 | | | 3 | | | (1) | | | 2 | | | Reclassification adjustment for (loss) included in net income | 336 | | | (93) | | | 243 | | | — | | | — | | | — | | | 6,231 | | | (1,734) | | | 4,497 | | | (623) | | | 175 | | | (448) | | | Derivatives: | | | | | | | | | | | | | Unrealized (loss) gain on swap contracts accounted for as cash flow hedges | (1,649) | | | 459 | | | (1,190) | | | 414 | | | (116) | | | 298 | | | (1,649) | | | 459 | | | (1,190) | | | 414 | | | (116) | | | 298 | | | | | | | | | | | | | | | Employee benefit plans: | | | | | | | | | | | | | Amortization of prior service cost included in net income | (34) | | | 9 | | | (25) | | | (14) | | | 4 | | | (10) | | | Reclassification adjustment of actuarial net gain (loss) included in net income | 23 | | | (6) | | | 17 | | | (548) | | | 154 | | | (394) | | | Change in funded status of retirement obligations | 3,668 | | | (1,021) | | | 2,647 | | | 8,224 | | | (2,315) | | | 5,909 | | | 3,657 | | | (1,018) | | | 2,639 | | | 7,662 | | | (2,157) | | | 5,505 | | | Total other comprehensive income | $ | 8,239 | | | $ | (2,293) | | | $ | 5,946 | | | $ | 7,453 | | | $ | (2,098) | | | $ | 5,355 | |
15. Other Comprehensive Income (Loss) (Continued) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Six Months Ended June 30, | | 2025 | | 2024 | | Before Tax | | Tax Effect | | After Tax | | Before Tax | | Tax Effect | | After Tax | | (In thousands) | | Components of other comprehensive income (loss): | | | | | | | | | | | | | Unrealized gain (loss) on debt securities available for sale: | $ | 21,773 | | | $ | (6,058) | | | $ | 15,715 | | | $ | (7,575) | | | $ | 2,133 | | | $ | (5,442) | | | Accretion of unrealized (loss) gain on debt securities reclassified as held to maturity | (8) | | | 2 | | | (6) | | | 8 | | | (2) | | | 6 | | | Reclassification adjustment for (loss) included in net income | 336 | | | (93) | | | 243 | | | (1,256) | | | 353 | | | (903) | | | 22,101 | | | (6,149) | | | 15,952 | | | (8,823) | | | 2,484 | | | (6,339) | | | Derivatives: | | | | | | | | | | | | | Unrealized (loss) gain on swap contracts accounted for as cash flow hedges | (4,616) | | | 1,285 | | | (3,331) | | | 5,647 | | | (1,589) | | | 4,058 | | | (4,616) | | | 1,285 | | | (3,331) | | | 5,647 | | | (1,589) | | | 4,058 | | | | | | | | | | | | | | | Employee benefit plans: | | | | | | | | | | | | | Amortization of prior service cost included in net income | (67) | | | 19 | | | (48) | | | (28) | | | 8 | | | (20) | | | Reclassification adjustment of actuarial net gain (loss) included in net income | 46 | | | (13) | | | 33 | | | (1,082) | | | 304 | | | (778) | | | Change in funded status of retirement obligations | 3,684 | | | (1,026) | | | 2,658 | | | 8,813 | | | (2,481) | | | 6,332 | | | 3,663 | | | (1,020) | | | 2,643 | | | 7,703 | | | (2,169) | | | 5,534 | | | Total other comprehensive income | $ | 21,148 | | | $ | (5,884) | | | $ | 15,264 | | | $ | 4,527 | | | $ | (1,274) | | | $ | 3,253 | |
15. Other Comprehensive Income (Loss) (continued)
The following tables present the changes in the components of accumulated other comprehensive income (loss), net of tax, for the three and six months ended June 30, 2025 and 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended June 30, | | 2025 | | 2024 | | Unrealized (Losses) on Debt Securities Available for Sale | | Unrealized (Losses) on Swaps | | Employee Benefit Plans | | Accumulated Other Comprehensive (Loss) | | Unrealized (Losses) on Debt Securities Available for Sale | | Unrealized Gains on Swaps | | Employee Benefit Plans | | Accumulated Other Comprehensive (Loss) | | (In thousands) | | | | | | | | | | | | | | | | | | Balance at beginning of period | $ | (72,068) | | | $ | (776) | | | $ | (28,206) | | | $ | (101,050) | | | $ | (119,540) | | | $ | 3,346 | | | $ | (44,643) | | | $ | (160,837) | | | Current period changes in other comprehensive income (loss) | 4,497 | | | (1,190) | | | 2,639 | | | 5,946 | | | (448) | | | 298 | | | 5,505 | | | 5,355 | | | Total other comprehensive income (loss) | $ | (67,571) | | | $ | (1,966) | | | $ | (25,567) | | | $ | (95,104) | | | $ | (119,988) | | | $ | 3,644 | | | $ | (39,138) | | | $ | (155,482) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Six Months Ended June 30, | | 2025 | | 2024 | | Unrealized (Losses) on Debt Securities Available for Sale | | Unrealized Gains (Losses) on Swaps | | Employee Benefit Plans | | Accumulated Other Comprehensive (Loss) | | Unrealized (Losses) on Debt Securities Available for Sale | | Unrealized Gains (Losses) on Swaps | | Employee Benefit Plans | | Accumulated Other Comprehensive (Loss) | | (In thousands) | | | | | | | | | | | | | | | | | | Balance at beginning of period | $ | (83,523) | | | $ | 1,365 | | | $ | (28,210) | | | $ | (110,368) | | | $ | (113,649) | | | $ | (414) | | | $ | (44,672) | | | $ | (158,735) | | | Current period changes in other comprehensive income (loss) | 15,952 | | | (3,331) | | | 2,643 | | | 15,264 | | | (6,339) | | | 4,058 | | | 5,534 | | | 3,253 | | | Total other comprehensive income (loss) | $ | (67,571) | | | $ | (1,966) | | | $ | (25,567) | | | $ | (95,104) | | | $ | (119,988) | | | $ | 3,644 | | | $ | (39,138) | | | $ | (155,482) | |
15. Other Comprehensive Income (Loss) (continued) The following tables reflect amounts reclassified from accumulated other comprehensive income (loss) to the Consolidated Statements of Income and the affected line item in the statement where net income is presented for the three and six months ended June 30, 2025 and 2024:
| | | | | | | | | | | | | | | | | | | | | | | Accumulated Other Comprehensive Income (Loss) Components | | | | | For the Three Months Ended June 30, | | Affected Line Items in the Consolidated Statements of Income | | | 2025 | | 2024 | | | | | (In thousands) | | | | | | | | | | | Reclassification adjustment for gain included in net income | | $ | 336 | | | $ | — | | | Gain (loss) on securities transactions | | Reclassification adjustment of actuarial net gain (loss) included in net income | | $ | 23 | | | $ | (548) | | | Other non-interest expense | | Total before tax | | 359 | | | (548) | | | | | Income tax benefit | | (99) | | | 154 | | | | | Net of tax | | $ | 260 | | | $ | (394) | | | |
| | | | | | | | | | | | | | | | | | | | | | | Accumulated Other Comprehensive Income (Loss) Components | | | | | For the Six Months Ended June 30, | | Affected Line Items in the Consolidated Statements of Income | | | 2025 | | 2024 | | | | | (In thousands) | | | | | | | | | | | Reclassification adjustment for gain (loss) included in net income | | $ | 336 | | | $ | (1,256) | | | Gain (loss) on securities transactions | | Reclassification adjustment of actuarial net gain (loss) included in net income | | $ | 46 | | | $ | (1,082) | | | Other non-interest expense | | Total before tax | | 382 | | | (2,338) | | | | | Income tax benefit | | (106) | | | 657 | | | | | Net of tax | | $ | 276 | | | $ | (1,681) | | | |
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