| Accumulated Other Comprehensive Loss |
(10.) ACCUMULATED OTHER COMPREHENSIVE LOSS The following tables present the components of other comprehensive (loss) income for the three and six months ended June 30, 2026 and 2025 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax
Amount |
|
|
Tax
Effect |
|
|
Net-of-tax
Amount |
|
Three months ended June 30, 2026 |
|
|
|
|
|
|
|
|
|
Securities available for sale and transferred securities: |
|
|
|
|
|
|
|
|
|
Change in unrealized loss during the period |
|
$ |
(5,169 |
) |
|
$ |
(1,325 |
) |
|
$ |
(3,844 |
) |
Reclassification adjustment for net gains included in net income (1) |
|
|
9 |
|
|
|
3 |
|
|
|
6 |
|
Total securities available for sale and transferred securities |
|
|
(5,160 |
) |
|
|
(1,322 |
) |
|
|
(3,838 |
) |
Hedging derivative instruments: |
|
|
|
|
|
|
|
|
|
Change in unrealized gain during the period |
|
|
(287 |
) |
|
|
(74 |
) |
|
|
(213 |
) |
Pension obligations: |
|
|
|
|
|
|
|
|
|
Amortization of prior service credit included in income |
|
|
(134 |
) |
|
|
(35 |
) |
|
|
(99 |
) |
Amortization of net actuarial loss included in income |
|
|
172 |
|
|
|
44 |
|
|
|
128 |
|
Total pension obligations |
|
|
38 |
|
|
|
9 |
|
|
|
29 |
|
Other comprehensive loss |
|
$ |
(5,409 |
) |
|
$ |
(1,387 |
) |
|
$ |
(4,022 |
) |
Six months ended June 30, 2026 |
|
|
|
|
|
|
|
|
|
Securities available for sale and transferred securities: |
|
|
|
|
|
|
|
|
|
Change in unrealized loss during the period |
|
$ |
(13,166 |
) |
|
$ |
(3,374 |
) |
|
$ |
(9,792 |
) |
Reclassification adjustment for net gains included in net income (1) |
|
|
(310 |
) |
|
|
(79 |
) |
|
|
(231 |
) |
Total securities available for sale and transferred securities |
|
|
(13,476 |
) |
|
|
(3,453 |
) |
|
|
(10,023 |
) |
Hedging derivative instruments: |
|
|
|
|
|
|
|
|
|
Change in unrealized gain during the period |
|
|
(475 |
) |
|
|
(122 |
) |
|
|
(353 |
) |
Pension obligations: |
|
|
|
|
|
|
|
|
|
Amortization of prior service credit included in income |
|
|
(268 |
) |
|
|
(69 |
) |
|
|
(199 |
) |
Amortization of net actuarial loss included in income |
|
|
344 |
|
|
|
88 |
|
|
|
256 |
|
Total pension obligations |
|
|
76 |
|
|
|
19 |
|
|
|
57 |
|
Other comprehensive loss |
|
$ |
(13,875 |
) |
|
$ |
(3,556 |
) |
|
$ |
(10,319 |
) |
(1) Includes amounts related to the amortization/accretion of unrealized net gains and losses related to the Company’s reclassification of available for sale investment securities to the held to maturity category. The unrealized net gains/losses will be amortized/accreted over the remaining life of the investment securities as an adjustment of yield. (10.) ACCUMULATED OTHER COMPREHENSIVE LOSS (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax
Amount |
|
|
Tax
Effect |
|
|
Net-of-tax
Amount |
|
Three months ended June 30, 2025 |
|
|
|
|
|
|
|
|
|
Securities available for sale and transferred securities: |
|
|
|
|
|
|
|
|
|
Change in unrealized loss during the period |
|
$ |
109 |
|
|
$ |
28 |
|
|
$ |
81 |
|
Reclassification adjustment for net gains included in net income (1) |
|
|
8 |
|
|
|
2 |
|
|
|
6 |
|
Total securities available for sale and transferred securities |
|
|
117 |
|
|
|
30 |
|
|
|
87 |
|
Hedging derivative instruments: |
|
|
|
|
|
|
|
|
|
Change in unrealized gain during the period |
|
|
(550 |
) |
|
|
(141 |
) |
|
|
(409 |
) |
Pension obligations: |
|
|
|
|
|
|
|
|
|
Amortization of prior service credit included in income |
|
|
(134 |
) |
|
|
(34 |
) |
|
|
(100 |
) |
Amortization of net actuarial loss included in income |
|
|
274 |
|
|
|
71 |
|
|
|
203 |
|
Total pension obligations |
|
|
140 |
|
|
|
37 |
|
|
|
103 |
|
Other comprehensive loss |
|
$ |
(293 |
) |
|
$ |
(74 |
) |
|
$ |
(219 |
) |
Six months ended June 30, 2025 |
|
|
|
|
|
|
|
|
|
Securities available for sale and transferred securities: |
|
|
|
|
|
|
|
|
|
Change in unrealized loss during the period |
|
$ |
15,081 |
|
|
$ |
3,864 |
|
|
$ |
11,217 |
|
Reclassification adjustment for net gains included in net income (1) |
|
|
20 |
|
|
|
5 |
|
|
|
15 |
|
Total securities available for sale and transferred securities |
|
|
15,101 |
|
|
|
3,869 |
|
|
|
11,232 |
|
Hedging derivative instruments: |
|
|
|
|
|
|
|
|
|
Change in unrealized gain during the period |
|
|
(1,410 |
) |
|
|
(361 |
) |
|
|
(1,049 |
) |
Pension obligations: |
|
|
|
|
|
|
|
|
|
Amortization of prior service credit included in income |
|
|
(268 |
) |
|
|
(67 |
) |
|
|
(201 |
) |
Amortization of net actuarial loss included in income |
|
|
548 |
|
|
|
140 |
|
|
|
408 |
|
Total pension obligations |
|
|
280 |
|
|
|
73 |
|
|
|
207 |
|
Other comprehensive income |
|
$ |
13,971 |
|
|
$ |
3,581 |
|
|
$ |
10,390 |
|
(1) Includes amounts related to the amortization/accretion of unrealized net gains and losses related to the Company’s reclassification of available for sale investment securities to the held to maturity category. The unrealized net gains/losses will be amortized/accreted over the remaining life of the investment securities as an adjustment of yield. (10.) ACCUMULATED OTHER COMPREHENSIVE LOSS (Continued) Activity in accumulated other comprehensive income (loss), net of tax, for the three and six months ended June 30, 2026 and 2025 was as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hedging
Derivative
Instruments |
|
|
Securities
Available
for Sale and
Transferred
Securities |
|
|
Pension and
Post-
retirement
Obligations |
|
|
Accumulated
Other
Comprehensive
(Loss) Income |
|
Three months ended June 30, 2026 |
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period |
|
$ |
1,189 |
|
|
$ |
(32,790 |
) |
|
$ |
(7,726 |
) |
|
$ |
(39,327 |
) |
Other comprehensive (loss) income before reclassifications |
|
|
(213 |
) |
|
|
(3,844 |
) |
|
|
— |
|
|
|
(4,057 |
) |
Amounts reclassified from accumulated other comprehensive income |
|
|
— |
|
|
|
6 |
|
|
|
29 |
|
|
|
35 |
|
Net current period other comprehensive (loss) income |
|
|
(213 |
) |
|
|
(3,838 |
) |
|
|
29 |
|
|
|
(4,022 |
) |
Balance at end of period |
|
$ |
976 |
|
|
$ |
(36,628 |
) |
|
$ |
(7,697 |
) |
|
$ |
(43,349 |
) |
Six months ended June 30, 2026 |
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period |
|
$ |
1,329 |
|
|
$ |
(26,605 |
) |
|
$ |
(7,754 |
) |
|
$ |
(33,030 |
) |
Other comprehensive (loss) income before reclassifications |
|
|
(353 |
) |
|
|
(9,792 |
) |
|
|
— |
|
|
|
(10,145 |
) |
Amounts reclassified from accumulated other comprehensive income |
|
|
— |
|
|
|
(231 |
) |
|
|
57 |
|
|
|
(174 |
) |
Net current period other comprehensive (loss) income |
|
|
(353 |
) |
|
|
(10,023 |
) |
|
|
57 |
|
|
|
(10,319 |
) |
Balance at end of period |
|
$ |
976 |
|
|
$ |
(36,628 |
) |
|
$ |
(7,697 |
) |
|
$ |
(43,349 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period |
|
$ |
2,445 |
|
|
$ |
(34,790 |
) |
|
$ |
(9,650 |
) |
|
$ |
(41,995 |
) |
Other comprehensive income (loss) before reclassifications |
|
|
(409 |
) |
|
|
81 |
|
|
|
— |
|
|
|
(328 |
) |
Amounts reclassified from accumulated other comprehensive income |
|
|
— |
|
|
|
6 |
|
|
|
103 |
|
|
|
109 |
|
Net current period other comprehensive income (loss) |
|
|
(409 |
) |
|
|
87 |
|
|
|
103 |
|
|
|
(219 |
) |
Balance at end of period |
|
$ |
2,036 |
|
|
$ |
(34,703 |
) |
|
$ |
(9,547 |
) |
|
$ |
(42,214 |
) |
Six months ended June 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period |
|
$ |
3,085 |
|
|
$ |
(45,935 |
) |
|
$ |
(9,754 |
) |
|
$ |
(52,604 |
) |
Other comprehensive income (loss) before reclassifications |
|
|
(1,049 |
) |
|
|
11,217 |
|
|
|
— |
|
|
|
10,168 |
|
Amounts reclassified from accumulated other comprehensive income |
|
|
— |
|
|
|
15 |
|
|
|
207 |
|
|
|
222 |
|
Net current period other comprehensive income (loss) |
|
|
(1,049 |
) |
|
|
11,232 |
|
|
|
207 |
|
|
|
10,390 |
|
Balance at end of period |
|
$ |
2,036 |
|
|
$ |
(34,703 |
) |
|
$ |
(9,547 |
) |
|
$ |
(42,214 |
) |
(10.) ACCUMULATED OTHER COMPREHENSIVE LOSS (Continued) The following table presents the amounts reclassified out of each component of accumulated other comprehensive (loss) income for the three and six months ended June 30, 2026 and 2025 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Details About Accumulated Other Comprehensive (Loss) Income Components |
|
Amount Reclassified from
Accumulated Other
Comprehensive
(Loss) Income |
|
|
Affected Line Item in the
Consolidated Statement of Operations |
|
|
Three months ended
June 30, |
|
|
|
|
|
2026 |
|
|
2025 |
|
|
|
Realized loss on sale of investment securities |
|
$ |
— |
|
|
$ |
3 |
|
|
Net gain on investment securities |
Amortization of unrealized holding gain on investment securities transferred from available for sale to held to maturity |
|
|
(9 |
) |
|
|
(11 |
) |
|
Interest income |
|
|
|
(9 |
) |
|
|
(8 |
) |
|
Total before tax |
|
|
|
3 |
|
|
|
2 |
|
|
Income tax expense |
|
|
|
(6 |
) |
|
|
(6 |
) |
|
Net of tax |
Amortization of pension and post-retirement items: |
|
|
|
|
|
|
|
|
Prior service credit (1) |
|
|
134 |
|
|
|
134 |
|
|
Salaries and employee benefits |
Net actuarial losses (1) |
|
|
(172 |
) |
|
|
(274 |
) |
|
Salaries and employee benefits |
|
|
|
(38 |
) |
|
|
(140 |
) |
|
Total before tax |
|
|
|
9 |
|
|
|
37 |
|
|
Income tax benefit |
|
|
|
(29 |
) |
|
|
(103 |
) |
|
Net of tax |
Total reclassified for the period |
|
$ |
(35 |
) |
|
$ |
(109 |
) |
|
|
|
|
Six months ended |
|
|
|
|
|
June 30, |
|
|
|
|
|
2026 |
|
|
2025 |
|
|
|
Realized loss on sale of investment securities |
|
$ |
328 |
|
|
$ |
3 |
|
|
Net (loss) gain on investment securities |
Amortization of unrealized holding gains
on investment securities transferred from
available for sale to held to maturity |
|
$ |
(18 |
) |
|
$ |
(23 |
) |
|
Interest income |
|
|
|
310 |
|
|
|
(20 |
) |
|
Total before tax |
|
|
|
(79 |
) |
|
|
5 |
|
|
Income tax expense |
|
|
|
231 |
|
|
|
(15 |
) |
|
Net of tax |
Amortization of pension and post-retirement items: |
|
|
|
|
|
|
|
|
Prior service credit (1) |
|
|
268 |
|
|
|
268 |
|
|
Salaries and employee benefits |
Net actuarial losses (1) |
|
|
(344 |
) |
|
|
(548 |
) |
|
Salaries and employee benefits |
|
|
|
(76 |
) |
|
|
(280 |
) |
|
Total before tax |
|
|
|
19 |
|
|
|
73 |
|
|
Income tax benefit |
|
|
|
(57 |
) |
|
|
(207 |
) |
|
Net of tax |
Total reclassified for the period |
|
$ |
174 |
|
|
$ |
(222 |
) |
|
|
(1) These items are included in the computation of net periodic pension expense. See Note 12, Employee Benefit Plans, for additional information. |