| Change in Accumulated Other Comprehensive Loss |
NOTE 9. Change in Accumulated Other Comprehensive Loss Accumulated other comprehensive loss includes unrealized gains and losses on available for sale securities and changes in benefit obligations and plan assets for the post retirement benefit plan. Changes to accumulated other comprehensive loss are presented net of their tax effect as a component of equity. Reclassifications out of accumulated other comprehensive loss are recorded in the Consolidated Statements of Operations either as a gain or loss. Changes to accumulated other comprehensive loss by component are shown in the following table for the periods indicated:
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Three Months Ended |
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June 30, |
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2026 |
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2025 |
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Unrealized
Gains and
Losses on
Available
for Sale
Securities |
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Change in
Benefit
Obligations
and Plan
Assets for
the Post
Retirement
Benefit
Plan |
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Total |
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|
Unrealized
Gains and
Losses on
Available
for Sale
Securities |
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|
Change in
Benefit
Obligations
and Plan
Assets for
the Post
Retirement
Benefit
Plan |
|
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Total |
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(dollars in thousands) |
|
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(dollars in thousands) |
|
April 1 |
|
$ |
(5,962 |
) |
|
$ |
(3 |
) |
|
$ |
(5,965 |
) |
|
$ |
(6,632 |
) |
|
$ |
5 |
|
|
$ |
(6,627 |
) |
Other comprehensive (loss) before reclassifications |
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(140 |
) |
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— |
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|
(140 |
) |
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|
(848 |
) |
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— |
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|
(848 |
) |
Tax effect of current period changes |
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29 |
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— |
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29 |
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|
179 |
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— |
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179 |
|
Current period changes net of taxes |
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(111 |
) |
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— |
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(111 |
) |
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(669 |
) |
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— |
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(669 |
) |
June 30 |
|
$ |
(6,073 |
) |
|
$ |
(3 |
) |
|
$ |
(6,076 |
) |
|
$ |
(7,301 |
) |
|
$ |
5 |
|
|
$ |
(7,296 |
) |
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Six Months Ended |
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June 30, |
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2026 |
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|
2025 |
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|
Unrealized
Gains and
Losses on
Available
for Sale
Securities |
|
|
Change in
Benefit
Obligations
and Plan
Assets for
the Post
Retirement
Benefit
Plan |
|
|
Total |
|
|
Unrealized
Gains and
Losses on
Available
for Sale
Securities |
|
|
Change in
Benefit
Obligations
and Plan
Assets for
the Post
Retirement
Benefit
Plan |
|
|
Total |
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(dollars in thousands) |
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(dollars in thousands) |
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January 1 |
|
$ |
(5,257 |
) |
|
$ |
(3 |
) |
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$ |
(5,260 |
) |
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$ |
(18,645 |
) |
|
$ |
5 |
|
|
$ |
(18,640 |
) |
Other comprehensive (loss) income before reclassifications |
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(1,032 |
) |
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— |
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(1,032 |
) |
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26,783 |
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— |
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26,783 |
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Reclassification of realized losses into earnings |
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— |
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— |
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— |
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(12,425 |
) |
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— |
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(12,425 |
) |
Tax effect of current period changes |
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216 |
|
|
|
— |
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216 |
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(3,014 |
) |
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— |
|
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(3,014 |
) |
Current period changes net of taxes |
|
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(816 |
) |
|
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— |
|
|
|
(816 |
) |
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11,344 |
|
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|
— |
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11,344 |
|
June 30 |
|
$ |
(6,073 |
) |
|
$ |
(3 |
) |
|
$ |
(6,076 |
) |
|
$ |
(7,301 |
) |
|
$ |
5 |
|
|
$ |
(7,296 |
) |
For the six months ended June 30, 2025, the reclassification out of accumulated other comprehensive loss represents the realized loss on the sale of available for sale securities, which appears as loss on the sale of securities in the Consolidated Statements of Operations. The tax benefit related to this reclassification was $2.6 million and was included in income tax expense in the Consolidated Statements of Operations.
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