NOTE 19 – OTHER COMPREHENSIVE (LOSS) INCOME

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

NOTE 19 – OTHER COMPREHENSIVE (LOSS) INCOME

NOTE 19 – OTHER COMPREHENSIVE (LOSS) INCOME

The following table presents a reconciliation of the changes in the components of other comprehensive (loss) income for the dates indicated, including the amount of income tax benefit (expense) allocated to each component of other comprehensive (loss) income:

Years ended December 31, (in thousands)		2022			2021			2020
Other comprehensive (loss) income
Net unrealized (losses) gains on securities available-for-sale	$	(27,171	)	$	(2,701	)	$	2,280
Reclassification of net realized (gains) losses in net income (1)		(165	)		2			(196	)
Unrealized (losses) gains on securities available-for-sale		(27,336	)		(2,699	)		2,084
Income tax benefit (expense)		5,741			565			(437	)
Unrealized (losses) gains on securities available-for-sale, net of tax		(21,595	)		(2,134	)		1,647
Other comprehensive (loss) income	$	(21,595	)	$	(2,134	)	$	1,647

⁽¹⁾ Reclassification adjustments include realized security gains and losses. The gains and losses have been reclassified out of accumulated other comprehensive (loss) income and have affected certain lines in the consolidated statements of income as follows: the pretax amount is reflected as gains (losses) on securities, net; the tax effect is included in the income tax provision; and the after-tax amount is included in net income. The income tax benefit related to reclassification of net realized (losses) gains was approximately $35 thousand, $0 thousand, and $41 thousand in 2022, 2021 and 2020, respectively.

The components of accumulated other comprehensive (loss) income are as follows:

December 31, (dollars in thousands)		2022			2021
Unrealized (losses) gains on securities available-for-sale, net of tax	$	(20,725	)	$	870
Accumulated other comprehensive (loss) income	$	(20,725	)	$	870