Comprehensive Income

6 Months Ended

Jun. 30, 2024

Comprehensive Income

Comprehensive Income

(2) Comprehensive Income

The Company reports as comprehensive income all changes in shareholders’ equity during the year from sources other than shareholders. Other comprehensive income refers to all components (revenues, expenses, gains, and losses) of comprehensive income that are excluded from net income. The Company’s only component of other comprehensive income is unrealized gains and losses, net of income tax, on investment securities available for sale.

The following table presents the changes in accumulated other comprehensive loss for the three and six months ended June 30, 2024 and 2023:

	For the three months ended						For the six months ended
(dollars in thousands)	June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023
Beginning balance	$	(39,310	)	$	(38,424	)	$	(39,365	)	$	(47,597	)
Other comprehensive loss before reclassifications, net		(679	)		(5,319	)		(624	)		1,938
Amounts reclassified from accumulated other comprehensive loss, net		-			-			-			1,916
Net current period other comprehensive loss		(679	)		(5,319	)		(624	)		3,854
Ending balance	$	(39,989	)	$	(43,743	)	$	(39,989	)	$	(43,743	)