Comprehensive Income

9 Months Ended

Sep. 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 nine months ended September 30, 2024 and 2023:

	For the three months ended						For the nine months ended
(dollars in thousands)	September 30, 2024			September 30, 2023			September 30, 2024			September 30, 2024
Beginning balance	$	(39,310	)	$	(38,424	)	$	(39,365	)	$	(47,597	)
Other comprehensive loss before reclassifications, net		8,376			(12,565	)		8,431			(5,308	)
Amounts reclassified from accumulated other comprehensive (gain) loss, net		(4	)		-			(4	)		1,916
Net current period other comprehensive gain (loss)		8,372			(12,565	)		8,427			(3,392	)
Ending balance	$	(30,938	)	$	(50,989	)	$	(30,938	)	$	(50,989	)