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Other Comprehensive (Loss) Income
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Other Comprehensive (Loss) Income

NOTE 9 – OTHER COMPREHENSIVE (LOSS) INCOME

 

Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities are reported as a separate component of the shareholders' equity section of the consolidated balance sheets, such items, along with net income, are components of comprehensive income.

 

The components of other comprehensive (loss) income and related tax effects are as follows for the three and nine months ended September 30, 2024 and 2023:

 

 

 

Three months ended

 

 

Nine months ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

 

(in thousands)

 

 

 

 

 

 

 

 

Available-for-sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized holding (losses) gains on available-for-sale securities

 

$

(12

)

 

$

(2

)

 

$

(15

)

 

$

(4

)

Reclassification adjustment for realized gains in net income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

 

(12

)

 

 

(2

)

 

 

(15

)

 

 

(4

)

Income tax benefit

 

 

3

 

 

 

—

 

 

 

3

 

 

 

1

 

Net-of-tax amount

 

 

(9

)

 

 

(2

)

 

 

(12

)

 

 

(3

)

 

 

 

 

 

 

 

 

 

 

 

 

Net change in fair value of cash flow hedges

 

 

 

 

 

 

 

 

 

 

 

 

Change in fair value of cash flow hedges

 

$

(1,615

)

 

$

—

 

 

$

(639

)

 

$

—

 

Reclassification adjustment for cash flow hedge gains into net income

 

 

(232

)

 

 

—

 

 

 

(611

)

 

 

—

 

Total

 

 

(1,847

)

 

 

—

 

 

 

(1,250

)

 

 

—

 

Income expense benefit

 

 

519

 

 

 

—

 

 

 

352

 

 

 

—

 

Net-of-tax amount

 

 

(1,328

)

 

 

—

 

 

 

(898

)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive (loss) income, net of tax

 

$

(1,337

)

 

$

(2

)

 

$

(910

)

 

$

(3

)

 

Accumulated other comprehensive income as of September 30, 2024 and December 31, 2023 consists of unrecognized benefit costs, net of taxes, unrealized holding gains on securities available for sale, net of tax, and fair value of cash flow hedges, net of tax as follows:

 

 

As of September 30, 2024

 

 

As of December 31, 2023

 

 

 

(in thousands)

 

Net unrealized holding (losses) gains on securities available-for-sale, net of tax

 

$

(9

)

 

$

3

 

Unrecognized SERP gain, net of tax

 

 

56

 

 

 

56

 

Unrecognized DFCP gain, net of tax

 

 

70

 

 

 

70

 

Fair value of cash flow hedges, net of tax

 

 

(898

)

 

 

—

 

 

 

 

 

 

 

Accumulated other comprehensive (loss) income

 

$

(781

)

 

$

129