Note 7 - Comprehensive (Loss) Income

6 Months Ended

Jun. 30, 2024

Notes to Financial Statements

Comprehensive Income (Loss) Note [Text Block]

Note 7. Comprehensive (Loss) Income

Total comprehensive income (loss) includes all changes in equity during a period from transactions and other events and circumstances from non-owner sources. The Company’s other comprehensive income is comprised of unrealized holding gains and losses on securities available-for-sale, unrealized gains (losses) on cash flow hedges, obligations for defined benefit pension plan and an adjustment to reflect the curtailment of the Company’s defined benefit pension plan, each net of taxes.

The following table represents the reclassification out of accumulated other comprehensive (loss) for the periods presented (dollars in thousands):

Details about Accumulated Other Comprehensive Income Components	Amounts Reclassified from Accumulated Other Comprehensive Income						Amounts Reclassified from Accumulated Other Comprehensive Income						Affected Line item in the Consolidated Statements of Income
	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Interest income on cash flow hedges	$	5,683		$	3,953		$	11,312		$	8,220		Borrowings and deposits expense
		(1,598	)		(1,189	)		(3,180	)		(2,473	)	Income tax expense
	$	4,085		$	2,764		$	8,132		$	5,747
Amortization of pension plan net actuarial losses	$	(43	)	$	(74	)	$	(86	)	$	(148	)	Other components of net periodic pension expense
		11			22			24			45		Income tax benefit
	$	(32	)	$	(52	)	$	(62	)	$	(103	)
Total reclassification	$	4,053		$	2,712		$	8,070		$	5,644

Accumulated other comprehensive loss as of June 30, 2024 and December 31, 2023 consisted of the following:

	June 30, 2024			December 31, 2023
	(dollars in thousands)
Investment securities available-for-sale, net of tax	$	(70,064	)	$	(57,835	)
Cash flow hedge, net of tax		29,842			24,810
Defined benefit pension and post-retirement plans, net of tax		(2,022	)		(2,084	)
Total	$	(42,244	)	$	(35,109	)