Note 3 - Accumulated Other Comprehensive Income

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Comprehensive Income (Loss) Note [Text Block]

3. Accumulated other comprehensive income

The following tables illustrate the changes in accumulated other comprehensive income by component and the details about the components of accumulated other comprehensive income as of and for the periods indicated:

As of and for the nine months ended September 30, 2024
	Unrealized gains
	(losses) on			Securities
	available-for-sale			transferred to
(dollars in thousands)	debt securities			held-to-maturity			Total
Beginning balance	$	(40,760	)	$	(15,707	)	$	(56,467	)
Other comprehensive income before reclassifications, net of tax		6,627			-			6,627
Amounts reclassified from accumulated other comprehensive income, net of tax		-			1,388			1,388
Net current-period other comprehensive income		6,627			1,388			8,015
Ending balance	$	(34,133	)	$	(14,319	)	$	(48,452	)

As of and for the three months ended September 30, 2024
	Unrealized gains
	(losses) on			Securities
	available-for-sale			transferred to
(dollars in thousands)	debt securities			held-to-maturity			Total
Beginning balance	$	(42,139	)	$	(14,786	)	$	(56,925	)
Other comprehensive income before reclassifications, net of tax		8,006			-			8,006
Amounts reclassified from accumulated other comprehensive income, net of tax		-			467			467
Net current-period other comprehensive income		8,006			467			8,473
Ending balance	$	(34,133	)	$	(14,319	)	$	(48,452	)

As of and for the nine months ended September 30, 2023
	Unrealized gains
	(losses) on			Securities
	available-for-sale			transferred to
(dollars in thousands)	securities			held-to-maturity			Total
Beginning balance	$	(53,624	)	$	(17,528	)	$	(71,152	)
Other comprehensive loss before reclassifications, net of tax		(11,710	)		-			(11,710	)
Amounts reclassified from accumulated other comprehensive income, net of tax		1			1,357			1,358
Net current-period other comprehensive (loss) income		(11,709	)		1,357			(10,352	)
Ending balance	$	(65,333	)	$	(16,171	)	$	(81,504	)

As of and for the three months ended September 30, 2023
	Unrealized gains
	(losses) on			Securities
	available-for-sale			transferred to
(dollars in thousands)	debt securities			held-to-maturity			Total
Beginning balance	$	(48,641	)	$	(16,627	)	$	(65,268	)
Other comprehensive (loss) income before reclassifications, net of tax		(16,692	)		-			(16,692	)
Amounts reclassified from accumulated other comprehensive income, net of tax		-			456			456
Net current-period other comprehensive (loss) income		(16,692	)		456			(16,236	)
Ending balance	$	(65,333	)	$	(16,171	)	$	(81,504	)

Details about accumulated other		Amount reclassified from accumulated											Affected line item in the statement
comprehensive income components		other comprehensive income											where net income is presented
	For the three months ended September 30,						For the nine months ended September 30,
(dollars in thousands)	2024			2023			2024			2023
Unrealized (losses) gains on AFS debt securities	$	-		$	-		$	-		$	(1	)	Gain (loss) on sale of investment securities
Amortization of unrealized loss on held-to-maturity securities		(591	)		(577	)		(1,758	)		(1,718	)	Interest income on investment securities
Total reclassifications for the period		(591	)		(577	)		(1,758	)		(1,719	)	Income before income taxes
Income tax effect		124			121			370			361		Provision for income taxes
Total reclassifications for the period	$	(467	)	$	(456	)	$	(1,388	)	$	(1,358	)	Net income