US GAAP requires that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available for sale securities, are reported as a separate component of the equity section of the balance sheet, such items, along with net income, are components of comprehensive (loss) income. Management believes that the unrealized losses on securities available for sale are primarily a result of the increasing market interest rates and the overall current market conditions.

The components of other comprehensive (loss) income both before tax and net of tax are as follows:



	Three Months Ended June 30,
	2024						2023

	(In Thousands)

	Before		Tax		Net of		Before		Tax		Net of
	Tax		Effect		Tax		Tax		Effect		Tax
Change in accumulated other comprehensive loss:
Unrealized holding losses on securities ‎ available for sale	$	(685)	$	144	$	(541)	$	(881)	$	185	$	(696)
Reclassification adjustments for gains on securities ‎ transactions included in net income (A),(B)		-		-		-		-		-		-
Total other comprehensive loss	$	(685)	$	144	$	(541)	$	(881)	$	185	$	(696)



	Six Months Ended June 30,
	2024						2023

	(In Thousands)

	Before		Tax		Net of		Before		Tax		Net of
	Tax		Effect		Tax		Tax		Effect		Tax
Change in accumulated other comprehensive loss:
Unrealized holding (losses) gains on securities ‎ available for sale	$	(6,708)	$	1,409	$	(5,299)	$	3,367	$	(707)	$	2,660
Reclassification adjustments for gains on securities ‎ transactions included in net income (A),(B)		-		-		-		-		-		-
Total other comprehensive (loss) income	$	(6,708)	$	1,409	$	(5,299)	$	3,367	$	(707)	$	2,660

A.Realized gains on securities transactions included in gain on sales of securities in the accompanying Consolidated Statements of Income, as applicable.

B.Tax effect included in income tax expense in the accompanying Consolidated Statements of Income.

There were no realized gains on securities available for sale for the three and six months ended June 30, 2024 and 2023.

A summary of the accumulated other comprehensive loss, net of tax, is as follows:


	Securities
	Available
	for Sale
Three Months Ended June 30, 2024 and 2023	(In Thousands)
Balance March 31, 2024	$	(48,458)
Other comprehensive loss before reclassifications		(541)
Amounts reclassified from accumulated other ‎ comprehensive loss		-
Net other comprehensive loss during the period		(541)
Balance June 30, 2024	$	(48,999)

Balance March 31, 2023	$	(47,751)
Other comprehensive loss before reclassifications		(696)
Amounts reclassified from accumulated other ‎ comprehensive loss		-
Net other comprehensive loss during the period		(696)
Balance June 30, 2023	$	(48,447)

Six Months Ended June 30, 2024 and 2023
Balance January 1, 2024	$	(43,700)
Other comprehensive loss before reclassifications		(5,299)
Amounts reclassified from accumulated other ‎ comprehensive loss		-
Net other comprehensive loss during the period		(5,299)
Balance June 30, 2024	$	(48,999)

Balance January 1, 2023	$	(51,107)
Other comprehensive income before reclassifications		2,660
Amounts reclassified from accumulated other ‎ comprehensive loss		-
Net other comprehensive income during the period		2,660
Balance June 30, 2023	$	(48,447)