Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Other Comprehensive Income (Loss)

NOTE 8 – OTHER COMPREHENSIVE INCOME (LOSS)

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 income (loss) and related tax effects are as follows for the three and six months ended June 30, 2023 and 2022:

	Three months ended						Six months ended
	June 30,						June 30,
	2023			2022			2023			2022
	(In thousands)						(In thousands)
Unrealized gains (losses) on securities:
Net unrealized holding gains (losses) on available-for-sale securities	$	15		$	(47	)	$	(1	)	$	(28	)
Reclassification adjustment for realized gains in net income		—			—			—			—
		15			(47	)		(1	)		(28	)
Income tax (expense) benefit		(4	)		13			—			9
Net-of-tax amount		11			(34	)		(1	)		(19	)
Other comprehensive income (loss), net of tax	$	11		$	(34	)	$	(1	)	$	(19	)

Accumulated other comprehensive income as of June 30, 2023 and December 31, 2022 consists of unrecognized benefit costs, net of taxes, and unrealized holding gains on securities available for sale, net of tax, as follows:

	As of June 30, 2023		As of December 31, 2022
	(In thousands)
Net unrealized holding gains on securities available-for-sale, net of tax	$	8	$	9
Unrecognized SERP costs, net of tax		149		149
Unrecognized director fee continuation plan costs, net of tax		91		91
Accumulated other comprehensive income	$	248	$	249