Comprehensive Income

9 Months Ended

Sep. 30, 2020

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Comprehensive Income

Note 8. Comprehensive Income

Total comprehensive income 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) income for the periods presented:

Details about Accumulated Other Comprehensive Loss Components	Amounts Reclassified from Accumulated Other Comprehensive Income												Affected Line item in the Statement Where Net Income is Presented
	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2020			2019			2020			2019
	(dollars in thousands)
Sale of investment securities	$	-		$	(279	)	$	29		$	(280	)	Net (losses) gains on sale of securities available-for-sale
available for sale		-			62			(6	)		62		Income tax expense
		-			(217	)		23			(218	)
Net interest income on swaps	$	(631	)		204		$	(942	)		563		Interest expense
		196			(46	)		265			(125	)	Income tax expense
		(435	)		158			(677	)		438
Amortization of pension plan net		(75	)		(90	)		(226	)		(269	)	Other components of net periodic pension expense
actuarial losses		21			26			63			76		Income tax expense
		(54	)		(64	)		(163	)		(193	)
Total reclassification	$	(489	)	$	(123	)	$	(817	)	$	(27	)

38

CONNECTONE BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

 

Note 8. Comprehensive Income – (continued)

Accumulated other comprehensive income (loss) as of September 30, 2020 and December 31, 2019 consisted of the following:

	September 30,			December 31,
	2020			2019
	(dollars in thousands)
Investment securities available-for-sale, net of tax	$	6,774		$	2,724
Cash flow hedge, net of tax		(1,958	)		(193	)
Defined benefit pension and post-retirement plans, net of tax		(3,515	)		(3,678	)
Total	$	1,301		$	(1,147	)