Comprehensive Income

3 Months Ended

Mar. 31, 2021

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

Comprehensive Income

Note 7. 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	Amounts Reclassified from Accumulated						Affected Line item in the
Comprehensive Loss Components	Other Comprehensive Income (Loss)						Statement Where Net Income is Presented
	Three Months Ended
	March 31,
	2021			2020
	(dollars in thousands)
Sale of investment securities	$	-		$	29		Net losses on sale of securities available-for-
available for sale		-			(6	)	sale Income tax benefit
		-			23
Net interest income on swaps	$	(631	)	$	7		Borrowings
		177			(2	)	Income tax expense
		(454	)		5
Amortization of pension plan net		(75	)		(75	)	Other components of net periodic pension
actuarial losses		20			21		expense Income tax benefit
		(55	)		(54	)
Total reclassification	$	(509	)	$	(26	)

34

CONNECTONE BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

 

Note 7. Comprehensive Income – (continued)

Accumulated other comprehensive (loss) income as of March 31, 2021 and December 31, 2020 consisted of the following:

	March 31,			December 31,
	2021			2020
	(dollars in thousands)
Investment securities available-for-sale, net of tax	$	3,851		$	7,859
Cash flow hedge, net of tax		(1,053	)		(1,520	)
Defined benefit pension and post-retirement plans, net of tax		(3,487	)		(3,542	)
Total	$	(689	)	$	2,797