Note 7 - Comprehensive (Loss) Income

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Comprehensive Income (Loss) Note [Text Block]

Note 7. Comprehensive (Loss) Income  

Total comprehensive (loss) 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) for the periods presented (dollars in thousands):

Details about Accumulated Other Comprehensive Income Components	Amounts Reclassified from Accumulated Other Comprehensive Income						Amounts Reclassified from Accumulated Other Comprehensive Income						Affected Line item in the Consolidated Statements of Income
	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Interest income (expense) on cash flow hedges	$	4,793		$	1,178		$	13,013		$	524		Borrowings and deposits expense
		(1,442	)		(343	)		(3,915	)		(159	)	Income tax (expense) benefit
	$	3,351		$	835		$	9,098		$	365
Amortization of pension plan net actuarial losses	$	(74	)	$	(17	)	$	(222	)	$	(49	)	Other components of net periodic pension expense
		22			5			67			14		Income tax benefit
	$	(52	)	$	(12	)	$	(155	)	$	(35	)
Total reclassification	$	3,299		$	823		$	8,943		$	330

Accumulated other comprehensive loss as of September 30, 2023 and December 31, 2022 consisted of the following:

	September 30, 2023			December 31, 2022
	(dollars in thousands)
Investment securities available-for-sale, net of tax	$	(87,748	)	$	(61,775	)
Cash flow hedge, net of tax		37,128			32,360
Defined benefit pension and post-retirement plans, net of tax		(2,794	)		(2,949	)
Total	$	(53,414	)	$	(32,364	)