Note 15 - Comprehensive Income

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Comprehensive Income (Loss) Note [Text Block]

Note 15 – 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 and 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:

										Affected Line Item in the
Details about Accumulated Other	Amounts Reclassified from Accumulated									Consolidated
Comprehensive Income (Loss) Components	Other Comprehensive Income (Loss)									Statements of Income
	For the Year Ended
	December 31,
(dollars in thousands)	2023			2022			2021
Sale of investment securities available-for-sale	$	-		$	-		$	195		Net gains on sale of investment securities
		-			-			(48	)	Income tax expense
		-			-			147
Net interest income (expense) on derivatives		20,230			3,243			(1,873	)	Interest income (expense)
		(6,086	)		(976	)		528		Income tax (benefit) expense
		14,144			2,267			(1,345	)
Amortization of pension plan net actuarial losses		(296	)		(66	)		(299	)	Salaries and employee benefits
		89			20			84		Income tax benefit
		(207	)		(46	)		(215	)
Total reclassification	$	13,937		$	2,221		$	(1,413	)

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

	2023			2022
	(dollars in thousands)
Investment securities available-for-sale, net of tax	$	(57,835	)	$	(61,775	)
Derivatives, net of tax		24,810			32,360
Defined benefit pension, net of tax		(2,084	)		(2,949	)
Total	$	(35,109	)	$	(32,364	)