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Comprehensive Income
 9 Months Ended
Sep. 30, 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

Comprehensive Income 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,

2021

2020

2021

2020

Sale of investment securities

$

-

$

-

$

195

$

29

Net (losses) gains on sales of securities available-for-sale Income tax expense

available-for-sale

-

-

(48

)

(6

)

$

-

$

-

$

147

$

23

 

Net interest income on swaps

$

(328

)

$

(631

)

$

(1,543

)

$

(942

)

Interest expense

90

196

434

265

Income tax expense

$

(238

)

$

(435

)

$

(1,109

)

$

(677

)

 

Amortization of pension plan net

$

(75

)

$

(75

)

$

(225

)

$

(226

)

Other components of net periodic pension expense

actuarial losses

21

21

63

63

Income tax benefit

$

(54

)

$

(54

)

$

(162

)

$

(163

)

 

Total reclassification

$

(292

)

$

(489

)

$

(1,124

)

$

(817

)

40

Table of Contents

CONNECTONE BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

 

 

Note 7. Comprehensive Income – (continued)

Accumulated other comprehensive income (loss) as of September 30, 2021 and December 31, 2020 consisted of the following:

September 30,

December 31,

2021

2020

(dollars in thousands)

Investment securities available-for-sale, net of tax

$

1,475

$

7,859

 

Cash flow hedge, net of tax

932

(1,520

)

Defined benefit pension plan, net of tax

(3,380

)

(3,542

)

Total

$

(973

)

$

2,797