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Note 7 - Comprehensive (Loss) Income

6 Months Ended

Jun. 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 June 30,								Six Months Ended June 30,
		2023				2022				2023				2022
Interest income (expense) on cash flow hedges		$	3,953			$	(129	)		$	8,220			$	(654	)	Borrowings and deposits expense
			(1,189	)			37				(2,473	)			184		Income tax (expense) benefit
		$	2,764			$	(92	)		$	5,747			$	(470	)
Amortization of pension plan net actuarial losses		$	(74	)		$	(16	)		$	(148	)		$	(32	)	Other components of net periodic pension expense
			22				5				45				9		Income tax benefit
		$	(52	)		$	(11	)		$	(103	)		$	(23	)
Total reclassification		$	2,712			$	(103	)		$	5,644			$	(493	)

CONNECTONE BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Note 7.  Comprehensive (Loss) Income – (continued)  

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

		June 30, 2023				December 31, 2022
		(dollars in thousands)
Investment securities available-for-sale, net of tax		$	(64,640	)		$	(61,775	)
Cash flow hedge, net of tax			33,649				32,360
Defined benefit pension and post-retirement plans, net of tax			(2,846	)			(2,949	)
Total		$	(33,837	)		$	(32,364	)

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- Definition

The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//220/tableOfContent

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- References

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