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Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Other Comprehensive Income (Loss)

NOTE 8 – OTHER COMPREHENSIVE INCOME (LOSS)

Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities are reported as a separate component of the shareholders' equity section of the consolidated balance sheets, such items, along with net income, are components of comprehensive income.

The components of other comprehensive income (loss) and related tax effects are as follows for the three months ended March 31, 2025 and 2024:

		Three months ended
		March 31,
		2025				2024
		(in thousands)
Available-for-sale securities:
Net unrealized holding gains (losses) on available-for-sale securities		$	73			$	(3	)
Reclassification adjustment for realized gains in net income			—				—
Total			73				(3	)
Income tax expense			(20	)			—
Net-of-tax amount			53				(3	)
Net change in fair value of cash flow hedges
Change in fair value of cash flow hedges		$	(1,044	)		$	784
Reclassification adjustment for cash flow hedge gains into net income			(96	)			(151	)
Total			(1,140	)			633
Income expense benefit (expense)			320				(177	)
Net-of-tax amount			(820	)			456
Other comprehensive (loss) income, net of tax		$	(767	)		$	453

Accumulated other comprehensive (loss) income as of March 31, 2025 and December 31, 2024 consists of unrecognized benefit costs, net of taxes, unrealized holding gains on securities available for sale, net of tax, and fair value of cash flow hedges, net of tax as follows:

		As of March 31, 2025				As of December 31, 2024
		(in thousands)
Net unrealized holding gains (losses) on securities available-for-sale, net of tax		$	13			$	(40	)
Unrecognized SERP gain, net of tax			70				70
Unrecognized DFCP gain, net of tax			75				75
Fair value of cash flow hedges, net of tax			(543	)			277
Accumulated other comprehensive (loss) income		$	(385	)		$	382

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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/1943274/2147477250/944-220-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/1943274/2147478524/942-220-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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X

- References

No definition available.

+ Details

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