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Other Comprehensive Income (Loss) (Tables)
3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Schedule of Components of Other Comprehensive Income (Loss) and Related Tax Effects

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

 

 

Schedule of Accumulated Other Comprehensive Income

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