| Other comprehensive income |
NOTE 10 – OTHER COMPREHENSIVE INCOME
The amounts allocated to other comprehensive income are presented in the table below. Reclassification adjustments related to securities held for sale are included in net gain (loss) on securities transactions in the accompanying consolidated statements of comprehensive income. For the periods presented, reclassifications adjustments related to securities held for sale was not material.
|
Before |
|
Tax |
|
Net of |
|
Tax |
|
(Expense) |
|
Tax |
(Dollars in Thousands) |
Amount |
|
Benefit |
|
Amount |
Three Months Ended September 30, 2020 |
|
|
|
|
|
|
|
|
Investment Securities: |
|
|
|
|
|
|
|
|
Change in net unrealized gain/loss on securities available for sale |
$ |
(773) |
|
$ |
191 |
|
$ |
(582) |
Amortization of losses on securities transferred from available for sale to held to maturity |
|
10 |
|
|
(3) |
|
|
7 |
Total Investment Securities |
|
(763) |
|
|
188 |
|
|
(575) |
Change in net unrealized gain/loss on interest rate swap |
|
157 |
|
|
(39) |
|
|
118 |
Total Other Comprehensive Loss |
$ |
(606) |
|
$ |
149 |
|
$ |
(457) |
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2020 |
|
|
|
|
|
|
|
|
Investment Securities: |
|
|
|
|
|
|
|
|
Change in net unrealized gain/loss on securities available for sale |
$ |
3,189 |
|
$ |
(781) |
|
$ |
2,408 |
Amortization of losses on securities transferred from available for sale to held to maturity |
|
28 |
|
|
(7) |
|
|
21 |
Total Investment Securities |
|
3,217 |
|
|
(788) |
|
|
2,429 |
Change in net unrealized gain/loss on interest rate swap |
|
52 |
|
|
(13) |
|
|
39 |
Total Other Comprehensive Income |
$ |
3,269 |
|
$ |
(801) |
|
$ |
2,468 |
|
Before |
|
Tax |
|
Net of |
|
Tax |
|
(Expense) |
|
Tax |
(Dollars in Thousands) |
Amount |
|
Benefit |
|
Amount |
Three Months Ended September 30, 2019 |
|
|
|
|
|
|
|
|
Investment Securities: |
|
|
|
|
|
|
|
|
Change in net unrealized gain/loss on securities available for sale |
$ |
443 |
|
$ |
(112) |
|
$ |
331 |
Amortization of losses on securities transferred from available for sale to held to maturity |
|
11 |
|
|
(3) |
|
|
8 |
Total Other Comprehensive Income |
$ |
454 |
|
$ |
(115) |
|
$ |
339 |
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2019 |
|
|
|
|
|
|
|
|
Investment Securities: |
|
|
|
|
|
|
|
|
Change in net unrealized gain/loss on securities available for sale |
$ |
3,427 |
|
$ |
(868) |
|
$ |
2,559 |
Amortization of losses on securities transferred from available for sale to held to maturity |
|
33 |
|
|
(8) |
|
|
25 |
Total Other Comprehensive Income |
$ |
3,460 |
|
$ |
(876) |
|
$ |
2,584 |
Accumulated other comprehensive loss was comprised of the following components: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
Securities |
|
|
|
|
|
|
|
Other |
|
Available |
|
Interest Rate |
|
Retirement |
|
Comprehensive |
(Dollars in Thousands) |
for Sale |
|
Swap |
|
Plans |
|
Loss |
Balance as of January 1, 2020 |
$ |
864 |
|
$ |
- |
|
$ |
(29,045) |
|
$ |
(28,181) |
Other comprehensive income during the period |
|
2,429 |
|
|
39 |
|
|
- |
|
|
2,468 |
Balance as of September 30, 2020 |
$ |
3,293 |
|
$ |
39 |
|
$ |
(29,045) |
|
$ |
(25,713) |
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of January 1, 2019 |
$ |
(2,008) |
|
$ |
- |
|
$ |
(26,807) |
|
$ |
(28,815) |
Other comprehensive income during the period |
|
2,584 |
|
|
- |
|
|
- |
|
|
2,584 |
Balance as of September 30, 2019 |
$ |
576 |
|
$ |
- |
|
$ |
(26,807) |
|
$ |
(26,231) |
|