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2 - COMPREHENSIVE INCOME
Comprehensive income includes net income and other comprehensive income (loss) (“OCI”). OCI includes revenues, expenses, gains and losses that under GAAP are included in comprehensive income but excluded from net income. OCI for the Corporation consists of net unrealized holding gains or losses on available-for-sale (“AFS”) securities and changes in the funded status of the Bank’s defined benefit pension plan, all net of related income taxes. Accumulated OCI is recognized as a separate component of stockholders’ equity.
The following table sets forth the components of accumulated OCI, net of tax.
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Current |
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|
|
|
|
| |
|
Balance |
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|
Period |
|
|
Balance |
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| (in thousands) |
|
12/31/2024 |
|
|
Change |
|
|
3/31/2025 |
|
| Unrealized holding loss on available-for-sale securities |
|
$ |
(50,842 |
) |
|
$ |
4,761 |
|
|
$ |
(46,081 |
) |
| Unrealized actuarial loss on pension plan |
|
|
(6,334 |
) |
|
|
82 |
|
|
|
(6,252 |
) |
| Accumulated other comprehensive loss, net of tax |
|
$ |
(57,176 |
) |
|
$ |
4,843 |
|
|
$ |
(52,333 |
) |
The components of OCI and the related tax effects are as follows:
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|
Three Months Ended |
|
| |
|
March 31, |
|
| (in thousands) |
|
2025 |
|
|
2024 |
|
| Change in net unrealized holding gains or losses on available-for-sale securities: |
|
|
|
|
|
|
|
|
| Change arising during the period |
|
$ |
6,921 |
|
|
$ |
(1,789 |
) |
| Tax effect |
|
|
2,160 |
|
|
|
(459 |
) |
| |
|
|
4,761 |
|
|
|
(1,330 |
) |
| Change in funded status of pension plan: |
|
|
|
|
|
|
|
|
| Amortization of net actuarial loss included in pension expense (1) |
|
|
118 |
|
|
|
200 |
|
| Tax effect |
|
|
36 |
|
|
|
62 |
|
| |
|
|
82 |
|
|
|
138 |
|
| Other comprehensive income (loss) |
|
$ |
4,843 |
|
|
$ |
(1,192 |
) |
| (1) |
Represents the amortization of net actuarial loss relating to the Corporation’s defined benefit pension plan. This item is a component of net periodic pension cost and is included in the consolidated statements of income in the line item “Other noninterest income.” |
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