Note 8 - Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Comprehensive Income (Loss) Note [Text Block]

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, 2026 and 2025:

		*Three months ended*
		*March 31,*
		*2026*				*2025*
		(in thousands)

Available-for-sale securities:
Change in fair value of available-for-sale securities		$	9			$	73
Reclassification adjustment for realized gains in net income			—				—
Total			9				73
Income tax expense			(2	)			(20	)
Net-of-tax amount			7				53

Cash flow hedges:
Change in fair value of cash flow hedges		$	1,016			$	(1,044	)
Reclassification adjustment for cash flow hedge gains into net income			20				(96	)
Total			1,036				(1,140	)
Income tax (expense) benefit			(291	)			320
Net-of-tax amount			745				(820	)

Other comprehensive income (loss), net of tax		$	752			$	(767	)

Accumulated other comprehensive loss as of March 31, 2026 and December 31, 2025 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, 2026*				*As of December 31, 2025*
		(in thousands)
Net unrealized holding gain on securities available-for-sale, net of tax		$	180			$	173
Unrecognized SERP gain, net of tax			36				36
Unrecognized DFCP gain, net of tax			45				45
Fair value of cash flow hedges, net of tax			(405	)			(1,150	)

Accumulated other comprehensive loss		$	(144	)		$	(896	)