MID PENN BANCORP INC
For the period ended Dec 31, 2023. Filed Mar 28, 2024.
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FY2023 · Filed Mar 28, 2024
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Consolidated Statements of Comprehensive Income
| MID PENN BANCORP, INC. | Consolidated Statements of Comprehensive Income |
|---|
| Years Ended December 31, | |||
|---|---|---|---|
| (In Thousands) | 2023 | 2022 | 2021 |
| Net income | $37,397 | $54,806 | $29,319 |
| Other comprehensive loss: | |||
| Unrealized gains (losses) arising during the period on available for sale securities, net of income tax (cost) benefit of ($144), $5,070 and $50, respectively (1) | 1,988 | (19,072) | (190) |
| Reclassification adjustment for net gain on sales of available-for-sale securities included in net income, net of income tax benefit of $0, $0 and $17, respectively (1), (2) | — | — | (62) |
| Unrealized holding gains arising during the period on interest rate derivatives used in cash flow hedges, net of income tax benefit of ($236), $0, and $0, respectively (1) | 820 | — | — |
| Change in defined benefit plans, net of income tax benefit (cost) of $56, $78 and ($136), respectively (1), (3) | (212) | (294) | 511 |
| Reclassification adjustment for settlement gains and activity related to benefit plans, net of income tax cost $5, $2 and $12, respectively (1), (4) | (17) | (8) | (44) |
| Total other comprehensive income (loss) | 2,579 | (19,374) | 215 |
| Total comprehensive income | $39,976 | $35,432 | $29,534 |
(1)The income tax impacts of the components of other comprehensive income are calculated using the 21% statutory tax rate for 2023, 2022 and 2021.
(2)Amounts are included in net gain on sales of investment securities on the Consolidated Statements of Income as a separate component within total noninterest income.
(3)The change in defined benefit plans consists primarily of unrecognized actuarial (losses) gains on defined benefit plans during the period.
(4)The reclassification adjustment for defined benefit plans includes settlement gains, amortization of prior service costs, and amortization of net gain or loss. Amounts are included in other income on the Consolidated Statements of Income within the total noninterest income. See "Note 14 - Postretirement Benefit Plans", to the Consolidated Financial Statements for more information.
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