Other Comprehensive Income

12 Months Ended

Dec. 31, 2022

Other Comprehensive Income

Other Comprehensive Income

Other Comprehensive Income

The following table presents the components of other comprehensive income (loss) for the years ended December 31, 2022, 2021 and 2020.

(dollars in thousands)	Before Tax		Tax Effect		Net of Tax
Year Ended December 31, 2022
Net unrealized gain (loss) on securities available-for-sale	$	(186,439)	$	45,513	$	(140,926)
Less: Reclassification adjustment for net loss included in net income	169		(58)		111
Total unrealized gain (loss)	(186,270)		45,455		(140,815)
Net unrealized gain on securities held-to-maturity	(66,193)		17,098		$	(49,095)
Amortization of unrealized loss on securities transferred to held-to-maturity	7,093		(2,732)		$	4,361
Total unrealized gain (loss)	(59,100)		14,366		(44,734)
Net unrealized gain on derivatives	284		—		284
Less: Reclassification adjustment for gain (loss) included in net income	—		—		—
Total unrealized gain	284		—		284
Other comprehensive income (loss)	$	(245,086)	$	59,821	$	(185,265)
Year Ended December 31, 2021
Net unrealized gain (loss) on securities available-for-sale	$	(37,669)	$	9,746	$	(27,923)
Less: Reclassification adjustment for net gain (loss) included in net income	(2,964)		761		(2,203)
Total unrealized gain (loss)	(40,633)		10,507		(30,126)
Net unrealized gain (loss) on derivatives	—		—		—
Less: Reclassification adjustment for gain (loss) included in net income	516		(132)		384
Total unrealized gain (loss)	516		(132)		384
Other comprehensive income (loss)	$	(40,117)	$	10,375	$	(29,742)
Year Ended December 31, 2020
Net unrealized gain (loss) on securities available-for-sale	$	19,637	$	(5,215)	$	14,422
Less: Reclassification adjustment for net loss included in net income	(1,815)		452		(1,363)
Total unrealized gain (loss)	17,822		(4,763)		13,059
Net unrealized gain (loss) on derivatives	(2,049)		671		(1,378)
Less: Reclassification adjustment for gain (loss) included in net income	1,145		(285)		860
Total unrealized gain (loss)	(904)		386		(518)
Other comprehensive income (loss)	$	16,918	$	(4,377)	$	12,541

The following table presents the changes in each component of accumulated other comprehensive income (loss), net of tax, for the years ended December 31, 2022, 2021 and 2020.

(dollars in thousands)	Securities Available For Sale		Held-to-Maturity Securities		Derivatives		Accumulated Other Comprehensive Income (Loss)
Year Ended December 31, 2022
Balance at Beginning of Period	$	(13,958)	$	—	$	(284)	$	(14,242)
Other comprehensive income (loss) before reclassifications	(140,926)		—		284		(140,642)
Transfer of securities from AFS to HTM			(49,095)				(49,095)
Amounts reclassified from accumulated other comprehensive income	111		4,361		—		4,472
Net other comprehensive income (loss) during period	(140,815)		(44,734)		284		(185,265)
Balance at End of Period	$	(154,773)	$	(44,734)	$	—	$	(199,507)
Year Ended December 31, 2021
Balance at Beginning of Period	$	16,168	$	—	$	(668)	$	15,500
Other comprehensive income (loss) before reclassifications	(27,923)		—		—		(27,923)
Amounts reclassified from accumulated other comprehensive income	(2,203)		—		384		(1,819)
Net other comprehensive income (loss) during period	(30,126)		—		384		(29,742)
Balance at End of Period	$	(13,958)	$	—	$	(284)	$	(14,242)
Year Ended December 31, 2020
Balance at Beginning of Period	$	3,109	$	—	$	(150)	$	2,959
Other comprehensive income (loss) before reclassifications	14,422		—		(1,378)		13,044
Amounts reclassified from accumulated other comprehensive income	(1,363)		—		860		(503)
Net other comprehensive income (loss) during period	13,059		—		(518)		12,541
Balance at End of Period	$	16,168	$	—	$	(668)	$	15,500

The following table presents the amounts reclassified out of each component of accumulated other comprehensive income (loss) for the years ended December 31, 2022, 2021 and 2020.

Details about Accumulated Other	Amount Reclassified from Accumulated Other Comprehensive Income (Loss)						Affected Line Item in the Statement Where Net Income is Presented
Comprehensive Income Components	Year Ended December 31,
(dollars in thousands)	2022		2021		2020
Realized gain (loss) on sale of investment securities	$	(169)	$	2,964	$	1,815	Gain (loss) on sale of investment securities
Gain / (loss) on derivatives	—		(516)		(1,145)		Interest on deposits
Income tax (expense) benefit	58		(629)		(167)		Income tax expense
Total Reclassifications for the Period	$	(111)	$	1,819	$	503	Net Income