Other Comprehensive (Loss) Income

3 Months Ended

Mar. 31, 2023

Other Comprehensive Income [Abstract]

Other Comprehensive (Loss) Income

Other Comprehensive (Loss) Income

The following table presents the components of other comprehensive (loss) income for the three months ended March 31, 2023 and 2022.

(dollars in thousands)	Before Tax		Tax Effect		Net of Tax
Three Months Ended March 31, 2023
Net unrealized gain (loss) on securities available-for-sale	$	24,039	$	(6,103)	$	17,936
Less: Reclassification adjustment for net loss (gain) included in net income	21		(5)		16
Total unrealized gain (loss) on investment securities available-for-sale	24,060		(6,108)		17,952
Amortization of unrealized loss on securities transferred to held-to-maturity	1,983		(1,342)		641
Total unrealized loss recognized on investment securities held-to-maturity	1,983		(1,342)		641
Other comprehensive income (loss)	$	26,043	$	(7,450)	$	18,593
Three Months Ended March 31, 2022
Net unrealized (loss) gain on securities available-for-sale	$	(79,227)	$	20,821	$	(58,406)
Less: reclassification adjustment for net loss (gain) included in net income	25		(6)		19
Total unrealized (loss) gain on investment securities available-for-sale	(79,202)		20,815		(58,387)
Net unrealized (loss) gain on securities held-to-maturity	(66,193)		17,098		(49,095)
Total unrealized (loss) gain recognized on investment securities held-to-maturity	(66,193)		17,098		(49,095)
Other comprehensive (loss) income	$	(145,395)	$	37,913	$	(107,482)

The following table presents the changes in each component of accumulated other comprehensive (loss) income, net of tax, for the three months ended March 31, 2023 and 2022.

(dollars in thousands)	Securities Available-For-Sale		Securities Held-to-Maturity		Derivatives		Accumulated Other Comprehensive Income (Loss)
Three Months Ended March 31, 2023
Balance at beginning of period	$	(154,773)	$	(44,734)	$	—	$	(199,507)
Other comprehensive income before reclassifications	17,936		—		—		17,936
Amounts reclassified from accumulated other comprehensive income	16		—		—		16
Amortization of unrealized loss on securities transferred to held-to-maturity	—		641		—		641
Net other comprehensive income during period	17,952		641		—		18,593
Balance at end of period	$	(136,821)	$	(44,093)	$	—	$	(180,914)
Three Months Ended March 31, 2022
Balance at beginning of period	$	(13,958)	$	—	$	(284)	$	(14,242)
Other comprehensive (loss) before reclassifications	(58,406)		(49,095)		—		(107,501)
Amounts reclassified from accumulated other comprehensive income	19		—		—		19
Net other comprehensive (loss) during period	(58,387)		(49,095)		—		(107,482)
Balance at end of period	$	(72,345)	$	(49,095)	$	(284)	$	(121,724)

The following tables present the amounts reclassified out of each component of accumulated other comprehensive income (loss) for the three months ended March 31, 2023 and 2022.

Details about Accumulated Other Comprehensive Loss Components	Amount Reclassified from Accumulated Other Comprehensive (Loss) Income
	Three Months Ended March 31,				Affected Line Item in Consolidated Statements of Income
(dollars in thousands)	2023		2022
Realized loss on sale of investment securities	$	(21)	$	(25)	Net loss on sale of investment securities
Income tax benefit (expense)	5		6		Income tax expense
Total reclassifications for the periods	$	(16)	$	(19)