Other Comprehensive (Loss) Income (Tables)

9 Months Ended

Sep. 30, 2023

Other Comprehensive Income [Abstract]

Schedule of Components of Other Comprehensive (Loss) Income

The following table presents the components of other comprehensive (loss) income for the three and nine months ended September 30, 2023 and 2022.

(dollars in thousands)	Before Tax		Tax Effect		Net of Tax
Three Months Ended September 30, 2023
Net unrealized loss on securities available-for-sale	$	(28,150)	$	6,836	$	(21,314)
Less: Reclassification adjustment for net gain included in net income	(5)		1		(4)
Total unrealized loss on investment securities available-for-sale	(28,155)		6,837		(21,318)
Amortization of unrealized loss on securities transferred to held-to-maturity	1,824		(424)		1,400
Other comprehensive loss	$	(26,331)	$	6,413	$	(19,918)
Three Months Ended September 30, 2022
Net unrealized loss on securities available-for-sale	$	(81,384)	$	21,355	$	(60,029)
Less: Reclassification adjustment for net gain included in net income	(4)		1		(3)
Total unrealized loss on investment securities available-for-sale	(81,388)		21,356		(60,032)
Amortization of unrealized loss on securities transferred to held-to-maturity	2,382		(620)		1,762
Other comprehensive loss	$	(79,006)	$	20,736	$	(58,270)
Nine Months Ended September 30, 2023
Net unrealized loss on securities available-for-sale	$	(20,070)	$	4,618	$	(15,452)
Less: Reclassification adjustment for net loss included in net income	14		(4)		10
Total unrealized gain on investment securities available-for-sale	(20,056)		4,614		(15,442)
Amortization of unrealized loss on securities transferred to held-to-maturity	5,638		(2,194)		3,444
Other comprehensive loss	$	(14,418)	$	2,420	$	(11,998)
Nine Months Ended September 30, 2022
Net unrealized loss on securities available-for-sale	$	(205,329)	$	53,876	$	(151,453)
Less: Reclassification adjustment for net loss included in net income	172		(58)		114
Total unrealized loss on investment securities available-for-sale	(205,157)		53,818		(151,339)
Net unrealized loss on securities transferred to held-to-maturity	(66,193)		17,098		(49,095)
Amortization of unrealized loss on securities transferred to held-to-maturity	5,071		(1,318)		3,753
Total unrealized loss on investment securities held-to-maturity	(61,122)		15,780		(45,342)
Net unrealized gain on derivatives	284		—		284
Other comprehensive loss	$	(265,995)	$	69,598	$	(196,397)

Schedule of Changes in Each Component of Accumulated Other Comprehensive (Loss) Income, Net of Tax

The following table presents the changes in each component of accumulated other comprehensive income (loss), net of tax, for the three and nine months ended September 30, 2023 and 2022.

(dollars in thousands)	Securities Available-For-Sale		Securities Held-to-Maturity		Derivatives		Accumulated Other Comprehensive Income (Loss)
Three Months Ended September 30, 2023
Balance at beginning of period	$	(148,897)	$	(42,690)	$	—	$	(191,587)
Other comprehensive loss before reclassifications	(21,314)		—		—		(21,314)
Amounts reclassified from accumulated other comprehensive income (loss)	(4)		—		—		(4)
Amortization of unrealized loss on securities transferred to held-to-maturity	—		1,400		—		1,400
Net other comprehensive (loss) income during period	(21,318)		1,400		—		(19,918)
Balance at end of period	$	(170,215)	$	(41,290)	$	—	$	(211,505)
Three Months Ended September 30, 2022
Balance at beginning of period	$	(105,265)	$	(47,104)	$	—	$	(152,369)
Other comprehensive loss before reclassifications	(60,029)		—		—		(60,029)
Amounts reclassified from accumulated other comprehensive income (loss)	(3)		—		—		(3)
Amortization of unrealized loss on securities transferred to held-to-maturity	—		1,762		—		1,762
Net other comprehensive (loss) income during period	(60,032)		1,762		—		(58,270)
Balance at end of period	$	(165,297)	$	(45,342)	$	—	$	(210,639)
Nine Months Ended September 30, 2023
Balance at beginning of period	$	(154,773)	$	(44,734)	$	—	$	(199,507)
Other comprehensive income before reclassifications	(15,452)		—		—		(15,452)
Amounts reclassified from accumulated other comprehensive income (loss)	10		—		—		10
Amortization of unrealized loss on securities transferred to held-to-maturity	—		3,444		—		3,444
Net other comprehensive (loss) income during period	(15,442)		3,444		—		(11,998)
Balance at end of period	$	(170,215)	$	(41,290)	$	—	$	(211,505)
Nine Months Ended September 30, 2022
Balance at beginning of period	$	(13,958)	$	—	$	(284)	$	(14,242)
Other comprehensive loss before reclassifications	(151,453)		(49,095)		284		(200,264)
Amounts reclassified from accumulated other comprehensive income (loss)	114		—		—		114
Amortization of unrealized loss on securities transferred to held-to-maturity	—		3,753		—		3,753
Net other comprehensive (loss) income during period	(151,339)		(45,342)		284		(196,397)
Balance at end of period	$	(165,297)	$	(45,342)	$	—	$	(210,639)

Schedule of Amounts Reclassified Out of Accumulated Other Comprehensive (Loss) Income

The following tables present the amounts reclassified out of each component of accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2023 and 2022.

Details about Accumulated Other Comprehensive Income (Loss) Components	Amount Reclassified from Accumulated Other Comprehensive Income (Loss)
	Three Months Ended September 30,				Affected Line Item in Consolidated Statements of Income
(dollars in thousands)	2023		2022
Realized gain (loss) on sale of investment securities	$	5	$	4	Net gain (loss) on sale of investment securities
Income tax benefit (expense)	(1)		(1)		Income tax expense
Total reclassifications for the periods	$	4	$	3
Details about Accumulated Other Comprehensive Income (Loss) Components	Amount Reclassified from Accumulated Other Comprehensive Income (Loss)
	Nine Months Ended September 30,				Affected Line Item in Consolidated Statements of Income
(dollars in thousands)	2023		2022
Realized loss on sale of investment securities	$	(14)	$	(172)	Net gain (loss) on sale of investment securities
Income tax benefit (expense)	4		58		Income tax expense
Total reclassifications for the periods	$	(10)	$	(114)