ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

6 Months Ended

Jun. 30, 2024

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

NOTE 10 — ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following table summarizes the changes in Accumulated Other Comprehensive Income (Loss) balances, net of tax effects at the dates indicated (in thousands):

					Total
					Accumulated
					Other
	AFS		Cash Flow		Comprehensive
	Securities		Hedge		Income (Loss)
Three Months Ended
Balance at April 1, 2024	$	(57,251)	$	5,161	$	(52,090)
Unrealized gain (loss) arising during the period, net of tax		103		656		759
Reclassification adjustment for gain included in net income, net of tax		—		(874)		(874)
Other comprehensive income (loss), net of tax		103		(218)		(115)
Balance at June 30, 2024	$	(57,148)	$	4,943	$	(52,205)
Balance at April 1, 2023	$	(56,114)	$	5,982	$	(50,132)
Unrealized gain (loss) arising during the period, net of tax		(4,675)		4,702		27
Reclassification adjustment for gain included in net income, net of tax		—		(816)		(816)
Other comprehensive income (loss), net of tax		(4,675)		3,886		(789)
Balance at June 30, 2023	$	(60,789)	$	9,868	$	(50,921)
Six Months Ended
Balance at January 1, 2024	$	(54,685)	$	1,749	$	(52,936)
Unrealized gain (loss) arising during the period, net of tax		(2,463)		4,935		2,472
Reclassification adjustment for gain included in net income, net of tax		—		(1,741)		(1,741)
Other comprehensive income (loss), net of tax		(2,463)		3,194		731
Balance at June 30, 2024	$	(57,148)	$	4,943	$	(52,205)
Balance at January 1, 2023	$	(61,833)	$	7,535	$	(54,298)
Unrealized gain (loss) arising during the period, net of tax		1,044		4,007		5,051
Reclassification adjustment for gain included in net income, net of tax		—		(1,674)		(1,674)
Other comprehensive income (loss), net of tax		1,044		2,333		3,377
Balance at June 30, 2023	$	(60,789)	$	9,868	$	(50,921)

The following table presents the tax effects allocated to each component of Accumulated Other Comprehensive Income (Loss) at the dates indicated (in thousands):

	Gross		Tax
	Amount		Component		Total
Balance at June 30, 2024
Unrealized gain (loss) on AFS Securities	$	(82,125)	$	24,977	$	(57,148)
Unrealized gain (loss) on Cash Flow Hedges		7,080		(2,137)		4,943
Total ending other comprehensive income (loss)	$	(75,045)	$	22,840	$	(52,205)
At December 31, 2023
Unrealized gain (loss) on AFS Securities	$	(77,783)	$	23,098	$	(54,685)
Unrealized gain (loss) on Cash Flow Hedges		2,574		(825)		1,749
Total ending other comprehensive income (loss)	$	(75,209)	$	22,273	$	(52,936)

The following table shows the amounts reclassified out of AOCI for the realized gain on cash flow hedges (in thousands):

									Affected line item in
	Three months ended				Six months ended				the Consolidated Statements
	June 30,				June 30,				of Operations
	2024		2023		2024		2023
Realized gain (loss) on cash flow hedges	$	1,262	$	1,218	$	2,513	$	2,453	Licensing fees
Income tax (expense) benefit		(388)		(402)		(772)		(779)	Income tax expense
Total reclassifications, net of income tax	$	874	$	816	$	1,741	$	1,674