Accumulated Other Comprehensive Income (“AOCI”)

12 Months Ended

Dec. 31, 2021

Accumulated Other Comprehensive Income (“AOCI”):

The components of AOCI are summarized as follows using applicable blended average federal and state tax rates for each period:


	December 31, 2021						December 31, 2020
(in thousands)	Before Tax Amount		Tax Effect		Net of Tax Amount		Before Tax Amount		Tax Effect		Net of Tax Amount
Net unrealized gains on available for sale securities	$	15,775	$	(3,788)	$	11,987	$	37,305	$	(9,120)	$	28,185
Net unrealized gains on interest rate swaps designated as cash flow hedges	4,275		(1,045)		$	3,230	4,605		(1,126)		3,479
Total AOCI	$	20,050	$	(4,833)	$	15,217	$	41,910	$	(10,246)	$	31,664

The components of other comprehensive (loss) income for the three-year period ended December 31, 2021 is summarized as follows:


	December 31, 2021
(in thousands)	Before Tax Amount		Tax Effect		Net of Tax Amount
Net unrealized losses on available for sale securities:
Change in fair value arising during the period	$	(17,264)	$	4,304	$	(12,960)

Reclassification adjustment for net gains included in net income	(4,266)		1,028		(3,238)
	(21,530)		5,332		(16,198)
Net unrealized losses on interest rate swaps designated as cash flow hedges:
Change in fair value arising during the period	178		(41)		137
Reclassification adjustment for net interest income included in net income	(508)		122		(386)
	(330)		81		(249)
Total other comprehensive loss	$	(21,860)	$	5,413	$	(16,447)


	December 31, 2020
(in thousands)	Before Tax Amount		Tax Effect		Net of Tax Amount
Net unrealized gains on available for sale securities:
Change in fair value arising during the period	$	52,866	$	(12,925)	$	39,941

Reclassification adjustment for net gains included in net income	(25,124)		6,143		(18,981)
	27,742		(6,782)		20,960
Net unrealized losses on interest rate swaps designated as cash flow hedges:
Change in fair value arising during the period	(2,289)		559		(1,730)
Reclassification adjustment for net interest income included in net income	(1,059)		259		(800)
	(3,348)		818		(2,530)
Total other comprehensive income	$	24,394	$	(5,964)	$	18,430


	December 31, 2019
(in thousands)	Before Tax Amount		Tax Effect		Net of Tax Amount
Net unrealized gains on available for sale securities:
Change in fair value arising during the period	$	43,427	$	(10,617)	$	32,810
Cumulative effect of change in accounting principle	1,155		(283)		872
Reclassification adjustment for net gains included in net income	(1,874)		458		(1,416)
	42,708		(10,442)		32,266
Net unrealized losses on interest rate swaps designated as cash flow hedges:
Change in fair value arising during the period	379		(92)		287
Reclassification adjustment for net interest income included in net income	(1,529)		374		(1,155)
	(1,150)		282		(868)
Total other comprehensive income	$	41,558	$	(10,160)	$	31,398