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Note 21 - Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Comprehensive Income (Loss) Note [Text Block]

NOTE 21 Other Comprehensive Income (Loss)

The following tables present a reconciliation of the changes in the components of other comprehensive income and loss for the periods indicated, including the amount of tax (expense) benefit allocated to each component:

		*For the Three Months Ended*
		*September 30, 2024*												*September 30, 2023*
						*Tax*												*Tax*
		*Pre-Tax*				*(Expense)*				*After-Tax*				*Pre-Tax*				*(Expense)*				*After-Tax*
(dollars in thousands)		*Amount*				*Benefit*				*Amount*				*Amount*				*Benefit*				*Amount*
Debt Securities:
Change in fair value		$	19,497			$	(4,894	)		$	14,603			$	(19,075	)		$	4,789			$	(14,286	)
Less: reclassification adjustment from amortization of securities transferred from AFS to HTM ⁽¹⁾			66				(16	)			50				80				(20	)			60
Less: reclassification adjustment for net realized losses ⁽²⁾			—				—				—				—				—				—
Net change			19,431				(4,878	)			14,553				(19,155	)			4,809				(14,346	)
Cash Flow Hedges:
Change in fair value			(616	)			706				90				1,216				(305	)			911
Less: reclassified AOCI gain (loss) into interest expense ⁽³⁾			253				(64	)			189				205				(51	)			154
Net change			(869	)			770				(99	)			1,011				(254	)			757
Other Derivatives:
Change in fair value			(3,068	)			219				(2,849	)			1,133				(285	)			848
Less: reclassified AOCI gain (loss) into interest expense ⁽⁴⁾			—				—				—				—				—				—
Net change			(3,068	)			219				(2,849	)			1,133				(285	)			848
Other comprehensive income (loss)		$	15,494			$	(3,889	)		$	11,605			$	(17,011	)		$	4,270			$	(12,741	)

(1)	Reclassified into taxable and/or exempt from federal income taxes interest income on investment securities on the consolidated statements of income. Refer to “NOTE 4 Investment Securities” for further details.

(2)	Reclassified into net gains (losses) on investment securities in the consolidated statements of income. Refer to “NOTE 4 Investment Securities” for further details.

(3)	Reclassified into interest expense on short-term borrowings on the consolidated statements of income. Refer to “NOTE 19 Derivative Instruments” for further details.

(4)	Reclassified into interest income on loans, including fees and/or interest income on taxable investment securities on the consolidated statements of income. Refer to “NOTE 19 Derivative Instruments” for further details.

		*For the Nine Months Ended*
		*September 30, 2024*												*September 30, 2023*
						*Tax*												*Tax*
		*Pre-Tax*				*(Expense)*				*After-Tax*				*Pre-Tax*				*(Expense)*				*After-Tax*
(dollars in thousands)		*Amount*				*Benefit*				*Amount*				*Amount*				*Benefit*				*Amount*
Debt Securities:
Change in fair value		$	14,899			$	(3,740	)		$	11,159			$	(23,782	)		$	5,970			$	(17,812	)
Less: reclassification adjustment from amortization of securities transferred from AFS to HTM			207				(52	)			155				251				(63	)			188
Less: reclassification adjustment for net realized losses			—				—				—				—				—				—
Net change			14,692				(3,688	)			11,004				(24,033	)			6,033				(18,000	)
Cash Flow Hedges:
Change in fair value			625				22				647				1,216				(305	)			911
Less: reclassified AOCI gain (loss) into interest expense ⁽³⁾			785				(197	)			588				205				(51	)			154
Net change			(160	)			219				59				1,011				(254	)			757
Other Derivatives:
Change in fair value			(872	)			40				(832	)			3,206				(805	)			2,401
Less: reclassified AOCI gain (loss) into interest expense ⁽⁴⁾			—				—				—				—				—				—
Net change			(872	)			40				(832	)			3,206				(805	)			2,401
Other comprehensive income (loss)		$	13,660			$	(3,429	)		$	10,231			$	(19,816	)		$	4,974			$	(14,842	)

(1)	Reclassified into taxable and/or exempt from federal income taxes interest income on investment securities on the consolidated statements of income. Refer to “NOTE 4 Investment Securities” for further details.

(2)	Reclassified into net gains (losses) on investment securities in the consolidated statements of income. Refer to “NOTE 4 Investment Securities” for further details.

(3)	Reclassified into interest expense on short-term borrowings on the consolidated statements of income. Refer to “NOTE 19 Derivative Instruments” for further details.

(4)	Reclassified into interest income on loans, including fees and/or interest income on taxable investment securities on the consolidated statements of income. Refer to “NOTE 19 Derivative Instruments” for further details.

						*Net Unrealized*				*Net Unrealized*
		*Net Unrealized*				*Gains (Losses) on*				*Gains (Losses)*
		*Gains (Losses) on*				*Cash Flow*				*on Other*
(dollars in thousands)		Debt Securities ⁽¹⁾				Hedges ⁽¹⁾				Derivatives ⁽¹⁾				AOCI ⁽¹⁾
*For the Three Months Ended September 30, 2024*
Balance at June 30, 2024		$	(76,707	)		$	(79	)		$	1,757			$	(75,029	)
Other comprehensive income (loss) before reclassifications			14,603				90				(2,849	)			11,844
Less: Amounts reclassified from AOCI			50				189				—				239
Other comprehensive income (loss)			14,553				(99	)			(2,849	)			11,605
Balance at September 30, 2024		$	(62,154	)			(178	)			(1,092	)			(63,424	)
*For the Nine Months Ended September 30, 2024*
Balance at December 31, 2023		$	(73,158	)		$	(237	)		$	(260	)		$	(73,655	)
Other comprehensive income (loss) before reclassifications			11,159				647				(832	)			10,974
Less: Amounts reclassified from AOCI			155				588				—				743
Other comprehensive income (loss)			11,004				59				(832	)			10,231
Balance at September 30, 2024		$	(62,154	)			(178	)			(1,092	)			(63,424	)

*For the Three Months Ended September 30, 2023*
Balance at June 30, 2023		$	(102,201	)		$	—			$	1,459			$	(100,742	)
Other comprehensive income (loss) before reclassifications			(14,286	)			911				848				(12,527	)
Less: Amounts reclassified from AOCI			60				154				—				214
Other comprehensive income (loss)			(14,346	)			757				848				(12,741	)
Balance at September 30, 2023		$	(116,547	)			757				2,307				(113,483	)
*For the Nine Months Ended September 30, 2023*
Balance at December 31, 2022		$	(98,547	)		$	—			$	(94	)		$	(98,641	)
Other comprehensive income (loss) before reclassifications			(17,812	)			911				2,401				(14,500	)
Less: Amounts reclassified from AOCI			188				154				—				342
Other comprehensive income (loss)			(18,000	)			757				2,401				(14,842	)
Balance at September 30, 2023		$	(116,547	)		$	757			$	2,307			$	(113,483	)

(1)	All amounts net of tax.