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Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2023

Other Comprehensive Income (Loss)

Schedule of reconciliation of the changes in the components of other comprehensive income and loss


		Year ended December 31,
		2023									2022									2021
					Tax									Tax									Tax
		Pre-Tax			(Expense)			After-Tax			Pre-Tax			(Expense)			After-Tax			Pre-Tax			(Expense)			After-Tax
(dollars in thousands)		Amount			Benefit			Amount			Amount			Benefit			Amount			Amount			Benefit			Amount
Debt Securities:
Change in fair value		$	58,868		$	(14,775)		$	44,093		$	(125,634)		$	31,534		$	(94,100)		$	(19,433)		$	4,878		$	(14,555)
Less: reclassification adjustment from amortization of securities transferred from AFS to HTM ⁽¹⁾			(328)			82			(246)			(382)			96			(286)			(326)			82			(244)
Less: reclassification adjustment for net realized losses ⁽²⁾			(24,643)			6,185			(18,458)			—			—			—			—			—			—
Net change			33,897			(8,508)			25,389			(126,016)			31,630			(94,386)			(19,759)			4,960			(14,799)
Cash Flow Hedges:
Change in fair value			176			(59)			117			—			—			—			—			—			—
Less: reclassified AOCI gain (loss) into interest expense ⁽³⁾			(473)			119			(354)			—			—			—			—			—			—
Net change			(297)			60			(237)			—			—			—			—			—			—
Other Derivatives:
Change in fair value			(241)			75			(166)			—			—			—			(125)			31			(94)
Less: reclassified AOCI gain (loss) into interest expense ⁽⁴⁾			—			—			—			—			—			—			—			—			—
Net change			(241)			75			(166)			—			—			—			(125)			31			(94)
Other comprehensive income (loss)		$	33,359		$	(8,373)		$	24,986		$	(126,016)		$	31,630		$	(94,386)		$	(19,884)		$	4,991		$	(14,893)

(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 5 (Investment Securities) for further details.

(2)	Reclassified into net gains (losses) on investment securities in the consolidated statements of income. Refer to Note 5 (Investment Securities) for further details.

(3)	Reclassified into interest expense on short-term borrowings on the consolidated statements of income. Refer to Note 25 (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 25 (Derivative Instruments) for further details.

Schedule of changes in each component of AOCI



					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⁾
Balance at December 31, 2020		$	10,638		$	—		$	—		$	10,638
Other comprehensive income (loss) before reclassifications			(14,555)			—			—			(14,555)
Less: Amounts reclassified from AOCI			(244)			—			(94)			(338)
Other comprehensive income (loss)			(14,799)			—			(94)			(14,893)
Balance at December 31, 2021			(4,161)			—			(94)			(4,255)
Other comprehensive income (loss) before reclassifications			(94,100)			—			—			(94,100)
Less: Amounts reclassified from AOCI			(286)			—			—			(286)
Other comprehensive income (loss)			(94,386)			—			—			(94,386)
Balance at December 31, 2022			(98,547)			—			(94)			(98,641)
Other comprehensive income (loss) before reclassifications			44,093			117			(166)			44,044
Less: Amounts reclassified from AOCI			(18,704)			(354)			—			(19,058)
Other comprehensive income (loss)			25,389			(237)			(166)			24,986
Balance at December 31, 2023		$	(73,158)		$	(237)		$	(260)		$	(73,655)

(1)	All amounts net of tax.