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Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2024

Other Comprehensive Income (Loss)

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


		For the Three Months Ended
		March 31, 2024									March 31, 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		$	(3,443)		$	864		$	(2,579)		$	4,754		$	(1,193)		$	3,561
Less: reclassification adjustment from amortization of securities transferred from AFS to HTM ⁽¹⁾			74			(18)			56			(87)			22			(65)
Less: reclassification adjustment for net realized losses ⁽²⁾			—			—			—			—			—			—
Net change			(3,517)			882			(2,635)			4,841			(1,215)			3,626
Cash Flow Hedges:
Change in fair value			946			(576)			370			—			—			—
Less: reclassified AOCI gain (loss) into interest expense ⁽³⁾			262			(66)			196			—			—			—
Net change			684			(510)			174			—			—			—
Other Derivatives:
Change in fair value			2,031			(171)			1,860			(1,725)			433			(1,292)
Less: reclassified AOCI gain (loss) into interest expense ⁽⁴⁾			—			—			—			—			—			—
Net change			2,031			(171)			1,860			(1,725)			433			(1,292)
Other comprehensive income (loss)		$	(802)		$	201		$	(601)		$	3,116		$	(782)		$	2,334

(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 3 Investment Securities” for further details.

(2)	Reclassified into net gains (losses) on investment securities in the consolidated statements of income. Refer to “NOTE 3 Investment Securities” for further details.

(3)	Reclassified into interest expense on short-term borrowings on the consolidated statements of income. Refer to “NOTE 17 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 17 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, 2023		$	(73,158)		$	(237)		$	(260)		$	(73,655)
Other comprehensive income (loss) before reclassifications			(2,579)			370			1,860			(349)
Less: Amounts reclassified from AOCI			56			196			—			252
Other comprehensive income (loss)			(2,635)			174			1,860			(601)
Balance at March 31, 2024		$	(75,793)			(63)			1,600			(74,256)

Balance at December 31, 2022		$	(98,547)		$	—		$	(94)		$	(98,641)
Other comprehensive income (loss) before reclassifications			3,561			—			(1,292)			2,269
Less: Amounts reclassified from AOCI			(65)			—			—			(65)
Other comprehensive income (loss)			3,626			—			(1,292)			2,334
Balance at March 31, 2023			(94,921)			—			(1,386)			(96,307)

(1)	All amounts net of tax.