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Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2024

Other Comprehensive Income (Loss)

Other Comprehensive Income (Loss)

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
		June 30, 2024									June 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		$	(1,153)		$	290		$	(863)		$	(9,636)		$	2,419		$	(7,217)
Less: reclassification adjustment from amortization of securities transferred from AFS to HTM ⁽¹⁾			68			(17)			51			84			(21)			63
Less: reclassification adjustment for net realized losses ⁽²⁾			—			—			—			—			—			—
Net change			(1,221)			307			(914)			(9,720)			2,440			(7,280)
Cash Flow Hedges:
Change in fair value			295			(109)			186			—			—			—
Less: reclassified AOCI gain (loss) into interest expense ⁽³⁾			270			(68)			202			—			—			—
Net change			25			(41)			(16)			—			—			—
Other Derivatives:
Change in fair value			164			(7)			157			3,794			(949)			2,845
Less: reclassified AOCI gain (loss) into interest expense ⁽⁴⁾			—			—			—			—			—			—
Net change			164			(7)			157			3,794			(949)			2,845
Other comprehensive income (loss)		$	(1,032)		$	259		$	(773)		$	(5,926)		$	1,491		$	(4,435)

(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 Six Months Ended
		June 30, 2024									June 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		$	(4,597)		$	1,154		$	(3,443)		$	(4,708)		$	1,182		$	(3,526)
Less: reclassification adjustment from amortization of securities transferred from AFS to HTM			142			(36)			106			171			(43)			128
Less: reclassification adjustment for net realized losses			—			—			—			—			—			—
Net change			(4,739)			1,190			(3,549)			(4,879)			1,225			(3,654)
Cash Flow Hedges:
Change in fair value			1,241			(685)			556			—			—			—
Less: reclassified AOCI gain (loss) into interest expense ⁽³⁾			532			(134)			398			—			—			—
Net change			709			(551)			158			—			—			—
Other Derivatives:
Change in fair value			2,195			(178)			2,017			2,069			(516)			1,553
Less: reclassified AOCI gain (loss) into interest expense ⁽⁴⁾			—			—			—			—			—			—
Net change			2,195			(178)			2,017			2,069			(516)			1,553
Other comprehensive income (loss)		$	(1,835)		$	461		$	(1,374)		$	(2,810)		$	709		$	(2,101)

(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 June 30, 2024
Balance at March 31, 2024		$	(75,793)		$	(63)		$	1,600		$	(74,256)
Other comprehensive income (loss) before reclassifications			(863)			186			157			(520)
Less: Amounts reclassified from AOCI			51			202			—			253
Other comprehensive income (loss)			(914)			(16)			157			(773)
Balance at June 30, 2024		$	(76,707)			(79)			1,757			(75,029)
For the Six Months Ended June 30, 2024
Balance at December 31, 2023		$	(73,158)		$	(237)		$	(260)		$	(73,655)
Other comprehensive income (loss) before reclassifications			(3,443)			556			2,017			(870)
Less: Amounts reclassified from AOCI			106			398			—			504
Other comprehensive income (loss)			(3,549)			158			2,017			(1,374)
Balance at June 30, 2024		$	(76,707)			(79)			1,757			(75,029)

For the Three Months Ended June 30, 2023
Balance at March 31, 2023		$	(94,921)		$	—		$	(1,386)		$	(96,307)
Other comprehensive income (loss) before reclassifications			(7,217)			—			2,845			(4,372)
Less: Amounts reclassified from AOCI			63			—			—			63
Other comprehensive income (loss)			(7,280)			—			2,845			(4,435)
Balance at June 30, 2023		$	(102,201)			—			1,459			(100,742)
For the Six Months Ended June 30, 2023
Balance at December 31, 2022		$	(98,547)		$	—		$	(94)		$	(98,641)
Other comprehensive income (loss) before reclassifications			(3,526)			—			1,553			(1,973)
Less: Amounts reclassified from AOCI			128			—			—			128
Other comprehensive income (loss)			(3,654)			—			1,553			(2,101)
Balance at June 30, 2023		$	(102,201)		$	—		$	1,459		$	(100,742)

(1)	All amounts net of tax.