Comprehensive (Loss) Income

3 Months Ended

Mar. 31, 2021

Comprehensive income is defined as all changes to stockholders' equity except investments by and distributions to stockholders. Net income is one component of comprehensive income, with other components referred to in the aggregate as other comprehensive income. See below for the Company's other components of comprehensive income at the respective dates. Pursuant to GAAP, the Company initially excludes these unrealized holding gains and losses from net income; however, they are later reported as reclassifications out of accumulated other comprehensive income into net income when the losses or gains are realized.

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


	Three months ended March 31, 2021						Three months ended March 31, 2020
(Dollars in thousands)	Pre-Tax		Tax Benefit (Expense)		After Tax Amount		Pre-Tax		Tax (Expense) Benefit		After Tax Amount
Change in fair value of debt securities	$	(11,080)	$	2,458	$	(8,622)	$	9,574	$	(2,136)	$	7,438
Less: net security gains reclassified into non-interest income	128		(29)		99		100		(22)		78
Net change in fair value of debt securities	(11,208)		2,487		(8,721)		9,474		(2,114)		7,360

Change in fair value of cash flow hedges	1,047		(294)		753		(2,844)		799		(2,045)
Less: net cash flow hedges losses reclassified into interest expense	236		(66)		170		25		(7)		18
Net change in fair value of cash flow hedges	811		(228)		583		(2,869)		806		(2,063)

Total other comprehensive (loss) income, net	$	(10,397)	$	2,259	$	(8,138)	$	6,605	$	(1,308)	$	5,297

Information on the Company's accumulated other comprehensive income (loss), net of tax, is comprised of the following components as of the periods indicated:


	Three months ended March 31, 2021						Three months ended March 31, 2020
(Dollars in thousands)	Unrealized gains on debt securities		Unrealized losses on cash flow hedges		Total		Unrealized gains (losses) on debt securities		Unrealized gains (losses) on cash flow hedges		Total
Accumulated other comprehensive income - beginning balance	$	24,216	$	(2,023)	$	22,193	$	10,510	$	—	$	10,510
Total other comprehensive income (loss), net	(8,721)		583		(8,138)		7,360		(2,063)		5,297
Accumulated other comprehensive income - ending balance	$	15,495	$	(1,440)	$	14,055	$	17,870	$	(2,063)	$	15,807