Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2023

Other Comprehensive Income

Schedule of Components of Other Comprehensive Income (Loss)

The following table presents the components of other comprehensive income (loss) for the years ended December 31, 2023, 2022 and 2021.

(dollars in thousands)	Before Tax		Tax Effect		Net of Tax
Year Ended December 31, 2023
Net unrealized gain (loss) on securities available-for-sale	$	43,293	$	(10,774)	$	32,519
Reclassification adjustment for net loss included in net income	11		(3)		8
Total unrealized gain (loss)	43,304		(10,777)		32,527
Amortization of unrealized loss on securities transferred to held-to-maturity	7,412		(2,607)		4,805
Net unrealized loss on derivatives	(182)		—		(182)
Other comprehensive income (loss)	$	50,534	$	(13,384)	$	37,150
Year Ended December 31, 2022
Net unrealized (loss) gain on securities available-for-sale	$	(186,439)	$	45,513	$	(140,926)
Reclassification adjustment for net loss included in net income	169		(58)		111
Total unrealized (loss) gain	(186,270)		45,455		(140,815)
Net unrealized (loss) gain on securities transferred to held-to-maturity	(66,193)		17,098		(49,095)
Amortization of unrealized loss on securities transferred to held-to-maturity	7,093		(2,732)		4,361
Total unrealized (loss) gain	(59,100)		14,366		(44,734)
Net unrealized gain on derivatives	284		—		284
Other comprehensive (loss) income	$	(245,086)	$	59,821	$	(185,265)
Year Ended December 31, 2021
Net unrealized gain (loss) on securities available-for-sale	$	(37,669)	$	9,746	$	(27,923)
Reclassification adjustment for net (gain) loss included in net income	(2,964)		761		(2,203)
Total unrealized (loss) gain	(40,633)		10,507		(30,126)
Reclassification adjustment for loss on derivatives included in net income	516		(132)		384
Other comprehensive (loss) income	$	(40,117)	$	10,375	$	(29,742)

Schedule of Changes in Each Component of Accumulated Other Comprehensive Income (Loss), Net of Tax

The following table presents the changes in each component of accumulated other comprehensive income (loss), net of tax, for the years ended December 31, 2023, 2022 and 2021.

(dollars in thousands)	Securities Available For Sale		Held-to-Maturity Securities		Derivatives		Accumulated Other Comprehensive Income (Loss)
Year Ended December 31, 2023
Balance at beginning of year	$	(154,773)	$	(44,734)	$	—	$	(199,507)
Other comprehensive income (loss) before reclassifications	32,519		—		(182)		32,337
Amortization of unrealized loss on securities transferred to held-to-maturity	—		4,805		—		4,805
Amounts reclassified from accumulated other comprehensive loss	8		—		—		8
Net other comprehensive income (loss) during period	32,527		4,805		(182)		37,150
Balance at end of year	$	(122,246)	$	(39,929)	$	(182)	$	(162,357)
Year Ended December 31, 2022
Balance at beginning of year	$	(13,958)	$	—	$	(284)	$	(14,242)
Other comprehensive (loss) income before reclassifications	(140,926)		—		284		(140,642)
Transfer of securities from AFS to HTM	—		(49,095)		—		(49,095)
Amortization of unrealized loss on securities transferred to held-to-maturity	—		4,361		—		4,361
Amounts reclassified from accumulated other comprehensive loss	111		—		—		111
Net other comprehensive income (loss) during period	(140,815)		(44,734)		284		(185,265)
Balance at end of year	$	(154,773)	$	(44,734)	$	—	$	(199,507)
Year Ended December 31, 2021
Balance at beginning of year	$	16,168	$	—	$	(668)	$	15,500
Other comprehensive (loss) income before reclassifications	(27,923)		—		—		(27,923)
Amounts reclassified from accumulated other comprehensive income (loss)	(2,203)		—		384		(1,819)
Net other comprehensive income (loss) during period	(30,126)		—		384		(29,742)
Balance at end of year	$	(13,958)	$	—	$	(284)	$	(14,242)

Schedule of Amounts Reclassified Out of Accumulated Other Comprehensive (Loss) Income

The following table presents the amounts reclassified out of each component of accumulated other comprehensive income (loss) for the years ended December 31, 2023, 2022 and 2021.

	Amount Reclassified from Accumulated Other Comprehensive Income (Loss)						Affected Line Item in the Statement Where Net Income is Presented
	Year Ended December 31,
(dollars in thousands)	2023		2022		2021
Realized (loss) gain on sale of investment securities	$	(11)	$	(169)	$	2,964	Net (loss) gain on sale of investment securities
Loss on derivatives	—		—		(516)		Interest on deposits
Income tax benefit (expense)	3		58		(629)		Income tax expense
Total	$	(8)	$	(111)	$	1,819	Net Income