Other Comprehensive (Loss) Income

3 Months Ended

Mar. 31, 2024

Other Comprehensive Income [Abstract]

Other Comprehensive (Loss) Income

Other Comprehensive (Loss) Income

The following table presents the components of other comprehensive (loss) income for the three months ended March 31, 2024 and 2023.

(dollars in thousands)	Before Tax		Tax Effect		Net of Tax
Three Months Ended March 31, 2024
Net unrealized (loss) gain on securities available-for-sale	$	(6,693)	$	1,626	$	(5,067)
Less: Reclassification adjustment for net loss included in net income	(4)		1		(3)
Total unrealized (loss) gain on investment securities available-for-sale	(6,697)		1,627		(5,070)
Amortization of unrealized loss on securities transferred to held-to-maturity	1,731		(346)		1,385
Net unrealized gain on derivatives	363		(89)		274
Other comprehensive (loss) income	$	(4,603)	$	1,192	$	(3,411)
Three Months Ended March 31, 2023
Net unrealized gain (loss) on securities available-for-sale	$	24,039	$	(6,103)	$	17,936
Less: Reclassification adjustment for net loss included in net income	21		(5)		16
Total unrealized gain (loss) on investment securities available-for-sale	24,060		(6,108)		17,952
Amortization of unrealized loss on securities transferred to held-to-maturity	1,983		(1,342)		641
Other comprehensive income (loss)	$	26,043	$	(7,450)	$	18,593

The following table presents the changes in each component of accumulated other comprehensive income (loss), net of tax, for the three months ended March 31, 2024 and 2023.

(dollars in thousands)	Securities Available-For-Sale		Securities Held-to-Maturity		Derivatives		Accumulated Other Comprehensive Income (Loss)
Three Months Ended March 31, 2024
Balance at beginning of period	$	(122,246)	$	(39,929)	$	(182)	$	(162,357)
Other comprehensive (loss) income before reclassifications	(5,067)		—		274		(4,793)
Amounts reclassified from accumulated other comprehensive income	(3)		—		—		(3)
Amortization of unrealized loss on securities transferred to held-to-maturity	—		1,385		—		1,385
Net other comprehensive (loss) income during period	(5,070)		1,385		274		(3,411)
Balance at end of period	$	(127,316)	$	(38,544)	$	92	$	(165,768)
Three Months Ended March 31, 2023
Balance at beginning of period	$	(154,773)	$	(44,734)	$	—	$	(199,507)
Other comprehensive income before reclassifications	17,936		—		—		17,936
Amounts reclassified from accumulated other comprehensive income	16		—		—		16
Amortization of unrealized loss on securities transferred to held-to-maturity	—		641		—		641
Net other comprehensive income during period	17,952		641		—		18,593
Balance at end of period	$	(136,821)	$	(44,093)	$	—	$	(180,914)

The following table presents the amounts reclassified out of each component of accumulated other comprehensive income (loss) for the three months ended March 31, 2024 and 2023.

Details about Accumulated Other Comprehensive Income (Loss) Components	Amount Reclassified from Accumulated Other Comprehensive Income (Loss)
	Three Months Ended March 31,				Affected Line Item in Consolidated Statements of Operations
(dollars in thousands)	2024		2023
Realized gain (loss) on sale of investment securities	$	4	$	(21)	Net gain (loss) on sale of investment securities
Income tax benefit (expense)	(1)		5		Income tax expense
Total reclassifications for the periods	$	3	$	(16)