ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

12 Months Ended

Dec. 31, 2023

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

NOTE 19 — ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following table summarizes the changes in Accumulated Other Comprehensive Income (Loss) balances, net of tax effects at the dates indicated (in thousands):

					Total
					Accumulated
					Other
	AFS		Cash Flow		Comprehensive
	Securities		Hedge		Income (Loss)
Balance at January 1, 2023	$	(61,834)	$	7,536	$	(54,298)
Unrealized gain (loss) arising during the period, net of tax		7,149		(2,417)		4,732
Reclassification adjustment for gain included in net income, net of tax		—		(3,370)		(3,370)
Other comprehensive income (loss), net of tax		7,149		(5,787)		1,362
Balance at December 31, 2023	$	(54,685)	$	1,749	$	(52,936)
Balance at January 1, 2022	$	(8,253)	$	749	$	(7,504)
Unrealized gain (loss) arising during the period, net of tax		(53,581)		8,137		(45,444)
Reclassification adjustment for gain included in net income, net of tax		—		(1,350)		(1,350)
Other comprehensive income (loss), net of tax		(53,581)		6,787		(46,794)
Balance at December 31, 2022	$	(61,834)	$	7,536	$	(54,298)
Balance at January 1, 2021	$	2,283	$	(1,310)	$	973
Unrealized gain (loss) arising during the period, net of tax		(10,124)		2,059		(8,065)
Reclassification adjustment for gain included in net income, net of tax		(412)		—		(412)
Other comprehensive income (loss), net of tax		(10,536)		2,059		(8,477)
Balance at December 31, 2021	$	(8,253)	$	749	$	(7,504)

The following table presents the tax effects allocated to each component of Accumulated Other Comprehensive Income (Loss) at the dates indicated (in thousands):

	Gross		Tax
	Amount		Component		Total
At December 31, 2023
Unrealized gain (loss) on AFS Securities	$	(77,783)	$	23,098	$	(54,685)
Unrealized gain (loss) on Cash Flow Hedges		2,574		(825)		1,749
Total ending other comprehensive income (loss)	$	(75,209)	$	22,273	$	(52,936)
At December 31, 2022
Unrealized gain (loss) on AFS Securities	$	(88,918)	$	27,084	$	(61,834)
Unrealized gain (loss) on Cash Flow Hedges		10,787		(3,251)		7,536
Total ending other comprehensive income (loss)	$	(78,131)	$	23,833	$	(54,298)
At December 31, 2021
Unrealized gain (loss) on AFS Securities	$	(11,984)	$	3,731	$	(8,253)
Unrealized gain (loss) on Cash Flow Hedges		1,032		(283)		749
Total ending other comprehensive income (loss)	$	(10,952)	$	3,448	$	(7,504)

The proceeds from sales and calls of securities during the years ended December 31, 2023, 2022 and 2021 were $0.0, $0.0 and $43.2 million, respectively. The following table shows the amounts reclassified out of each component of accumulated other comprehensive income for the realized gain on the sale of securities and the realized gain on cash flow hedges (in thousands):

							Affected line item in
							the Consolidated Statements
	Year Ended December 31,						of Operations
		2023		2022		2021
Realized gain on sale of AFS securities	$	—	$	—	$	609	Gain on Sale of Securities
Income tax (expense) benefit		—		—		(197)	Income tax expense
Total reclassifications, net of income tax	$	—	$	—	$	412
Realized gain on cash flow hedges	$	4,864	$	1,949	$	—	Licensing fees
Income tax (expense) benefit		(1,494)		(599)		—	Income tax expense
Total reclassifications, net of income tax	$	3,370	$	1,350	$	—