Changes in Accumulated Other Comprehensive Income (Loss) By Component

6 Months Ended

Jun. 30, 2023

Changes in Accumulated Other Comprehensive Income (Loss) By Component

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) BY COMPONENT

The following tables present the changes in accumulated other comprehensive income (loss) by component for the three and six months ended June 30, 2023 and 2022. Amounts in parentheses indicate reductions to AOCI.


	Unrealized Gains (Losses) on Available for Sale Securities (1)
	Three Months Ended June 30,
(amounts in thousands)	2023		2022
Balance at April 1	$	(156,276)	$	(62,548)



Unrealized gains (losses) arising during period, before tax	(17,401)		(88,224)
Income tax effect	4,420		22,938
Other comprehensive income (loss) before reclassifications	(12,981)		(65,286)
Reclassification adjustments for (gains) losses included in net income, before tax	—		3,991
Income tax effect	—		(1,038)
Amounts reclassified from accumulated other comprehensive income (loss) to net income	—		2,953
Amortization of unrealized loss on securities transferred from available for sale to held to maturity	1,449		—
Income tax effect	(368)		—
Amortization of unrealized loss on securities transferred from available for sale to held to maturity	1,081		—
Net current-period other comprehensive income (loss)	(11,900)		(62,333)
Balance at June 30	$	(168,176)	$	(124,881)


	Unrealized Gains (Losses) Available for Sale Securities (1)
	Six Months Ended June 30,
(amounts in thousands)	2023		2022
Balance at January 1	$	(163,096)	$	(4,980)



Unrealized gains (losses) arising during period, before tax	(9,131)		(167,082)
Income tax effect	2,319		43,441
Other comprehensive income (loss) before reclassifications	(6,812)		(123,641)
Reclassification adjustments for (gains) losses included in net income, before tax	—		5,054
Income tax effect	—		(1,314)
Amounts reclassified from accumulated other comprehensive income (loss) to net income	—		3,740
Amortization of unrealized loss on securities transferred from available for sale to held to maturity	2,321		—
Income tax effect	(589)		—
Amortization of unrealized loss on securities transferred from available for sale to held to maturity	1,732		—
Net current-period other comprehensive income (loss)	(5,080)		(119,901)
Balance at June 30	$	(168,176)	$	(124,881)

(1)Reclassification amounts for AFS debt securities are reported as gain (loss) on sale of investment securities and amortization of unrealized losses on debt securities transferred from available-for-sale to held-to-maturity is reported within interest income on the consolidated statements of income.