Other Comprehensive Loss |
Other Comprehensive Loss Accounting principles generally require recognized revenue, expenses, gains and losses be included in net income or loss. Certain changes in assets and liabilities, such as the after tax effect of unrealized gains and losses on investment securities AFS that are not OTTI, are not reflected in the consolidated statements of income. The cumulative effect of such items, net of tax effect, is reported as a separate component of the equity section of the consolidated balance sheets (Accumulated OCI). OCI, along with net income, comprises the Company's total comprehensive income or loss.
As of the balance sheet dates, the components of Accumulated OCI, net of tax, were: | | | | | | | | | | September 30, 2022 | December 31, 2021 | | (Dollars in thousands) | Net unrealized losses on investment securities AFS | $ | (40,938) | | $ | (1,552) | | | | | | | | | | | | | |
The following tables disclose the tax effects allocated to each component of OCI for the three and nine months ended September 30: | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | September 30, 2022 | September 30, 2021 | | Before-Tax Amount | Tax Benefit | Net-of-Tax Amount | Before-Tax Amount | Tax Benefit | Net-of-Tax Amount | Investment securities AFS: | (Dollars in thousands) | Net unrealized holding losses arising during the period on investment securities AFS | $ | (15,872) | | $ | 3,333 | | $ | (12,539) | | $ | (1,535) | | $ | 322 | | $ | (1,213) | | Reclassification adjustment for net losses on investment securities AFS realized in net income | — | | — | | — | | 30 | | (6) | | 24 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total other comprehensive loss | $ | (15,872) | | $ | 3,333 | | $ | (12,539) | | $ | (1,505) | | $ | 316 | | $ | (1,189) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended | | September 30, 2022 | September 30, 2021 | | Before-Tax Amount | Tax Benefit/Expense | Net-of-Tax Amount | Before-Tax Amount | Tax Benefit | Net-of-Tax Amount | Investment securities AFS: | (Dollars in thousands) | Net unrealized holding losses arising during the period on investment securities AFS | $ | (49,824) | | $ | 10,463 | | $ | (39,361) | | $ | (3,604) | | $ | 756 | | $ | (2,848) | | Reclassification adjustment for net (gains) losses on investment securities AFS realized in net income | (31) | | 6 | | (25) | | 30 | | (6) | | 24 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total other comprehensive loss | $ | (49,855) | | $ | 10,469 | | $ | (39,386) | | $ | (3,574) | | $ | 750 | | $ | (2,824) | |
The following table discloses information concerning reclassification adjustments from OCI for the three and nine months ended September 30, 2022 and 2021: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | Nine Months Ended | | Reclassification Adjustment Description | September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | Affected Line Item in Consolidated Statement of Income | | (Dollars in thousands) | | Investment securities AFS: | | | | | | Net losses (gains) on investment securities AFS | — | | 30 | | $ | (31) | | $ | 30 | | Net (losses) gains on sales of investment securities available-for-sale | Tax (benefit) expense | — | | (6) | | 6 | | (6) | | Provision for income taxes | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total reclassifications | $ | — | | $ | 24 | | $ | (25) | | $ | 24 | | Net income |
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