| Other Comprehensive Income (Loss) |
NOTE 19 Other Comprehensive Income (Loss) The following tables present a reconciliation of the changes in the components of other comprehensive income and loss for the periods indicated, including the amount of tax (expense) benefit allocated to each component: | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended | | | March 31, 2024 | | March 31, 2023 | | | | | Tax | | | | | | Tax | | | | | Pre-Tax | | (Expense) | | After-Tax | | Pre-Tax | | (Expense) | | After-Tax | (dollars in thousands) | | Amount | | Benefit | | Amount | | Amount | | Benefit | | Amount | Debt Securities: | | | | | | | | | | | | | | | | | | | Change in fair value | | $ | (3,443) | | $ | 864 | | $ | (2,579) | | $ | 4,754 | | $ | (1,193) | | $ | 3,561 | Less: reclassification adjustment from amortization of securities transferred from AFS to HTM (1) | | | 74 | | | (18) | | | 56 | | | (87) | | | 22 | | | (65) | Less: reclassification adjustment for net realized losses (2) | | | — | | | — | | | — | | | — | | | — | | | — | Net change | | | (3,517) | | | 882 | | | (2,635) | | | 4,841 | | | (1,215) | | | 3,626 | Cash Flow Hedges: | | | | | | | | | | | | | | | | | | | Change in fair value | | | 946 | | | (576) | | | 370 | | | — | | | — | | | — | Less: reclassified AOCI gain (loss) into interest expense (3) | | | 262 | | | (66) | | | 196 | | | — | | | — | | | — | Net change | | | 684 | | | (510) | | | 174 | | | — | | | — | | | — | Other Derivatives: | | | | | | | | | | | | | | | | | | | Change in fair value | | | 2,031 | | | (171) | | | 1,860 | | | (1,725) | | | 433 | | | (1,292) | Less: reclassified AOCI gain (loss) into interest expense (4) | | | — | | | — | | | — | | | — | | | — | | | — | Net change | | | 2,031 | | | (171) | | | 1,860 | | | (1,725) | | | 433 | | | (1,292) | Other comprehensive income (loss) | | $ | (802) | | $ | 201 | | $ | (601) | | $ | 3,116 | | $ | (782) | | $ | 2,334 |
| (1) | Reclassified into taxable and/or exempt from federal income taxes interest income on investment securities on the consolidated statements of income. Refer to “NOTE 3 Investment Securities” for further details. |
| (2) | Reclassified into net gains (losses) on investment securities in the consolidated statements of income. Refer to “NOTE 3 Investment Securities” for further details. |
| (3) | Reclassified into interest expense on short-term borrowings on the consolidated statements of income. Refer to “NOTE 17 Derivative Instruments” for further details. |
| (4) | Reclassified into interest income on loans, including fees and/or interest income on taxable investment securities on the consolidated statements of income. Refer to “NOTE 17 Derivative Instruments” for further details. |
| | | | | | | | | | | | | | | | | | Net Unrealized | | Net Unrealized | | | | | Net Unrealized | | Gains (Losses) on | | Gains (Losses) | | | | | | Gains (Losses) on | | Cash Flow | | on Other | | | (dollars in thousands) | | Debt Securities (1) | | Hedges (1) | | Derivatives (1) | | AOCI (1) | Balance at December 31, 2023 | | $ | (73,158) | | $ | (237) | | $ | (260) | | $ | (73,655) | Other comprehensive income (loss) before reclassifications | | | (2,579) | | | 370 | | | 1,860 | | | (349) | Less: Amounts reclassified from AOCI | | | 56 | | | 196 | | | — | | | 252 | Other comprehensive income (loss) | | | (2,635) | | | 174 | | | 1,860 | | | (601) | Balance at March 31, 2024 | | $ | (75,793) | | | (63) | | | 1,600 | | | (74,256) | | | | | | | | | | | | | | Balance at December 31, 2022 | | $ | (98,547) | | $ | — | | $ | (94) | | $ | (98,641) | Other comprehensive income (loss) before reclassifications | | | 3,561 | | | — | | | (1,292) | | | 2,269 | Less: Amounts reclassified from AOCI | | | (65) | | | — | | | — | | | (65) | Other comprehensive income (loss) | | | 3,626 | | | — | | | (1,292) | | | 2,334 | Balance at March 31, 2023 | | | (94,921) | | | — | | | (1,386) | | | (96,307) |
| (1) | All amounts net of tax. |
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