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Other Comprehensive Income
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Other Comprehensive Income

10. OTHER COMPREHENSIVE INCOME

 

The table below provides a summary of the components of other comprehensive income (“OCI”) for the periods presented.

 

 

 

Three Months Ended June 30,

 

 

 

2024

 

 

2023

 

 

 

Before-tax

 

 

Tax effect

 

 

After-tax

 

 

Before-tax

 

 

Tax effect

 

 

After-tax

 

 

 

(Dollars in thousands)

 

Investment securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in fair value recorded in accumulated OCI

 

$

(2,292

)

 

$

678

 

 

$

(1,614

)

 

$

(37,996

)

 

$

11,233

 

 

$

(26,763

)

Amortization of net unrealized losses on securities
   transferred from available-for-sale to held-to-maturity

 

 

175

 

 

 

(52

)

 

 

123

 

 

 

3,532

 

 

 

(3,364

)

 

 

168

 

Derivatives designated as hedging instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value hedges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in fair value recorded in accumulated OCI

 

 

2,835

 

 

 

(947

)

 

 

1,888

 

 

 

11,129

 

 

 

(3,283

)

 

 

7,846

 

Cash flow hedges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in fair value recorded in accumulated OCI

 

 

795

 

 

 

(235

)

 

 

560

 

 

 

—

 

 

 

—

 

 

 

—

 

Net change

 

$

1,513

 

 

$

(556

)

 

$

957

 

 

$

(23,335

)

 

$

4,586

 

 

$

(18,749

)

 

 

 

Six Months Ended June 30,

 

 

 

2024

 

 

2023

 

 

 

Before-tax

 

 

Tax effect

 

 

After-tax

 

 

Before-tax

 

 

Tax effect

 

 

After-tax

 

 

 

(Dollars in thousands)

 

Investment securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in fair value recorded in accumulated OCI

 

$

(38,148

)

 

$

11,278

 

 

$

(26,870

)

 

$

2,428

 

 

$

(718

)

 

$

1,710

 

Amortization of net unrealized losses on securities
   transferred from available-for-sale to held-to-maturity

 

 

337

 

 

 

(100

)

 

 

237

 

 

 

3,810

 

 

 

(3,446

)

 

 

364

 

Derivatives designated as hedging instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value hedges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in fair value recorded in accumulated OCI

 

 

20,667

 

 

 

(5,909

)

 

 

14,758

 

 

 

11,129

 

 

 

(3,283

)

 

 

7,846

 

Cash flow hedges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in fair value recorded in accumulated OCI

 

 

1,584

 

 

 

(468

)

 

 

1,116

 

 

 

—

 

 

 

—

 

 

 

—

 

Net change

 

$

(15,560

)

 

$

4,801

 

 

$

(10,759

)

 

$

17,367

 

 

$

(7,447

)

 

$

9,920