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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

6 Months Ended

Jun. 30, 2022

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

NOTE 9 – ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following table presents the activity and accumulated balances for components of other comprehensive income (loss):


		Unrealized Gains (Losses)
		on Debt Securities
		Available-for-Sale			Held-to-Maturity			Derivatives			Total

		(dollars in thousands)
Three Months Ended June 30, 2022
Balance, March 31, 2022		$	(24,794)		$	(11,048)		$	(258)		$	(36,100)
Other comprehensive income (loss) before reclassifications			(24,151)			—			149			(24,002)
Reclassifications			—			549			67			616
Other comprehensive income (loss), before tax			(24,151)			549			216			(23,386)
Income tax expense (benefit)			(6,884)			157			61			(6,666)
Other comprehensive income (loss), after tax			(17,267)			392			155			(16,720)
Balance, June 30, 2022		$	(42,061)		$	(10,656)		$	(103)		$	(52,820)

Three Months Ended June 30, 2021
Balance, March 31, 2021		$	6,971		$	(3,985)		$	(1,080)		$	1,906
Transfer from available-for-sale to held-to-maturity			(3)			3			—			—
Other comprehensive income (loss) before reclassifications			8,800			—			(38)			8,762
Reclassifications			—			199			102			301
Other comprehensive income, before tax			8,800			199			64			9,063
Income tax expense			2,508			57			18			2,583
Other comprehensive income, after tax			6,292			142			46			6,480
Balance, June 30, 2021		$	13,260		$	(3,840)		$	(1,034)		$	8,386


		Unrealized Gains (Losses)
		on Debt Securities
		Available-for-Sale			Held-to-Maturity			Derivatives			Total

		(dollars in thousands)
Six Months Ended June 30, 2022
Balance, December 31, 2021		$	5,736		$	(3,514)		$	(751)		$	1,471
Transfer from available-for-sale to held-to-maturity			7,664			(7,664)			—			—
Other comprehensive income (loss) before reclassifications			(77,573)			—			743			(76,830)
Reclassifications			—			730			163			893
Other comprehensive income (loss), before tax			(77,573)			730			906			(75,937)
Income tax expense (benefit)			(22,112)			208			258			(21,646)
Other comprehensive income (loss), after tax			(55,461)			522			648			(54,291)
Balance, June 30, 2022		$	(42,061)		$	(10,656)		$	(103)		$	(52,820)

Six Months Ended June 30, 2021
Balance, December 31, 2020		$	19,578		$	(118)		$	(1,307)		$	18,153
Transfer from available-for-sale to held-to-maturity			3,887			(3,887)			—			—
Other comprehensive income (loss) before reclassifications			(14,274)			—			181			(14,093)
Reclassifications			—			231			201			432
Other comprehensive income (loss), before tax			(14,274)			231			382			(13,661)
Income tax expense (benefit)			(4,069)			66			109			(3,894)
Other comprehensive income (loss), after tax			(10,205)			165			273			(9,767)
Balance, June 30, 2021		$	13,260		$	(3,840)		$	(1,034)		$	8,386

Reclassifications from accumulated other comprehensive income (loss) for unrealized gains (losses) on debt securities available-for-sale are included in gain (loss) on securities in the accompanying consolidated statements of income.

Reclassifications from accumulated other comprehensive income (loss) for unrealized gains on debt securities held-to-maturity are included in securities interest income in the accompanying consolidated statements of income.

Reclassifications from accumulated other comprehensive income (loss) for the fair value of derivative financial instruments represent net interest payments received or made on derivatives designated as cash flow hedges. See Note 8 for additional information.