Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2022

Other Comprehensive Income [Abstract]

The following table presents the components of other comprehensive income (loss) for the three and six months ended June 30, 2022 and 2021.


(dollars in thousands)	Before Tax		Tax Effect		Net of Tax
Three Months Ended June 30, 2022
Net unrealized loss on securities available-for-sale	$	(44,717)	$	11,697	$	(33,020)
Less: Reclassification adjustment for net loss included in net income	151		(51)		100
Total unrealized loss on investment securities available-for-sale	(44,566)		11,646		(32,920)
Amortization of unrealized loss on securities transferred to held-to-maturity	2,689		(698)		1,991
Total unrealized gain investment securities held-to-maturity	2,689		(698)		1,991
Net unrealized gain on derivatives	284		—		284

Total unrealized gain on derivatives	284		—		284
Other comprehensive loss	$	(41,593)	$	10,948	$	(30,645)

Three Months Ended June 30, 2021
Net unrealized gain on securities available-for-sale	$	8,957	$	(2,302)	$	6,655
Less: reclassification adjustment for net gain included in net income	(318)		82		(236)
Total unrealized gain on investment securities available-for-sale	8,639		(2,220)		6,419

Reclassification adjustment for loss included in net income	133		(34)		99
Total unrealized gain on derivatives	133		(34)		99
Other comprehensive income	$	8,772	$	(2,254)	$	6,518

Six Months Ended June 30, 2022
Net unrealized loss on securities available-for-sale	$	(123,944)	$	32,520	$	(91,424)
Less: Reclassification adjustment for net losses included in net income	176		(59)		117
Total unrealized loss on investment securities available-for-sale	(123,768)		32,461		(91,307)
Net unrealized (loss) on securities transferred to held-to-maturity	(66,193)		17,098		(49,095)
Amortization of unrealized loss on securities transferred to held-to-maturity	2,689		(698)		1,991
Total unrealized loss on investment securities held-to-maturity	(63,504)		16,400		(47,104)
Net unrealized gain on derivatives	284		—		284

Total unrealized gain on derivatives	284		—		284
Other comprehensive loss	$	(186,988)	$	48,861	$	(138,127)

Six Months Ended June 30, 2021
Net unrealized loss on securities available-for-sale	$	(14,756)	$	3,794	$	(10,962)
Less: Reclassification adjustment for net gains included in net income	(539)		137		(402)
Total unrealized loss on investment securities available-for-sale	(15,295)		3,931		(11,364)
Net unrealized loss on derivatives	(1)		—		(1)
Reclassification adjustment for loss included in net income	517		(132)		385
Total unrealized gain on derivatives	516		(132)		384
Other comprehensive loss	$	(14,779)	$	3,799	$	(10,980)

(1) Represents unamortized AOCI on securities transferred to held-to-maturity status.

The following table presents the changes in each component of accumulated other comprehensive income (loss), net of tax, for the three and six months ended June 30, 2022 and 2021.


	Securities		Securities				Accumulated Other
	Available		Held to				Comprehensive
(dollars in thousands)	For Sale		Maturity		Derivatives		Income (Loss)
Three Months Ended June 30, 2022
Balance at beginning of period	$	(72,345)	$	(49,095)	$	(284)	$	(121,724)
Other comprehensive (loss) income before reclassifications	(33,020)		—		284		(32,736)
Amounts reclassified from accumulated other comprehensive loss	100		—		—		100
Amortization of unrealized loss on securities transferred to held-to-maturity	—		1,991		—		1,991
Net other comprehensive loss during period	(32,920)		1,991		284		(30,645)
Balance at end of period	$	(105,265)	$	(47,104)	$	—	$	(152,369)

Three Months Ended June 30, 2021
Balance at beginning of period	$	(1,615)	$	—	$	(383)	$	(1,998)
Other comprehensive income before reclassifications	6,655		—		—		6,655
Amounts reclassified from accumulated other comprehensive income (loss)	(236)		—		99		(137)
Net other comprehensive income during period	6,419		—		99		6,518
Balance at end of period	$	4,804	$	—	$	(284)	$	4,520

Six Months Ended June 30, 2022
Balance at beginning of period	$	(13,958)	$	—	$	(284)	$	(14,242)
Other comprehensive (loss) income before reclassifications	(91,424)		—		284		(91,140)
Amounts reclassified from accumulated other comprehensive loss	117		—		—		117
Net unrealized loss on securities transferred to held-to-maturity	—		(49,095)		—		(49,095)
Amortization of unrealized loss on securities transferred to held-to-maturity	—		1,991		—		1,991
Net other comprehensive (loss) income during period	(91,307)		(47,104)		284		(138,127)
Balance at end of period	$	(105,265)	$	(47,104)	$	—	$	(152,369)

Six Months Ended June 30, 2021
Balance at beginning of period	$	16,168	$	—	$	(668)	$	15,500
Other comprehensive (loss) income before reclassifications	(10,962)		—		(1)		(10,963)
Amounts reclassified from accumulated other comprehensive loss	(402)		—		385		(17)
Net other comprehensive (loss) income during period	(11,364)		—		384		(10,980)
Balance at end of period	$	4,804	$	—	$	(284)	$	4,520

The following tables present the amounts reclassified out of each component of accumulated other comprehensive income (loss) for the three and six months ended June 30, 2022 and 2021.


	Amount Reclassified from
	Accumulated Other
Details about Accumulated Other	Comprehensive (Loss) Income				Affected Line Item in
Comprehensive Loss Components	Three Months Ended June 30,				Consolidated Statements of
(dollars in thousands)	2022		2021		Income
Realized (loss) gain on sale of investment securities	$	(151)	$	318	Net (loss) gain on sale of investment securities
Interest income derivative deposits	—		(133)		Interest on balances with other banks and short-term investments
Income tax benefit (expense)	51		(48)		Income tax expense
Total reclassifications for the periods	$	(100)	$	137

	Amount Reclassified from
	Accumulated Other
Details about Accumulated Other	Comprehensive (Loss) Income				Affected Line Item in
Comprehensive Loss Components	Six Months Ended June 30,				Consolidated Statements of
(dollars in thousands)	2022		2021		Income
Realized (loss) gain on sale of investment securities	$	(176)	$	539	Net (loss) gain on sale of investment securities
Interest income derivative deposits	—		(517)		Interest on balances with other banks and short-term investments
Income tax benefit (expense)	59		(5)		Income tax expense
Total reclassifications for the periods	$	(117)	$	17