Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2024

The following table presents the components of other comprehensive income (loss) for the years ended December 31, 2024, 2023 and 2022.


(dollars in thousands)	Before Tax		Tax Effect		Net of Tax
Year Ended December 31, 2024
Net unrealized gain (loss) on securities available-for-sale	$	20,417	$	(5,011)	$	15,406
Reclassification adjustment for net loss included in net loss	(14)		2		(12)
Total unrealized gain (loss) on securities available-for-sale	20,403		(5,009)		15,394

Amortization of unrealized loss on securities transferred to held-to-maturity	6,889		(1,599)		5,290

Net unrealized loss on derivatives	265		(65)		200


Other comprehensive income (loss)	$	27,557	$	(6,673)	$	20,884

Year Ended December 31, 2023
Net unrealized gain (loss) on securities available-for-sale	$	43,293	$	(10,774)	$	32,519
Reclassification adjustment for net loss included in net income	11		(3)		8
Total unrealized gain (loss) on securities available-for-sale	43,304		(10,777)		32,527

Amortization of unrealized loss on securities transferred to held-to-maturity	7,412		(2,607)		4,805

Net unrealized loss on derivatives	(182)		—		(182)


Other comprehensive income (loss)	$	50,534	$	(13,384)	$	37,150

Year Ended December 31, 2022
Net unrealized gain (loss) on securities available-for-sale	$	(186,439)	$	45,513	$	(140,926)
Reclassification adjustment for net loss included in net income	169		(58)		111
Total unrealized gain (loss) on securities available-for-sale	(186,270)		45,455		(140,815)

Net unrealized gain (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	7,093		(2,732)		4,361
Total unrealized gain (loss) on securities transferred to held-to-maturity	(59,100)		14,366		(44,734)
Net unrealized gain on derivatives	284		—		284


Other comprehensive income (loss)	$	(245,086)	$	59,821	$	(185,265)

The following table presents the changes in each component of accumulated other comprehensive income (loss), net of tax, for the years ended December 31, 2024, 2023 and 2022.


(dollars in thousands)	Securities Available For Sale		Held-to-Maturity Securities		Derivatives		Accumulated Other comprehensive income (loss) (Loss)
Year Ended December 31, 2024
Balance at beginning of year	$	(122,246)	$	(39,929)	$	(182)	$	(162,357)
Other comprehensive income (loss) before reclassifications	15,406		5,290		200		20,896
Amortization of unrealized loss on securities transferred to held-to-maturity	—		—		—		—
Amounts reclassified from accumulated other comprehensive loss	(12)		—		—		(12)
Net other comprehensive income (loss) during period	15,394		5,290		200		20,884
Balance at end of year	$	(106,852)	$	(34,639)	$	18	$	(141,473)

Year Ended December 31, 2023
Balance at beginning of year	$	(154,773)	$	(44,734)	$	—	$	(199,507)
Other comprehensive income (loss) before reclassifications	32,519		—		(182)		32,337
Amortization of unrealized loss on securities transferred to held-to-maturity	—		4,805		—		4,805

Amounts reclassified from accumulated other comprehensive loss	8		—		—		8
Net other comprehensive income (loss) during period	32,527		4,805		(182)		37,150
Balance at end of year	$	(122,246)	$	(39,929)	$	(182)	$	(162,357)

Year Ended December 31, 2022
Balance at beginning of year	$	(13,958)	$	—	$	(284)	$	(14,242)
Other comprehensive income (loss) before reclassifications	(140,926)		—		284		(140,642)
Transfer of securities from AFS to HTM	—		(49,095)		—		(49,095)
Amortization of unrealized loss on securities transferred to held-to-maturity	—		4,361		—		4,361
Amounts reclassified from accumulated other comprehensive loss	111		—		—		111
Net other comprehensive income (loss) during period	(140,815)		(44,734)		284		(185,265)
Balance at end of year	$	(154,773)	$	(44,734)	$	—	$	(199,507)

The following table presents the amounts reclassified out of each component of accumulated other comprehensive income (loss) for the years ended December 31, 2024, 2023 and 2022.


	Amount Reclassified from Accumulated Other Comprehensive Income (Loss)						Affected Line Item in the Statement Where Net Income (Loss) is Presented
	Year Ended Years Ended
(dollars in thousands)	2024		2023		2022
Realized gain (loss) on sale of investment securities	$	14	$	(11)	$	(169)	Net gain (loss) on sale of investment securities

Income tax benefit (expense)	(2)		3		58		Income tax expense
Total	$	12	$	(8)	$	(111)	Net Income (Loss)