| Accumulated Other Comprehensive Income (Loss) |
Note 12 — Accumulated Other Comprehensive Income (Loss)
Activity in accumulated other comprehensive income for the year ended December 31, 2024, 2023 and 2022 was as follows:
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Unrealized
Gains and
Losses on
Available for
Sale Securities |
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Unrealized
Gains and
Losses on
Cash Flow Hedge |
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Tax Benefit
(Expense) |
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Total |
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(in thousands) |
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For the year ended December 31, 2024 |
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Balance at beginning of period |
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$ |
(101,292 |
) |
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$ |
306 |
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|
$ |
29,058 |
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|
$ |
(71,928 |
) |
Other comprehensive income (loss) before reclassification |
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2,527 |
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|
(2,373 |
) |
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(41 |
) |
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|
113 |
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Reclassification from accumulated other comprehensive income |
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— |
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|
1,533 |
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(441 |
) |
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|
1,092 |
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Net current period other comprehensive income |
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2,527 |
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|
(840 |
) |
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(482 |
) |
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|
1,205 |
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Balance at end of period |
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$ |
(98,765 |
) |
|
$ |
(534 |
) |
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$ |
28,576 |
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|
$ |
(70,723 |
) |
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For the year ended December 31, 2023 |
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Balance at beginning of period |
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$ |
(124,958 |
) |
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$ |
— |
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|
$ |
35,973 |
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|
$ |
(88,985 |
) |
Other comprehensive income (loss) before reclassification |
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21,795 |
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|
306 |
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|
|
(6,351 |
) |
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|
15,750 |
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Reclassification from accumulated other comprehensive income |
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|
1,871 |
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— |
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(564 |
) |
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|
1,307 |
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Net current period other comprehensive income |
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23,666 |
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|
306 |
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(6,915 |
) |
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|
17,057 |
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Balance at end of period |
|
$ |
(101,292 |
) |
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$ |
306 |
|
|
$ |
29,058 |
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|
$ |
(71,928 |
) |
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For the year ended December 31, 2022 |
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Balance at beginning of period |
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$ |
(11,864 |
) |
|
$ |
— |
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|
$ |
3,421 |
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$ |
(8,443 |
) |
Other comprehensive income (loss) before reclassification |
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(113,094 |
) |
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— |
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32,552 |
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(80,542 |
) |
Net current period other comprehensive income |
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(113,094 |
) |
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— |
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32,552 |
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(80,542 |
) |
Balance at end of period |
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$ |
(124,958 |
) |
|
$ |
— |
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$ |
35,973 |
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|
$ |
(88,985 |
) |
For the year ended December 31, 2024, there was a $1.5 million reclassification from accumulated other comprehensive income, to net loss on cash flow hedge in interest income. There was no sale of securities for the year ended December 31, 2024.
For the year ended December 31, 2023, there was a $1.9 million reclassification from accumulated other comprehensive income, to net loss on sales of securities in noninterest income. Net unrealized losses of $1.7 million related to these sold securities had previously been recorded in accumulated other comprehensive income or loss.
For the year ended December 31, 2022, there was no sale of securities.
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