| ACCUMULATED OTHER COMPREHENSIVE INCOME |
ACCUMULATED OTHER COMPREHENSIVE INCOME The following tables summarize changes in the accumulated balances for each component of AOCI, including current-period other comprehensive income and reclassifications out of AOCI, for the periods presented. | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2024 | | Unrealized Gains (Losses) on Cash Flow Hedges | | Unrealized Gains (Losses) on Available-for-Sale Debt Securities | | | | Total | AOCI balance as of March 31, 2024 | $ | (183) | | | $ | (863) | | | | | $ | (1,046) | | Other comprehensive income (loss) before reclassifications | 31,551 | | | (684) | | | | | 30,867 | | | Less: gain (loss) reclassified from AOCI | 3,181 | | | — | | | | | 3,181 | | | Tax effect | — | | | 159 | | | | | 159 | | | Net current-period other comprehensive income (loss) | 28,370 | | | (525) | | | | | 27,845 | | AOCI balance as of June 30, 2024 | $ | 28,187 | | | $ | (1,388) | | | | | $ | 26,799 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2023 | | Unrealized Gains (Losses) on Cash Flow Hedges | | Unrealized Gains (Losses) on Available-for-Sale Debt Securities | | | | Total | AOCI balance as of March 31, 2023 | $ | (2,647) | | | $ | (8,075) | | | | | $ | (10,722) | | Other comprehensive income (loss) before reclassifications | (6,737) | | | (661) | | | | | (7,398) | | | Less: gain (loss) reclassified from AOCI | 651 | | | — | | | | | 651 | | | Tax effect | — | | | 154 | | | | | 154 | | | Net current-period other comprehensive income (loss) | (7,388) | | | (507) | | | | | (7,895) | | AOCI balance as of June 30, 2023 | $ | (10,035) | | | $ | (8,582) | | | | | $ | (18,617) | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2024 | | Unrealized Gains (Losses) on Cash Flow Hedges | | Unrealized Gains (Losses) on Available-for-Sale Debt Securities | | | | Total | AOCI balance as of December 31, 2023 | $ | (29,658) | | | $ | 870 | | | | | $ | (28,788) | | Other comprehensive income (loss) before reclassifications | 60,411 | | | (2,926) | | | | | 57,485 | | | Less: gain (loss) reclassified from AOCI | 2,566 | | | — | | | | | 2,566 | | | Tax effect | — | | | 668 | | | | | 668 | | | Net current-period other comprehensive income (loss) | 57,845 | | | (2,258) | | | | | 55,587 | | AOCI balance as of June 30, 2024 | $ | 28,187 | | | $ | (1,388) | | | | | $ | 26,799 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2023 | | Unrealized Gains (Losses) on Cash Flow Hedges | | Unrealized Gains (Losses) on Available-for-Sale Debt Securities | | | | Total | AOCI balance as of December 31, 2022 | $ | 8,226 | | | $ | (12,093) | | | | | $ | (3,867) | | Other comprehensive income (loss) before reclassifications | (14,596) | | | 4,586 | | | | | (10,010) | | | Less: gain (loss) reclassified from AOCI | 3,665 | | | — | | | | | 3,665 | | | Tax effect | — | | | (1,075) | | | | | (1,075) | | | Net current-period other comprehensive income (loss) | (18,261) | | | 3,511 | | | | | (14,750) | | AOCI balance as of June 30, 2023 | $ | (10,035) | | | $ | (8,582) | | | | | $ | (18,617) | | | | | | | | | |
For additional discussion of reclassifications from AOCI see Note 5 – Derivative Instruments and Hedging Strategies.
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