SHAREHOLDERS’ EQUITY (Tables)

9 Months Ended

Sep. 30, 2022

The following tables present the changes in accumulated other comprehensive income after-tax by component:


Three months ended
(in thousands)	Net Unrealized Gain (Loss) on Available-for-Sale Securities		Unamortized Gain (Loss) on Held-to-Maturity Securities		Net Unrealized Gain (Loss) on Cash Flow Hedges		Total
Balance, June 30, 2022	$	(123,521)	$	14,476	$	564	$	(108,481)
Net change	$	(45,283)	$	(647)	$	1,220	$	(44,710)

Balance, September 30, 2022	$	(168,804)	$	13,829	$	1,784	$	(153,191)

Balance, June 30, 2021	$	14,250	$	17,322	$	(3,300)	$	28,272
Net change	$	(7,870)	$	(805)	$	305	$	(8,370)

Balance, September 30, 2021	$	6,380	$	16,517	$	(2,995)	$	19,902

Nine months ended
(in thousands)	Net Unrealized Gain (Loss) on Available-for-Sale Debt Securities		Unamortized Gain (Loss) on Held-to-Maturity Securities		Net Unrealized Gain (Loss) on Cash Flow Hedges		Total
Balance, December 31, 2021	$	5,271	$	15,684	$	(2,178)	$	18,777
Net change	(173,878)		(2,052)		3,962		(171,968)
Transfer from available-for-sale to held-to-maturity	$	(197)	$	197	$	—	$	—
Balance, September 30, 2022	$	(168,804)	$	13,829	$	1,784	$	(153,191)

Balance, December 31, 2020	$	22,320	$	19,308	$	(4,508)	$	37,120
Net change	$	(15,940)	$	(2,791)	$	1,513	$	(17,218)

Balance, September 30, 2021	$	6,380	$	16,517	$	(2,995)	$	19,902

The following tables present the pre-tax and after-tax changes in the components of other comprehensive income:


	Three months ended September 30,
	2022						2021
(in thousands)	Pre-tax		Tax effect		After-tax		Pre-tax		Tax effect		After-tax
Change in unrealized loss on available-for-sale debt securities	$	(60,539)	$	(15,256)	$	(45,283)	$	(10,479)	$	(2,609)	$	(7,870)

Reclassification of gain on held-to-maturity securities(a)	(865)		(218)		(647)		(1,072)		(267)		(805)
Change in unrealized gain on cash flow hedges arising during the period	1,557		392		1,165		12		3		9
Reclassification of loss on cash flow hedges(a)	73		18		55		395		99		296
Total other comprehensive loss	$	(59,774)	$	(15,064)	$	(44,710)	$	(11,144)	$	(2,774)	$	(8,370)

	Nine months ended September 30,
	2022						2021
(in thousands)	Pre-tax		Tax effect		After-tax		Pre-tax		Tax effect		After-tax
Change in unrealized loss on available-for-sale debt securities	$	(232,457)	$	(58,579)	$	(173,878)	$	(21,226)	$	(5,285)	$	(15,941)

Reclassification of gain on held-to-maturity securities(a)	(2,743)		(691)		(2,052)		(3,716)		(925)		(2,791)
Change in unrealized gain on cash flow hedges arising during the period	4,615		1,164		3,451		867		216		651
Reclassification of loss on cash flow hedges(a)	682		171		511		1,149		286		863
Total other comprehensive loss	$	(229,903)	$	(57,935)	$	(171,968)	$	(22,926)	$	(5,708)	$	(17,218)


(a)The pre-tax amount is reported in interest income/expense in the Consolidated Statements of Operations.