SHAREHOLDERS’ EQUITY

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

SHAREHOLDERS’ EQUITY

SHAREHOLDERS’ EQUITY

Shareholders’ Equity

Accumulated Other Comprehensive Income (Loss)

The following table 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, December 31, 2022	$	(144,549)	$	13,185	$	1,032	$	(130,332)
Net change	$	23,693	$	(638)	$	1,302	$	24,357
Balance, March 31, 2023	$	(120,856)	$	12,547	$	2,334	$	(105,975)
Balance, December 31, 2021	$	5,271	$	15,684	$	(2,178)	$	18,777
Net change	$	(79,353)	$	(704)	$	2,020	$	(78,037)
Transfer from available-for-sale to held-to-maturity	(197)		197		—		—
Balance, March 31, 2022	$	(74,279)	$	15,177	$	(158)	$	(59,260)

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

	Three months ended March 31,
	2023						2022
(in thousands)	Pre-tax		Tax effect		After-tax		Pre-tax		Tax effect		After-tax
Change in unrealized gain (loss) on available-for-sale securities	$	32,056	$	8,078	$	23,978	$	(106,087)	$	(26,734)	$	(79,353)
Reclassification of gain on sale of available-for-sale securities(a)	(381)		(96)		(285)		—		—		—
Reclassification of gain on held-to-maturity securities(b)	(852)		(214)		(638)		(941)		(237)		(704)
Change in unrealized gain on cash flow hedges	1,705		430		1,275		2,341		590		1,751
Reclassification of loss on cash flow hedges(b)	36		9		27		359		90		269
Total other comprehensive income (loss)	$	32,564	$	8,207	$	24,357	$	(104,328)	$	(26,291)	$	(78,037)
(a)The pre-tax amount is reported in noninterest income/expense in the Consolidated Statements of Operations
(b)The pre-tax amount is reported in interest income/expense in the Consolidated Statements of Income.