SHAREHOLDERS’ EQUITY

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

SHAREHOLDERS’ EQUITY

SHAREHOLDERS’ EQUITY

Shareholders’ Equity

Accumulated Other Comprehensive Income (Loss)

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, March 31, 2023	$	(120,856)	$	12,547	$	2,334	$	(105,975)
Net change	$	(13,677)	$	(686)	$	(3,127)	$	(17,490)
Balance, June 30, 2023	$	(134,533)	$	11,861	$	(793)	$	(123,465)
Balance, March 31, 2022	$	(74,279)	$	15,177	$	(158)	$	(59,260)
Net change	$	(49,242)	$	(701)	$	722	$	(49,221)
Balance, June 30, 2022	$	(123,521)	$	14,476	$	564	$	(108,481)
Six 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, 2022	$	(144,549)	$	13,185	$	1,032	$	(130,332)
Net change	10,016		(1,324)		(1,825)		6,867
Balance, June 30, 2023	$	(134,533)	$	11,861	$	(793)	$	(123,465)
Balance, December 31, 2021	$	5,271	$	15,684	$	(2,178)	$	18,777
Net change	$	(128,595)	$	(1,405)	$	2,742	$	(127,258)
Transfer from available-for-sale to held-to-maturity	$	(197)	$	197	$	—	$	—
Balance, June 30, 2022	$	(123,521)	$	14,476	$	564	$	(108,481)

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

	Three months ended June 30,
	2023						2022
(in thousands)	Pre-tax		Tax effect		After-tax		Pre-tax		Tax effect		After-tax
Change in unrealized loss on available-for-sale securities	$	(18,285)	$	(4,608)	$	(13,677)	$	(65,832)	$	(16,590)	$	(49,242)
Reclassification of gain on held-to-maturity securities(a)	(918)		(232)		(686)		(937)		(236)		(701)
Change in unrealized gain (loss) on cash flow hedges	(4,463)		(1,125)		(3,338)		715		180		535
Reclassification of loss on cash flow hedges(b)	282		71		211		250		63		187
Total other comprehensive loss	$	(23,384)	$	(5,894)	$	(17,490)	$	(65,804)	$	(16,583)	$	(49,221)
	Six months ended June 30,
	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	$	13,771	$	3,470	$	10,301	$	(171,918)	$	(43,323)	$	(128,595)
Reclassification of gain on sale of available-for-sale securities(a)	(381)		(96)		(285)		—		—		—
Reclassification of gain on held-to-maturity securities(a)	(1,770)		(446)		(1,324)		(1,879)		(474)		(1,405)
Change in unrealized gain (loss) on cash flow hedges	(2,758)		(695)		(2,063)		3,056		770		2,286
Reclassification of loss on cash flow hedges(b)	318		80		238		609		153		456
Total other comprehensive income (loss)	$	9,180	$	2,313	$	6,867	$	(170,132)	$	(42,874)	$	(127,258)
(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.