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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Jun. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Statement of Comprehensive Income [Abstract]          
Net income (loss) $ 90,088 $ 96,302 $ 66,566 $ 255,058 $ (6,785)
Other comprehensive (loss) income, net of tax:          
Unrealized (loss) gain on securities available-for-sale arising during the period, net of income taxes [1] (20,138) 45,343 (11,747) (47,387) 30,473
Reclassification adjustment for net (gain) loss on sales of securities included in net income, net of income taxes [2] (2,991) (3,630) (814) (9,510) (6,333)
Net unrealized loss on securities transferred from available-for-sale to held-to-maturity, net of income taxes [3] (2,277) 0 0 (2,277) 0
Amortization of unrealized loss on securities transferred from available-for-sale to held-to-maturity, net of income taxes [4] 58 0 0 58 0
Other comprehensive (loss) income, net of tax (25,348) 41,713 (12,561) (59,116) 24,140
Comprehensive income, net of tax $ 64,740 $ 138,015 $ 54,005 $ 195,942 $ 17,355
[1] Income tax (benefit) expense of the unrealized (loss) gain on securities was $(8.1) million, $18.2 million, and $(4.7) million for the three months ended September 30, 2021, June 30, 2021, and September 30, 2020, respectively, and $(19.0) million and $12.3 million for the nine months ended September 30, 2021 and September 30, 2020, respectively.
[2] Income tax expense on the reclassification adjustment for net (gain) on sales of securities included in net income was $1.2 million, $1.5 million, and $327,000 for the three months ended September 30, 2021, June 30, 2021, and September 30, 2020, respectively, and $3.8 million and $2.5 million for the nine months ended September 30, 2021 and September 30, 2020, respectively.
[3] Income tax (benefit) on the unrealized loss on securities transferred from available-for-sale to held-to maturity was $(913,000) for the three and nine months ended September 30, 2021.
[4] Income tax expense on the amortization of unrealized (loss) on securities transferred from available-for-sale to held-to maturity included in net income was $24,000 for the three and nine months ended September 30, 2021.