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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Mar. 31, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Statement of Comprehensive Income [Abstract]          
Net income $ 69,803 $ 66,904 $ 96,302 $ 136,707 $ 164,970
Other comprehensive (loss) income, net of tax:          
Unrealized (loss) gain on securities available-for-sale arising, net of income taxes [1] (40,474) (118,591) 45,343 (159,065) (27,249)
Reclassification adjustment for net loss (gain) on sales of securities included in net income, net of income taxes [2] 22 (1,525) (3,630) (1,503) (6,519)
Net unrealized loss on securities transferred from available-for-sale to held-to-maturity, net of income taxes [3] (31,326) (16,558) 0 (47,884) 0
Amortization of unrealized loss on securities transferred from available-for-sale to held-to-maturity, net of income taxes [4] 993 303 0 1,296 0
Other comprehensive (loss) income, net of tax (70,785) (136,371) 41,713 (207,156) (33,768)
Comprehensive (loss) income, net of tax $ (982) $ (69,467) $ 138,015 $ (70,449) $ 131,202
[1] Income tax (benefit) expense of the unrealized loss on securities was $(16.2) million, $(47.4) million, and $18.2 million for the three months ended June 30, 2022, March 31, 2022, and June 30, 2021, respectively, and $(63.5) million and $(10.9) million for the six months ended June 30, 2022 and June 30, 2021, respectively.
[2] Income tax (benefit) expense on the reclassification adjustment for net loss (gain) on sales of securities included in net income was $(9,000), $609,000, and $1.5 million for the three months ended June 30, 2022, March 31, 2022, and June 30, 2021, respectively, and $600,000 and $2.6 million for the six months ended June 30, 2022 and June 30, 2021, respectively.
[3] Income tax (benefit) on the unrealized loss on securities transferred from available-for-sale to held-to-maturity was $(12.5) million, $(6.6) million, and $0 for the three months ended June 30, 2022, March 31, 2022, and June 30, 2021, respectively, and $(19.1) million and $0 for the six months ended June 30, 2022 and June 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 $396,000, $121,000, and $0 for the three months ended June 30, 2022, March 31, 2022, and June 30, 2021, respectively, and $517,000 and $0 for the six months ended June 30, 2022 and June 30, 2021, respectively.