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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Jun. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Statement of Comprehensive Income [Abstract]          
Net income $ 73,363 $ 69,803 $ 90,088 $ 210,070 $ 255,058
Other comprehensive loss, net of tax:          
Unrealized loss on securities available-for-sale, net of income taxes [1] (68,070) (40,474) (20,138) (227,135) (47,387)
Reclassification adjustment for net loss (gain) on sales of securities included in net income, net of income taxes [2] 281 22 (2,991) (1,222) (9,510)
Net unrealized loss on securities transferred from available-for-sale to held-to-maturity, net of income taxes [3] 0 (31,326) (2,277) (47,884) (2,277)
Amortization of unrealized loss on securities transferred from available-for-sale to held-to-maturity, net of income taxes [4] 1,694 993 58 2,990 58
Other comprehensive loss , net of tax (66,095) (70,785) (25,348) (273,251) (59,116)
Comprehensive income (loss), net of tax $ 7,268 $ (982) $ 64,740 $ (63,181) $ 195,942
[1] Income tax (benefit) expense of the unrealized loss on securities was $(27.2) million, $(16.2) million, and $(8.1) million for the three months ended September 30, 2022, June 30, 2022, and September 30, 2021, respectively, and $(90.7) million and $(19.0) million for the nine months ended September 30, 2022 and September 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 $(112,000), $(9,000), and $1.2 million for the three months ended September 30, 2022, June 30, 2022, and September 30, 2021, respectively, and $488,000 and $3.8 million for the nine months ended September 30, 2022 and September 30, 2021, respectively.
[3] Income tax (benefit) expense on the unrealized loss on securities transferred from available-for-sale to held-to-maturity was $0, $(12.5) million, and $(913,000) for the three months ended September 30, 2022, June 30, 2022, and September 30, 2021, respectively, and $(19.1) million and $(913,000) for the nine months ended September 30, 2022 and 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 $677,000, $396,000, and $24,000 for the three months ended September 30, 2022, June 30, 2022, and September 30, 2021, respectively, and $1.2 million and $24,000 for the nine months ended September 30, 2022 and September 30, 2021, respectively.