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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Statement of Comprehensive Income [Abstract]      
Net income $ 283,743 $ 339,889 $ 60,351
Other comprehensive (loss) income, net of tax:      
Unrealized (loss) gain on securities available-for-sale arising during the period, net of income taxes [1] (212,822) (51,563) 48,674
Reclassification adjustment for net (gain) on sale of securities included in net income, net of income tax [2] (1,222) (12,072) (9,905)
Net unrealized loss on securities transferred from available-for-sale to held-to-maturity, net of income taxes [3] (47,884) (4,692) 0
Amortization of unrealized loss on securities transferred from available-for-sale to held-to-maturity, net of income taxes [4] 4,543 173 0
Other comprehensive (loss) income, net of tax (257,385) (68,154) 38,769
Comprehensive income, net of tax $ 26,358 $ 271,735 $ 99,120
[1] (1) Income tax (benefit) expense on unrealized (loss) gain on securities was $(84.5) million for 2022, $(20.6) million for 2021, and $19.5 million for 2020.
[2] (2) Income tax expense on reclassification adjustment for net gain on sale of securities included in net income was $488,000 for 2022, $4.8 million for 2021, and $4.0 million for 2020.
[3] (3) Income tax (benefit) on the unrealized loss on securities transferred from available-for-sale to held-to maturity was $(19.1) million for 2022, $(1.9) million for 2021, and $0 for 2020.
[4] (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 $1.9 million for 2022, $70,000 for 2021, and $0 for 2020.