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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Statement of Comprehensive Income [Abstract]        
Net income $ 57,636 $ 69,803 $ 120,198 $ 136,707
Other comprehensive income (loss), net of tax:        
Unrealized (loss) gain on securities available-for-sale, net of income taxes [1] (15,550) (40,474) 20,850 (159,065)
Reclassification adjustment for net loss (gain) on sales of securities included in net income, net of income taxes [2] 0 22 (99) (1,503)
Net unrealized loss on securities transferred from available-for-sale to held-to-maturity, net of income taxes [3] 0 (31,326) (36,076) (47,884)
Amortization of unrealized loss on securities transferred from available-for-sale to held-to-maturity, net of income taxes [4] 2,812 993 5,105 1,296
Other comprehensive (loss), net of tax (12,738) (70,785) (10,220) (207,156)
Comprehensive income (loss), net of tax $ 44,898 $ (982) $ 109,978 $ (70,449)
[1] Income tax (benefit) expense of the unrealized (loss) gain on securities was $(6.2) million and $(16.2) million for the three months ended June 30, 2023 and June 30, 2022, respectively, and $8.3 million and $(63.5) million for the six months ended June 30, 2023 June 30, 2022, respectively.
[2] Income tax (benefit) expense on the reclassification adjustment for net gain on sales of securities included in net income was $0 and $(9,000) for the three months ended June 30, 2023 and June 30, 2022, respectively, and $39,000 and $600,000 for the six months ended June 30, 2023 and June 30, 2022, respectively.
[3] Income tax (benefit) expense on the unrealized loss on securities transferred from available-for-sale to held-to-maturity was $0 and $(12.5) million for the three months ended June 30, 2023 and June 30, 2022, respectively, and $(14.3) million and $(19.1) million for the six months ended June 30, 2023 and June 30, 2022, respectively.
[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 $1.1 million and $396,000 for the three months ended June 30, 2023 and June 30, 2022, respectively, and $2.0 million and $517,000 for the six months ended June 30, 2023 and June 30, 2022, respectively.