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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Statement of Comprehensive Income [Abstract]        
Net income $ 46,030 $ 73,363 $ 166,228 $ 210,070
Other comprehensive income (loss), net of tax:        
Unrealized (loss) gain on securities available-for-sale, net of income taxes [1] (15,684) (68,070) 5,166 (227,135)
Reclassification adjustment for net loss (gain) on sales of securities included in net income, net of income taxes [2] 0 281 (99) (1,222)
Net unrealized loss on securities transferred from available-for-sale to held-to-maturity, net of income taxes [3] 0 0 (36,076) (47,884)
Amortization of unrealized loss on securities transferred from available-for-sale to held-to-maturity, net of income taxes [4] 2,522 1,694 7,627 2,990
Other comprehensive loss, net of tax (13,162) (66,095) (23,382) (273,251)
Comprehensive income (loss), net of tax $ 32,868 $ 7,268 $ 142,846 $ (63,181)
[1] Income tax (benefit) expense of the unrealized (loss) gain on securities was $(6.2) million and $(27.2) million for the three months ended September 30, 2023 and 2022, respectively, and $2.0 million and $(90.7) million for the nine months ended September 30, 2023 and 2022, respectively.
[2] Income tax (benefit) expense on the reclassification adjustment for net loss (gain) on sales of securities included in net income was $0 and $(112,000) for the three months ended September 30, 2023 and 2022, respectively, and $39,000 and $488,000 for the nine months ended September 30, 2023 and 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 $0 for the three months ended September 30, 2023 and 2022, respectively, and $(14.3) million and $(19.1) million for the nine months ended September 30, 2023 and 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 $1.0 million and $677,000 for the three months ended September 30, 2023 and 2022, respectively, and $3.0 million and $1.2 million for the nine months ended September 30, 2023 and 2022, respectively.