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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statement of Comprehensive Income [Abstract]      
Net income $ 30,852 $ 283,743 $ 339,889
Other comprehensive income (loss), net of tax:      
Unrealized gain (loss) on securities available-for-sale, net of income taxes [1] 9,449 (212,822) (51,563)
Reclassification adjustment for net loss (gain) on sale of securities included in net income, net of income tax [2] 182,167 (1,222) (12,072)
Net unrealized loss on securities transferred from available-for-sale to held-to-maturity, net of income taxes [3] (36,076) (47,884) (4,692)
Amortization of unrealized loss on securities transferred from available-for-sale to held-to-maturity, net of income taxes [4] 10,082 4,543 173
Other comprehensive income (loss), net of tax 165,622 (257,385) (68,154)
Comprehensive income, net of tax $ 196,474 $ 26,358 $ 271,735
[1]
(1) Income tax expense (benefit) on unrealized gain (loss) on securities was $4.4 million for 2023, $(84.5) million for 2022, and $(20.6) million for 2021.
[2]
(2) Income tax (benefit) expense on reclassification adjustment for net (loss) gain on sale of securities included in net income was $(71.8) million for 2023, $488,000 for 2022, and $4.8 million for 2021.
[3]
(3) Income tax (benefit) on the unrealized loss on securities transferred from available-for-sale to held-to maturity was $(14.3) million for 2023, $(19.1) million for 2022, and $(1.9) million for 2021.
[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 $4.2 million for 2023, $1.9 million for 2022, and $70,000 for 2021.