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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Statement of Comprehensive Income [Abstract]    
Net income $ 47,025 $ 62,562
Other comprehensive income, net of tax:    
Unrealized gain on securities available-for-sale, net of income taxes [1] 1,390 36,400
Reclassification adjustment for net gain on sales of securities included in net income, net of income taxes [2] 0 (99)
Net unrealized loss on securities transferred from available-for-sale to held-to-maturity, net of income taxes [3] 0 (36,076)
Amortization of unrealized loss on securities transferred from available-for-sale to held-to-maturity, net of income taxes [4] 2,519 2,293
Other comprehensive income, net of tax 3,909 2,518
Comprehensive income, net of tax $ 50,934 $ 65,080
[1] Income tax expense of the unrealized gain on securities was $547,000 and $14.4 million for the three months ended March 31, 2024 and 2023, respectively.
[2] Income tax expense on the reclassification adjustment for net gain on sales of securities included in net income was zero and $39,000 for the three months ended March 31, 2024 and 2023, respectively.
[3] Income tax (benefit) on the unrealized loss on securities transferred from available-for-sale to held-to-maturity was zero and $(14.3) million for the three months ended March 31, 2024 and 2023, 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 $915,000 for the three months ended March 31, 2024 and 2023, respectively.