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SHAREHOLDERS’ EQUITY
 6 Months Ended
Jun. 30, 2021
Equity [Abstract]  
SHAREHOLDERS’ EQUITY SHAREHOLDERS’ EQUITY
Share Repurchases/Retirement

The Company periodically adopts share repurchase plans that authorize open market repurchases of common stock. Shares acquired through the repurchase plan are classified as treasury stock or the shares are immediately retired upon settlement, depending on plan authorization. When shares are retired, the excess of repurchase price over par is allocated between additional paid in capital and retained earnings. The amount allocated to additional paid in capital is limited to the pro rata portion of additional paid in capital at the time of repurchase.

In the second quarter 2022, the Company retired 1,980,093 shares of treasury stock. The transaction decreased additional paid in capital by $27.7 million and retained earnings by $45.8 million.

Shareholders’ Equity

Accumulated Other Comprehensive Income (Loss)

The following tables present the changes in accumulated other comprehensive income after-tax by component:
Three months ended
(in thousands)Net Unrealized Gain (Loss) on Available-for-Sale SecuritiesUnamortized Gain (Loss) on Held-to-Maturity SecuritiesNet Unrealized Gain (Loss) on Cash Flow HedgesTotal
Balance, March 31, 2022$(74,279)$15,177 $(158)$(59,260)
Net change$(49,242)$(701)$722 $(49,221)
Balance, June 30, 2022$(123,521)$14,476 $564 $(108,481)
Balance, March 31, 2021$11,400 $18,159 $(3,382)$26,177 
Net change$2,850 $(837)$82 $2,095 
Balance, June 30, 2021$14,250 $17,322 $(3,300)$28,272 
Six months ended
(in thousands)Net Unrealized Gain (Loss) on Available-for-Sale Debt SecuritiesUnamortized Gain (Loss) on Held-to-Maturity SecuritiesNet Unrealized Gain (Loss) on Cash Flow HedgesTotal
Balance, December 31, 2021$5,271 $15,684 $(2,178)$18,777 
Net change(128,595)(1,405)2,742 (127,258)
Transfer from available-for-sale to held-to-maturity$(197)$197 $— $— 
Balance, June 30, 2022$(123,521)$14,476 $564 $(108,481)
Balance, December 31, 2020$22,320 $19,308 $(4,508)$37,120 
Net change$(8,070)$(1,986)$1,208 $(8,848)
Balance, June 30, 2021$14,250 $17,322 $(3,300)$28,272 
The following tables present the pre-tax and after-tax changes in the components of other comprehensive income:
Three months ended June 30,
20222021
(in thousands)Pre-taxTax effectAfter-taxPre-taxTax effectAfter-tax
Change in unrealized gain (loss) on available-for-sale debt securities$(65,832)$(16,590)$(49,242)$3,795 $945 $2,850 
Reclassification of gain on held-to-maturity securities(a)
(937)(236)(701)(1,115)(278)(837)
Change in unrealized gain (loss) on cash flow hedges arising during the period715 180 535 (273)(68)(205)
Reclassification of loss on cash flow hedges(a)
250 63 187 382 95 287 
Total other comprehensive income (loss)$(65,804)$(16,583)$(49,221)$2,789 $694 $2,095 
Six months ended June 30,
20222021
(in thousands)Pre-taxTax effectAfter-taxPre-taxTax effectAfter-tax
Change in unrealized loss on available-for-sale debt securities$(171,918)$(43,323)$(128,595)$(10,746)$(2,676)$(8,070)
Reclassification of gain on held-to-maturity securities(a)
(1,879)(474)(1,405)(2,644)(658)(1,986)
Change in unrealized gain on cash flow hedges arising during the period3,056 770 2,286 855 213 642 
Reclassification of loss on cash flow hedges(a)
609 153 456 754 188 566 
Total other comprehensive loss$(170,132)$(42,874)$(127,258)$(11,781)$(2,933)$(8,848)
(a)The pre-tax amount is reported in interest income/expense in the Consolidated Statements of Operations