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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net income $ 41,905 $ 57,636 $ 88,930 $ 120,198
Other comprehensive income (loss), net of tax:        
Unrealized gain (loss) on securities available-for-sale, net of income taxes [1] 2,983 (15,550) 4,373 20,850
Reclassification adjustment for net gain on sales of securities included in net income, net of income taxes [2] 0 0 0 (99)
Net unrealized loss on securities transferred from available-for-sale to held-to-maturity, net of income taxes [3] 0 0 0 (36,076)
Amortization of unrealized loss on securities transferred from available-for-sale to held-to-maturity, net of income taxes [4] 2,600 2,812 5,119 5,105
Other comprehensive income (loss), net of tax 5,583 (12,738) 9,492 (10,220)
Comprehensive income, net of tax $ 47,488 $ 44,898 $ 98,422 $ 109,978
[1] Income tax expense (benefit) of the unrealized gain (loss) on securities was $1.2 million and $(6.2) million for the three months ended June 30, 2024 and 2023, respectively, and $1.7 million and $8.3 million for the six months ended June 30, 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 zero for the three months ended June 30, 2024 and 2023, respectively, and zero and $39,000 for the six months ended June 30, 2024 and 2023, respectively.
[3] Income tax (benefit) expense on the unrealized loss on securities transferred from available-for-sale to held-to-maturity was zero for each of the three months ended June 30, 2024 and 2023, respectively, and zero and $(14.3) million for the six months ended June 30, 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 $1.1 million for the three months ended June 30, 2024 and 2023, respectively, and $2.0 million and $2.0 million for the six months ended June 30, 2024 and 2023, respectively.