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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net income $ 158,802 $ 30,852 $ 283,743
Other comprehensive income (loss), net of tax:      
Unrealized gain (loss) on securities available-for-sale, net of income taxes [1] 13,477 9,449 (212,822)
Reclassification adjustment for net loss (gain) on sale of securities included in net income, net of income tax [2] 0 182,167 (1,222)
Net unrealized loss on securities transferred from available-for-sale to held-to-maturity, net of income taxes [3] 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] 10,342 10,082 4,543
Other comprehensive income (loss), net of tax 23,819 165,622 (257,385)
Comprehensive income, net of tax $ 182,621 $ 196,474 $ 26,358
[1]
(1) Income tax expense (benefit) on unrealized gain (loss) on securities was $5.3 million for 2024, $4.4 million for 2023, and $(84.5) million for 2022.
[2]
(2) Income tax (benefit) expense on reclassification adjustment for net loss (gain) on sale of securities included in net income was zero for 2024, $(71.8) million for 2023, and $488,000 for 2022.
[3]
(3) Income tax (benefit) on the unrealized loss on securities transferred from available-for-sale to held-to maturity was zero for 2024, $(14.3) million for 2023, and $(19.1) million for 2022.
[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 2024, $4.2 million for 2023, and $1.9 million for 2022.