SHAREHOLDERS’ EQUITY AND COMPENSATION PLANS (Tables)

3 Months Ended

Mar. 31, 2021

The following tables present the changes in accumulated other comprehensive income after-tax by component:


Three months ended March 31, 2021
(in thousands)	Net Unrealized Gain (Loss) on Available-for-Sale Debt Securities		Unamortized Gain (Loss) on Held-to-Maturity Securities		Net Unrealized Loss on Cash Flow Hedges		Total
Balance, December 31, 2020	$	22,320	$	19,308	$	(4,508)	$	37,120
Net change	$	(10,920)	$	(1,149)	$	1,126	$	(10,943)

Balance, March 31, 2021	$	11,400	$	18,159	$	(3,382)	$	26,177






Three months ended March 31, 2020
(in thousands)	Net Unrealized Gain (Loss) on Available-for-Sale Debt Securities		Unamortized Gain (Loss) on Held-to-Maturity Securities		Net Unrealized Loss on Cash Flow Hedges		Total
Balance, December 31, 2019	$	14,977	$	4,934	$	(2,162)	$	17,749
Net change	$	10,561	$	(156)	$	(5,057)	$	5,348
Balance, March 31, 2020	$	25,538	$	4,778	$	(7,219)	$	23,097

The following tables present the pre-tax and after-tax changes in the components of other comprehensive income:


	Three months ended March 31,
(in thousands)	2021						2020
	Pre-tax		Tax effect		After-tax		Pre-tax		Tax effect		After-tax
Change in unrealized gain (loss) on available-for-sale debt securities	$	(14,541)	$	(3,621)	$	(10,920)	$	14,029	$	3,465	$	10,564
Reclassification adjustment for realized gain on sale of available-for-sale debt securities(a)	—		—		—		(4)		(1)		(3)
Reclassification of gain on held-to-maturity securities(b)	(1,530)		(381)		(1,149)		(207)		(51)		(156)
Change in unrealized gain (loss) on cash flow hedges arising during the period	1,128		281		847		(6,879)		(1,699)		(5,180)
Reclassification of loss on cash flow hedges(b)	372		93		279		163		40		123
Total other comprehensive income	$	(14,571)	$	(3,628)	$	(10,943)	$	7,102	$	1,754	$	5,348

(a)The pre-tax amount is reported in noninterest income/expense in the Consolidated Statements of Operations

(b)The pre-tax amount is reported in interest income/expense in the Consolidated Statements of Operations

During the three months ended March 31, 2021, employee stock options were granted under the Amended and Restated 2018 Stock Incentive Plan.

Various information related to the stock options is shown below.


	Employee Stock Options	Weighted Average Life	Weighted Average Price		Shares Exercisable	Weighted Average Exercise Price
Options Outstanding, December 31, 2020	—
Options granted	111,804	9.9	$	43.81	—	$	—
Options Outstanding, March 31, 2021	111,804