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SHAREHOLDERS’ EQUITY AND COMPENSATION PLANS | 9 Months Ended
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Sep. 30, 2020
Equity [Abstract] |
Accumulated Other Comprehensive Income | SHAREHOLDERS’ EQUITY AND COMPENSATION PLANS 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 on Available-for-Sale Debt Securities |  | Unamortized Gain (Loss) on Held-to-Maturity Securities |  | Net Unrealized Gain (Loss) on Cash Flow Hedges |  | Total
Balance, June 30, 2021 | $ | 14,250 |  |  | $ | 17,322 |  |  | $ | (3,300) |  |  | $ | 28,272 |
Net change | $ | (7,870) |  |  | $ | (805) |  |  | $ | 305 |  |  | $ | (8,370) |
Balance, September 30, 2021 | $ | 6,380 |  |  | $ | 16,517 |  |  | $ | (2,995) |  |  | $ | 19,902 |
Balance, June 30, 2020 | $ | 27,872 |  |  | $ | 13,099 |  |  | $ | (8,162) |  |  | $ | 32,809 |
Net change | $ | (220) |  |  | $ | (705) |  |  | $ | 624 |  |  | $ | (301) |
Balance, September 30, 2020 | $ | 27,652 |  |  | $ | 12,394 |  |  | $ | (7,538) |  |  | $ | 32,508 |
Nine months ended
(in thousands) | Net Unrealized Gain (Loss) on Available-for-Sale Debt Securities |  | Unamortized Gain (Loss) on Held-to-Maturity Securities |  | Net Unrealized Gain (Loss) on Cash Flow Hedges |  | Total
Balance, December 31, 2020 | $ | 22,320 |  |  | $ | 19,308 |  |  | $ | (4,508) |  |  | $ | 37,120 |
Net change | $ | (15,940) |  |  | $ | (2,791) |  |  | $ | 1,513 |  |  | $ | (17,218) |
Balance, September 30, 2021 | $ | 6,380 |  |  | $ | 16,517 |  |  | $ | (2,995) |  |  | $ | 19,902 |
Balance, December 31, 2019 | $ | 14,977 |  |  | $ | 4,934 |  |  | $ | (2,162) |  |  | $ | 17,749 |
Net change | $ | 21,325 |  |  | $ | (1,190) |  |  | $ | (5,376) |  |  | $ | 14,759 |
Transfer from available-for-sale to held-to-maturity | $ | (8,650) |  |  | $ | 8,650 |  |  | $ | — |  |  | $ | — |
Balance, September 30, 2020 | $ | 27,652 |  |  | $ | 12,394 |  |  | $ | (7,538) |  |  | $ | 32,508 |
The following tables present the pre-tax and after-tax changes in the components of other comprehensive income:
| Three months ended September 30,
| 2021 |  | 2020
(in thousands) | Pre-tax |  | Tax effect |  | After-tax |  | Pre-tax |  | Tax effect |  | After-tax
Change in unrealized gain (loss) on available-for-sale debt securities | $ | (10,479) |  |  | $ | (2,609) |  |  | $ | (7,870) |  |  | $ | 125 |  |  | $ | 31 |  |  | $ | 94 |
Reclassification adjustment for realized gain on sale of available-for-sale debt securities(a) | — |  |  | — |  |  | — |  |  | (417) |  |  | (103) |  |  | (314) |
Reclassification of gain on held-to-maturity securities(b) | (1,072) |  |  | (267) |  |  | (805) |  |  | (936) |  |  | (231) |  |  | (705) |
Change in unrealized gain on cash flow hedges arising during the period | 12 |  |  | 3 |  |  | 9 |  |  | 146 |  |  | 36 |  |  | 110 |
Reclassification of loss on cash flow hedges(b) | 395 |  |  | 99 |  |  | 296 |  |  | 683 |  |  | 169 |  |  | 514 |
Total other comprehensive income | $ | (11,144) |  |  | $ | (2,774) |  |  | $ | (8,370) |  |  | $ | (399) |  |  | $ | (98) |  |  | $ | (301) |
| Nine months ended September 30,
| 2021 |  | 2020
(in thousands) | Pre-tax |  | Tax effect |  | After-tax |  | Pre-tax |  | Tax effect |  | After-tax
Change in unrealized gain (loss) on available-for-sale debt securities | $ | (21,226) |  |  | $ | (5,285) |  |  | $ | (15,941) |  |  | $ | 28,741 |  |  | $ | 7,099 |  |  | $ | 21,642 |
Reclassification adjustment for realized gain on sale of available-for-sale debt securities(a) | — |  |  | — |  |  | — |  |  | (421) |  |  | (104) |  |  | (317) |
Reclassification of gain on held-to-maturity securities(b) | (3,716) |  |  | (925) |  |  | (2,791) |  |  | (1,580) |  |  | (390) |  |  | (1,190) |
Change in unrealized gain (loss) on cash flow hedges arising during the period | 867 |  |  | 216 |  |  | 651 |  |  | (8,296) |  |  | (2,049) |  |  | (6,247) |
Reclassification of loss on cash flow hedges(b) | 1,149 |  |  | 286 |  |  | 863 |  |  | 1,157 |  |  | 286 |  |  | 871 |
Total other comprehensive income | $ | (22,926) |  |  | $ | (5,708) |  |  | $ | (17,218) |  |  | $ | 19,601 |  |  | $ | 4,842 |  |  | $ | 14,759 |
(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 Compensation Plans Employee Stock Options During the nine months ended September 30, 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 Exercise Price |  |  |  |
Options Outstanding, December 31, 2020 | — |  |  |  |  |  |  |  |  |
Options granted | 118,604 |  |  |  |  | $ | 43.80 |  |  |  |  |
Options forfeited | (4,597) |  |  |  |  |  |  |  |  |
Options Outstanding, September 30, 2021 | 114,007 |  |  | 9.5 |  |  |  |  |  |

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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