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SHAREHOLDERS’ EQUITY
 9 Months Ended
Sep. 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 retirement 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, June 30, 2022$(123,521)$14,476 $564 $(108,481)
Net change$(45,283)$(647)$1,220 $(44,710)
Balance, September 30, 2022$(168,804)$13,829 $1,784 $(153,191)
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 
Nine 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)$18,777 
Net change(173,878)(2,052)3,962 (171,968)
Transfer from available-for-sale to held-to-maturity$(197)$197 $— $— 
Balance, September 30, 2022$(168,804)$13,829 $1,784 $(153,191)
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)$19,902 
The following tables present the pre-tax and after-tax changes in the components of other comprehensive income:
Three months ended September 30,
20222021
(in thousands)Pre-taxTax effectAfter-taxPre-taxTax effectAfter-tax
Change in unrealized loss on available-for-sale debt securities$(60,539)$(15,256)$(45,283)$(10,479)$(2,609)$(7,870)
Reclassification of gain on held-to-maturity securities(a)
(865)(218)(647)(1,072)(267)(805)
Change in unrealized gain on cash flow hedges arising during the period1,557 392 1,165 12 3 9 
Reclassification of loss on cash flow hedges(a)
73 18 55 395 99 296 
Total other comprehensive loss$(59,774)$(15,064)$(44,710)$(11,144)$(2,774)$(8,370)
Nine months ended September 30,
20222021
(in thousands)Pre-taxTax effectAfter-taxPre-taxTax effectAfter-tax
Change in unrealized loss on available-for-sale debt securities$(232,457)$(58,579)$(173,878)$(21,226)$(5,285)$(15,941)
Reclassification of gain on held-to-maturity securities(a)
(2,743)(691)(2,052)(3,716)(925)(2,791)
Change in unrealized gain on cash flow hedges arising during the period4,615 1,164 3,451 867 216 651 
Reclassification of loss on cash flow hedges(a)
682 171 511 1,149 286 863 
Total other comprehensive loss$(229,903)$(57,935)$(171,968)$(22,926)$(5,708)$(17,218)
(a)The pre-tax amount is reported in interest income/expense in the Consolidated Statements of Operations.