We introduce a novel dynamically reconfigurable 2D filterbank that is based on separable, one-dimensional filters. At the lowest level, each 2D filter is implemented using dynamic reconfiguration between two one-dimensional filters. Then, at a higher level, filterbanks are implemented using dynamic partial reconfiguration of efficient 1D filter blocks (based on distributed arithmetic). We have evaluated the system's overall performance as a function of the reconfiguration rate and we show that real-time video processing speeds for 2D video filtering can be attained for several image sizes.