XML 140 R20.htm IDEA: XBRL DOCUMENT v2.4.0.8
Comprehensive Income
 6 Months Ended
Jun. 30, 2013
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]  
Comprehensive Income
Comprehensive Income
The components of comprehensive income, both gross and net of tax, for Second Quarter and Six Months 2013 and 2012 are as follows:
 
Second Quarter 2013
 
 
 
 
 
 
($ in thousands)
 
Gross
 
Tax
 
Net
Net income
 
$
36,201

 
9,079

 
27,122

Components of OCI:
 
 

 
 

 
 

Unrealized losses on investment securities:
 
 

 
 

 
 

Unrealized holding losses during the period
 
(91,314
)
 
(31,961
)
 
(59,353
)
Non-credit OTTI recognized in OCI
 
47

 
16

 
31

Amounts reclassified into net income:
 
 
 
 
 
 
HTM securities
 
(614
)
 
(215
)
 
(399
)
Non-credit OTTI
 
6

 
3

 
3

Realized gains on AFS securities
 
(5,288
)
 
(1,850
)
 
(3,438
)
Net unrealized losses
 
(97,163
)
 
(34,007
)
 
(63,156
)
Amounts reclassified into net income:
 
 

 
 

 
 

Net actuarial loss
 
789

 
276

 
513

Defined benefit pension and post-retirement plans
 
789

 
276

 
513

Other comprehensive loss
 
(96,374
)
 
(33,731
)
 
(62,643
)
Comprehensive loss
 
$
(60,173
)
 
(24,652
)
 
(35,521
)
 
Second Quarter 2012
 
 
 
 
 
 
($ in thousands)
 
Gross
 
Tax
 
Net
Net income
 
$
(692
)
 
(980
)
 
288

Components of OCI:
 
 

 
 

 
 

Unrealized gains on investment securities:
 
 

 
 

 
 

Unrealized holding gains during the period
 
7,849

 
2,748

 
5,101

Non-credit OTTI recognized in OCI
 
54

 
19

 
35

Amounts reclassified into net income:
 
 
 
 
 
 
HTM securities
 
(701
)
 
(245
)
 
(456
)
Non-credit OTTI
 
60

 
21

 
39

Realized gains on AFS securities
 
(199
)
 
(71
)
 
(128
)
Net unrealized gains
 
7,063

 
2,472

 
4,591

Defined benefit pension and post-retirement plans:
 
 

 
 

 
 

Amounts reclassified into net income:
 
 

 
 

 
 

Net actuarial loss
 
1,391

 
486

 
905

Prior service cost
 
37

 
13

 
24

Defined benefit pension and post-retirement plans
 
1,428

 
499

 
929

Other comprehensive income
 
8,491

 
2,971

 
5,520

Comprehensive income
 
$
7,799

 
1,991

 
5,808


 
Six Months 2013
 
 
 
 
 
 
($ in thousands)
 
Gross
 
Tax
 
Net
Net income
 
$
63,534

 
15,104

 
48,430

Components of OCI:
 
 

 
 

 
 

Unrealized losses on investment securities:
 
 

 
 

 
 

Unrealized holding losses during the period
 
(87,630
)
 
(30,671
)
 
(56,959
)
Non-credit OTTI recognized in OCI
 
77

 
27

 
50

Amounts reclassified into net income:
 
 
 
 
 
 
HTM securities
 
(1,331
)
 
(466
)
 
(865
)
Non-credit OTTI
 
13

 
5

 
8

Realized gains on AFS securities
 
(11,264
)
 
(3,942
)
 
(7,322
)
Net unrealized losses
 
(100,135
)
 
(35,047
)
 
(65,088
)
Defined benefit pension and post-retirement plans:
 
 

 
 

 
 

Net actuarial gain
 
44,000

 
15,400

 
28,600

Amounts reclassified into net income:
 
 

 
 

 
 

Net actuarial loss
 
2,629

 
920

 
1,709

Prior service cost
 
10

 
4

 
6

Curtailment expense
 
16

 
5

 
11

Defined benefit pension and post-retirement plans
 
46,655

 
16,329

 
30,326

Other comprehensive loss
 
(53,480
)
 
(18,718
)
 
(34,762
)
Comprehensive income
 
$
10,054

 
(3,614
)
 
13,668


Six Months 2012
 
 
 
 
 
 
($ in thousands)
 
Gross
 
Tax
 
Net
Net income
 
$
22,499

 
4,118

 
18,381

Components of OCI:
 
 

 
 

 
 

Unrealized gains on investment securities:
 
 

 
 

 
 

Unrealized holding gains during the period
 
27,653

 
9,679

 
17,974

Non-credit OTTI recognized in OCI
 
218

 
76

 
142

Amounts reclassified into net income:
 
 
 
 
 
 
HTM securities
 
(1,565
)
 
(548
)
 
(1,017
)
Non-credit OTTI
 
263

 
92

 
171

Realized gains on AFS securities
 
(4,488
)
 
(1,571
)
 
(2,917
)
Net unrealized gains
 
22,081

 
7,728

 
14,353

Defined benefit pension and post-retirement plans:
 
 

 
 

 
 

Amounts reclassified into net income:
 
 

 
 

 
 

Net actuarial loss
 
2,781

 
973

 
1,808

Prior service cost
 
75

 
26

 
49

Defined benefit pension and post-retirement plans
 
2,856

 
999

 
1,857

Other comprehensive income
 
24,937

 
8,727

 
16,210

Comprehensive income
 
$
47,436

 
12,845

 
34,591



The balances of, and changes in, each component of AOCI (net of taxes) as of June 30, 2013 are as follows:

June 30, 2013
 
Net Unrealized (Loss) Gain on Investment Securities
 
 
 
 
($ in thousands)
 
OTTI
Related
 
HTM
Related
 
All
Other
 
Investments
Subtotal
 
Defined Benefit
Pension and Post-Retirement Plans
 
Total AOCI
Balance, December 31, 2012
 
$
(1,658
)
 
2,594

 
121,391

 
122,327

 
(68,287
)
 
54,040

OCI before reclassifications
 
50

 
(27
)
 
(56,932
)
 
(56,909
)
 
28,600

 
(28,309
)
Amounts reclassified from AOCI
 
8

 
(865
)
 
(7,322
)
 
(8,179
)
 
1,726

 
(6,453
)
Net current period OCI
 
58

 
(892
)
 
(64,254
)
 
(65,088
)
 
30,326

 
(34,762
)
Balance, June 30, 2013
 
$
(1,600
)
 
1,702

 
57,137

 
57,239

 
(37,961
)
 
19,278



The reclassifications out of AOCI for Second Quarter and Six Months 2013 are as follows:
 
Amount Reclassified from AOCI
 
Affected Line Item in the Unaudited Consolidated Statement of Income
($ in thousands)
Quarter ended June 30, 2013
 
Six Months ended June 30, 2013
 
OTTI related
 
 
 
 
 
Amortization of non-credit OTTI losses on HTM securities
 
 
 
 
 
 
$
6

 
13

 
Net investment income earned
 
6

 
13

 
Income (loss) from continuing operations, before federal income tax
 
(3
)
 
(5
)
 
Total federal income tax expense (benefit)
 
3

 
8

 
Net income
HTM related
 
 
 
 
 
Unrealized gains and losses on HTM disposals
(70
)
 
(151
)
 
Net realized investment gains
Amortization of net unrealized gains on HTM securities
(544
)
 
(1,180
)
 
Net investment income earned
 
(614
)
 
(1,331
)
 
Income (loss) from continuing operations, before federal income tax
 
215

 
466

 
Total federal income tax expense (benefit)
 
(399
)
 
(865
)
 
Net income
Realized gains and losses on AFS
 
 
 
 
 
Realized gains and losses on AFS disposals
(5,288
)
 
(11,264
)
 
Net realized investments gains
 
(5,288
)
 
(11,264
)
 
Income (loss) from continuing operations, before federal income tax
 
1,850

 
3,942

 
Total federal income tax expense (benefit)
 
(3,438
)
 
(7,322
)
 
Net income
Defined benefit pension and post-retirement life plans
 
 
 
 
 
Net actuarial loss
158

 
558

 
Loss and loss expense incurred
 
631

 
2,071

 
Policy acquisition costs
 
789

 
2,629

 
Income (loss) from continuing operations, before federal income tax
 
 
 
 
 
 
Prior service cost
—

 
7

 
Loss and loss expense incurred
 
—

 
3

 
Policy acquisition costs
 
—

 
10

 
Income (loss) from continuing operations, before federal income tax
 
 
 
 
 
 
Curtailment expense
—

 
16

 
Policy acquisition costs
 
—

 
16

 
Income (loss) from continuing operations, before federal income tax
 
 
 
 
 
 
Total defined benefit pension and post-retirement life
789

 
2,655

 
Income (loss) from continuing operations, before federal income tax
 
(276
)
 
(929
)
 
Total federal income tax expense (benefit)
 
513

 
1,726

 
Net income
 
 
 
 
 
 
Total reclassifications for the period
$
(3,321
)
 
$
(6,453
)
 
Net income