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Comprehensive Income | 9 Months Ended
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Sep. 30, 2014
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 Third Quarter and Nine Months 2014 and 2013 are as follows:
Third Quarter 2014 |  |  |  |  |  |
($ in thousands) |  | Gross |  | Tax |  | Net
Net income |  | $ | 75,326 |  |  | 22,164 |  |  | 53,162 |
Components of OCI: |  |  |  |  |  |  |  |  |
Unrealized losses on investment securities: |  |  |  |  |  |  |  |  |
Unrealized holding losses during the period |  | (13,831 | ) |  | (4,843 | ) |  | (8,988 | )
Amounts reclassified into net income: |  |  |  |  |  |
HTM securities |  | (373 | ) |  | (130 | ) |  | (243 | )
Non-credit OTTI |  | 1,200 |  |  | 420 |  |  | 780 |
Realized gains on AFS securities |  | (16,435 | ) |  | (5,752 | ) |  | (10,683 | )
Net unrealized losses |  | (29,439 | ) |  | (10,305 | ) |  | (19,134 | )
Defined benefit pension and post-retirement plans: |  |  |  |  |  |  |  |  |
Amounts reclassified into net income: |  |  |  |  |  |  |  |  |
Net actuarial loss |  | 381 |  |  | 134 |  |  | 247 |
Defined benefit pension and post-retirement plans |  | 381 |  |  | 134 |  |  | 247 |
Other comprehensive loss |  | (29,058 | ) |  | (10,171 | ) |  | (18,887 | )
Comprehensive income |  | $ | 46,268 |  |  | 11,993 |  |  | 34,275 |
Third Quarter 2013 |  |  |  |  |  |
($ in thousands) |  | Gross |  | Tax |  | Net
Net income |  | $ | 44,485 |  |  | 11,832 |  |  | 32,653 |
Components of OCI: |  |  |  |  |  |  |  |  |
Unrealized losses on investment securities: |  |  |  |  |  |  |  |  |
Unrealized holding gains during the period |  | 9,820 |  |  | 3,437 |  |  | 6,383 |
Amounts reclassified into net income: |  |  |  |  |  |
HTM securities |  | (472 | ) |  | (165 | ) |  | (307 | )
Non-credit OTTI |  | 1 |  |  | — |  |  | 1 |
Realized gains on AFS securities |  | (13,516 | ) |  | (4,731 | ) |  | (8,785 | )
Net unrealized losses |  | (4,167 | ) |  | (1,459 | ) |  | (2,708 | )
Defined benefit pension and post-retirement plans: |  |  |  |  |  |  |  |  |
Amounts reclassified into net income: |  |  |  |  |  |  |  |  |
Net actuarial loss |  | 790 |  |  | 277 |  |  | 513 |
Defined benefit pension and post-retirement plans |  | 790 |  |  | 277 |  |  | 513 |
Other comprehensive loss |  | (3,377 | ) |  | (1,182 | ) |  | (2,195 | )
Comprehensive loss |  | $ | 41,108 |  |  | 10,650 |  |  | 30,458 |
Nine Months 2014 |  |  |  |  |  |
($ in thousands) |  | Gross |  | Tax |  | Net
Net income |  | $ | 139,931 |  |  | 39,454 |  |  | 100,477 |
Components of OCI: |  |  |  |  |  |  |  |  |
Unrealized gains on investment securities: |  |  |  |  |  |  |  |  |
Unrealized holding gains during the period |  | 64,255 |  |  | 22,488 |  |  | 41,767 |
Amounts reclassified into net income: |  |  |  |  |  |
HTM securities |  | (1,050 | ) |  | (367 | ) |  | (683 | )
Non-credit OTTI |  | 1,669 |  |  | 584 |  |  | 1,085 |
Realized gains on AFS securities |  | (28,672 | ) |  | (10,035 | ) |  | (18,637 | )
Net unrealized gains |  | 36,202 |  |  | 12,670 |  |  | 23,532 |
Defined benefit pension and post-retirement plans: |  |  |  |  |  |  |  |  |
Amounts reclassified into net income: |  |  |  |  |  |  |  |  |
Net actuarial loss |  | 1,142 |  |  | 400 |  |  | 742 |
Defined benefit pension and post-retirement plans |  | 1,142 |  |  | 400 |  |  | 742 |
Other comprehensive income |  | 37,344 |  |  | 13,070 |  |  | 24,274 |
Comprehensive income |  | $ | 177,275 |  |  | 52,524 |  |  | 124,751 |
Nine Months 2013 |  |  |  |  |  |
($ in thousands) |  | Gross |  | Tax |  | Net
Net income |  | $ | 108,019 |  |  | 26,936 |  |  | 81,083 |
Components of OCI: |  |  |  |  |  |  |  |  |
Unrealized losses on investment securities: |  |  |  |  |  |  |  |  |
Unrealized holding losses during the period |  | (77,810 | ) |  | (27,234 | ) |  | (50,576 | )
Non-credit OTTI recognized in OCI |  | 77 |  |  | 27 |  |  | 50 |
Amounts reclassified into net income: |  |  |  |  |  |
HTM securities |  | (1,803 | ) |  | (631 | ) |  | (1,172 | )
Non-credit OTTI |  | 14 |  |  | 5 |  |  | 9 |
Realized gains on AFS securities |  | (24,780 | ) |  | (8,673 | ) |  | (16,107 | )
Net unrealized losses |  | (104,302 | ) |  | (36,506 | ) |  | (67,796 | )
Defined benefit pension and post-retirement plans: |  |  |  |  |  |  |  |  |
Net actuarial gains |  | 44,000 |  |  | 15,400 |  |  | 28,600 |
Amounts reclassified into net income: |  |  |  |  |  |  |  |  |
Net actuarial loss |  | 3,419 |  |  | 1,197 |  |  | 2,222 |
Prior service cost |  | 10 |  |  | 4 |  |  | 6 |
Curtailment expense |  | 16 |  |  | 5 |  |  | 11 |
Defined benefit pension and post-retirement plans |  | 47,445 |  |  | 16,606 |  |  | 30,839 |
Other comprehensive loss |  | (56,857 | ) |  | (19,900 | ) |  | (36,957 | )
Comprehensive income |  | $ | 51,162 |  |  | 7,036 |  |  | 44,126 |
The balances of, and changes in, each component of AOCI (net of taxes) as of September 30, 2014 are as follows:
September 30, 2014 |  | 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, 2013 |  | $ | (1,599 | ) |  | 1,467 |  |  | 51,635 |  |  | 51,503 |  |  | (26,652 | ) |  | 24,851 |
OCI before reclassifications |  | — |  |  | — |  |  | 41,767 |  |  | 41,767 |  |  | — |  |  | 41,767 |
Amounts reclassified from AOCI |  | 1,085 |  |  | (683 | ) |  | (18,637 | ) |  | (18,235 | ) |  | 742 |  |  | (17,493 | )
Net current period OCI |  | 1,085 |  |  | (683 | ) |  | 23,130 |  |  | 23,532 |  |  | 742 |  |  | 24,274 |
Balance, September 30, 2014 |  | $ | (514 | ) |  | 784 |  |  | 74,765 |  |  | 75,035 |  |  | (25,910 | ) |  | 49,125 |
The reclassifications out of AOCI are as follows:
| Quarter ended September 30, |  | Nine Months ended September 30, |
($ in thousands) | 2014 |  | 2013 |  | 2014 |  | 2013 | Affected Line Item in the Unaudited Consolidated Statement of Income
OTTI related |  |  |  |  |  |  |  |
Amortization of non-credit OTTI losses on HTM securities | — |  |  | 1 |  |  | — |  |  | 14 |  | Net investment income earned
Non-credit OTTI on disposed securities | 1,200 |  |  | — |  |  | 1,669 |  |  | — |  | Net realized gains
| 1,200 |  |  | 1 |  |  | 1,669 |  |  | 14 |  | Income from continuing operations, before federal income tax
| (420 | ) |  | — |  |  | (584 | ) |  | (5 | ) | Total federal income tax expense
| 780 |  |  | 1 |  |  | 1,085 |  |  | 9 |  | Net income
HTM related |  |  |  |  |  |  |  |
Unrealized losses (gains) on HTM disposals | 12 |  |  | (19 | ) |  | 87 |  |  | (170 | ) | Net realized gains
Amortization of net unrealized gains on HTM securities | (385 | ) |  | (453 | ) |  | (1,137 | ) |  | (1,633 | ) | Net investment income earned
| (373 | ) |  | (472 | ) |  | (1,050 | ) |  | (1,803 | ) | Income from continuing operations, before federal income tax
| 130 |  |  | 165 |  |  | 367 |  |  | 631 |  | Total federal income tax expense
| (243 | ) |  | (307 | ) |  | (683 | ) |  | (1,172 | ) | Net income
Realized gains and losses on AFS and OTTI |  |  |  |  |  |  |  |
Realized gains on AFS disposals and OTTI | (16,435 | ) |  | (13,516 | ) |  | (28,672 | ) |  | (24,780 | ) | Net realized gains
| (16,435 | ) |  | (13,516 | ) |  | (28,672 | ) |  | (24,780 | ) | Income from continuing operations, before federal income tax
| 5,752 |  |  | 4,731 |  |  | 10,035 |  |  | 8,673 |  | Total federal income tax expense
| (10,683 | ) |  | (8,785 | ) |  | (18,637 | ) |  | (16,107 | ) | Net income
Defined benefit pension and post-retirement life plans |  |  |  |  |  |  |  |
Net actuarial loss | 88 |  |  | 159 |  |  | 263 |  |  | 717 |  | Loss and loss expense incurred
| 293 |  |  | 631 |  |  | 879 |  |  | 2,702 |  | Policy acquisition costs
| 381 |  |  | 790 |  |  | 1,142 |  |  | 3,419 |  | Income from continuing operations, before federal income tax
Prior service cost | — |  |  | — |  |  | — |  |  | 7 |  | Loss and loss adjustment expenses
| — |  |  | — |  |  | — |  |  | 3 |  | Policy acquisition costs
| — |  |  | — |  |  | — |  |  | 10 |  | Income from continuing operations, before federal income tax
Curtailment expense | — |  |  | — |  |  | — |  |  | 16 |  | Policy acquisition costs
| — |  |  | — |  |  | — |  |  | 16 |  | Income from continuing operations, before federal income tax
Total defined benefit pension and post-retirement life | 381 |  |  | 790 |  |  | 1,142 |  |  | 3,445 |  | Income from continuing operations, before federal income tax
| (134 | ) |  | (277 | ) |  | (400 | ) |  | (1,206 | ) | Total federal income tax expense
| 247 |  |  | 513 |  |  | 742 |  |  | 2,239 |  | Net income
Total reclassifications for the period | (9,899 | ) |  | (8,578 | ) |  | (17,493 | ) |  | (15,031 | ) | Net income

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- Definition The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e637-108580 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e681-108580 Reference 3: http://www.xbrl.org/2003/role/presentationRef -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=27012166&loc=d3e187085-122770 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e689-108580 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=36458714&loc=SL7669619-108580 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e640-108580 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e716-108580 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e709-108580 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Reclassification Adjustments -URI http://asc.fasb.org/extlink&oid=6522872 + Details
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