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Comprehensive Income
 3 Months Ended
Mar. 31, 2016
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 First Quarter 2016 and First Quarter 2015 are as follows:
First Quarter 2016
 
 
 
 
 
 
($ in thousands)
 
Gross
 
Tax
 
Net
Net income
 
$
51,875

 
14,843

 
37,032

Components of OCI:
 
 

 
 

 
 

Unrealized gains on investment securities:
 
 

 
 

 
 

Unrealized holding gains during period
 
65,737

 
23,008

 
42,729

Amounts reclassified into net income:
 
 
 
 
 
 
HTM securities
 
(72
)
 
(25
)
 
(47
)
Realized losses on AFS securities
 
2,699

 
945

 
1,754

    Total unrealized gains on investment securities
 
68,364

 
23,928

 
44,436

Defined benefit pension and post-retirement plans:
 
 

 
 

 
 

Amounts reclassified into net income:
 
 

 
 

 
 

Net actuarial loss
 
1,516

 
530

 
986

    Total defined benefit pension and post-retirement plans
 
1,516

 
530

 
986

Other comprehensive income
 
69,880

 
24,458

 
45,422

Comprehensive income
 
$
121,755

 
39,301

 
82,454



First Quarter 2015
 
 
 
 
 
 
($ in thousands)
 
Gross
 
Tax
 
Net
Net income
 
$
56,290

 
16,582

 
39,708

Components of OCI:
 
 

 
 

 
 

Unrealized gains on investment securities:
 
 

 
 

 
 

Unrealized holding gains during period
 
23,977

 
8,391

 
15,586

Amounts reclassified into net income:
 
 
 
 
 
 
HTM securities
 
(261
)
 
(91
)
 
(170
)
Non-credit OTTI
 
357

 
125

 
232

Realized gains on AFS securities
 
(19,895
)
 
(6,963
)
 
(12,932
)
    Total unrealized gains on investment securities
 
4,178

 
1,462

 
2,716

Defined benefit pension and post-retirement plans:
 
 

 
 

 
 

Amounts reclassified into net income:
 
 

 
 

 
 

Net actuarial loss
 
1,709

 
598

 
1,111

    Total defined benefit pension and post-retirement plans
 
1,709

 
598

 
1,111

Other comprehensive income
 
5,887

 
2,060

 
3,827

Comprehensive income
 
$
62,177

 
18,642

 
43,535


The balances of, and changes in, each component of AOCI (net of taxes) as of March 31, 2016 are as follows:
March 31, 2016
 
 
 
 
 
 
 
 
Net Unrealized Gain on Investment Securities
 
Defined Benefit
Pension and Post-Retirement Plans
 
Total AOCI
($ in thousands)
 
OTTI
Related
 
HTM
Related
 
All
Other
 
Investments
Subtotal
 
 
Balance, December 31, 2015
 
$
(282
)
 
194

 
45,083

 
44,995

 
(54,420
)
 
(9,425
)
OCI before reclassifications
 
—

 
—

 
42,729

 
42,729

 
—

 
42,729

Amounts reclassified from AOCI
 
—

 
(47
)
 
1,754

 
1,707

 
986

 
2,693

Net current period OCI
 
—

 
(47
)
 
44,483

 
44,436

 
986

 
45,422

Balance, March 31, 2016
 
$
(282
)
 
147

 
89,566

 
89,431

 
(53,434
)
 
35,997



The reclassifications out of AOCI are as follows:
 
Quarter ended March 31,
Affected Line Item in the Unaudited Consolidated Statement of Income
($ in thousands)
2016
 
2015
OTTI related
 
 
 
 
Non-credit OTTI on disposed securities
$
—

 
357

Net realized (losses) gains
 
—

 
357

Income before federal income tax
 
—

 
(125
)
Total federal income tax expense
 
—

 
232

Net income
HTM related
 
 
 
 
Unrealized losses on HTM disposals
28

 
50

Net realized (losses) gains
Amortization of net unrealized gains on HTM securities
(100
)
 
(311
)
Net investment income earned
 
(72
)
 
(261
)
Income before federal income tax
 
25

 
91

Total federal income tax expense
 
(47
)
 
(170
)
Net income
Realized losses (gains) on AFS and OTTI
 
 
 
 
Realized losses (gains) on AFS disposals and OTTI
2,699

 
(19,895
)
Net realized (losses) gains
 
2,699

 
(19,895
)
Income before federal income tax
 
(945
)
 
6,963

Total federal income tax expense
 
1,754

 
(12,932
)
Net income
Defined benefit pension and post-retirement life plans
 
 
 
 
Net actuarial loss
329

 
371

Loss and loss expense incurred
 
1,187

 
1,338

Policy acquisition costs
Total defined benefit pension and post-retirement life
1,516

 
1,709

Income before federal income tax
 
(530
)
 
(598
)
Total federal income tax expense
 
986

 
1,111

Net income
 
 
 
 
 
Total reclassifications for the period
$
2,693

 
(11,759
)
Net income