XML 31 R19.htm IDEA: XBRL DOCUMENT v3.7.0.1
Comprehensive Income
 6 Months Ended
Jun. 30, 2017
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 2017 and 2016 are as follows:
Second Quarter 2017
 
 
 
 
 
 
($ in thousands)
 
Gross
 
Tax
 
Net
Net income
 
$
58,929

 
17,503

 
41,426

Components of OCI:
 
 

 
 

 
 

Unrealized gains on investment securities:
 
 

 
 

 
 

Unrealized holding gains during period
 
35,887

 
12,561

 
23,326

Non-credit portion of OTTI recognized in OCI
 
6

 
2

 
4

Amounts reclassified into net income:
 
 
 
 
 
 
HTM securities
 
(43
)
 
(15
)
 
(28
)
Realized gains on AFS securities
 
(1,885
)
 
(660
)
 
(1,225
)
    Total unrealized gains on investment securities
 
33,965

 
11,888

 
22,077

Defined benefit pension and post-retirement plans:
 
 

 
 

 
 

Amounts reclassified into net income:
 
 

 
 

 
 

Net actuarial loss
 
508

 
178

 
330

    Total defined benefit pension and post-retirement plans
 
508

 
178

 
330

Other comprehensive income
 
34,473

 
12,066

 
22,407

Comprehensive income
 
$
93,402

 
29,569

 
63,833


Second Quarter 2016
 
 
 
 
 
 
($ in thousands)
 
Gross
 
Tax
 
Net
Net income
 
$
62,311

 
18,710

 
43,601

Components of OCI:
 
 

 
 

 
 

Unrealized gains on investment securities:
 
 

 
 

 
 

Unrealized holding gains during period
 
55,675

 
19,487

 
36,188

Non-credit portion of OTTI recognized in OCI
 
(10
)
 
(4
)
 
(6
)
Amounts reclassified into net income:
 
 
 
 
 
 
HTM securities
 
(19
)
 
(7
)
 
(12
)
Realized gains on AFS securities
 
(1,762
)
 
(617
)
 
(1,145
)
    Total unrealized gains on investment securities
 
53,884

 
18,859

 
35,025

Defined benefit pension and post-retirement plans:
 
 

 
 

 
 

Amounts reclassified into net income:
 
 

 
 

 
 

Net actuarial loss
 
1,517

 
532

 
985

    Total defined benefit pension and post-retirement plans
 
1,517

 
532

 
985

Other comprehensive income
 
55,401

 
19,391

 
36,010

Comprehensive income
 
$
117,712

 
38,101

 
79,611

Six Months 2017
 
 
 
 
 
 
($ in thousands)
 
Gross
 
Tax
 
Net
Net income
 
$
126,503

 
34,637

 
91,866

Components of OCI:
 
 

 
 

 
 

Unrealized gains on investment securities:
 
 

 
 

 
 

Unrealized holding gains during period
 
61,672

 
21,585

 
40,087

Non-credit portion of OTTI recognized in OCI
 
6

 
2

 
4

Amounts reclassified into net income:
 
 
 
 
 
 
HTM securities
 
(92
)
 
(32
)
 
(60
)
Realized gains on AFS securities
 
(375
)
 
(131
)
 
(244
)
    Total unrealized gains on investment securities
 
61,211

 
21,424

 
39,787

Defined benefit pension and post-retirement plans:
 
 

 
 

 
 

Amounts reclassified into net income:
 
 

 
 

 
 

Net actuarial loss
 
1,015

 
355

 
660

    Total defined benefit pension and post-retirement plans
 
1,015

 
355

 
660

Other comprehensive income
 
62,226

 
21,779

 
40,447

Comprehensive income
 
$
188,729

 
56,416

 
132,313


Six Months 2016
 
 
 
 
 
 
($ in thousands)
 
Gross
 
Tax
 
Net
Net income
 
$
114,186

 
33,553

 
80,633

Components of OCI:
 
 

 
 

 
 

Unrealized gains on investment securities:
 
 

 
 

 
 

Unrealized holding gains during period
 
121,412

 
42,495

 
78,917

Non-credit portion of OTTI recognized in OCI
 
(10
)
 
(4
)
 
(6
)
Amounts reclassified into net income:
 
 
 
 
 
 
HTM securities
 
(91
)
 
(32
)
 
(59
)
Realized losses on AFS securities
 
937

 
328

 
609

    Total unrealized gains on investment securities
 
122,248

 
42,787

 
79,461

Defined benefit pension and post-retirement plans:
 
 

 
 

 
 

Amounts reclassified into net income:
 
 

 
 

 
 

Net actuarial loss
 
3,033

 
1,062

 
1,971

    Total defined benefit pension and post-retirement plans
 
3,033

 
1,062

 
1,971

Other comprehensive income
 
125,281

 
43,849

 
81,432

Comprehensive income
 
$
239,467

 
77,402

 
162,065


The balances of, and changes in, each component of AOCI (net of taxes) as of June 30, 2017 were as follows:
June 30, 2017
 
 
 
Defined Benefit
Pension and Post-Retirement Plans
 
 
 
 
Net Unrealized Gain on Investment Securities
 
 
Total AOCI
($ in thousands)
 
OTTI
Related
 
HTM
Related
 
All
Other
 
Investments
Subtotal
 
 
Balance, December 31, 2016
 
$
(150
)
 
102

 
42,170

 
42,122

 
(58,072
)
 
(15,950
)
OCI before reclassifications
 
4

 
—

 
40,087

 
40,091

 
—

 
40,091

Amounts reclassified from AOCI
 
—

 
(60
)
 
(244
)
 
(304
)
 
660

 
356

Net current period OCI
 
4

 
(60
)
 
39,843

 
39,787

 
660

 
40,447

Balance, June 30, 2017
 
$
(146
)
 
42

 
82,013

 
81,909

 
(57,412
)
 
24,497



The reclassifications out of AOCI were as follows:
 
Quarter ended June 30,
 
Six Months ended June 30,
Affected Line Item in the Unaudited Consolidated Statement of Income
($ in thousands)
2017
 
2016
 
2017
 
2016
HTM related
 
 
 
 
 
 
 
 
Unrealized losses on HTM disposals
17

 
60

 
30

 
88

Net realized gains (losses)
Amortization of net unrealized gains on HTM securities
(60
)
 
(79
)
 
(122
)
 
(179
)
Net investment income earned
 
(43
)
 
(19
)
 
(92
)
 
(91
)
Income before federal income tax
 
15

 
7

 
32

 
32

Total federal income tax expense
 
(28
)
 
(12
)
 
(60
)
 
(59
)
Net income
Realized (gains) losses on AFS and OTTI
 
 
 
 
 
 
 
 
Realized (gains) losses on AFS disposals and OTTI
(1,885
)
 
(1,762
)
 
(375
)
 
937

Net realized gains (losses)
 
(1,885
)
 
(1,762
)
 
(375
)
 
937

Income before federal income tax
 
660

 
617

 
131

 
(328
)
Total federal income tax expense
 
(1,225
)
 
(1,145
)
 
(244
)
 
609

Net income
Defined benefit pension and post-retirement life plans
 
 
 
 
 
 
 
 
Net actuarial loss
111

 
329

 
221

 
658

Losses and loss expenses incurred
 
397

 
1,188

 
794

 
2,375

Policy acquisition costs
Total defined benefit pension and post-retirement life
508

 
1,517

 
1,015

 
3,033

Income before federal income tax
 
(178
)
 
(532
)
 
(355
)
 
(1,062
)
Total federal income tax expense
 
330

 
985

 
660

 
1,971

Net income
 
 
 
 
 
 
 
 
 
Total reclassifications for the period
$
(923
)
 
(172
)
 
356

 
2,521

Net income