Comprehensive Income

The components of comprehensive income, both gross and net of tax, for First Quarter 2018 and 2017 were as follows:



First Quarter 2018
($ in thousands)	Gross			Tax		Net
Net income	$	19,931		1,006		18,925
Other comprehensive loss, net of tax:
Unrealized losses on investment securities:
Unrealized holding losses during period	(85,315		)	(17,917	)	(67,398	)
Amounts reclassified into net income:
HTM securities	(12		)	(2	)	(10	)
Realized losses on disposals of AFS securities	4,549			955		3,594
Total unrealized losses on investment securities	(80,778		)	(16,964	)	(63,814	)
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income:
Net actuarial loss	532			112		420
Total defined benefit pension and post-retirement plans	532			112		420
Other comprehensive loss	(80,246		)	(16,852	)	(63,394	)
Comprehensive loss	$	(60,315	)	(15,846	)	(44,469	)


First Quarter 2017
($ in thousands)	Gross			Tax		Net
Net income	$	67,574		17,134		50,440
Other comprehensive income, net of tax:
Unrealized gains on investment securities:
Unrealized holding gains during period	25,785			9,024		16,761
Amounts reclassified into net income:
HTM securities	(49		)	(17	)	(32	)
Realized losses on disposals of AFS securities	1,510			529		981
Total unrealized gains on investment securities	27,246			9,536		17,710
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income:
Net actuarial loss	507			177		330
Total defined benefit pension and post-retirement plans	507			177		330
Other comprehensive income	27,753			9,713		18,040
Comprehensive income	$	95,327		26,847		68,480

The balances of, and changes in, each component of AOCI (net of taxes) as of March 31, 2018 were as follows:



March 31, 2018										Defined Benefit Pension and Post-Retirement Plans
	Net Unrealized Gains (Losses) on Investment Securities											Total AOCI
($ in thousands)	OTTI Related			HTM Related		All Other		Investments Subtotal				Total AOCI
Balance, December 31, 2017	$	(59	)	(14	)	80,648		80,575		(60,405	)	20,170
Cumulative effect adjustments	(12		)	(2	)	(12,792	)	(12,806	)	(12,213	)	(25,019	)
Balance, December 31, 2017 as adjusted	(71		)	(16	)	67,856		67,769		(72,618	)	(4,849	)
OCI before reclassifications	—			—		(67,398	)	(67,398	)	—		(67,398	)
Amounts reclassified from AOCI	—			(10	)	3,594		3,584		420		4,004
Net current period OCI	—			(10	)	(63,804	)	(63,814	)	420		(63,394	)
Balance, March 31, 2018	$	(71	)	(26	)	4,052		3,955		(72,198	)	(68,243	)

The reclassifications out of AOCI were as follows:



	Quarter ended March 31,					Affected Line Item in the Unaudited Consolidated Statements of Income
($ in thousands)	2018			2017
HTM related
Unrealized losses on HTM disposals	$	1		13		Net realized and unrealized losses
Amortization of net unrealized gains on HTM securities	(13		)	(62	)	Net investment income earned
	(12		)	(49	)	Income before federal income tax
	2			17		Total federal income tax expense
	(10		)	(32	)	Net income
Realized losses on AFS and OTTI
Realized losses on AFS disposals and OTTI	4,549			1,510		Net realized and unrealized losses
	4,549			1,510		Income before federal income tax
	(955		)	(529	)	Total federal income tax expense
	3,594			981		Net income
Defined benefit pension and post-retirement life plans
Net actuarial loss	112			110		Loss and loss expense incurred
	420			397		Other insurance expenses
Total defined benefit pension and post-retirement life	532			507		Income before federal income tax
	(112		)	(177	)	Total federal income tax expense
	420			330		Net income

Total reclassifications for the period	$	4,004		1,279		Net income