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Comprehensive Income | 6 Months Ended
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Jun. 30, 2018
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 2018 and 2017 are as follows:
Second Quarter 2018 |  |  |  |  |  |
($ in thousands) |  | Gross |  | Tax |  | Net
Net income |  | $ | 72,525 |  |  | 13,706 |  |  | 58,819 |
Components of other comprehensive loss: |  |  |  |  |  |  |  |  |
Unrealized losses on investment securities: |  |  |  |  |  |  |  |  |
Unrealized holding losses during period |  | (23,993 | ) |  | (5,038 | ) |  | (18,955 | )
Amounts reclassified into net income: |  |  |  |  |  |
HTM securities |  | (8 | ) |  | (2 | ) |  | (6 | )
Realized losses on disposals of AFS securities |  | 2,870 |  |  | 603 |  |  | 2,267 |
Total unrealized losses on investment securities |  | (21,131 | ) |  | (4,437 | ) |  | (16,694 | )
Defined benefit pension and post-retirement plans: |  |  |  |  |  |  |  |  |
Amounts reclassified into net income: |  |  |  |  |  |  |  |  |
Net actuarial loss |  | 531 |  |  | 111 |  |  | 420 |
Total defined benefit pension and post-retirement plans |  | 531 |  |  | 111 |  |  | 420 |
Other comprehensive loss |  | (20,600 | ) |  | (4,326 | ) |  | (16,274 | )
Comprehensive income |  | $ | 51,925 |  |  | 9,380 |  |  | 42,545 |
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 disposals of 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 |
Six Months 2018 |  |  |  |  |  |
($ in thousands) |  | Gross |  | Tax |  | Net
Net income |  | $ | 92,456 |  |  | 14,712 |  |  | 77,744 |
Components of other comprehensive loss: |  |  |  |  |  |  |  |  |
Unrealized losses on investment securities: |  |  |  |  |  |  |  |  |
Unrealized holding losses during period |  | (109,308 | ) |  | (22,955 | ) |  | (86,353 | )
Amounts reclassified into net income: |  |  |  |  |  |
HTM securities |  | (20 | ) |  | (4 | ) |  | (16 | )
Realized losses on disposals of AFS securities |  | 7,419 |  |  | 1,558 |  |  | 5,861 |
Total unrealized losses on investment securities |  | (101,909 | ) |  | (21,401 | ) |  | (80,508 | )
Defined benefit pension and post-retirement plans: |  |  |  |  |  |  |  |  |
Amounts reclassified into net income: |  |  |  |  |  |  |
Net actuarial loss |  | 1,063 |  |  | 223 |  |  | 840 |
Total defined benefit pension and post-retirement plans |  | 1,063 |  |  | 223 |  |  | 840 |
Other comprehensive loss |  | (100,846 | ) |  | (21,178 | ) |  | (79,668 | )
Comprehensive loss |  | $ | (8,390 | ) |  | (6,466 | ) |  | (1,924 | )
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 disposals of 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 |
The balances of, and changes in, each component of AOCI (net of taxes) as of June 30, 2018 were as follows:
June 30, 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 |  |
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 |  | — |  |  | — |  |  | (86,353 | ) |  | (86,353 | ) |  | — |  |  | (86,353 | )
Amounts reclassified from AOCI |  | — |  |  | (16 | ) |  | 5,861 |  |  | 5,845 |  |  | 840 |  |  | 6,685 |
Net current period OCI |  | — |  |  | (16 | ) |  | (80,492 | ) |  | (80,508 | ) |  | 840 |  |  | (79,668 | )
Balance, June 30, 2018 |  | $ | (71 | ) |  | (32 | ) |  | (12,636 | ) |  | (12,739 | ) |  | (71,778 | ) |  | (84,517 | )
The reclassifications out of AOCI were as follows:
| Quarter ended June 30, |  | Six Months ended June 30, | Affected Line Item in the Unaudited Consolidated Statements of Income
($ in thousands) | 2018 |  | 2017 |  | 2018 |  | 2017
HTM related |  |  |  |  |  |  |  |
Unrealized losses on HTM disposals | $ | (7 | ) |  | 17 |  |  | (6 | ) |  | 30 |  | Net realized and unrealized (losses) gains
Amortization of net unrealized gains on HTM securities | (1 | ) |  | (60 | ) |  | (14 | ) |  | (122 | ) | Net investment income earned
| (8 | ) |  | (43 | ) |  | (20 | ) |  | (92 | ) | Income before federal income tax
| 2 |  |  | 15 |  |  | 4 |  |  | 32 |  | Total federal income tax expense
| (6 | ) |  | (28 | ) |  | (16 | ) |  | (60 | ) | Net income
Realized losses (gains) on AFS and OTTI |  |  |  |  |  |  |  |
Realized losses (gains) on AFS disposals and OTTI | 2,870 |  |  | (1,885 | ) |  | 7,419 |  |  | (375 | ) | Net realized and unrealized (losses) gains
| 2,870 |  |  | (1,885 | ) |  | 7,419 |  |  | (375 | ) | Income before federal income tax
| (603 | ) |  | 660 |  |  | (1,558 | ) |  | 131 |  | Total federal income tax expense
| 2,267 |  |  | (1,225 | ) |  | 5,861 |  |  | (244 | ) | Net income
Defined benefit pension and post-retirement life plans |  |  |  |  |  |  |  |
Net actuarial loss | 113 |  |  | 111 |  |  | 225 |  |  | 221 |  | Loss and loss expense incurred
| 418 |  |  | 397 |  |  | 838 |  |  | 794 |  | Other insurance expenses
Total defined benefit pension and post-retirement life | 531 |  |  | 508 |  |  | 1,063 |  |  | 1,015 |  | Income before federal income tax
| (111 | ) |  | (178 | ) |  | (223 | ) |  | (355 | ) | Total federal income tax expense
| 420 |  |  | 330 |  |  | 840 |  |  | 660 |  | Net income
Total reclassifications for the period | $ | 2,681 |  |  | (923 | ) |  | 6,685 |  |  | 356 |  | Net income

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- References No definition available. + Details
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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 -URI http://asc.fasb.org/topic&trid=2134417 + Details
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