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Comprehensive Income | 9 Months Ended
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Sep. 30, 2019
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 2019 and Third Quarter and Nine Months 2018 were as follows:
Third Quarter 2019 |  |  |  |  |  |
($ in thousands) |  | Gross |  | Tax |  | Net
Net income |  | $ | 71,178 |  |  | 15,028 |  |  | 56,150 |
Components of OCI: |  |  |  |  |  |  |  |  |
Unrealized gains on investment securities: |  |  |  |  |  |  |  |  |
Unrealized holding gains during the period |  | 34,392 |  |  | 7,224 |  |  | 27,168 |
Amounts reclassified into net income: |  |  |  |  |  |
HTM securities |  | (3 | ) |  | (1 | ) |  | (2 | )
Realized losses on disposals and OTTI of AFS securities |  | 2,821 |  |  | 592 |  |  | 2,229 |
Total unrealized gains on investment securities |  | 37,210 |  |  | 7,815 |  |  | 29,395 |
Defined benefit pension and post-retirement plans: |  |  |  |  |  |  |  |  |
Amounts reclassified into net income: |  |  |  |  |  |  |  |  |
Net actuarial loss |  | 665 |  |  | 140 |  |  | 525 |
Total defined benefit pension and post-retirement plans |  | 665 |  |  | 140 |  |  | 525 |
Other comprehensive income |  | 37,875 |  |  | 7,955 |  |  | 29,920 |
Comprehensive income |  | $ | 109,053 |  |  | 22,983 |  |  | 86,070 |
Third Quarter 2018 |  |  |  |  |  |
($ in thousands) |  | Gross |  | Tax |  | Net
Net income |  | $ | 67,130 |  |  | 11,695 |  |  | 55,435 |
Components of other comprehensive loss: |  |  |  |  |  |  |  |  |
Unrealized losses on investment securities: |  |  |  |  |  |  |  |  |
Unrealized holding losses during the period |  | (21,565 | ) |  | (4,529 | ) |  | (17,036 | )
Amounts reclassified into net income: |  |  |  |  |  |
HTM securities |  | (8 | ) |  | (2 | ) |  | (6 | )
Realized losses on disposals and OTTI of AFS securities |  | 10,839 |  |  | 2,276 |  |  | 8,563 |
Total unrealized losses on investment securities |  | (10,734 | ) |  | (2,255 | ) |  | (8,479 | )
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 |  | (10,202 | ) |  | (2,143 | ) |  | (8,059 | )
Comprehensive income |  | $ | 56,928 |  |  | 9,552 |  |  | 47,376 |
Nine Months 2019 |  |  |  |  |  |
($ in thousands) |  | Gross |  | Tax |  | Net
Net income |  | $ | 235,097 |  |  | 45,333 |  |  | 189,764 |
Components of OCI: |  |  |  |  |  |  |
Unrealized gains on investment securities: |  |  |  |  |  |  |
Unrealized holding gains during the period |  | 220,864 |  |  | 46,381 |  |  | 174,483 |
Amounts reclassified into net income: |  |  |  |  |  |
HTM securities |  | (33 | ) |  | (7 | ) |  | (26 | )
Realized losses on disposals and OTTI of AFS securities |  | 444 |  |  | 93 |  |  | 351 |
Total unrealized gains on investment securities |  | 221,275 |  |  | 46,467 |  |  | 174,808 |
Defined benefit pension and post-retirement plans: |  |  |  |  |  |  |  |  |
Amounts reclassified into net income: |  |  |  |  |  |  |
Net actuarial loss |  | 1,993 |  |  | 419 |  |  | 1,574 |
Total defined benefit pension and post-retirement plans |  | 1,993 |  |  | 419 |  |  | 1,574 |
Other comprehensive income |  | 223,268 |  |  | 46,886 |  |  | 176,382 |
Comprehensive income |  | $ | 458,365 |  |  | 92,219 |  |  | 366,146 |
Nine Months 2018 |  |  |  |  |  |
($ in thousands) |  | Gross |  | Tax |  | Net
Net income |  | $ | 159,586 |  |  | 26,407 |  |  | 133,179 |
Components of other comprehensive loss: |  |  |  |  |  |  |
Unrealized losses on investment securities: |  |  |  |  |  |  |
Unrealized holding losses during the period |  | (130,873 | ) |  | (27,484 | ) |  | (103,389 | )
Amounts reclassified into net income: |  |  |  |  |  |
HTM securities |  | (28 | ) |  | (6 | ) |  | (22 | )
Realized losses on disposals and OTTI of AFS securities |  | 18,258 |  |  | 3,834 |  |  | 14,424 |
Total unrealized losses on investment securities |  | (112,643 | ) |  | (23,656 | ) |  | (88,987 | )
Defined benefit pension and post-retirement plans: |  |  |  |  |  |  |  |  |
Amounts reclassified into net income: |  |  |  |  |  |  |
Net actuarial loss |  | 1,595 |  |  | 335 |  |  | 1,260 |
Total defined benefit pension and post-retirement plans |  | 1,595 |  |  | 335 |  |  | 1,260 |
Other comprehensive loss |  | (111,048 | ) |  | (23,321 | ) |  | (87,727 | )
Comprehensive income |  | $ | 48,538 |  |  | 3,086 |  |  | 45,452 |
The balances of, and changes in, each component of AOCI (net of taxes) as of September 30, 2019 were as follows:
September 30, 2019 |  |  |  | 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, 2018 |  | $ | (71 | ) |  | 71 |  |  | 1,888 |  |  | 1,888 |  |  | (79,844 | ) |  | (77,956 | )
OCI before reclassifications |  | — |  |  | — |  |  | 174,483 |  |  | 174,483 |  |  | — |  |  | 174,483 |
Amounts reclassified from AOCI |  | — |  |  | (26 | ) |  | 351 |  |  | 325 |  |  | 1,574 |  |  | 1,899 |
Net current period OCI |  | — |  |  | (26 | ) |  | 174,834 |  |  | 174,808 |  |  | 1,574 |  |  | 176,382 |
Balance, September 30, 2019 |  | $ | (71 | ) |  | 45 |  |  | 176,722 |  |  | 176,696 |  |  | (78,270 | ) |  | 98,426 |
The reclassifications out of AOCI were as follows:
| Quarter ended September 30, |  | Nine Months ended September 30, | Affected Line Item in the Unaudited Consolidated Statements of Income
($ in thousands) | 2019 |  | 2018 |  | 2019 |  | 2018
HTM related |  |  |  |  |  |  |  |
Unrealized (gains) losses on HTM disposals | $ | (3 | ) |  | 11 |  |  | (12 | ) |  | 5 |  | Net realized and unrealized (losses) gains
Amortization of net unrealized gains on HTM securities | — |  |  | (19 | ) |  | (21 | ) |  | (33 | ) | Net investment income earned
| (3 | ) |  | (8 | ) |  | (33 | ) |  | (28 | ) | Income before federal income tax
| 1 |  |  | 2 |  |  | 7 |  |  | 6 |  | Total federal income tax expense
| (2 | ) |  | (6 | ) |  | (26 | ) |  | (22 | ) | Net income
Realized losses on AFS and OTTI |  |  |  |  |  |  |  |
Realized losses on AFS disposals and OTTI | 2,821 |  |  | 10,839 |  |  | 444 |  |  | 18,258 |  | Net realized and unrealized (losses) gains
| 2,821 |  |  | 10,839 |  |  | 444 |  |  | 18,258 |  | Income before federal income tax
| (592 | ) |  | (2,276 | ) |  | (93 | ) |  | (3,834 | ) | Total federal income tax expense
| 2,229 |  |  | 8,563 |  |  | 351 |  |  | 14,424 |  | Net income
Defined benefit pension and post-retirement life plans |  |  |  |  |  |  |  |
Net actuarial loss | 146 |  |  | 112 |  |  | 436 |  |  | 337 |  | Loss and loss expense incurred
| 519 |  |  | 420 |  |  | 1,557 |  |  | 1,258 |  | Other insurance expenses
Total defined benefit pension and post-retirement life | 665 |  |  | 532 |  |  | 1,993 |  |  | 1,595 |  | Income before federal income tax
| (140 | ) |  | (112 | ) |  | (419 | ) |  | (335 | ) | Total federal income tax expense
| 525 |  |  | 420 |  |  | 1,574 |  |  | 1,260 |  | Net income
Total reclassifications for the period | $ | 2,752 |  |  | 8,977 |  |  | 1,899 |  |  | 15,662 |  | 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -URI http://asc.fasb.org/topic&trid=2134417 + Details
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