XML 166 R14.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Comprehensive Income
 12 Months Ended
Dec. 31, 2019
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]  
Comprehensive Income Comprehensive Income
(a) The components of comprehensive income, both gross and net of tax, for 2019, 2018, and 2017 were as follows:
2019
 
 
 
 
 
 
($ in thousands)
 
Gross
 
Tax
 
Net
Net income
 
$
336,390

 
64,767

 
271,623

Components of OCI:
 
 

 
 

 
 

Unrealized gains (losses) on investment securities:
 
 

 
 

 
 

Unrealized holding gains during the year
 
212,683

 
44,662

 
168,021

Amounts reclassified into net income:
 
 
 
 
 


HTM securities
 
(58
)
 
(12
)
 
(46
)
Realized losses on disposals and OTTI of AFS securities
 
671

 
141

 
530

Total unrealized gains on investment securities
 
213,296

 
44,791

 
168,505

Defined benefit pension and post-retirement plans:
 
 

 
 

 
 

Net actuarial loss
 
(13,795
)
 
(2,897
)
 
(10,898
)
Amounts reclassified into net income:
 
 

 
 

 
 

Net actuarial loss
 
2,657

 
558

 
2,099

Total defined benefit pension and post-retirement plans
 
(11,138
)
 
(2,339
)
 
(8,799
)
Other comprehensive income
 
202,158

 
42,452

 
159,706

Comprehensive income
 
$
538,548

 
107,219

 
431,329

 
2018
 
 
 
 
 
 
($ in thousands)
 
Gross
 
Tax
 
Net
Net income
 
$
211,721

 
32,782

 
178,939

Components of OCI:
 
 

 
 

 
 

Unrealized (losses) gains on investment securities:
 
 

 
 

 
 

Unrealized holding losses during the year
 
(123,145
)
 
(25,861
)
 
(97,284
)
Amounts reclassified into net income:
 
 
 
 
 


HTM securities
 
110

 
23

 
87

Realized losses on disposals and OTTI of AFS securities
 
39,641

 
8,325

 
31,316

Total unrealized losses on investment securities
 
(83,394
)
 
(17,513
)
 
(65,881
)
Defined benefit pension and post-retirement plans:
 
 

 
 

 
 

Net actuarial loss
 
(11,273
)
 
(2,367
)
 
(8,906
)
Amounts reclassified into net income:
 
 

 
 

 
 

Net actuarial loss
 
2,127

 
447

 
1,680

Total defined benefit pension and post-retirement plans
 
(9,146
)
 
(1,920
)
 
(7,226
)
Other comprehensive loss
 
(92,540
)
 
(19,433
)

(73,107
)
Comprehensive income
 
$
119,181

 
13,349

 
105,832

2017
 
 
 
 
 
 
($ in thousands)
 
Gross
 
Tax
 
Net
Net income
 
$
261,968

 
93,142

 
168,826

Components of OCI:
 
 

 
 

 
 

Unrealized gains (losses) on investment securities:
 
 

 
 

 
 

Unrealized holding gains during the year
 
66,894

 
23,879

 
43,015

Non-credit portion of OTTI recognized in OCI
 
36

 
13

 
23

Amounts reclassified into net income:
 
 
 
 
 


HTM securities
 
(179
)
 
(63
)
 
(116
)
Non-credit OTTI
 
104

 
36

 
68

Realized gains on disposals and OTTI of AFS securities
 
(6,979
)
 
(2,442
)
 
(4,537
)
Total unrealized gains on investment securities
 
59,876

 
21,423

 
38,453

Defined benefit pension and post-retirement plans:
 
 

 
 

 
 

Net actuarial loss
 
(4,684
)
 
(984
)
 
(3,700
)
Amounts reclassified into net income:
 
 

 
 

 
 

Net actuarial loss
 
2,102

 
735

 
1,367

Total defined benefit pension and post-retirement plans
 
(2,582
)
 
(249
)
 
(2,333
)
Other comprehensive income
 
57,294

 
21,174

 
36,120

Comprehensive income
 
$
319,262

 
114,316

 
204,946


(b) The balances of, and changes in, each component of AOCI (net of taxes) as of December 31, 2019 and 2018 were as follows:
 
 
Net Unrealized (Losses) Gains on Investment Securities
 
Defined Benefit Pension and Post-retirement Plans
 
 
($ 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 adjustments1
 
(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
 
—

 
—

 
(97,284
)
 
(97,284
)
 
(8,906
)
 
(106,190
)
Amounts reclassified from AOCI
 
—

 
87

 
31,316

 
31,403

 
1,680

 
33,083

Net current period OCI
 
—

 
87

 
(65,968
)
 
(65,881
)
 
(7,226
)
 
(73,107
)
Balance, December 31, 2018
 
(71
)
 
71

 
1,888

 
1,888

 
(79,844
)

(77,956
)
OCI before reclassifications
 
—

 
—

 
168,021

 
168,021

 
(10,898
)
 
157,123

Amounts reclassified from AOCI
 
—

 
(46
)
 
530

 
484

 
2,099

 
2,583

Net current period OCI
 
—

 
(46
)
 
168,551

 
168,505

 
(8,799
)
 
159,706

Balance, December 31, 2019
 
$
(71
)
 
25

 
170,439

 
170,393

 
(88,643
)
 
81,750

 1 Upon adoption of ASU 2016-01 and ASU 2018-02 in the first quarter of 2018, we recognized a $25.0 million cumulative-effect adjustment to the opening balance of AOCI, which represents the after-tax net unrealized gain on our equity portfolio as of December 31, 2017 and the one-time reclassification from AOCI to retained earnings for the stranded tax assets that were created in AOCI from the enactment of Tax Reform.
The reclassifications out of AOCI are as follows:
($ in thousands)
 
Year ended December 31, 2019
 
Year ended December 31, 2018
 
Affected Line Item in the Consolidated Statements of Income
HTM related
 
 
 
 
 
 
Unrealized (gains) losses on HTM disposals
 
$
(46
)
 
137

 
Net realized and unrealized gains (losses)
Amortization of net unrealized gains on HTM securities
 
(12
)
 
(27
)
 
Net investment income earned
 
 
(58
)
 
110

 
Income before federal income tax
 
 
12

 
(23
)
 
Total federal income tax expense
 
 
(46
)
 
87

 
Net income
Realized losses (gains) on AFS
 
 
 
 
 
 
Realized losses on AFS disposals and OTTI
 
671

 
39,641

 
Net realized and unrealized gains (losses)
 
 
671

 
39,641

 
Income before federal income tax
 
 
(141
)
 
(8,325
)
 
Total federal income tax expense
 
 
530

 
31,316

 
Net income
Defined benefit pension and post-retirement life plans
 
 
 
 
 
 
Net actuarial loss
 
582

 
450

 
Loss and loss expense incurred
 
 
2,075

 
1,677

 
Other insurance expenses
Total defined benefit pension and post-retirement life
 
2,657

 
2,127

 
Income before federal income tax
 
 
(558
)
 
(447
)
 
Total federal income tax expense
 
 
2,099

 
1,680

 
Net income
 
 
 
 
 
 
 
Total reclassifications for the period
 
$
2,583

 
33,083

 
Net income