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Comprehensive Income
 3 Months Ended
Mar. 31, 2020
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 First Quarter 2020 and 2019 were as follows:
First Quarter 2020
 
 
 
 
 
 
($ in thousands)
 
Gross
 
Tax
 
Net
Net income
 
$
15,997

 
761

 
15,236

Components of other comprehensive loss:
 
 

 
 

 
 

Unrealized losses on investment securities:
 
 

 
 

 
 

Unrealized holding losses during the period
 
(93,981
)
 
(19,736
)
 
(74,245
)
Non-credit portion of OTTI recognized in OCI
 
(65,390
)
 
(13,732
)
 
(51,658
)
Amounts reclassified into net income:
 
 
 
 
 
 
HTM securities
 
25

 
5

 
20

Realized losses on disposals and intent-to-sell OTTI on AFS securities
 
11,327

 
2,379

 
8,948

Credit loss expense recognized in OTTI
 
15,787

 
3,315

 
12,472

    Total unrealized losses on investment securities
 
(132,232
)
 
(27,769
)
 
(104,463
)
Defined benefit pension and post-retirement plans:
 
 

 
 

 
 

Amounts reclassified into net income:
 
 

 
 

 
 

Net actuarial loss
 
754

 
158

 
596

    Total defined benefit pension and post-retirement plans
 
754

 
158

 
596

Other comprehensive loss
 
(131,478
)
 
(27,611
)
 
(103,867
)
Comprehensive loss
 
$
(115,481
)
 
(26,850
)
 
(88,631
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
First Quarter 2019
 
 
 
 
 
 
($ in thousands)
 
Gross
 
Tax
 
Net
Net income
 
$
73,694

 
12,346

 
61,348

Components of OCI:
 
 

 
 

 
 

Unrealized gains on investment securities:
 
 

 
 

 
 

Unrealized holding gains during the period
 
102,926

 
21,613

 
81,313

Amounts reclassified into net income:
 
 
 
 
 
 
HTM securities
 
(9
)
 
(2
)
 
(7
)
Realized gains on disposals and OTTI of AFS securities
 
(1,077
)
 
(226
)
 
(851
)
    Total unrealized gains on investment securities
 
101,840

 
21,385

 
80,455

Defined benefit pension and post-retirement plans:
 
 

 
 

 
 

Amounts reclassified into net income:
 
 

 
 

 
 

Net actuarial loss
 
664

 
139

 
525

    Total defined benefit pension and post-retirement plans
 
664

 
139

 
525

Other comprehensive income
 
102,504

 
21,524

 
80,980

Comprehensive income
 
$
176,198

 
33,870

 
142,328



The balances and changes in each component of AOCI (net of taxes) as of March 31, 2020, were as follows:
March 31, 2020
 
 
 
Defined Benefit
Pension and Post-Retirement Plans
 
 
 
 
Net Unrealized Gains (Losses) on Investment Securities
 
 
Total AOCI
($ in thousands)
 
OTTI
Related1
 
HTM
Related
 
All
Other
 
Investments
Subtotal
 
 
Balance, December 31, 2019
 
$
(71
)
 
25

 
170,439

 
170,393

 
(88,643
)
 
81,750

OCI before reclassifications
 
(51,658
)
 
—

 
(74,245
)
 
(125,903
)
 
—

 
(125,903
)
Amounts reclassified from AOCI
 
12,472

 
20

 
8,948

 
21,440

 
596

 
22,036

Net current period OCI
 
(39,186
)
 
20

 
(65,297
)
 
(104,463
)
 
596

 
(103,867
)
Balance, March 31, 2020
 
$
(39,257
)
 
45

 
105,142

 
65,930

 
(88,047
)
 
(22,117
)

1Represents unrealized gains and losses on AFS securities with credit-related OTTI recognized in earnings.
The reclassifications out of AOCI were as follows:
 
Quarter Ended March 31,
Affected Line Item in the Unaudited Consolidated Statements of Income
($ in thousands)
2020
 
2019
HTM related
 
 
 
 
Unrealized losses on HTM disposals
$
1

 
—

Net realized and unrealized (losses) gains
Amortization of net unrealized losses (gains) on HTM securities
24

 
(9
)
Net investment income earned
 
25

 
(9
)
Income before federal income tax
 
(5
)
 
2

Total federal income tax expense
 
20

 
(7
)
Net income
Net realized losses (gains) on disposals and intent-to-sell OTTI
 
 
 
 
Net realized losses (gains) on disposals and intent-to-sell OTTI
11,327

 
(1,077
)
Net realized and unrealized (losses) gains
 
11,327

 
(1,077
)
Income before federal income tax
 
(2,379
)
 
226

Total federal income tax expense
 
8,948

 
(851
)
Net income
OTTI related
 
 
 
 
    Credit loss expense recognized in OTTI
15,787

 
—

Net realized and unrealized (losses) gains
 
15,787

 
—

Income before federal income tax
 
(3,315
)
 
—

Total federal income tax expense
 
12,472

 
—

Net income
 
 
 
 
 
Defined benefit pension and post-retirement life plans
 
 
 
 
Net actuarial loss
162

 
145

Loss and loss expense incurred
 
592

 
519

Other insurance expenses
Total defined benefit pension and post-retirement life
754

 
664

Income before federal income tax
 
(158
)
 
(139
)
Total federal income tax expense
 
596

 
525

Net income
 
 
 
 
 
Total reclassifications for the period
$
22,036

 
(333
)
Net income