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Comprehensive Income | 3 Months Ended
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Sep. 30, 2020
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] |
Comprehensive Income | Comprehensive Income The following are the components of comprehensive income, both gross and net of tax, for Third Quarter and Nine Months 2020 and 2019 :
Third Quarter 2020 |  |  |  |  |  |
($ in thousands) |  | Gross |  | Tax |  | Net
Net income |  | $ | 85,257 |  |  | 15,382 |  |  | 69,875 |
Components of OCI: |  |  |  |  |  |
Unrealized gains on investment securities: |  |  |  |  |  |
Unrealized holding gains during the period |  | 37,836 |  |  | 7,947 |  |  | 29,889 |
Non-credit portion of OTTI recognized in OCI |  | 9,239 |  |  | 1,940 |  |  | 7,299 |
Amounts reclassified into net income: |  |  |  |  |  |
HTM securities |  | (1) |  |  | (1) |  |  | — |
Realized gains on disposals and intent-to-sell OTTI on AFS securities |  | (515) |  |  | (109) |  |  | (406) |
Credit loss benefit recognized in OTTI |  | (2,853) |  |  | (599) |  |  | (2,254) |
Total unrealized gains on investment securities |  | 43,706 |  |  | 9,178 |  |  | 34,528 |
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 income |  | 44,460 |  |  | 9,336 |  |  | 35,124 |
Comprehensive income |  | $ | 129,717 |  |  | 24,718 |  |  | 104,999 |
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 |
Nine Months 2020 |  |  |  |  |  |
($ in thousands) |  | Gross |  | Tax |  | Net
Net income |  | $ | 143,947 |  |  | 24,653 |  |  | 119,294 |
Components of OCI: |  |  |  |  |  |
Unrealized gains on investment securities: |  |  |  |  |  |
Unrealized holding gains during the period |  | 132,623 |  |  | 27,852 |  |  | 104,771 |
Non-credit portion of OTTI recognized in OCI |  | (18,672) |  |  | (3,921) |  |  | (14,751) |
Amounts reclassified into net income: |  |  |  |  |  |
HTM securities |  | (7) |  |  | (2) |  |  | (5) |
Realized losses on disposals and intent-to-sell OTTI on AFS securities |  | 9,126 |  |  | 1,916 |  |  | 7,210 |
Credit loss expense recognized in OTTI |  | 8,010 |  |  | 1,682 |  |  | 6,328 |
Total unrealized gains on investment securities |  | 131,080 |  |  | 27,527 |  |  | 103,553 |
Defined benefit pension and post-retirement plans: |  |  |  |  |  |
Amounts reclassified into net income: |  |  |  |  |  |
Net actuarial loss |  | 2,261 |  |  | 474 |  |  | 1,787 |
Total defined benefit pension and post-retirement plans |  | 2,261 |  |  | 474 |  |  | 1,787 |
Other comprehensive income |  | 133,341 |  |  | 28,001 |  |  | 105,340 |
Comprehensive income |  | $ | 277,288 |  |  | 52,654 |  |  | 224,634 |
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 |
The following are the balances and changes in each component of AOCI (net of taxes) as of September 30, 2020:
September 30, 2020 |  |  |  | Defined Benefit Pension and Post-Retirement Plans |  |
|  | Net Unrealized Gains (Losses) on Investment Securities |  |  | Total AOCI
($ in thousands) |  | OTTI Related 1 |  | HTM Related |  | All Other |  | Investments Subtotal |  |
Balance, December 31, 2019 |  | $ | (71) |  |  | 25 |  |  | 170,439 |  |  | 170,393 |  |  | (88,643) |  |  | 81,750 |
OCI before reclassifications |  | (14,751) |  |  | — |  |  | 104,771 |  |  | 90,020 |  |  | — |  |  | 90,020 |
Amounts reclassified from AOCI |  | 6,328 |  |  | (5) |  |  | 7,210 |  |  | 13,533 |  |  | 1,787 |  |  | 15,320 |
Net current period OCI |  | (8,423) |  |  | (5) |  |  | 111,981 |  |  | 103,553 |  |  | 1,787 |  |  | 105,340 |
Balance, September 30, 2020 |  | $ | (8,494) |  |  | 20 |  |  | 282,420 |  |  | 273,946 |  |  | (86,856) |  |  | 187,090 |
1 Represents unrealized gains and losses on AFS securities with credit-related OTTI recognized in earnings. 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) | 2020 |  | 2019 |  | 2020 |  | 2019
HTM related |  |  |  |  |  |  |  |
Unrealized losses (gains) on HTM disposals | $ | 4 |  |  | (3) |  |  | 5 |  |  | (12) |  | Net realized and unrealized gains (losses)
Amortization of net unrealized gains on HTM securities | (5) |  |  | — |  |  | (12) |  |  | (21) |  | Net investment income earned
| (1) |  |  | (3) |  |  | (7) |  |  | (33) |  | Income before federal income tax
| 1 |  |  | 1 |  |  | 2 |  |  | 7 |  | Total federal income tax expense
| — |  |  | (2) |  |  | (5) |  |  | (26) |  | Net income
Net realized (gains) losses on disposals and intent-to-sell OTTI |  |  |  |  |  |  |  |
Net realized (gains) losses on disposals and intent-to-sell OTTI | (515) |  |  | 2,821 |  |  | 9,126 |  |  | 444 |  | Net realized and unrealized gains (losses)
| (515) |  |  | 2,821 |  |  | 9,126 |  |  | 444 |  | Income before federal income tax
| 109 |  |  | (592) |  |  | (1,916) |  |  | (93) |  | Total federal income tax expense
| (406) |  |  | 2,229 |  |  | 7,210 |  |  | 351 |  | Net income
OTTI related |  |  |  |  |  |  |  |
Credit loss (benefit) expense recognized in OTTI | (2,853) |  |  | — |  |  | 8,010 |  |  | — |  | Net realized and unrealized gains (losses)
| (2,853) |  |  | — |  |  | 8,010 |  |  | — |  | Income before federal income tax
| 599 |  |  | — |  |  | (1,682) |  |  | — |  | Total federal income tax expense
| (2,254) |  |  | — |  |  | 6,328 |  |  | — |  | Net income
Defined benefit pension and post-retirement life plans |  |  |  |  |  |  |  |
Net actuarial loss | 162 |  |  | 146 |  |  | 486 |  |  | 436 |  | Loss and loss expense incurred
| 592 |  |  | 519 |  |  | 1,775 |  |  | 1,557 |  | Other insurance expenses
Total defined benefit pension and post-retirement life | 754 |  |  | 665 |  |  | 2,261 |  |  | 1,993 |  | Income before federal income tax
| (158) |  |  | (140) |  |  | (474) |  |  | (419) |  | Total federal income tax expense
| 596 |  |  | 525 |  |  | 1,787 |  |  | 1,574 |  | Net income
Total reclassifications for the period | $ | (2,064) |  |  | 2,752 |  |  | 15,320 |  |  | 1,899 |  | Net income

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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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(21)) -URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 220 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(23)) -URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 220 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(19)) -URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263 + Details
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