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Comprehensive Income

12 Months Ended

Dec. 31, 2020

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 2020, 2019, and 2018 were as follows:

2020
($ in thousands)						Gross						Tax						Net
Net income						$	302,988					56,633						246,355
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains during the year						168,487						35,383						133,104
Unrealized losses on securities with credit loss recognized in earnings						(8,176)						(1,717)						(6,459)
Amounts reclassified into net income:
HTM securities						(24)						(5)						(19)
Net realized losses on disposals and losses on intent-to-sell AFS securities						5,376						1,129						4,247
Credit loss expense						5,042						1,058						3,984
Total unrealized gains on investment securities						170,705						35,848						134,857
Defined benefit pension and post-retirement plans:
Net actuarial gain						1,515						318						1,197
Amounts reclassified into net income:
Net actuarial loss						3,015						633						2,382
Total defined benefit pension and post-retirement plans						4,530						951						3,579
Other comprehensive income						175,235						36,799						138,436
Comprehensive income						$	478,223					93,432						384,791

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

(b) The balances of, and changes in, each component of AOCI (net of taxes) as of December 31, 2020 and 2019 were as follows:

												Net Unrealized (Losses) Gains on Investment Securities																								Defined Benefit Pension and Post-retirement Plans
($ in thousands)												Credit Loss Related1						HTM Related						All Other						Investments Subtotal												Total AOCI
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
OCI before reclassifications												(6,459)						—						133,104						126,645						1,197						127,842
Amounts reclassified from AOCI												3,984						(19)						4,247						8,212						2,382						10,594
Net current period OCI												(2,475)						(19)						137,351						134,857						3,579						138,436
Balance, December 31, 2020												$	(2,546)					6						307,790						305,250						(85,064)						220,186

1Represents change in unrealized loss on securities with credit loss recognized in earnings.

The reclassifications out of AOCI are as follows:

($ in thousands)						Year ended December 31, 2020						Year ended December 31, 2019						Affected Line Item in the Consolidated Statements of Income
HTM related
Unrealized gains on HTM disposals						$	(16)					(46)						Net realized and unrealized investment (losses) gains
Amortization of net unrealized gains on HTM securities						(8)						(12)						Net investment income earned
						(24)						(58)						Income before federal income tax
						5						12						Total federal income tax expense
						(19)						(46)						Net income
Net realized losses on disposals and losses on intent-to-sell AFS securities
Net realized losses on disposals and losses on intent-to-sell AFS securities						5,376						671						Net realized and unrealized investment (losses) gains
						5,376						671						Income before federal income tax
						(1,129)						(141)						Total federal income tax expense
						4,247						530						Net income
Credit loss related
Credit loss expense						5,042						—						Net realized and unrealized investment (losses) gains
						5,042						—						Income before federal income tax
						(1,058)						—						Total federal income tax expense
						3,984						—						Net income
Defined benefit pension and post-retirement life plans
Net actuarial loss						647						582						Loss and loss expense incurred
						2,368						2,075						Other insurance expenses
Total defined benefit pension and post-retirement life						3,015						2,657						Income before federal income tax
						(633)						(558)						Total federal income tax expense
						2,382						2,099						Net income
Total reclassifications for the period						$	10,594					2,583						Net income

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- References

No definition available.

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- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI http://asc.fasb.org/topic&trid=2208762

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