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Comprehensive Income | 6 Months Ended
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Jun. 30, 2022
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 Second Quarter and Six Months 2022 and 2021 are as follows:
Second Quarter 2022 |  |  |  |  |  |
($ in thousands) |  | Gross |  | Tax |  | Net
Net income |  | $ | 49,904 |  |  | 10,384 |  |  | 39,520 |
Components of OCI: |  |  |  |  |  |
Unrealized losses on investment securities: |  |  |  |  |  |
Unrealized holding losses during the period |  | (222,903) |  |  | (46,810) |  |  | (176,093) |
Unrealized losses on securities with credit loss recognized in earnings |  | (72,691) |  |  | (15,264) |  |  | (57,427) |
Amounts reclassified into net income: |  |  |  |  |  |
HTM securities |  | — |  |  | — |  |  | — |
Net realized losses on disposals and intent-to-sell AFS securities |  | 18,170 |  |  | 3,816 |  |  | 14,354 |
Credit loss expense |  | 15,519 |  |  | 3,258 |  |  | 12,261 |
Total unrealized losses on investment securities |  | (261,905) |  |  | (55,000) |  |  | (206,905) |
Defined benefit pension and post-retirement plans: |  |  |  |  |  |
Amounts reclassified into net income: |  |  |  |  |  |
Net actuarial loss |  | 417 |  |  | 87 |  |  | 330 |
Total defined benefit pension and post-retirement plans |  | 417 |  |  | 87 |  |  | 330 |
Other comprehensive loss |  | (261,488) |  |  | (54,913) |  |  | (206,575) |
Comprehensive loss |  | $ | (211,584) |  |  | (44,529) |  |  | (167,055) |
Second Quarter 2021 |  |  |  |  |  |
($ in thousands) |  | Gross |  | Tax |  | Net
Net income |  | $ | 153,198 |  |  | 31,315 |  |  | 121,883 |
Components of OCI: |  |  |  |  |  |
Unrealized gains on investment securities: |  |  |  |  |  |
Unrealized holding gains during the period |  | 35,553 |  |  | 7,467 |  |  | 28,086 |
Unrealized gains on securities with credit loss recognized in earnings |  | 9,985 |  |  | 2,097 |  |  | 7,888 |
Amounts reclassified into net income: |  |  |  |  |  |
HTM securities |  | (3) |  |  | (1) |  |  | (2) |
Net realized losses on disposals and intent-to-sell AFS securities |  | 58 |  |  | 12 |  |  | 46 |
Credit loss benefit |  | (2,272) |  |  | (477) |  |  | (1,795) |
Total unrealized gains on investment securities |  | 43,321 |  |  | 9,098 |  |  | 34,223 |
Defined benefit pension and post-retirement plans: |  |  |  |  |  |
Amounts reclassified into net income: |  |  |  |  |  |
Net actuarial loss |  | 693 |  |  | 145 |  |  | 548 |
Total defined benefit pension and post-retirement plans |  | 693 |  |  | 145 |  |  | 548 |
Other comprehensive income |  | 44,014 |  |  | 9,243 |  |  | 34,771 |
Comprehensive income |  | $ | 197,212 |  |  | 40,558 |  |  | 156,654 |
Six Months 2022 |  |  |  |  |  |
($ in thousands) |  | Gross |  | Tax |  | Net
Net income |  | $ | 119,794 |  |  | 23,944 |  |  | 95,850 |
Components of OCI: |  |  |  |  |  |
Unrealized losses on investment securities: |  |  |  |  |  |
Unrealized holding losses during the period |  | (484,735) |  |  | (101,794) |  |  | (382,941) |
Unrealized losses on securities with credit loss recognized in earnings |  | (159,312) |  |  | (33,455) |  |  | (125,857) |
Amounts reclassified into net income: |  |  |  |  |  |
HTM securities |  | 1 |  |  | — |  |  | 1 |
Net realized losses on disposals and intent-to-sell AFS securities |  | 34,161 |  |  | 7,174 |  |  | 26,987 |
Credit loss expense |  | 37,571 |  |  | 7,889 |  |  | 29,682 |
Total unrealized losses on investment securities |  | (572,314) |  |  | (120,186) |  |  | (452,128) |
Defined benefit pension and post-retirement plans: |  |  |  |  |  |
Amounts reclassified into net income: |  |  |  |  |  |
Net actuarial loss |  | 834 |  |  | 175 |  |  | 659 |
Total defined benefit pension and post-retirement plans |  | 834 |  |  | 175 |  |  | 659 |
Other comprehensive loss |  | (571,480) |  |  | (120,011) |  |  | (451,469) |
Comprehensive income |  | $ | (451,686) |  |  | (96,067) |  |  | (355,619) |
Six Months 2021 |  |  |  |  |  |
($ in thousands) |  | Gross |  | Tax |  | Net
Net income |  | $ | 288,830 |  |  | 57,677 |  |  | 231,153 |
Components of OCI: |  |  |  |  |  |
Unrealized losses on investment securities: |  |  |  |  |  |
Unrealized holding losses during the period |  | (67,755) |  |  | (14,228) |  |  | (53,527) |
Unrealized losses on securities with credit loss recognized in earnings |  | (1,335) |  |  | (280) |  |  | (1,055) |
Amounts reclassified into net income: |  |  |  |  |  |
HTM securities |  | (5) |  |  | (1) |  |  | (4) |
Net realized losses on disposals and intent-to-sell AFS securities |  | 662 |  |  | 139 |  |  | 523 |
Credit loss expense |  | 2,725 |  |  | 572 |  |  | 2,153 |
Total unrealized losses on investment securities |  | (65,708) |  |  | (13,798) |  |  | (51,910) |
Defined benefit pension and post-retirement plans: |  |  |  |  |  |
Amounts reclassified into net income: |  |  |  |  |  |
Net actuarial loss |  | 1,386 |  |  | 291 |  |  | 1,095 |
Total defined benefit pension and post-retirement plans |  | 1,386 |  |  | 291 |  |  | 1,095 |
Other comprehensive loss |  | (64,322) |  |  | (13,507) |  |  | (50,815) |
Comprehensive income |  | $ | 224,508 |  |  | 44,170 |  |  | 180,338 |
The balances of, and changes in, each component of AOCI (net of taxes) as of June 30, 2022, were as follows:
June 30, 2022 |  | Net Unrealized (Losses) Gains on Investment Securities |  | Defined Benefit Pension and Post-Retirement Plans |  | Total AOCI
($ in thousands) |  | Credit Loss Related 1 |  | HTM Related |  | All Other |  | Investments Subtotal |  |
Balance, December 31, 2021 |  | $ | (4,287) |  |  | (3) |  |  | 185,170 |  |  | 180,880 |  |  | (65,781) |  |  | 115,099 |
OCI before reclassifications |  | (125,857) |  |  | — |  |  | (382,941) |  |  | (508,798) |  |  | — |  |  | (508,798) |
Amounts reclassified from AOCI |  | 29,682 |  |  | 1 |  |  | 26,987 |  |  | 56,670 |  |  | 659 |  |  | 57,329 |
Net current period OCI |  | (96,175) |  |  | 1 |  |  | (355,954) |  |  | (452,128) |  |  | 659 |  |  | (451,469) |
Balance, June 30, 2022 |  | $ | (100,462) |  |  | (2) |  |  | (170,784) |  |  | (271,248) |  |  | (65,122) |  |  | (336,370) |
1 Represents change in unrealized loss on securities with credit loss recognized in earnings. The reclassifications out of AOCI were as follows:
|  | Quarter ended June 30, |  | Six Months ended June 30, |  | Affected Line Item in the Unaudited Consolidated Statements of Income
($ in thousands) |  | 2022 |  | 2021 |  | 2022 |  | 2021 |
HTM related |  |  |  |  |  |  |  |  |  |
Unrealized (gains) losses on HTM disposals |  | $ | — |  |  | — |  |  | $ | — |  |  | — |  |  | Net realized and unrealized investment (losses) gains
Amortization of net unrealized (gains) losses on HTM securities |  | — |  |  | (3) |  |  | 1 |  |  | (5) |  |  | Net investment income earned
|  | — |  |  | (3) |  |  | 1 |  |  | (5) |  |  | Income before federal income tax
|  | — |  |  | 1 |  |  | — |  |  | 1 |  |  | Total federal income tax expense
|  | — |  |  | (2) |  |  | 1 |  |  | (4) |  |  | Net income
Net realized losses on disposals and intent-to-sell AFS securities |  |  |  |  |  |  |  |  |  |
Net realized losses on disposals and intent-to-sell AFS securities |  | 18,170 |  |  | 58 |  |  | 34,161 |  |  | 662 |  |  | Net realized and unrealized investment (losses) gains
|  | 18,170 |  |  | 58 |  |  | 34,161 |  |  | 662 |  |  | Income before federal income tax
|  | (3,816) |  |  | (12) |  |  | (7,174) |  |  | (139) |  |  | Total federal income tax expense
|  | 14,354 |  |  | 46 |  |  | 26,987 |  |  | 523 |  |  | Net income
Credit loss related |  |  |  |  |  |  |  |  |  |
Credit loss expense (benefit) |  | 15,519 |  |  | (2,272) |  |  | 37,571 |  |  | 2,725 |  |  | Net realized and unrealized investment (losses) gains
|  | 15,519 |  |  | (2,272) |  |  | 37,571 |  |  | 2,725 |  |  | Income before federal income tax
|  | (3,258) |  |  | 477 |  |  | (7,889) |  |  | (572) |  |  | Total federal income tax expense
|  | 12,261 |  |  | (1,795) |  |  | 29,682 |  |  | 2,153 |  |  | Net income
Defined benefit pension and post-retirement life plans |  |  |  |  |  |  |  |  |  |
Net actuarial loss |  | 84 |  |  | 160 |  |  | 180 |  |  | 319 |  |  | Loss and loss expense incurred
|  | 333 |  |  | 533 |  |  | 654 |  |  | 1,067 |  |  | Other insurance expenses
Total defined benefit pension and post-retirement life |  | 417 |  |  | 693 |  |  | 834 |  |  | 1,386 |  |  | Income before federal income tax
|  | (87) |  |  | (145) |  |  | (175) |  |  | (291) |  |  | Total federal income tax expense
|  | 330 |  |  | 548 |  |  | 659 |  |  | 1,095 |  |  | Net income
Total reclassifications for the period |  | $ | 26,945 |  |  | (1,203) |  |  | $ | 57,329 |  |  | 3,767 |  |  | 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=123367319&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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