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Comprehensive Income

9 Months Ended

Sep. 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 Third Quarter and Nine Months 2022 and 2021 are as follows:

Third Quarter 2022
($ in thousands)						Gross						Tax						Net
Net income						$	52,639					10,114						42,525
Components of OCI:
Unrealized losses on investment securities:
Unrealized holding losses during the period						(189,622)						(39,819)						(149,803)
Unrealized losses on securities with credit loss recognized in earnings						(68,287)						(14,341)						(53,946)
Amounts reclassified into net income:
HTM securities						1						—						1
Net realized losses on disposals and intent-to-sell AFS securities						14,235						2,989						11,246
Credit loss expense						4,471						939						3,532
Total unrealized losses on investment securities						(239,202)						(50,232)						(188,970)
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income:
Net actuarial loss						417						88						329
Total defined benefit pension and post-retirement plans						417						88						329
Other comprehensive loss						(238,785)						(50,144)						(188,641)
Comprehensive loss						$	(186,146)					(40,030)						(146,116)
Third Quarter 2021
($ in thousands)						Gross						Tax						Net
Net income						$	92,636					18,931						73,705
Components of OCI:
Unrealized losses on investment securities:
Unrealized holding losses during the period						(35,285)						(7,410)						(27,875)
Unrealized losses on securities with credit loss recognized in earnings						(2,343)						(492)						(1,851)
Amounts reclassified into net income:
HTM securities						1						—						1
Net realized gains on disposals and intent-to-sell AFS securities						(1,296)						(272)						(1,024)
Credit loss expense						1,334						280						1,054
Total unrealized losses on investment securities						(37,589)						(7,894)						(29,695)
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 loss						(36,896)						(7,749)						(29,147)
Comprehensive income						$	55,740					11,182						44,558

Nine Months 2022
($ in thousands)						Gross						Tax						Net
Net income						$	172,433					34,058						138,375
Components of OCI:
Unrealized losses on investment securities:
Unrealized holding losses during the period						(674,357)						(141,613)						(532,744)
Unrealized losses on securities with credit loss recognized in earnings						(227,599)						(47,796)						(179,803)
Amounts reclassified into net income:
HTM securities						2						—						2
Net realized losses on disposals and intent-to-sell AFS securities						48,396						10,163						38,233
Credit loss expense						42,042						8,828						33,214
Total unrealized losses on investment securities						(811,516)						(170,418)						(641,098)
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income:
Net actuarial loss						1,251						263						988
Total defined benefit pension and post-retirement plans						1,251						263						988
Other comprehensive loss						(810,265)						(170,155)						(640,110)
Comprehensive loss						$	(637,832)					(136,097)						(501,735)
Nine Months 2021
($ in thousands)						Gross						Tax						Net
Net income						$	381,466					76,608						304,858
Components of OCI:
Unrealized losses on investment securities:
Unrealized holding losses during the period						(103,040)						(21,638)						(81,402)
Unrealized losses on securities with credit loss recognized in earnings						(3,678)						(772)						(2,906)
Amounts reclassified into net income:
HTM securities						(4)						(1)						(3)
Net realized gains on disposals and intent-to-sell AFS securities						(634)						(133)						(501)
Credit loss expense						4,059						852						3,207
Total unrealized losses on investment securities						(103,297)						(21,692)						(81,605)
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income:
Net actuarial loss						2,079						436						1,643
Total defined benefit pension and post-retirement plans						2,079						436						1,643
Other comprehensive loss						(101,218)						(21,256)						(79,962)
Comprehensive income						$	280,248					55,352						224,896

The balances of, and changes in, each component of accumulated other comprehensive income ("AOCI") (net of taxes) as of September 30, 2022, were as follows:

September 30, 2022						Net Unrealized (Losses) Gains on Investment Securities																								Defined Benefit Pension and Post-Retirement Plans						Total AOCI
($ in thousands)						Credit Loss Related1						HTM Related						All Other						Investments Subtotal
Balance, December 31, 2021						$	(4,287)					(3)						185,170						180,880						(65,781)						115,099
OCI before reclassifications						(179,803)						—						(532,744)						(712,547)						—						(712,547)
Amounts reclassified from AOCI						33,214						2						38,233						71,449						988						72,437
Net current period OCI						(146,589)						2						(494,511)						(641,098)						988						(640,110)
Balance, September 30, 2022						$	(150,876)					(1)						(309,341)						(460,218)						(64,793)						(525,011)

1Represents change in unrealized loss on securities with credit loss 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)						2022						2021						2022						2021
HTM related
Unrealized losses (gains) on HTM disposals						$	1					(1)						$	1					(1)						Net realized and unrealized investment (losses) gains
Amortization of net unrealized losses (gains) on HTM securities						—						2						1						(3)						Net investment income earned
						1						1						2						(4)						Income before federal income tax
						—						—						—						1						Total federal income tax expense
						1						1						2						(3)						Net income
Net realized losses (gains) on disposals and intent-to-sell AFS securities
Net realized losses (gains) on disposals and intent-to-sell AFS securities						14,235						(1,296)						48,396						(634)						Net realized and unrealized investment (losses) gains
						14,235						(1,296)						48,396						(634)						Income before federal income tax
						(2,989)						272						(10,163)						133						Total federal income tax expense
						11,246						(1,024)						38,233						(501)						Net income
Credit loss related
Credit loss expense						4,471						1,334						42,042						4,059						Net realized and unrealized investment (losses) gains
						4,471						1,334						42,042						4,059						Income before federal income tax
						(939)						(280)						(8,828)						(852)						Total federal income tax expense
						3,532						1,054						33,214						3,207						Net income
Defined benefit pension and post-retirement life plans
Net actuarial loss						90						159						270						478						Loss and loss expense incurred
						327						534						981						1,601						Other insurance expenses
Total defined benefit pension and post-retirement life						417						693						1,251						2,079						Income before federal income tax
						(88)						(145)						(263)						(436)						Total federal income tax expense
						329						548						988						1,643						Net income
Total reclassifications for the period						$	15,108					579						$	72,437					4,346						Net income

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- References

No definition available.

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X

- 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 https://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 https://asc.fasb.org/extlink&oid=126953954&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 https://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 https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

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