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Comprehensive Income (Tables) | 6 Months Ended
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Jun. 30, 2023
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] |
Schedule of Components of Comprehensive Income-Gross and Net of Tax |
Second Quarter 2023 |  |  |  |  |  |
($ in thousands) |  | Gross |  | Tax |  | Net
Net income |  | $ | 74,157 |  |  | 15,549 |  |  | 58,608 |
Components of OCI: |  |  |  |  |  |
Unrealized gains (losses) on investment securities: |  |  |  |  |  |
Unrealized holding gains (losses) during the period |  | (60,681) |  |  | (12,744) |  |  | (47,937) |
Unrealized gains (losses) on securities with credit loss recognized in earnings |  | (6,030) |  |  | (1,266) |  |  | (4,764) |
Amounts reclassified into net income: |  |  |  |  |  |
Net realized (gains) losses on disposals and intent-to-sell AFS securities |  | 9,383 |  |  | 1,970 |  |  | 7,413 |
Credit loss (benefit) expense |  | (864) |  |  | (181) |  |  | (683) |
Total unrealized gains (losses) on investment securities |  | (58,192) |  |  | (12,221) |  |  | (45,971) |
Defined benefit pension and post-retirement plans: |  |  |  |  |  |
Amounts reclassified into net income: |  |  |  |  |  |
Net actuarial (gain) loss |  | 757 |  |  | 159 |  |  | 598 |
Total defined benefit pension and post-retirement plans |  | 757 |  |  | 159 |  |  | 598 |
Other comprehensive income (loss) |  | (57,435) |  |  | (12,062) |  |  | (45,373) |
Comprehensive income (loss) |  | $ | 16,722 |  |  | 3,487 |  |  | 13,235 |
Second Quarter 2022 |  |  |  |  |  |
($ in thousands) |  | Gross |  | Tax |  | Net
Net income |  | $ | 49,904 |  |  | 10,384 |  |  | 39,520 |
Components of OCI: |  |  |  |  |  |
Unrealized gains (losses) on investment securities: |  |  |  |  |  |
Unrealized holding gains (losses) during the period |  | (222,903) |  |  | (46,810) |  |  | (176,093) |
Unrealized gains (losses) on securities with credit loss recognized in earnings |  | (72,691) |  |  | (15,264) |  |  | (57,427) |
Amounts reclassified into net income: |  |  |  |  |  |
Net realized (gains) losses on disposals and intent-to-sell AFS securities |  | 18,170 |  |  | 3,816 |  |  | 14,354 |
Credit loss (benefit) expense |  | 15,519 |  |  | 3,258 |  |  | 12,261 |
Total unrealized gains (losses) on investment securities |  | (261,905) |  |  | (55,000) |  |  | (206,905) |
Defined benefit pension and post-retirement plans: |  |  |  |  |  |
Amounts reclassified into net income: |  |  |  |  |  |
Net actuarial (gain) loss |  | 417 |  |  | 87 |  |  | 330 |
Total defined benefit pension and post-retirement plans |  | 417 |  |  | 87 |  |  | 330 |
Other comprehensive income (loss) |  | (261,488) |  |  | (54,913) |  |  | (206,575) |
Comprehensive income (loss) |  | $ | (211,584) |  |  | (44,529) |  |  | (167,055) |
Six Months 2023 |  |  |  |  |  |
($ in thousands) |  | Gross |  | Tax |  | Net
Net income |  | $ | 188,916 |  |  | 37,734 |  |  | 151,182 |
Components of OCI: |  |  |  |  |  |
Unrealized gains (losses) on investment securities: |  |  |  |  |  |
Unrealized holding gains (losses) during the period |  | 5,244 |  |  | 1,102 |  |  | 4,142 |
Unrealized gains (losses) on securities with credit loss recognized in earnings |  | 16,401 |  |  | 3,444 |  |  | 12,957 |
Amounts reclassified into net income: |  |  |  |  |  |
Net realized (gains) losses on disposals and intent-to-sell AFS securities |  | 15,487 |  |  | 3,252 |  |  | 12,235 |
Credit loss (benefit) expense |  | (10,393) |  |  | (2,183) |  |  | (8,210) |
Total unrealized gains (losses) on investment securities |  | 26,739 |  |  | 5,615 |  |  | 21,124 |
Defined benefit pension and post-retirement plans: |  |  |  |  |  |
Amounts reclassified into net income: |  |  |  |  |  |
Net actuarial (gain) loss |  | 1,514 |  |  | 318 |  |  | 1,196 |
Total defined benefit pension and post-retirement plans |  | 1,514 |  |  | 318 |  |  | 1,196 |
Other comprehensive income (loss) |  | 28,253 |  |  | 5,933 |  |  | 22,320 |
Comprehensive income (loss) |  | $ | 217,169 |  |  | 43,667 |  |  | 173,502 |
Six Months 2022 |  |  |  |  |  |
($ in thousands) |  | Gross |  | Tax |  | Net
Net income |  | $ | 119,794 |  |  | 23,944 |  |  | 95,850 |
Components of OCI: |  |  |  |  |  |
Unrealized gains (losses) on investment securities: |  |  |  |  |  |
Unrealized holding gains (losses) during the period |  | (484,735) |  |  | (101,794) |  |  | (382,941) |
Unrealized gains (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 (gains) losses on disposals and intent-to-sell AFS securities |  | 34,161 |  |  | 7,174 |  |  | 26,987 |
Credit loss (benefit) expense |  | 37,571 |  |  | 7,889 |  |  | 29,682 |
Total unrealized gains (losses) on investment securities |  | (572,314) |  |  | (120,186) |  |  | (452,128) |
Defined benefit pension and post-retirement plans: |  |  |  |  |  |
Amounts reclassified into net income: |  |  |  |  |  |
Net actuarial (gain) loss |  | 834 |  |  | 175 |  |  | 659 |
Total defined benefit pension and post-retirement plans |  | 834 |  |  | 175 |  |  | 659 |
Other comprehensive income (loss) |  | (571,480) |  |  | (120,011) |  |  | (451,469) |
Comprehensive income (loss) |  | $ | (451,686) |  |  | (96,067) |  |  | (355,619) |
Schedule of Components of Accumulated Other Comprehensive Income Net of Tax |
June 30, 2023 |  | Net Unrealized Gains (Losses) on Investment Securities |  | Defined Benefit Pension and Post-Retirement Plans |  | Total AOCI
($ in thousands) |  | Credit Loss Related 1 |  | All Other |  | Investments Subtotal |  |
Balance, December 31, 2022 |  | $ | (121,838) |  |  | (295,197) |  |  | (417,035) |  |  | (81,007) |  |  | (498,042) |
OCI before reclassifications |  | 12,957 |  |  | 4,142 |  |  | 17,099 |  |  | — |  |  | 17,099 |
Amounts reclassified from AOCI |  | (8,210) |  |  | 12,235 |  |  | 4,025 |  |  | 1,196 |  |  | 5,221 |
Net current period OCI |  | 4,747 |  |  | 16,377 |  |  | 21,124 |  |  | 1,196 |  |  | 22,320 |
Balance, June 30, 2023 |  | $ | (117,091) |  |  | (278,820) |  |  | (395,911) |  |  | (79,811) |  |  | (475,722) |
1 Represents change in unrealized gains (losses) on securities with credit loss recognized in earnings.
Schedule of Reclassifications Out Of Accumulated Other Comprehensive Income |
|  | Quarter ended June 30, |  | Six Months ended June 30, |  | Affected Line Item in the Unaudited Consolidated Statements of Income
($ in thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022 |
HTM related |  |  |  |  |  |  |  |  |  |
Unrealized (gains) losses on HTM disposals |  | $ | — |  |  | — |  |  | $ | — |  |  | — |  |  | Net realized and unrealized investment gains (losses)
Amortization of net unrealized losses (gains) on HTM securities |  | — |  |  | — |  |  | — |  |  | 1 |  |  | Net investment income earned
|  | — |  |  | — |  |  | — |  |  | 1 |  |  | Income before federal income tax
|  | — |  |  | — |  |  | — |  |  | — |  |  | Total federal income tax expense
|  | — |  |  | — |  |  | — |  |  | 1 |  |  | Net income
Net realized (gains) losses on disposals and intent-to-sell AFS securities |  |  |  |  |  |  |  |  |  |
Net realized (gains) losses on disposals and intent-to-sell AFS securities |  | 9,383 |  |  | 18,170 |  |  | 15,487 |  |  | 34,161 |  |  | Net realized and unrealized investment gains (losses)
|  | 9,383 |  |  | 18,170 |  |  | 15,487 |  |  | 34,161 |  |  | Income before federal income tax
|  | (1,970) |  |  | (3,816) |  |  | (3,252) |  |  | (7,174) |  |  | Total federal income tax expense
|  | 7,413 |  |  | 14,354 |  |  | 12,235 |  |  | 26,987 |  |  | Net income
Credit loss related |  |  |  |  |  |  |  |  |  |
Credit loss (benefit) expense |  | (864) |  |  | 15,519 |  |  | (10,393) |  |  | 37,571 |  |  | Net realized and unrealized investment gains (losses)
|  | (864) |  |  | 15,519 |  |  | (10,393) |  |  | 37,571 |  |  | Income before federal income tax
|  | 181 |  |  | (3,258) |  |  | 2,183 |  |  | (7,889) |  |  | Total federal income tax expense
|  | (683) |  |  | 12,261 |  |  | (8,210) |  |  | 29,682 |  |  | Net income
Defined benefit pension and post-retirement life plans |  |  |  |  |  |  |  |  |  |
Net actuarial loss |  | 173 |  |  | 84 |  |  | 348 |  |  | 180 |  |  | Loss and loss expense incurred
|  | 584 |  |  | 333 |  |  | 1,166 |  |  | 654 |  |  | Other insurance expenses
Total defined benefit pension and post-retirement life |  | 757 |  |  | 417 |  |  | 1,514 |  |  | 834 |  |  | Income before federal income tax
|  | (159) |  |  | (87) |  |  | (318) |  |  | (175) |  |  | Total federal income tax expense
|  | 598 |  |  | 330 |  |  | 1,196 |  |  | 659 |  |  | Net income
Total reclassifications for the period |  | $ | 7,328 |  |  | 26,945 |  |  | $ | 5,221 |  |  | 57,329 |  |  | Net income

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