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Comprehensive Income (Tables)

6 Months Ended

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 Related1						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)

1Represents 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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Tabular disclosure of information about items reclassified out of accumulated other comprehensive income (loss).

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Tabular disclosure of the components of accumulated other comprehensive income (loss).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14A
-URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669686-108580

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 20
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Tabular disclosure of components of comprehensive income (loss). Includes, but is not limited to, foreign currency translation adjustments, foreign currency transactions designated as economic hedges of a net investment in foreign entity, gain (loss) and prior service cost (credit) for pension plans and other postretirement benefit plans.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
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