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Comprehensive Income | 9 Months Ended
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Sep. 30, 2023
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 2023 and Nine Months 2023 and Third Quarter 2022 and Nine Months 2022 were as follows:
Third Quarter 2023 |  |  |  |  |  |
($ in thousands) |  | Gross |  | Tax |  | Net
Net income |  | $ | 112,517 |  |  | 23,309 |  |  | 89,208 |
Components of OCI: |  |  |  |  |  |
Unrealized gains (losses) on investment securities: |  |  |  |  |  |
Unrealized holding gains (losses) during the period |  | (101,722) |  |  | (21,361) |  |  | (80,361) |
Unrealized gains (losses) on securities with credit loss recognized in earnings |  | (32,898) |  |  | (6,909) |  |  | (25,989) |
Amounts reclassified into net income: |  |  |  |  |  |
Net realized (gains) losses on disposals and intent-to-sell AFS securities |  | 4,628 |  |  | 972 |  |  | 3,656 |
Credit loss (benefit) expense |  | 2,468 |  |  | 519 |  |  | 1,949 |
Total unrealized gains (losses) on investment securities |  | (127,524) |  |  | (26,779) |  |  | (100,745) |
Defined benefit pension and post-retirement plans: |  |  |  |  |  |
Amounts reclassified into net income: |  |  |  |  |  |
Net actuarial (gain) loss |  | 756 |  |  | 158 |  |  | 598 |
Total defined benefit pension and post-retirement plans |  | 756 |  |  | 158 |  |  | 598 |
Other comprehensive income (loss) |  | (126,768) |  |  | (26,621) |  |  | (100,147) |
Comprehensive income (loss) |  | $ | (14,251) |  |  | (3,312) |  |  | (10,939) |
Third Quarter 2022 |  |  |  |  |  |
($ in thousands) |  | Gross |  | Tax |  | Net
Net income |  | $ | 52,639 |  |  | 10,114 |  |  | 42,525 |
Components of OCI: |  |  |  |  |  |
Unrealized gains (losses) on investment securities: |  |  |  |  |  |
Unrealized holding gains (losses) during the period |  | (189,622) |  |  | (39,819) |  |  | (149,803) |
Unrealized gains (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 (gains) losses on disposals and intent-to-sell AFS securities |  | 14,235 |  |  | 2,989 |  |  | 11,246 |
Credit loss (benefit) expense |  | 4,471 |  |  | 939 |  |  | 3,532 |
Total unrealized gains (losses) on investment securities |  | (239,202) |  |  | (50,232) |  |  | (188,970) |
Defined benefit pension and post-retirement plans: |  |  |  |  |  |
Amounts reclassified into net income: |  |  |  |  |  |
Net actuarial (gain) loss |  | 417 |  |  | 88 |  |  | 329 |
Total defined benefit pension and post-retirement plans |  | 417 |  |  | 88 |  |  | 329 |
Other comprehensive income (loss) |  | (238,785) |  |  | (50,144) |  |  | (188,641) |
Comprehensive income (loss) |  | $ | (186,146) |  |  | (40,030) |  |  | (146,116) |
Nine Months 2023 |  |  |  |  |  |
($ in thousands) |  | Gross |  | Tax |  | Net
Net income |  | $ | 301,433 |  |  | 61,043 |  |  | 240,390 |
Components of OCI: |  |  |  |  |  |
Unrealized gains (losses) on investment securities: |  |  |  |  |  |
Unrealized holding gains (losses) during the period |  | (96,478) |  |  | (20,259) |  |  | (76,219) |
Unrealized gains (losses) on securities with credit loss recognized in earnings |  | (16,497) |  |  | (3,465) |  |  | (13,032) |
Amounts reclassified into net income: |  |  |  |  |  |
Net realized (gains) losses on disposals and intent-to-sell AFS securities |  | 20,115 |  |  | 4,224 |  |  | 15,891 |
Credit loss (benefit) expense |  | (7,925) |  |  | (1,664) |  |  | (6,261) |
Total unrealized gains (losses) on investment securities |  | (100,785) |  |  | (21,164) |  |  | (79,621) |
Defined benefit pension and post-retirement plans: |  |  |  |  |  |
Amounts reclassified into net income: |  |  |  |  |  |
Net actuarial (gain) loss |  | 2,270 |  |  | 476 |  |  | 1,794 |
Total defined benefit pension and post-retirement plans |  | 2,270 |  |  | 476 |  |  | 1,794 |
Other comprehensive income (loss) |  | (98,515) |  |  | (20,688) |  |  | (77,827) |
Comprehensive income (loss) |  | $ | 202,918 |  |  | 40,355 |  |  | 162,563 |
Nine Months 2022 |  |  |  |  |  |
($ in thousands) |  | Gross |  | Tax |  | Net
Net income |  | $ | 172,433 |  |  | 34,058 |  |  | 138,375 |
Components of OCI: |  |  |  |  |  |
Unrealized gains (losses) on investment securities: |  |  |  |  |  |
Unrealized holding gains (losses) during the period |  | (674,357) |  |  | (141,613) |  |  | (532,744) |
Unrealized gains (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 (gains) losses on disposals and intent-to-sell AFS securities |  | 48,396 |  |  | 10,163 |  |  | 38,233 |
Credit loss (benefit) expense |  | 42,042 |  |  | 8,828 |  |  | 33,214 |
Total unrealized gains (losses) on investment securities |  | (811,516) |  |  | (170,418) |  |  | (641,098) |
Defined benefit pension and post-retirement plans: |  |  |  |  |  |
Amounts reclassified into net income: |  |  |  |  |  |
Net actuarial (gain) loss |  | 1,251 |  |  | 263 |  |  | 988 |
Total defined benefit pension and post-retirement plans |  | 1,251 |  |  | 263 |  |  | 988 |
Other comprehensive income (loss) |  | (810,265) |  |  | (170,155) |  |  | (640,110) |
Comprehensive income (loss) |  | $ | (637,832) |  |  | (136,097) |  |  | (501,735) |
The balances of, and changes in, each component of accumulated other comprehensive income ("AOCI") (net of taxes) as of September 30, 2023, were as follows:
September 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 |  | (13,032) |  |  | (76,219) |  |  | (89,251) |  |  | — |  |  | (89,251) |
Amounts reclassified from AOCI |  | (6,261) |  |  | 15,891 |  |  | 9,630 |  |  | 1,794 |  |  | 11,424 |
Net current period OCI |  | (19,293) |  |  | (60,328) |  |  | (79,621) |  |  | 1,794 |  |  | (77,827) |
Balance, September 30, 2023 |  | $ | (141,131) |  |  | (355,525) |  |  | (496,656) |  |  | (79,213) |  |  | (575,869) |
1 Represents change in unrealized gains (losses) 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) |  | 2023 |  | 2022 |  | 2023 |  | 2022 |
HTM related |  |  |  |  |  |  |  |  |  |
Unrealized (gains) losses on HTM disposals |  | $ | — |  |  | 1 |  |  | $ | — |  |  | 1 |  |  | Net realized and unrealized investment gains (losses)
Amortization of net unrealized (gains) losses on HTM securities |  | — |  |  | — |  |  | — |  |  | 1 |  |  | Net investment income earned
|  | — |  |  | 1 |  |  | — |  |  | 2 |  |  | Income before federal income tax
|  | — |  |  | — |  |  | — |  |  | — |  |  | Total federal income tax expense
|  | — |  |  | 1 |  |  | — |  |  | 2 |  |  | 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 |  | 4,628 |  |  | 14,235 |  |  | 20,115 |  |  | 48,396 |  |  | Net realized and unrealized investment gains (losses)
|  | 4,628 |  |  | 14,235 |  |  | 20,115 |  |  | 48,396 |  |  | Income before federal income tax
|  | (972) |  |  | (2,989) |  |  | (4,224) |  |  | (10,163) |  |  | Total federal income tax expense
|  | 3,656 |  |  | 11,246 |  |  | 15,891 |  |  | 38,233 |  |  | Net income
Credit loss related |  |  |  |  |  |  |  |  |  |
Credit loss (benefit) expense |  | 2,468 |  |  | 4,471 |  |  | (7,925) |  |  | 42,042 |  |  | Net realized and unrealized investment gains (losses)
|  | 2,468 |  |  | 4,471 |  |  | (7,925) |  |  | 42,042 |  |  | Income before federal income tax
|  | (519) |  |  | (939) |  |  | 1,664 |  |  | (8,828) |  |  | Total federal income tax expense
|  | 1,949 |  |  | 3,532 |  |  | (6,261) |  |  | 33,214 |  |  | Net income
Defined benefit pension and post-retirement life plans |  |  |  |  |  |  |  |  |  |
Net actuarial loss |  | 173 |  |  | 90 |  |  | 521 |  |  | 270 |  |  | Loss and loss expense incurred
|  | 583 |  |  | 327 |  |  | 1,749 |  |  | 981 |  |  | Other insurance expenses
Total defined benefit pension and post-retirement life |  | 756 |  |  | 417 |  |  | 2,270 |  |  | 1,251 |  |  | Income before federal income tax
|  | (158) |  |  | (88) |  |  | (476) |  |  | (263) |  |  | Total federal income tax expense
|  | 598 |  |  | 329 |  |  | 1,794 |  |  | 988 |  |  | Net income
Total reclassifications for the period |  | $ | 6,203 |  |  | 15,108 |  |  | $ | 11,424 |  |  | 72,437 |  |  | 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://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(19)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(21)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(23)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//220/tableOfContent + Details
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