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Comprehensive Income (Tables) | 9 Months Ended
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Sep. 30, 2023
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] |
Schedule of Components of Comprehensive Income-Gross and Net of Tax |
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) |
Schedule of Components of Accumulated Other Comprehensive Income Net of Tax |
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.
Schedule of Reclassifications Out Of Accumulated Other Comprehensive Income |
|  | 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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