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Comprehensive Income (Tables)

9 Months Ended

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 Related1						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)

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 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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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://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-14A

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481674/830-30-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481694/830-30-45-20

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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
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 1
-Section 45
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1

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