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Comprehensive Income | 3 Months Ended
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Mar. 31, 2024
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 First Quarter 2024 and First Quarter 2023 were as follows:
First Quarter 2024 |  |  |  |  |  |
($ in thousands) |  | Gross |  | Tax |  | Net
Net income |  | $ | 102,566 |  |  | 20,048 |  |  | 82,518 |
Components of OCI: |  |  |  |  |  |
Unrealized gains (losses) on investment securities: |  |  |  |  |  |
Unrealized holding gains (losses) during the period |  | (15,560) |  |  | (3,267) |  |  | (12,293) |
Unrealized gains (losses) on securities with credit loss recognized in earnings |  | (3,132) |  |  | (658) |  |  | (2,474) |
Amounts reclassified into net income: |  |  |  |  |  |
Net realized (gains) losses on disposals and intent-to-sell AFS securities |  | (78) |  |  | (17) |  |  | (61) |
Credit loss (benefit) expense |  | 2,650 |  |  | 557 |  |  | 2,093 |
Total unrealized gains (losses) on investment securities |  | (16,120) |  |  | (3,385) |  |  | (12,735) |
Defined benefit pension and post-retirement plans: |  |  |  |  |  |
Amounts reclassified into net income: |  |  |  |  |  |
Net actuarial (gain) loss |  | 967 |  |  | 203 |  |  | 764 |
Total defined benefit pension and post-retirement plans |  | 967 |  |  | 203 |  |  | 764 |
Other comprehensive income (loss) |  | (15,153) |  |  | (3,182) |  |  | (11,971) |
Comprehensive income (loss) |  | $ | 87,413 |  |  | 16,866 |  |  | 70,547 |
First Quarter 2023 |  |  |  |  |  |
($ in thousands) |  | Gross |  | Tax |  | Net
Net income |  | $ | 114,759 |  |  | 22,185 |  |  | 92,574 |
Components of OCI: |  |  |  |  |  |
Unrealized gains (losses) on investment securities: |  |  |  |  |  |
Unrealized holding gains (losses) during the period |  | 65,925 |  |  | 13,846 |  |  | 52,079 |
Unrealized gains (losses) on securities with credit loss recognized in earnings |  | 22,431 |  |  | 4,710 |  |  | 17,721 |
Amounts reclassified into net income: |  |  |  |  |  |
Net realized (gains) losses on disposals and intent-to-sell AFS securities |  | 6,104 |  |  | 1,282 |  |  | 4,822 |
Credit loss (benefit) expense |  | (9,529) |  |  | (2,002) |  |  | (7,527) |
Total unrealized gains (losses) on investment securities |  | 84,931 |  |  | 17,836 |  |  | 67,095 |
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) |  | 85,688 |  |  | 17,995 |  |  | 67,693 |
Comprehensive income (loss) |  | $ | 200,447 |  |  | 40,180 |  |  | 160,267 |
The balances of, and changes in, each component of accumulated other comprehensive income (loss) ("AOCI") (net of taxes) as of March 31, 2024, were as follows:
March 31, 2024 |  | 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, 2023 |  | $ | (84,442) |  |  | (194,628) |  |  | (279,070) |  |  | (93,931) |  |  | (373,001) |
OCI before reclassifications |  | (2,474) |  |  | (12,293) |  |  | (14,767) |  |  | — |  |  | (14,767) |
Amounts reclassified from AOCI |  | 2,093 |  |  | (61) |  |  | 2,032 |  |  | 764 |  |  | 2,796 |
Net current period OCI |  | (381) |  |  | (12,354) |  |  | (12,735) |  |  | 764 |  |  | (11,971) |
Balance, March 31, 2024 |  | $ | (84,823) |  |  | (206,982) |  |  | (291,805) |  |  | (93,167) |  |  | (384,972) |
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 March 31, |  |  |  | Affected Line Item in the Unaudited Consolidated Statements of Income
($ in thousands) |  | 2024 |  | 2023 |  |  |  |  |
Net realized (gains) losses on disposals and intent-to-sell AFS securities |  |  |  |  |  |  |  |  |  |
Net realized (gains) losses |  | $ | (78) |  |  | 6,104 |  |  |  |  |  |  | Net realized and unrealized investment gains (losses)
Tax (benefit) expense |  | 17 |  |  | (1,282) |  |  |  |  |  |  | Total federal income tax expense
Net of taxes |  | (61) |  |  | 4,822 |  |  |  |  |  |  | Net income
Credit loss related |  |  |  |  |  |  |  |  |  |
Credit loss (benefit) expense |  | 2,650 |  |  | (9,529) |  |  |  |  |  |  | Net realized and unrealized investment gains (losses)
Tax (benefit) expense |  | (557) |  |  | 2,002 |  |  |  |  |  |  | Total federal income tax expense
Net of taxes |  | 2,093 |  |  | (7,527) |  |  |  |  |  |  | Net income
Defined benefit pension and post-retirement life plans |  |  |  |  |  |  |  |  |  |
Net actuarial loss |  | 222 |  |  | 175 |  |  |  |  |  |  | Loss and loss expense incurred
Net actuarial loss |  | 745 |  |  | 582 |  |  |  |  |  |  | Other insurance expenses
Total |  | 967 |  |  | 757 |  |  |  |  |  |  | Income before federal income tax
Tax (benefit) expense |  | (203) |  |  | (159) |  |  |  |  |  |  | Total federal income tax expense
Net of taxes |  | 764 |  |  | 598 |  |  |  |  |  |  | Net income
Total reclassifications for the period |  | $ | 2,796 |  |  | (2,107) |  |  |  |  |  |  | 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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