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Comprehensive Income (Tables) | 3 Months Ended
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Mar. 31, 2024
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] |
Schedule of Components of Comprehensive Income-Gross and Net of Tax | 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 |
Schedule of Components of Accumulated Other Comprehensive Income Net of Tax | 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.
Schedule of Reclassifications of Accumulated Other Comprehensive Income | 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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