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Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2024

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

Comprehensive Income (Loss)

Comprehensive Income (Loss)

The components of comprehensive income (loss), both gross and net of tax, for Third Quarter 2024 and Nine Months 2024 and Third Quarter 2023 and Nine Months 2023 were as follows:

Third Quarter 2024
($ in thousands)						Gross						Tax						Net
Net income (loss)						$	116,487					24,209						92,278
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period						187,465						39,367						148,098
Unrealized gains (losses) on securities with credit loss recognized in earnings						43,927						9,225						34,702
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and intent-to-sell AFS securities						(1,249)						(263)						(986)
Credit loss (benefit) expense						(2,191)						(459)						(1,732)
Total unrealized gains (losses) on investment securities						227,952						47,870						180,082
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income (loss):
Net actuarial (gain) loss						967						203						764
Total defined benefit pension and post-retirement plans						967						203						764
Other comprehensive income (loss)						228,919						48,073						180,846
Comprehensive income (loss)						$	345,406					72,282						273,124
Third Quarter 2023
($ in thousands)						Gross						Tax						Net
Net income (loss)						$	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 (loss):
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 (loss):
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)

Nine Months 2024
($ in thousands)						Gross						Tax						Net
Net income (loss)						$	138,955					27,478						111,477
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period						163,558						34,347						129,211
Unrealized gains (losses) on securities with credit loss recognized in earnings						37,090						7,789						29,301
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and intent-to-sell AFS securities						(1,284)						(270)						(1,014)
Credit loss (benefit) expense						1,692						356						1,336
Total unrealized gains (losses) on investment securities						201,056						42,222						158,834
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income (loss):
Net actuarial (gain) loss						2,901						609						2,292
Total defined benefit pension and post-retirement plans						2,901						609						2,292
Other comprehensive income (loss)						203,957						42,831						161,126
Comprehensive income (loss)						$	342,912					70,309						272,603
Nine Months 2023
($ in thousands)						Gross						Tax						Net
Net income (loss)						$	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 (loss):
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 (loss):
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

The balances of, and changes in, each component of accumulated other comprehensive income (loss) ("AOCI") (net of taxes) as of September 30, 2024, were as follows:

September 30, 2024						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, 2023						$	(84,442)					(194,628)						(279,070)						(93,931)						(373,001)
OCI before reclassifications						29,301						129,211						158,512						—						158,512
Amounts reclassified from AOCI						1,336						(1,014)						322						2,292						2,614
Net current period OCI						30,637						128,197						158,834						2,292						161,126
Balance, September 30, 2024						$	(53,805)					(66,431)						(120,236)						(91,639)						(211,875)

1Represents 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)						2024						2023						2024						2023
Net realized (gains) losses on disposals and intent-to-sell AFS securities
Net realized (gains) losses						$	(1,249)					4,628						$	(1,284)					20,115						Net realized and unrealized investment gains (losses)
Tax (benefit) expense						263						(972)						270						(4,224)						Total federal income tax expense (benefit)
Net of taxes						(986)						3,656						(1,014)						15,891						Net income (loss)
Credit loss related
Credit loss (benefit) expense						(2,191)						2,468						1,692						(7,925)						Net realized and unrealized investment gains (losses)
Tax (benefit) expense						459						(519)						(356)						1,664						Total federal income tax expense (benefit)
Net of taxes						(1,732)						1,949						1,336						(6,261)						Net income (loss)
Defined benefit pension and post-retirement life plans
Net actuarial loss						222						173						667						521						Loss and loss expense incurred
Net actuarial loss						745						583						2,234						1,749						Other insurance expenses
Total						967						756						2,901						2,270						Income (loss) before federal income tax
Tax (benefit) expense						(203)						(158)						(609)						(476)						Total federal income tax expense (benefit)
Net of taxes						764						598						2,292						1,794						Net income (loss)
Total reclassifications for the period						$	(1,954)					6,203						$	2,614					11,424						Net income (loss)

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- References

No definition available.

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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/1943274/2147477250/944-220-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
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-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

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