Comprehensive Income

12 Months Ended

Dec. 31, 2024

(a) The components of comprehensive income, both gross and net of tax, for 2024, 2023, and 2022 were as follows:


2024
($ in thousands)	Gross		Tax	Net
Net income	$	258,034	51,022	207,012
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the year	22,880		4,805	18,075
Unrealized gains (losses) on securities with credit loss recognized in earnings	9,861		2,071	7,790
Amounts reclassified into net income:


Net realized (gains) losses on disposals and intent-to-sell AFS securities	(1,903)		(399)	(1,504)
Credit loss (benefit) expense	5,628		1,182	4,446
Total unrealized gains (losses) on investment securities	36,466		7,659	28,807
Defined benefit pension and post-retirement plans:
Net actuarial gain (loss)	5,434		1,141	4,293
Amounts reclassified into net income:
Net actuarial (gain) loss	3,868		812	3,056
Total defined benefit pension and post-retirement plans	9,302		1,953	7,349
Other comprehensive income (loss)	45,768		9,612	36,156
Comprehensive income (loss)	$	303,802	60,634	243,168


2023
($ in thousands)	Gross		Tax	Net
Net income	$	458,412	93,174	365,238
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the year	106,845		22,438	84,407
Unrealized gains (losses) on securities with credit loss recognized in earnings	60,234		12,649	47,585
Amounts reclassified into net income:


Net realized (gains) losses on disposals and intent-to-sell AFS securities	20,458		4,296	16,162
Credit loss (benefit) expense	(12,898)		(2,709)	(10,189)
Total unrealized gains (losses) on investment securities	174,639		36,674	137,965
Defined benefit pension and post-retirement plans:
Net actuarial gain (loss)	(19,385)		(4,070)	(15,315)
Amounts reclassified into net income:
Net actuarial (gain) loss	3,026		635	2,391
Total defined benefit pension and post-retirement plans	(16,359)		(3,435)	(12,924)
Other comprehensive income (loss)	158,280		33,239	125,041
Comprehensive income (loss)	$	616,692	126,413	490,279


2022
($ in thousands)	Gross		Tax	Net
Net income	$	280,186	55,300	224,886
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the year	(668,107)		(140,302)	(527,805)
Unrealized gains (losses) on securities with credit loss recognized in earnings	(187,968)		(39,473)	(148,495)
Amounts reclassified into net income:
HTM securities	4		1	3

Net realized (gains) losses on disposals and intent-to-sell AFS securities	60,048		12,610	47,438
Credit loss (benefit) expense	39,169		8,225	30,944
Total unrealized gains (losses) on investment securities	(756,854)		(158,939)	(597,915)
Defined benefit pension and post-retirement plans:
Net actuarial gain (loss)	(20,941)		(4,398)	(16,543)
Amounts reclassified into net income:
Net actuarial (gain) loss	1,668		351	1,317
Total defined benefit pension and post-retirement plans	(19,273)		(4,047)	(15,226)
Other comprehensive income (loss)	(776,127)		(162,986)	(613,141)
Comprehensive income (loss)	$	(495,941)	(107,686)	(388,255)

(b) The balances of, and changes in, each component of AOCI (net of taxes) as of December 31, 2024, and 2023, were as follows:


	Net Unrealized Gains (Losses) on Investment Securities				Defined Benefit Pension and Post-retirement Plans
($ in thousands)	Credit Loss Related1		All Other	Investments Subtotal		Total AOCI
Balance, December 31, 2022	$	(121,838)	(295,197)	(417,035)	(81,007)	(498,042)


OCI before reclassifications	47,585		84,407	131,992	(15,315)	116,677
Amounts reclassified from AOCI	(10,189)		16,162	5,973	2,391	8,364
Net current period OCI	37,396		100,569	137,965	(12,924)	125,041
Balance, December 31, 2023	(84,442)		(194,628)	(279,070)	(93,931)	(373,001)
OCI before reclassifications	7,790		18,075	25,865	4,293	30,158
Amounts reclassified from AOCI	4,446		(1,504)	2,942	3,056	5,998
Net current period OCI	12,236		16,571	28,807	7,349	36,156
Balance, December 31, 2024	$	(72,206)	(178,057)	(250,263)	(86,582)	(336,845)

1Represents change in unrealized gains (losses) on securities with credit loss recognized in earnings.

The reclassifications out of AOCI were as follows:


($ in thousands)	Year ended December 31, 2024		Year ended December 31, 2023	Affected Line Item in the Consolidated Statements of Income
Net realized (gains) losses on disposals and intent-to-sell AFS securities
Net realized (gains) losses	$	(1,903)	20,458	Net realized and unrealized investment gains (losses)
Tax (benefit) expense	399		(4,296)	Total federal income tax expense
Net of taxes	(1,504)		16,162	Net income
Credit loss related
Credit loss (benefit) expense	5,628		(12,898)	Net realized and unrealized investment gains (losses)
Tax (benefit) expense	(1,182)		2,709	Total federal income tax expense
Net of taxes	4,446		(10,189)	Net income
Defined benefit pension and post-retirement life plans
Net actuarial loss	890		695	Loss and loss expense incurred
Net actuarial loss	2,978		2,331	Other insurance expenses
Total	3,868		3,026	Income before federal income tax
Tax (benefit) expense	(812)		(635)	Total federal income tax expense
Net of taxes	3,056		2,391	Net income
Total reclassifications for the period	$	5,998	8,364	Net income