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Comprehensive Income (Loss) (Tables) | 3 Months Ended
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Mar. 31, 2025
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 (loss), both gross and net of tax, for First Quarter 2025 and First Quarter 2024 were as follows:
First Quarter 2025 |  |  |  |  |  |
($ in thousands) |  | Gross |  | Tax |  | Net
Net income (loss) |  | $ | 138,886 |  |  | 28,990 |  |  | 109,896 |
Components of OCI: |  |  |  |  |  |
Unrealized gains (losses) on investment securities: |  |  |  |  |  |
Unrealized holding gains (losses) during the period |  | 69,260 |  |  | 14,545 |  |  | 54,715 |
Unrealized gains (losses) on securities with credit loss recognized in earnings |  | 12,766 |  |  | 2,680 |  |  | 10,086 |
Amounts reclassified into net income (loss): |  |  |  |  |  |
Net realized (gains) losses on disposals and intent-to-sell AFS securities |  | (274) |  |  | (58) |  |  | (216) |
Credit loss (benefit) expense |  | (629) |  |  | (132) |  |  | (497) |
Total unrealized gains (losses) on investment securities |  | 81,123 |  |  | 17,035 |  |  | 64,088 |
Defined benefit pension and post-retirement plans: |  |  |  |  |  |
Amounts reclassified into net income (loss): |  |  |  |  |  |
Net actuarial (gain) loss |  | 872 |  |  | 183 |  |  | 689 |
Total defined benefit pension and post-retirement plans |  | 872 |  |  | 183 |  |  | 689 |
Other comprehensive income (loss) |  | 81,995 |  |  | 17,218 |  |  | 64,777 |
Comprehensive income (loss) |  | $ | 220,881 |  |  | 46,208 |  |  | 174,673 |
First Quarter 2024 |  |  |  |  |  |
($ in thousands) |  | Gross |  | Tax |  | Net
Net income (loss) |  | $ | 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 (loss): |  |  |  |  |  |
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 (loss): |  |  |  |  |  |
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 |
Schedule of Components of Accumulated Other Comprehensive Income Net of Tax | The following table shows each component of accumulated other comprehensive income (loss) ("AOCI") (net of taxes), including balances and changes, as of March 31, 2025:
March 31, 2025 |  | 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, 2024 |  | $ | (72,206) |  |  | (178,057) |  |  | (250,263) |  |  | (86,582) |  |  | (336,845) |
OCI before reclassifications |  | 10,086 |  |  | 54,715 |  |  | 64,801 |  |  | — |  |  | 64,801 |
Amounts reclassified from AOCI |  | (497) |  |  | (216) |  |  | (713) |  |  | 689 |  |  | (24) |
Net current period OCI |  | 9,589 |  |  | 54,499 |  |  | 64,088 |  |  | 689 |  |  | 64,777 |
Balance, March 31, 2025 |  | $ | (62,617) |  |  | (123,558) |  |  | (186,175) |  |  | (85,893) |  |  | (272,068) |
1 Represents change in unrealized gains (losses) on securities with credit loss recognized in earnings.
Schedule of Reclassifications Out 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) |  | 2025 |  | 2024 |  |  |  |  |
Net realized (gains) losses on disposals and intent-to-sell AFS securities |  |  |  |  |  |  |  |  |  |
Net realized (gains) losses |  | $ | (274) |  |  | (78) |  |  |  |  |  |  | Net realized and unrealized investment gains (losses)
Tax (benefit) expense |  | 58 |  |  | 17 |  |  |  |  |  |  | Total federal income tax expense (benefit)
Net of taxes |  | (216) |  |  | (61) |  |  |  |  |  |  | Net income (loss)
Credit loss related |  |  |  |  |  |  |  |  |  |
Credit loss (benefit) expense |  | (629) |  |  | 2,650 |  |  |  |  |  |  | Net realized and unrealized investment gains (losses)
Tax (benefit) expense |  | 132 |  |  | (557) |  |  |  |  |  |  | Total federal income tax expense (benefit)
Net of taxes |  | (497) |  |  | 2,093 |  |  |  |  |  |  | Net income (loss)
Defined benefit pension and post-retirement life plans |  |  |  |  |  |  |  |  |  |
Net actuarial loss |  | 201 |  |  | 222 |  |  |  |  |  |  | Loss and loss expense incurred
Net actuarial loss |  | 671 |  |  | 745 |  |  |  |  |  |  | Other insurance expenses
Total |  | 872 |  |  | 967 |  |  |  |  |  |  | Income (loss) before federal income tax
Tax (benefit) expense |  | (183) |  |  | (203) |  |  |  |  |  |  | Total federal income tax expense (benefit)
Net of taxes |  | 689 |  |  | 764 |  |  |  |  |  |  | Net income (loss)
Total reclassifications for the period |  | $ | (24) |  |  | 2,796 |  |  |  |  |  |  | Net income (loss)

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