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Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 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 Second Quarter 2025 and Six Months 2025 and Second Quarter 2024 and Six Months 2024 were as follows:

Second Quarter 2025
($ in thousands)						Gross						Tax						Net
Net income (loss)						$	108,905					22,962						85,943
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period						41,864						8,790						33,074
Unrealized gains (losses) on securities with credit loss recognized in earnings						11,022						2,315						8,707
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and intent-to-sell AFS securities						(434)						(91)						(343)
Credit loss (benefit) expense						(887)						(186)						(701)
Total unrealized gains (losses) on investment securities						51,565						10,828						40,737
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income (loss):
Net actuarial (gain) loss						873						184						689
Total defined benefit pension and post-retirement plans						873						184						689
Other comprehensive income (loss)						52,438						11,012						41,426
Comprehensive income (loss)						$	161,343					33,974						127,369
Second Quarter 2024
($ in thousands)						Gross						Tax						Net
Net income (loss)						$	(80,098)					(16,779)						(63,319)
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period						(8,347)						(1,753)						(6,594)
Unrealized gains (losses) on securities with credit loss recognized in earnings						(3,705)						(778)						(2,927)
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and intent-to-sell AFS securities						43						10						33
Credit loss (benefit) expense						1,233						258						975
Total unrealized gains (losses) on investment securities						(10,776)						(2,263)						(8,513)
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)						(9,809)						(2,060)						(7,749)
Comprehensive income (loss)						$	(89,907)					(18,839)						(71,068)

Six Months 2025
($ in thousands)						Gross						Tax						Net
Net income (loss)						$	247,791					51,952						195,839
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period						111,124						23,335						87,789
Unrealized gains (losses) on securities with credit loss recognized in earnings						23,788						4,995						18,793
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and intent-to-sell AFS securities						(708)						(149)						(559)
Credit loss (benefit) expense						(1,516)						(318)						(1,198)
Total unrealized gains (losses) on investment securities						132,688						27,863						104,825
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income (loss):
Net actuarial (gain) loss						1,745						367						1,378
Total defined benefit pension and post-retirement plans						1,745						367						1,378
Other comprehensive income (loss)						134,433						28,230						106,203
Comprehensive income (loss)						$	382,224					80,182						302,042
Six Months 2024
($ in thousands)						Gross						Tax						Net
Net income (loss)						$	22,468					3,269						19,199
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period						(23,907)						(5,020)						(18,887)
Unrealized gains (losses) on securities with credit loss recognized in earnings						(6,837)						(1,436)						(5,401)
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and intent-to-sell AFS securities						(35)						(7)						(28)
Credit loss (benefit) expense						3,883						815						3,068
Total unrealized gains (losses) on investment securities						(26,896)						(5,648)						(21,248)
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income (loss):
Net actuarial (gain) loss						1,934						406						1,528
Total defined benefit pension and post-retirement plans						1,934						406						1,528
Other comprehensive income (loss)						(24,962)						(5,242)						(19,720)
Comprehensive income (loss)						$	(2,494)					(1,973)						(521)

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 June 30, 2025:

June 30, 2025						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, 2024						$	(72,206)					(178,057)						(250,263)						(86,582)						(336,845)
OCI before reclassifications						18,793						87,789						106,582						—						106,582
Amounts reclassified from AOCI						(1,198)						(559)						(1,757)						1,378						(379)
Net current period OCI						17,595						87,230						104,825						1,378						106,203
Balance, June 30, 2025						$	(54,611)					(90,827)						(145,438)						(85,204)						(230,642)

1Represents 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 June 30,												Six Months ended June 30,												Affected Line Item in the Unaudited Consolidated Statements of Income
($ in thousands)									2025						2024						2025						2024
Net realized (gains) losses on disposals and intent-to-sell AFS securities
Net realized (gains) losses									$	(434)					43						$	(708)					(35)						Net realized and unrealized investment gains (losses)
Tax (benefit) expense									91						(10)						149						7						Total federal income tax expense (benefit)
Net of taxes									(343)						33						(559)						(28)						Net income (loss)
Credit loss related
Credit loss (benefit) expense									(887)						1,233						(1,516)						3,883						Net realized and unrealized investment gains (losses)
Tax (benefit) expense									186						(258)						318						(815)						Total federal income tax expense (benefit)
Net of taxes									(701)						975						(1,198)						3,068						Net income (loss)
Defined benefit pension and post-retirement life plans
Net actuarial loss									200						223						401						445						Loss and loss expense incurred
Net actuarial loss									673						744						1,344						1,489						Other insurance expenses
Total									873						967						1,745						1,934						Income (loss) before federal income tax
Tax (benefit) expense									(184)						(203)						(367)						(406)						Total federal income tax expense (benefit)
Net of taxes									689						764						1,378						1,528						Net income (loss)
Total reclassifications for the period									$	(355)					1,772						$	(379)					4,568						Net income (loss)

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Tabular disclosure of information about items reclassified out of accumulated other comprehensive income (loss).

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Tabular disclosure of the components of accumulated other comprehensive income (loss).

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Tabular disclosure of components of comprehensive income (loss). Includes, but is not limited to, foreign currency translation adjustments, foreign currency transactions designated as economic hedges of a net investment in foreign entity, gain (loss) and prior service cost (credit) for pension plans and other postretirement benefit plans.

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