Comprehensive Income (Tables)

9 Months Ended

Sep. 30, 2021

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

Schedule of Components of Comprehensive Income-Gross and Net of Tax

Third Quarter 2021
($ in thousands)	Gross		Tax	Net
Net income	$	92,636	18,931	73,705
Components of OCI:
Unrealized losses on investment securities:
Unrealized holding losses during the period	(35,285)		(7,410)	(27,875)
Unrealized losses on securities with credit loss recognized in earnings	(2,343)		(492)	(1,851)
Amounts reclassified into net income:
HTM securities	1		—	1
Net realized gains on disposals and losses on intent-to-sell AFS securities	(1,296)		(272)	(1,024)
Credit loss expense	1,334		280	1,054
Total unrealized losses on investment securities	(37,589)		(7,894)	(29,695)
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income:
Net actuarial loss	693		145	548
Total defined benefit pension and post-retirement plans	693		145	548
Other comprehensive loss	(36,896)		(7,749)	(29,147)
Comprehensive income	$	55,740	11,182	44,558
Third Quarter 2020
($ in thousands)	Gross		Tax	Net
Net income	$	85,257	15,382	69,875
Components of OCI:
Unrealized gains on investment securities:
Unrealized holding gains during the period	37,836		7,947	29,889
Unrealized gains on securities with credit loss recognized in earnings	9,239		1,940	7,299
Amounts reclassified into net income:
HTM securities	(1)		(1)	—
Net realized gains on disposals and losses on intent-to-sell AFS securities	(515)		(109)	(406)
Credit loss benefit	(2,853)		(599)	(2,254)
Total unrealized gains on investment securities	43,706		9,178	34,528
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income:
Net actuarial loss	754		158	596
Total defined benefit pension and post-retirement plans	754		158	596
Other comprehensive income	44,460		9,336	35,124
Comprehensive income	$	129,717	24,718	104,999

Nine Months 2021
($ in thousands)	Gross		Tax	Net
Net income	$	381,466	76,608	304,858
Components of OCI:
Unrealized losses on investment securities:
Unrealized holding losses during the period	(103,040)		(21,638)	(81,402)
Unrealized losses on securities with credit loss recognized in earnings	(3,678)		(772)	(2,906)
Amounts reclassified into net income:
HTM securities	(4)		(1)	(3)
Net realized gains on disposals and losses on intent-to-sell AFS securities	(634)		(133)	(501)
Credit loss expense	4,059		852	3,207
Total unrealized losses on investment securities	(103,297)		(21,692)	(81,605)
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income:
Net actuarial loss	2,079		436	1,643
Total defined benefit pension and post-retirement plans	2,079		436	1,643
Other comprehensive loss	(101,218)		(21,256)	(79,962)
Comprehensive income	$	280,248	55,352	224,896
Nine Months 2020
($ in thousands)	Gross		Tax	Net
Net income	$	143,947	24,653	119,294
Components of OCI:
Unrealized gains on investment securities:
Unrealized holding gains during the period	132,623		27,852	104,771
Unrealized losses on securities with credit loss recognized in earnings	(18,672)		(3,921)	(14,751)
Amounts reclassified into net income:
HTM securities	(7)		(2)	(5)
Net realized losses on disposals and losses on intent-to-sell AFS securities	9,126		1,916	7,210
Credit loss expense	8,010		1,682	6,328
Total unrealized gains on investment securities	131,080		27,527	103,553
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income:
Net actuarial loss	2,261		474	1,787
Total defined benefit pension and post-retirement plans	2,261		474	1,787
Other comprehensive income	133,341		28,001	105,340
Comprehensive income	$	277,288	52,654	224,634

Schedule of Components of Accumulated Other Comprehensive Income Net of Tax

September 30, 2021						Defined Benefit Pension and Post-Retirement Plans
	Net Unrealized (Losses) Gains on Investment Securities						Total AOCI
($ in thousands)	Credit Loss Related1		HTM Related	All Other	Investments Subtotal
Balance, December 31, 2020	$	(2,546)	6	307,790	305,250	(85,064)	220,186
OCI before reclassifications	(2,906)		—	(81,402)	(84,308)	—	(84,308)
Amounts reclassified from AOCI	3,207		(3)	(501)	2,703	1,643	4,346
Net current period OCI	301		(3)	(81,903)	(81,605)	1,643	(79,962)
Balance, September 30, 2021	$	(2,245)	3	225,887	223,645	(83,421)	140,224

Schedule of Reclassifications Out Of Accumulated Other Comprehensive Income

	Quarter ended September 30,			Nine Months ended September 30,			Affected Line Item in the Unaudited Consolidated Statements of Income
($ in thousands)	2021		2020	2021		2020
HTM related
Unrealized (gains) losses on HTM disposals	$	(1)	4	$	(1)	5	Net realized and unrealized investment gains (losses)
Amortization of net unrealized losses (gains) on HTM securities	2		(5)	(3)		(12)	Net investment income earned
	1		(1)	(4)		(7)	Income before federal income tax
	—		1	1		2	Total federal income tax expense
	1		—	(3)		(5)	Net income
Net realized (gains) losses on disposals and intent-to-sell AFS securities
Net realized (gains) losses on disposals and intent-to-sell AFS securities	(1,296)		(515)	(634)		9,126	Net realized and unrealized investment gains (losses)
	(1,296)		(515)	(634)		9,126	Income before federal income tax
	272		109	133		(1,916)	Total federal income tax expense
	(1,024)		(406)	(501)		7,210	Net income
Credit loss related
Credit loss expense (benefit)	1,334		(2,853)	4,059		8,010	Net realized and unrealized investment gains (losses)
	1,334		(2,853)	4,059		8,010	Income before federal income tax
	(280)		599	(852)		(1,682)	Total federal income tax expense
	1,054		(2,254)	3,207		6,328	Net income
Defined benefit pension and post-retirement life plans
Net actuarial loss	159		162	478		486	Loss and loss expense incurred
	534		592	1,601		1,775	Other insurance expenses
Total defined benefit pension and post-retirement life	693		754	2,079		2,261	Income before federal income tax
	(145)		(158)	(436)		(474)	Total federal income tax expense
	548		596	1,643		1,787	Net income
Total reclassifications for the period	$	579	(2,064)	$	4,346	15,320	Net income