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 | |
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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 | |
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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 |
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