Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2024

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 2024 and Six Months 2024 and Second Quarter 2023 and Six Months 2023 were as follows:

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)
Second Quarter 2023
($ in thousands)	Gross		Tax	Net
Net income (loss)	$	74,157	15,549	58,608
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period	(60,681)		(12,744)	(47,937)
Unrealized gains (losses) on securities with credit loss recognized in earnings	(6,030)		(1,266)	(4,764)
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and intent-to-sell AFS securities	9,383		1,970	7,413
Credit loss (benefit) expense	(864)		(181)	(683)
Total unrealized gains (losses) on investment securities	(58,192)		(12,221)	(45,971)
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income (loss):
Net actuarial (gain) loss	757		159	598
Total defined benefit pension and post-retirement plans	757		159	598
Other comprehensive income (loss)	(57,435)		(12,062)	(45,373)
Comprehensive income (loss)	$	16,722	3,487	13,235

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)
Six Months 2023
($ in thousands)	Gross		Tax	Net
Net income (loss)	$	188,916	37,734	151,182
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period	5,244		1,102	4,142
Unrealized gains (losses) on securities with credit loss recognized in earnings	16,401		3,444	12,957
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and intent-to-sell AFS securities	15,487		3,252	12,235
Credit loss (benefit) expense	(10,393)		(2,183)	(8,210)
Total unrealized gains (losses) on investment securities	26,739		5,615	21,124
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income (loss):
Net actuarial (gain) loss	1,514		318	1,196
Total defined benefit pension and post-retirement plans	1,514		318	1,196
Other comprehensive income (loss)	28,253		5,933	22,320
Comprehensive income (loss)	$	217,169	43,667	173,502

Schedule of Components of Accumulated Other Comprehensive Income Net of Tax

The balances of, and changes in, each component of accumulated other comprehensive income (loss) ("AOCI") (net of taxes) as of June 30, 2024, were as follows:

June 30, 2024	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, 2023	$	(84,442)	(194,628)	(279,070)	(93,931)	(373,001)
OCI before reclassifications	(5,401)		(18,887)	(24,288)	—	(24,288)
Amounts reclassified from AOCI	3,068		(28)	3,040	1,528	4,568
Net current period OCI	(2,333)		(18,915)	(21,248)	1,528	(19,720)
Balance, June 30, 2024	$	(86,775)	(213,543)	(300,318)	(92,403)	(392,721)

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

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)	2024		2023	2024		2023
Net realized (gains) losses on disposals and intent-to-sell AFS securities
Net realized (gains) losses	$	43	9,383	$	(35)	15,487	Net realized and unrealized investment gains (losses)
Tax (benefit) expense	(10)		(1,970)	7		(3,252)	Total federal income tax expense (benefit)
Net of taxes	33		7,413	(28)		12,235	Net income (loss)
Credit loss related
Credit loss (benefit) expense	1,233		(864)	3,883		(10,393)	Net realized and unrealized investment gains (losses)
Tax (benefit) expense	(258)		181	(815)		2,183	Total federal income tax expense (benefit)
Net of taxes	975		(683)	3,068		(8,210)	Net income (loss)
Defined benefit pension and post-retirement life plans
Net actuarial loss	223		173	445		348	Loss and loss expense incurred
Net actuarial loss	744		584	1,489		1,166	Other insurance expenses
Total	967		757	1,934		1,514	Income (loss) before federal income tax
Tax (benefit) expense	(203)		(159)	(406)		(318)	Total federal income tax expense (benefit)
Net of taxes	764		598	1,528		1,196	Net income (loss)
Total reclassifications for the period	$	1,772	7,328	$	4,568	5,221	Net income (loss)