v3.26.3
Comprehensive Income (Loss)
 9 Months Ended
Sep. 30, 2026
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]  
Comprehensive Income (Loss) Comprehensive Income (Loss)
The components of comprehensive income (loss), both gross and net of tax, for Third Quarter 2026 and Nine Months 2026 and Third Quarter 2025 and Nine Months 2025 were as follows:

Third Quarter 2026
($ in thousands)GrossTaxNet
Net income (loss)
$162,088 33,436 128,652 
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period(263,272)(55,287)(207,985)
Unrealized gains (losses) on securities with credit loss recognized in earnings(93,072)(19,545)(73,527)
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and intent-to-sell AFS securities5,055 1,062 3,993 
Credit loss (benefit) expense12,876 2,704 10,172 
    Total unrealized gains (losses) on investment securities(338,413)(71,066)(267,347)
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income (loss):
Net actuarial (gain) loss807 169 638 
    Total defined benefit pension and post-retirement plans807 169 638 
Other comprehensive income (loss)(337,606)(70,897)(266,709)
Comprehensive income (loss)$(175,518)(37,461)(138,057)
Third Quarter 2025
($ in thousands)GrossTaxNet
Net income (loss)
$145,711 30,371 115,340 
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period67,404 14,156 53,248 
Unrealized gains (losses) on securities with credit loss recognized in earnings12,134 2,549 9,585 
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and intent-to-sell AFS securities580 122 458 
Credit loss (benefit) expense(829)(174)(655)
    Total unrealized gains (losses) on investment securities79,289 16,653 62,636 
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income (loss):
Net actuarial (gain) loss872 182 690 
    Total defined benefit pension and post-retirement plans872 182 690 
Other comprehensive income (loss)80,161 16,835 63,326 
Comprehensive income (loss)$225,872 47,206 178,666 
Nine Months 2026
($ in thousands)GrossTaxNet
Net income (loss)
$449,135 93,422 355,713 
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period(358,853)(75,359)(283,494)
Unrealized gains (losses) on securities with credit loss recognized in earnings(106,428)(22,350)(84,078)
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and intent-to-sell AFS securities10,036 2,108 7,928 
Credit loss (benefit) expense22,285 4,680 17,605 
Total unrealized gains (losses) on investment securities(432,960)(90,921)(342,039)
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income (loss):
Net actuarial (gain) loss2,420 508 1,912 
Total defined benefit pension and post-retirement plans2,420 508 1,912 
Other comprehensive income (loss)(430,540)(90,413)(340,127)
Comprehensive income (loss)$18,595 3,009 15,586 
Nine Months 2025
($ in thousands)GrossTaxNet
Net income (loss)
$393,502 82,323 311,179 
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period178,528 37,491 141,037 
Unrealized gains (losses) on securities with credit loss recognized in earnings35,922 7,544 28,378 
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and intent-to-sell AFS securities(128)(27)(101)
Credit loss (benefit) expense(2,345)(492)(1,853)
Total unrealized gains (losses) on investment securities211,977 44,516 167,461 
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income (loss):
Net actuarial (gain) loss2,617 549 2,068 
Total defined benefit pension and post-retirement plans2,617 549 2,068 
Other comprehensive income (loss)214,594 45,065 169,529 
Comprehensive income (loss)$608,096 127,388 480,708 

The following table shows each component of accumulated other comprehensive income (loss) (“AOCI”) (net of taxes), including balances and changes, as of September 30, 2026:

September 30, 2026Net Unrealized Gains (Losses) on Investment SecuritiesDefined Benefit Pension and Post-Retirement PlansTotal AOCI
($ in thousands)
Credit Loss Related1
All
Other		Investments
Subtotal
Balance, December 31, 2025
$(44,973)(24,861)(69,834)(81,826)(151,660)
OCI before reclassifications(84,078)(283,494)(367,572)— (367,572)
Amounts reclassified from AOCI17,605 7,928 25,533 1,912 27,445 
Net current period OCI(66,473)(275,566)(342,039)1,912 (340,127)
Balance, September 30, 2026
$(111,446)(300,427)(411,873)(79,914)(491,787)
1Represents change in unrealized gains (losses) on securities with credit loss recognized in earnings.
The reclassifications out of AOCI were as follows:

Quarter ended
September 30,		Nine Months ended
September 30,		Affected Line Item in the Unaudited Consolidated Statements of Income
($ in thousands)2026202520262025
Net realized (gains) losses on disposals and intent-to-sell AFS securities
Net realized (gains) losses
$5,055 580 $10,036 (128)Net realized and unrealized investment gains (losses)
Tax (benefit) expense
(1,062)(122)(2,108)27 Total income tax expense (benefit)
Net of taxes
3,993 458 7,928 (101)Net income (loss)
Credit loss related
Credit loss (benefit) expense12,876 (829)22,285 (2,345)Net realized and unrealized investment gains (losses)
Tax (benefit) expense
(2,704)174 (4,680)492 Total income tax expense (benefit)
Net of taxes
10,172 (655)17,605 (1,853)Net income (loss)
Defined benefit pension and post-retirement life plans
Net actuarial loss 186 201 557 602 Loss and loss expense incurred
Net actuarial loss621 671 1,863 2,015 Other insurance expenses
Total
807 872 2,420 2,617 Income (loss) before income tax
Tax (benefit) expense(169)(182)(508)(549)Total income tax expense (benefit)
Net of taxes638 690 1,912 2,068 Net income (loss)
Total reclassifications for the period$14,803 493 $27,445 114 Net income (loss)