Comprehensive Income (Loss) (Tables)

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)	Gross		Tax	Net
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 securities	5,055		1,062	3,993
Credit loss (benefit) expense	12,876		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) loss	807		169	638

Total defined benefit pension and post-retirement plans	807		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)	Gross		Tax	Net
Net income (loss)	$	145,711	30,371	115,340
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period	67,404		14,156	53,248
Unrealized gains (losses) on securities with credit loss recognized in earnings	12,134		2,549	9,585
Amounts reclassified into net income (loss):

Net realized (gains) losses on disposals and intent-to-sell AFS securities	580		122	458
Credit loss (benefit) expense	(829)		(174)	(655)
Total unrealized gains (losses) on investment securities	79,289		16,653	62,636
Defined benefit pension and post-retirement plans:

Amounts reclassified into net income (loss):
Net actuarial (gain) loss	872		182	690

Total defined benefit pension and post-retirement plans	872		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)	Gross		Tax	Net
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 securities	10,036		2,108	7,928
Credit loss (benefit) expense	22,285		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) loss	2,420		508	1,912

Total defined benefit pension and post-retirement plans	2,420		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)	Gross		Tax	Net
Net income (loss)	$	393,502	82,323	311,179
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period	178,528		37,491	141,037
Unrealized gains (losses) on securities with credit loss recognized in earnings	35,922		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 securities	211,977		44,516	167,461
Defined benefit pension and post-retirement plans:

Amounts reclassified into net income (loss):
Net actuarial (gain) loss	2,617		549	2,068

Total defined benefit pension and post-retirement plans	2,617		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, 2026	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, 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 AOCI	17,605		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)	2026		2025	2026		2025
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) expense	12,876		(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 loss	621		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 taxes	638		690	1,912		2,068	Net income (loss)
Total reclassifications for the period	$	14,803	493	$	27,445	114	Net income (loss)