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Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Financial Instruments

Schedule of derivative financial instruments


							December 31, 2024									December 31, 2023
		Balance Sheet		Notional			Estimated Fair Value						Notional			Estimated Fair Value
(Dollars in thousands)		Location		Amount			Gain			Loss			Amount			Gain			Loss
Fair value hedge of interest rate risk:
Pay fixed rate swap with counterparty		Other Assets		$	3,945		$	107		$	—		$	9,188		$	220		$	—


Not designated hedges of interest rate risk:
Customer related interest rate contracts:
Matched interest rate swaps with borrowers		Other Assets and Other Liabilities			12,649,905			36,232			878,046			11,327,419			60,145			803,539
Matched interest rate swaps with counterparty ⁽¹⁾		Other Assets			12,559,707			124,032			—			11,235,952			108,820			—

Economic hedges of interest rate risk:
Pay floating rate swap with counterparty		Other Assets			3,083,000			36			—			1,660,000			(5)			—

Not designated hedges of interest rate risk – mortgage banking activities:
Contracts used to hedge mortgage servicing rights		Other Assets and Other Liabilities			129,000			—			1,809			142,000			2,605			—
Contracts used to hedge mortgage pipeline		Other Assets and Other Liabilities			88,000			1,083			—			77,500			1,154			947
Total derivatives				$	28,513,557		$	161,490		$	879,855		$	24,452,059		$	172,939		$	804,486

(1)

The fair value of the interest rate swap derivative assets was reduced by $719.4 million and $635.3 million, respectively, at December 31, 2024 and 2023 in variation margin payments applicable to swaps centrally cleared through LCH and CME.

Schedule of derivative, offsetting assets and liabilities


					December 31, 2024									December 31, 2023
		Notional			Estimated Fair Value						Notional			Estimated Fair Value
(Dollars in thousands)		Amount			Gain			Loss			Amount			Gain			Loss

Interest rate contracts subject to master netting agreements included in table above
Total gross derivative instruments, before netting		$	1,858,693		$	133,304		$	708		$	2,119,053		$	111,630		$	4,795
Less: Netting adjustment			49,000			(708)			(708)			182,681			(4,795)			(4,795)
Total gross derivative instruments, after netting			1,858,693		$	132,596		$	—			2,119,053		$	106,835		$	—

* As of December 31, 2024 and 2023, counterparties provided $53.9 million and $45.2 million, respectively, of cash collateral to the Company to secure swap asset positions that were not centrally cleared, which is included in Interest-bearing Deposits within Total Liabilities on the Consolidated Balance Sheets. Counterparties also pledged $30.4 million and $47.8 million in investment securities to secure swap asset positions that were not centrally cleared. The Company provided $1.9 million to counterparties to secure swap positions that were not centrally cleared as of December 31, 2024 and 2023.

Schedule of notional value of forward sale commitments and the fair value of those obligations along with the fair value of the mortgage pipeline


(Dollars in thousands)		December 31, 2024			December 31, 2023
Mortgage loan pipeline		$	59,291		$	65,051
Expected closures			53,177			54,993
Fair value of mortgage loan pipeline commitments			751			1,154
Forward sales commitments			88,000			77,500
Fair value of forward commitments			333			(947)