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Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2021
Summary of Derivative Instruments [Abstract]  
Impact of Derivatives on Balance Sheet
The following table reflects the notional amount and fair value of derivative instruments included on the consolidated balance sheets.
December 31, 2021December 31, 2020
Fair ValueFair Value
(in thousands)Notional Amount
Derivative Assets(1)
Derivative Liabilities(2)
Notional Amount
Derivative Assets(1)
Derivative Liabilities(2)
Derivatives in cash flow hedging relationships:
Interest rate contracts$3,600,000 $22,004 $20,395 $3,000,000 $80,802 $— 
Total derivatives designated as hedging instruments$22,004 $20,395 $80,802 $— 
Derivatives not designated:
  as hedging instruments
Interest rate contracts(3)
$9,653,600 $167,560 $74,514 $8,784,141 $314,234 $153,204 
Mortgage derivatives - interest rate lock commitments99,006 2,105 — 306,138 6,259 — 
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans105,500 — 122 230,500 — 1,611 
Other contracts(4)
293,059 — 36 234,884 — 304 
Foreign exchange contracts(5)
22,387 39 — 24,125 
Visa derivative— — 3,535 — — 2,048 
Total derivatives not designated as hedging instruments$169,704 $78,207 $320,493 $157,167 
(1)    Derivative assets are recorded in other assets on the consolidated balance sheets.
(2)    Derivative liabilities are recorded in other liabilities on the consolidated balance sheets.
(3)    Includes interest rate contracts for client swaps and offsetting positions, net of variation margin payments.
(4)    Includes risk participation agreements sold. Additionally, the notional amount of risk participation agreements purchased was $81.2 million and $2.6 million at December 31, 2021 and 2020, respectively.
(5)     The fair value of foreign exchange contracts was negligible at December 31, 2020 due to the very short duration of these contracts.
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location
The following table presents the effect of hedging derivative instruments on the consolidated statements of income and the total amounts for the respective line item affected for the years ended December 31, 2021, 2020, and 2019.
(in thousands)202120202019
Total amounts presented on the consolidated statements of income in interest income on loans$31,522 $22,215 $— 
Gain/loss on cash flow hedging relationships:(1)
Interest rate swaps:
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans12,862 2,765 — 
Pre-tax income recognized on cash flow hedges$12,862 $2,765 $— 
(1)    See "Part II - Item 8. Financial Statements and Supplementary Data - Note 9 - Shareholders' Equity and Other Comprehensive Income" in this Report for additional information.
Effect of Fair Value Hedges on the Consolidated Statements of Income The pre-tax effect of changes in fair value from derivative instruments not designated as hedging instruments on the consolidated statements of income for the years ended December 31, 2021, 2020 and 2019 is presented below.
Gain (Loss) Recognized in Consolidated Statements of Income
For The Years Ended December 31,
(in thousands)
Location in Consolidated Statements of Income
202120202019
Derivatives not designated as hedging instruments:
Interest rate contracts(1)
Capital markets income$100 $(777)$(338)
Other contracts(2)
Capital markets income269 (213)(91)
Foreign exchange contractsCapital markets income39 — — 
Mortgage derivatives - interest rate lock commitmentsMortgage banking income(4,154)4,969 346 
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loansMortgage banking income1,489 (1,443)651 
Visa derivativeOther non-interest expense2,656 (890)(3,611)
Total derivatives not designated as hedging instruments$399 $1,646 $(3,043)
(1)    Gain (loss) represents net fair value adjustments (including credit related adjustments) for client swaps and offsetting positions. Additionally, losses related to termination of client swaps of $2.5 million were recorded in other non-interest expense during 2020.
(2)    Includes risk participation agreements sold