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Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended
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Mar. 31, 2022
Summary of Derivative Instruments [Abstract] |
Impact of Derivatives on Balance Sheet | The following table reflects the fair value of derivative instruments included in other assets and other liabilities on the consolidated balance sheets along with their respective notional amounts.
| March 31, 2022 |  | December 31, 2021
|  |  | Fair Value |  |  |  | Fair Value
(in thousands) | Notional Amount |  | Derivative Assets |  | Derivative Liabilities |  | Notional Amount |  | Derivative Assets |  | Derivative Liabilities
Derivatives in cash flow hedging relationships: |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts | $ | 5,000,000 |  |  | $ | — |  |  | $ | 134,369 |  |  | $ | 3,600,000 |  |  | $ | 22,004 |  |  | $ | 20,395 |
Total derivatives designated as hedging instruments |  |  | $ | — |  |  | $ | 134,369 |  |  |  |  | $ | 22,004 |  |  | $ | 20,395 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts(1) | $ | 9,420,004 |  |  | $ | 156,210 |  |  | $ | 95,707 |  |  | $ | 9,653,600 |  |  | $ | 167,560 |  |  | $ | 74,514 |
Mortgage derivatives - interest rate lock commitments | 131,642 |  |  | 788 |  |  | — |  |  | 99,006 |  |  | 2,105 |  |  | — |
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans | 178,000 |  |  | 3,443 |  |  | — |  |  | 105,500 |  |  | — |  |  | 122 |
Risk participation agreements | 431,402 |  |  | — |  |  | 11 |  |  | 374,214 |  |  | — |  |  | 36 |
Foreign exchange contracts | 43,314 |  |  | 104 |  |  | — |  |  | 22,387 |  |  | 39 |  |  | — |
Visa derivative | — |  |  | — |  |  | 1,776 |  |  | — |  |  | — |  |  | 3,535 |
Total derivatives not designated as hedging instruments |  |  | $ | 160,545 |  |  | $ | 97,494 |  |  |  |  | $ | 169,704 |  |  | $ | 78,207 |
(1) Includes interest rate contracts for client swaps and offsetting positions, net of variation margin payments.
Schedule of Derivative Instruments, Effect on Hedging | 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 three months ended March 31, 2022 and 2021.
| Three Months Ended March 31, |  |
(in thousands) | 2022 |  | 2021 |  |  |  |
Total amounts presented in the consolidated statements of income in interest income on loans | $ | 8,656 |  |  | $ | 8,342 |  |  |  |  |
Gain/loss on cash flow hedging relationships:(1) |  |  |  |  |  |  |
Interest rate swaps: |  |  |  |  |  |  |
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans | 2,189 |  |  | 1,599 |  |  |  |  |
Pre-tax income recognized on cash flow hedges | $ | 2,189 |  |  | $ | 1,599 |  |  |  |  |
(1) See "Part I - Item 1. Financial Statements and Supplementary Data - Note 5 - Shareholders' Equity and Other Comprehensive Income (Loss)" in this Report for additional information.
Effect of Fair Value Hedges on 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 three months ended March 31, 2022 and 2021 is presented below.
|  |  |  | Gain (Loss) Recognized in Consolidated Statements of Income
|  |  |  | Three Months Ended March 31, |  |
(in thousands) |  | Location in Consolidated Statements of Income |  | 2022 |  | 2021 |  |  |  |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |
Interest rate contracts(1) |  | Capital markets income |  | $ | 673 |  |  | $ | 947 |  |  |  |  |
Risk participation agreements |  | Capital markets income |  | 25 |  |  | 201 |  |  |  |  |
Foreign exchange contracts |  | Capital markets income |  | 65 |  |  | — |  |  |  |  |
Mortgage derivatives - interest rate lock commitments |  | Mortgage banking income |  | (1,318) |  |  | (1,719) |  |  |  |  |
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans |  | Mortgage banking income |  | 3,565 |  |  | 6,242 |  |  |  |  |
Total derivatives not designated as hedging instruments |  |  |  | $ | 3,010 |  |  | $ | 5,671 |  |  |  |  |
(1) Gain (loss) represents net fair value adjustments (including credit related adjustments) for client swaps and offsetting positions.

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