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Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

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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Schedule of Effect of Fair Value Hedges on the Consolidated Statements of Income

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
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Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959

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