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Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2022

Summary of Derivative Instruments [Abstract]

Impact of Derivatives on Balance Sheet

The following table reflects the estimated fair value of derivative instruments included in other assets and other liabilities on the consolidated balance sheets along with their respective notional amounts on a gross basis.

			June 30, 2022																		December 31, 2021
									Estimated Fair Value																		Estimated 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			$	5,250,000					$	248					$	182,949					$	3,600,000					$	22,004					$	20,395
Total cash flow hedges									$	248					$	182,949											$	22,004					$	20,395
Derivatives in fair value hedging relationships:
Interest rate contracts			$	819,389					$	298					$	4,571					$	—					$	—					$	—
Total fair value hedges									$	298					$	4,571											$	—					$	—
Total derivatives designated as hedging instruments									$	546					$	187,520											$	22,004					$	20,395
Derivatives not designated   as hedging instruments:
Interest rate contracts(1)			$	9,250,136					$	188,994					$	152,201					$	9,653,600					$	167,560					$	74,514
Mortgage derivatives - interest rate lock commitments			108,135						1,181						—						99,006						2,105						—
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans			126,000						233						—						105,500						—						122
Risk participation agreements			448,186						—						1						374,214						—						36
Foreign exchange contracts			22,082						423						—						22,387						39						—
Visa derivative			—						—						4,993						—						—						3,535
Total derivatives not designated as hedging instruments									$	190,831					$	157,195											$	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 and six months ended June 30, 2022 and 2021.

			Three Months Ended June 30,												Six Months Ended June 30,
(in thousands)			2022						2021						2022						2021
Total interest income/(expense) amounts presented in the consolidated statements of income:
Interest income on loans, including fees			$	2,986					$	7,605					$	11,642					$	15,947
Interest expense on deposits			1,447						—						1,447						—
Interest expense on long-term debt			584						—						584						—
Gain/(loss) on cash flow hedging relationships:
Interest rate contracts:
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans			978						3,657						3,167						5,256
Pre-tax income recognized on cash flow hedges			$	978					$	3,657					$	3,167					$	5,256
Gain/(loss) on fair value hedging relationships:
Interest rate contracts related to interest-bearing deposits:
Recognized on derivatives			(2,818)						—						(2,818)						—
Recognized on hedged items			2,818						—						2,818						—
Pre-tax income recognized on interest-bearing deposits fair value hedges			$	—					$	—					$	—					$	—
Interest rate contracts related to long-term debt:
Recognized on derivatives			(1,455)						—						(1,455)						—
Recognized on hedged items			1,455						—						1,455						—
Pre-tax income recognized on long-term debt fair value hedges			$	—					$	—					$	—					$	—
Total pre-tax income recognized on fair value hedges			$	—					$	—					$	—					$	—

Schedule of Carrying Amount and Associated Cumulative Basis Adjustment Related to the Application of Hedge Accounting

The following table presents the carrying amount and associated cumulative basis adjustment related to the application of hedge accounting that is included in the carrying amount of the hedged liabilities in fair value hedging relationships.

			June 30, 2022									December 31, 2021
			Hedged Items Currently Designated									Hedged Items Currently Designated
(in thousands)			Carrying Amount of Assets/(Liabilities)			Hedge Accounting Basis Adjustment						Carrying Amount of Assets/(Liabilities)			Hedge Accounting Basis Adjustment
Interest-bearing deposits			$	(619,390)		$	2,818					$	—		$	—
Long-term debt			(197,760)			1,455						—			—

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 and six months ended June 30, 2022 and 2021 is presented below.

												Gain (Loss) Recognized in Consolidated Statements of Income
												Three Months Ended June 30,												Six Months Ended June 30,
(in thousands)						Location in Consolidated Statements of Income						2022						2021						2022						2021
Derivatives not designated   as hedging instruments:
Interest rate contracts(1)						Capital markets income						$	736					$	(637)					$	1,409					$	310
Mortgage derivatives - interest rate lock commitments						Mortgage banking income						394						(53)						(924)						(1,772)
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans						Mortgage banking income						(3,210)						(4,974)						355						1,268
Risk participation agreements						Capital markets income						10						(19)						35						182
Foreign exchange contracts						Capital markets income						320						—						385						—
Total derivatives not designated as hedging instruments												$	(1,750)					$	(5,683)					$	1,260					$	(12)

(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
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959

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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.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959

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