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Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Summary of Derivative Instruments [Abstract]

Schedule of Estimated Fair Value of Derivative Instruments Included in Other Assets and Other Liabilities on the Consolidated Balance Sheets

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.

			December 31, 2024																		December 31, 2023
									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			$	4,350,000					$	—					$	13,003					$	5,600,000					$	—					$	7,527
Total cash flow hedges									$	—					$	13,003											$	—					$	7,527
Derivatives in fair value hedging relationships:
Interest rate contracts			$	2,102,967					$	168					$	1,469					$	2,563,504					$	—					$	12,891
Total fair value hedges									$	168					$	1,469											$	—					$	12,891
Total derivatives designated as hedging instruments									$	168					$	14,472											$	—					$	20,418
Derivatives not designated:   as hedging instruments
Interest rate contracts			$	14,653,252					$	81,099					$	201,847					$	11,888,152					$	94,208					$	238,134
Mortgage derivatives - interest rate lock commitments			34,649						434						—						40,642						695						—
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans			51,500						233						—						60,906						—						567
Risk participation agreements			924,267						—						6						732,682						—						3
Foreign exchange contracts			148,805						1,961						—						41,603						—						528
Visa derivative			—						—						64						—						—						589
Total derivatives not designated as hedging instruments									$	83,727					$	201,917											$	94,903					$	239,821

Schedule of Effect of Hedging Derivative Instruments on the Consolidated Statements of Income

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, 2024, 2023, and 2022.

			2024
			Interest Income						Interest Expense
(in thousands)			Loans, including fees						Deposits						Long-term debt
Total interest income/expense amounts presented in the consolidated statements of income			$	2,769,778					$	1,329,932					$	109,657
Gain (loss) on cash flow hedging relationships:(1)
Interest rate contracts:
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans			$	(139,041)					$	—					$	—
Pre-tax income (loss) recognized on cash flow hedges			$	(139,041)					$	—					$	—
Gain (loss) on fair value hedging relationships:
Amounts related to interest settlements on derivatives			$	—					$	(21,777)					$	(12,803)
Recognized on derivatives			—						11,224						1,777
Recognized on hedged items			—						(11,224)						(1,777)
Pre-tax income (loss) recognized on fair value hedges			$	—					$	(21,777)					$	(12,803)

			2023
			Interest Income						Interest Expense
(in thousands)			Loans, including fees						Deposits						Long-term debt
Total interest income/expense amounts presented in the consolidated statements of income			$	2,684,762					$	1,026,755					$	180,670
Gain (loss) on cash flow hedging relationships:(1)
Interest rate contracts:
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans			$	(176,442)					$	—					$	—
Pre-tax income (loss) recognized on cash flow hedges			$	(176,442)					$	—					$	—
Gain (loss) on fair value hedging relationships:
Amounts related to interest settlements on derivatives			$	—					$	(22,495)					$	(16,358)
Recognized on derivatives			—						8,711						5,986
Recognized on hedged items			—						(8,711)						(5,986)
Pre-tax income (loss) recognized on fair value hedges			$	—					$	(22,495)					$	(16,358)
			2022
			Interest Income						Interest Expense
(in thousands)			Loans, including fees						Deposits						Long-term debt
Total interest income/expense amounts presented in the consolidated statements of income			$	1,806,060					$	187,232					$	79,402
Gain (loss) on cash flow hedging relationships:(1)
Interest rate contracts:
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans			$	(24,057)					$	—					$	—
Pre-tax income (loss) recognized on cash flow hedges			$	(24,057)					$	—					$	—
Gain (loss) on fair value hedging relationships:
Amounts related to interest settlements on derivatives			$	—					$	1,516					$	(322)
Recognized on derivatives			—						(24,227)						(19,348)
Recognized on hedged items			—						24,227						19,348
Pre-tax income (loss) recognized on fair value hedges			$	—					$	1,516					$	(322)

(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.

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 assets/(liabilities) in fair value hedging relationships.

			December 31, 2024															December 31, 2023
			Hedged Items Currently Designated									Hedged Items No Longer Designated						Hedged Items Currently Designated									Hedged Items No Longer Designated
(in thousands)			Carrying Amount of Assets/(Liabilities)			Hedge Accounting Basis Adjustment												Carrying Amount of Assets/(Liabilities)			Hedge Accounting Basis Adjustment
Interest-bearing deposits			$	(1,050,000)		$	4,292					$	—					$	(2,013,504)		$	(8,711)					$	1,267
Long-term debt			(1,048,535)			11,585						9,809						(546,872)			(5,986)						9,638

Schedule of Pre-Tax Effect of Changes in Fair Value from Derivative Instruments Not Designated as Hedging Instruments 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, 2024, 2023, and 2022 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						2024						2023						2022
Derivatives not designated as hedging instruments:
Interest rate contracts(1)			Capital markets income						$	(459)					$	395					$	1,570
Mortgage derivatives - interest rate lock commitments			Mortgage banking income						(261)						345						(1,756)
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans			Mortgage banking income						799						(722)						277
Risk participation agreements			Capital markets income						(3)						—						33
Foreign exchange contracts			Capital markets income						2,490						(12)						(555)
Visa derivative			Other non-interest expense						(8,700)						(3,927)						(6,000)
Total derivatives not designated as hedging instruments									$	(6,134)					$	(3,921)					$	(6,431)

(1)    Gain (loss) represents net fair value adjustments (including credit related adjustments) for client swaps.

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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.

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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-Publisher FASB
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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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