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Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2025

Summary of Derivative Instruments [Abstract]

Schedule of Estimated Fair Value of Derivative Instruments included in 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.

			September 30, 2025																		December 31, 2024
									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			$	3,850,000					$	65					$	—					$	4,350,000					$	—					$	13,003
Total cash flow hedges									$	65					$	—											$	—					$	13,003
Derivatives in fair value hedging relationships:
Interest rate contracts			$	1,652,967					$	60					$	—					$	2,102,967					$	168					$	1,469
Total fair value hedges									$	60					$	—											$	168					$	1,469
Total derivatives designated as hedging instruments									$	125					$	—											$	168					$	14,472
Derivatives not designated   as hedging instruments:
Interest rate contracts			$	18,050,806					$	84,723					$	117,782					$	14,653,252					$	81,099					$	201,847
Mortgage derivatives - interest rate lock commitments			51,828						974						—						34,649						434						—
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans			80,000						—						119						51,500						233						—
Risk participation agreements			1,057,038						—						21						924,267						—						6
Foreign exchange contracts			134,023						—						72						148,805						1,961						—
Visa derivative			—						—						2,964						—						—						64
Total derivatives not designated as hedging instruments									$	85,697					$	120,958											$	83,727					$	201,917

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

The following table presents the effect of hedging derivative instruments in the consolidated statements of income and the total amounts for the respective line item affected for the three and nine months ended September 30, 2025 and 2024.

			Three Months Ended September 30, 2025
			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			$	680,441					$	281,523					$	38,668
Gain (loss) on cash flow hedging relationships:(1)
Interest rate contracts:
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans			$	(13,993)					$	—					$	—
Pre-tax income (loss) recognized on cash flow hedges			$	(13,993)					$	—					$	—
Gain (loss) on fair value hedging relationships:
Amounts related to interest settlements on derivatives			$	—					$	(1,559)					$	(1,280)
Recognized on derivatives			—						1,056						(3,169)
Recognized on hedged items			—						(1,056)						3,169
Pre-tax income (loss) recognized on fair value hedges			$	—					$	(1,559)					$	(1,280)
			Three Months Ended September 30, 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			$	700,657					$	345,314					$	24,055
Gain (loss) on cash flow hedging relationships:(1)
Interest rate contracts:
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans			$	(36,768)					$	—					$	—
Pre-tax income (loss) recognized on cash flow hedges			$	(36,768)					$	—					$	—
Gain (loss) on fair value hedging relationships:
Amounts related to interest settlements on derivatives			$	—					$	(5,626)					$	(3,052)
Recognized on derivatives			—						15,078						14,490
Recognized on hedged items			—						(15,078)						(14,490)
Pre-tax income (loss) recognized on fair value hedges			$	—					$	(5,626)					$	(3,052)

			Nine Months Ended September 30, 2025
			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			$	1,986,504					$	842,157					$	102,102
Gain (loss) on cash flow hedging relationships:(1)
Interest rate contracts:
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans			$	(49,119)					$	—					$	—
Pre-tax income (loss) recognized on cash flow hedges			$	(49,119)					$	—					$	—
Gain (loss) on fair value hedging relationships:
Amounts related to interest settlements on derivatives			$	—					$	(6,810)					$	(5,591)
Recognized on derivatives			—						12,645						19,158
Recognized on hedged items			—						(12,645)						(19,158)
Pre-tax income (loss) recognized on fair value hedges			$	—					$	(6,810)					$	(5,591)
			Nine Months Ended September 30, 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			$	2,093,942					$	1,013,734					$	82,041
Gain (loss) on cash flow hedging relationships:(1)
Interest rate contracts:
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans			$	(113,118)					$	—					$	—
Pre-tax income (loss) recognized on cash flow hedges			$	(113,118)					$	—					$	—
Gain (loss) on fair value hedging relationships:
Amounts related to interest settlements on derivatives			$	—					$	(18,151)					$	(10,394)
Recognized on derivatives			—						15,480						13,486
Recognized on hedged items			—						(15,480)						(13,486)
Pre-tax income (loss) recognized on fair value hedges			$	—					$	(18,151)					$	(10,394)

(1)     See "Part I - Item 1. Financial Statements and Supplementary Data - Note 4 - Shareholders' Equity and Other Comprehensive Income (Loss)" for gain (loss) recognized on cash flow hedging relationships in AOCI.

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.

			September 30, 2025															December 31, 2024
			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			$	(950,000)		$	(8,353)					$	—					$	(1,050,000)		$	4,292					$	—
Long-term debt			(699,565)			(7,572)						5,713						(1,048,535)			11,585						9,809

Schedule of Pre-Tax Effect of Changes in Fair Value from Derivative Instruments Not Designated as Hedging Instruments

The pre-tax effect of changes in fair value from derivative instruments not designated as hedging instruments in the consolidated statements of income for the three and nine months ended September 30, 2025 and 2024 is presented below.

												Gain (Loss) Recognized in Consolidated Statements of Income
												Three Months Ended September 30,												Nine Months Ended September 30,
(in thousands)						Location in Consolidated Statements of Income						2025						2024						2025						2024
Derivatives not designated   as hedging instruments:
Interest rate contracts(1)						Capital markets income						$	(361)					$	66					$	(99)					$	219
Mortgage derivatives - interest rate lock commitments						Mortgage banking income						(138)						101						540						186
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans						Mortgage banking income						353						(215)						(352)						376
Risk participation agreements						Capital markets income						(7)						(11)						(15)						(9)
Foreign exchange contracts						Capital markets income						1,686						(1,233)						(2,033)						(701)
Visa derivative						Other non-interest expense						(2,911)						(8,700)						(5,111)						(8,700)
Total derivatives not designated as hedging instruments												$	(1,378)					$	(9,992)					$	(7,070)					$	(8,629)

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

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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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Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 182
-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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