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Derivatives (Tables) | 9 Months Ended
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Sep. 30, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract] |
Fair Values of Derivative Financial Instruments | The table below presents the notional or contractual amounts and fair values of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets at September 30, 2020 and December 31, 2019.
|  |  |  | September 30, 2020 |  |  | December 31, 2019 |
|  |  |  |  |  |  |  | Derivative (1) |  |  |  |  |  |  | Derivative (1) |
(in thousands) |  | Type of Hedge |  | Notional or Contractual Amount |  |  | Assets |  |  | Liabilities |  |  | Notional or Contractual Amount |  |  | Assets |  |  | Liabilities |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps - variable rate loans |  | Cash Flow |  | $ | 1,175,000 |  |  | $ | 57,412 |  |  | — |  |  | $ | 1,175,000 |  |  | $ | 24,172 |  |  | $ | 337 |
Interest rate swaps - securities |  | Fair Value |  |  | 762,650 |  |  |  | 842 |  |  |  | 24,203 |  |  |  | 441,400 |  |  |  | 1,474 |  |  |  | 1,759 |
Interest rate swaps - brokered deposits |  | Fair Value |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 43,000 |  |  |  | — |  |  |  | 9 |
|  |  |  |  | 1,937,650 |  |  |  | 58,254 |  |  |  | 24,203 |  |  |  | 1,659,400 |  |  |  | 25,646 |  |  |  | 2,105 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps (2) |  | N/A |  |  | 4,560,306 |  |  |  | 164,273 |  |  |  | 168,207 |  |  |  | 3,759,232 |  |  |  | 54,512 |  |  |  | 55,664 |
Risk participation agreements |  | N/A |  |  | 205,787 |  |  |  | 78 |  |  |  | 136 |  |  |  | 254,825 |  |  |  | 21 |  |  |  | 45 |
Forward commitments to sell residential mortgage loans |  | N/A |  |  | 345,871 |  |  |  | 82 |  |  |  | 3,584 |  |  |  | 145,623 |  |  |  | 651 |  |  |  | 744 |
Interest rate-lock commitments on residential mortgage loans |  | N/A |  |  | 265,957 |  |  |  | 2,452 |  |  |  | 59 |  |  |  | 83,224 |  |  |  | 369 |  |  |  | 375 |
Foreign exchange forward contracts |  | N/A |  |  | 81,492 |  |  |  | 1,937 |  |  |  | 1,888 |  |  |  | 64,632 |  |  |  | 303 |  |  |  | 366 |
Visa Class B derivative contract |  | N/A |  |  | 43,565 |  |  | — |  |  |  | 4,616 |  |  |  | 43,753 |  |  |  | — |  |  |  | 5,704 |
|  |  |  |  | 5,502,978 |  |  |  | 168,822 |  |  |  | 178,490 |  |  |  | 4,351,289 |  |  |  | 55,856 |  |  |  | 62,898 |
Total derivatives |  |  |  | $ | 7,440,628 |  |  | $ | 227,076 |  |  | $ | 202,693 |  |  | $ | 6,010,689 |  |  | $ | 81,502 |  |  | $ | 65,003 |
Less: netting adjustment (3) |  |  |  |  |  |  |  |  | (58,254 | ) |  |  | (146,415 | ) |  |  |  |  |  |  | (27,056 | ) |  |  | (43,914 | )
Total derivative assets/liabilities |  |  |  |  |  |  |  | $ | 168,822 |  |  | $ | 56,278 |  |  |  |  |  |  | $ | 54,446 |  |  | $ | 21,089 |
(1) | Derivative assets and liabilities are reported at fair value in other assets or other liabilities, respectively, in the consolidated balance sheets.
(2) | The notional amount represents both the customer accommodation agreements and offsetting agreements with unrelated financial institutions.
(3) | Represents balance sheet netting of derivative assets and liabilities for variation margin collateral held or placed with the same central clearing counterparty. See offsetting assets and liabilities for further information.
Effects of Derivative Instruments on the Statement of Income |
|  |  |  | Three Months Ended |  |  | Nine Months Ended |
|  |  |  | September 30, |  |  | September 30, |
Derivative Instruments: |  | Location of Gain (Loss) Recognized in the Statement of Income: |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Cash flow hedges - variable rate loans |  | Interest income |  | $ | 5,788 |  |  | $ | (956 | ) |  | $ | 11,249 |  |  | $ | (4,632 | )
Fair value hedges - securities |  | Interest income |  |  | (7 | ) |  |  | 15 |  |  |  | 33 |  |  |  | 15 |
Fair value hedges - brokered deposits |  | Interest expense |  | — |  |  |  | (243 | ) |  |  | 46 |  |  |  | (1,692 | )
All other instruments |  | Other noninterest income |  |  | 1,739 |  |  |  | 4,324 |  |  |  | 9,718 |  |  |  | 8,733 |
Total gain |  |  |  | $ | 7,520 |  |  | $ | 3,140 |  |  | $ | 21,046 |  |  | $ | 2,424 |
Offsetting Derivative Assets and Liabilities Subject to Master Netting Arrangements |
(in thousands) |  |  |  |  |  | Gross Amounts |  |  | Net Amounts |  |  | Gross Amounts Not Offset in the Statement of Financial Condition |
Description |  | Gross Amounts Recognized |  |  | Offset in the Statement of Financial Condition |  |  | Presented in the Statement of Financial Condition |  |  | Financial Instruments |  |  | Cash Collateral |  |  | Net Amount |
As of September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative Assets |  | $ | 60,231 |  |  | $ | (60,231 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Derivative Liabilities |  | $ | 195,780 |  |  | $ | (148,738 | ) |  | $ | 47,042 |  |  | $ | — |  |  | $ | 87,926 |  |  | $ | (40,884 | )
(in thousands) |  |  |  |  |  | Gross Amounts |  |  | Net Amounts |  |  | Gross Amounts Not Offset in the Statement of Financial Condition |
Description |  | Gross Amounts Recognized |  |  | Offset in the Statement of Financial Condition |  |  | Presented in the Statement of Financial Condition |  |  | Financial Instruments |  |  | Cash Collateral |  |  | Net Amount |
As of December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative Assets |  | $ | 27,938 |  |  | $ | (27,915 | ) |  | $ | 23 |  |  | $ | 23 |  |  | $ | — |  |  | $ | — |
Derivative Liabilities |  | $ | 56,523 |  |  | $ | (44,570 | ) |  | $ | 11,953 |  |  | $ | 23 |  |  | $ | 35,113 |  |  | $ | (23,183 | )

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