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Derivatives (Tables) | 12 Months Ended
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Dec. 31, 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 December 31, 2020 and 2019.
|  |  |  | December 31, 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 |  |  | $ |  | 50,962 |  |  | $ |  | — |  |  | $ |  | 1,175,000 |  |  | $ |  | 24,172 |  |  | $ |  | 337 |
Interest rate swaps - securities |  | Fair Value |  |  |  | 1,158,150 |  |  |  |  | 6,686 |  |  |  |  | 18,920 |  |  |  |  | 441,400 |  |  |  |  | 1,474 |  |  |  |  | 1,759 |
Interest rate swaps - brokered deposits |  | Fair Value |  |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 43,000 |  |  |  |  | — |  |  |  |  | 9 |
|  |  |  | $ |  | 2,333,150 |  |  | $ |  | 57,648 |  |  | $ |  | 18,920 |  |  | $ |  | 1,659,400 |  |  | $ |  | 25,646 |  |  | $ |  | 2,105 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | N/A |  | $ |  | 4,806,258 |  |  | $ |  | 145,517 |  |  | $ |  | 148,778 |  |  | $ |  | 3,759,232 |  |  | $ |  | 54,512 |  |  | $ |  | 55,664 |
Risk participation agreements |  | N/A |  |  |  | 216,511 |  |  |  |  | 35 |  |  |  |  | 108 |  |  |  |  | 254,825 |  |  |  |  | 21 |  |  |  |  | 45 |
Forward commitments to sell residential mortgage loans |  | N/A |  |  |  | 310,458 |  |  |  |  | 19 |  |  |  |  | 3,211 |  |  |  |  | 145,623 |  |  |  |  | 651 |  |  |  |  | 744 |
Interest rate-lock commitments on residential mortgage loans |  | N/A |  |  |  | 206,258 |  |  |  |  | 1,793 |  |  |  |  | 14 |  |  |  |  | 83,224 |  |  |  |  | 369 |  |  |  |  | 375 |
Foreign exchange forward contracts |  | N/A |  |  |  | 58,822 |  |  |  |  | 2,816 |  |  |  |  | 2,785 |  |  |  |  | 64,632 |  |  |  |  | 303 |  |  |  |  | 366 |
Visa Class B derivative contract |  | N/A |  |  |  | 43,565 |  |  |  |  | — |  |  |  |  | 5,645 |  |  |  |  | 43,753 |  |  |  |  | — |  |  |  |  | 5,704 |
|  |  |  | $ |  | 5,641,872 |  |  | $ |  | 150,180 |  |  | $ |  | 160,541 |  |  | $ |  | 4,351,289 |  |  | $ |  | 55,856 |  |  | $ |  | 62,898 |
Total derivatives |  |  |  | $ |  | 7,975,022 |  |  | $ |  | 207,828 |  |  | $ |  | 179,461 |  |  | $ |  | 6,010,689 |  |  | $ |  | 81,502 |  |  | $ |  | 65,003 |
Less: netting adjustments (2) |  |  |  |  |  |  |  |  |  |  | (57,648 | ) |  |  |  | (124,204 | ) |  |  |  |  |  |  |  |  | (27,056 | ) |  |  |  | (43,914 | )
Total derivate assets/liabilities |  |  |  |  |  |  |  |  |  |  | 150,180 |  |  |  |  | 55,257 |  |  |  |  |  |  |  |  |  | 54,446 |  |  |  |  | 21,089 |
(1) | Derivative assets and liabilities are reported in other assets or other liabilities, respectively, in the consolidated balance sheets.
(2) | 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 | The effects of derivative instruments on the consolidated statements of income for the years ended December 31, 2020, 2019, and 2018 are presented in the table below. For the years ended December 31, 2019 and 2018, the reduction of interest income attributable to cash flow hedges includes amortization of accumulated other comprehensive loss that resulted from termination of certain interest rate swap contracts.
(in thousands) |  |  |  | Year Ended December 31,
Derivative Instruments: |  | Location of Gain (Loss) Recognized in the Statement of Income: |  | 2020 |  | 2019 |  | 2018
Fair value hedges- securities |  | Interest income |  | $ | 8 |  | $ | 1 |  | $ | —
Cash flow hedges - variable rate loans |  | Interest income |  |  | 17,351 |  |  | (4,255) |  |  | (4,497)
Fair value hedges - brokered deposits |  | Interest expense |  |  | 46 |  |  | (1,752) |  |  | (2,343)
All other instruments |  | Other noninterest income |  |  | 12,814 |  |  | 12,958 |  |  | 5,368
Total |  |  |  | $ | 30,219 |  | $ | 6,952 |  | $ | (1,472)
Offsetting Derivative Assets and Liabilities Subject to Master Netting Arrangements | Offsetting information in regards to all derivative assets and liabilities, including accrued interest subject to these master netting agreements at December 31, 2020 and 2019 is presented in the following tables:
As of December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  | Gross Amounts Offset in the |  |  | Net Amounts Presented in the |  |  | Gross Amounts Not Offset in the Statement of Financial Position |
(in thousands) |  | Gross Amounts Recognized |  |  | Statement of Financial Position |  |  | Statement of Financial Position |  |  | Financial Instruments |  |  | Cash Collateral |  |  | Net Amount |
Derivative Assets |  | $ |  | 61,529 |  |  | $ |  | (58,660 | ) |  | $ |  | 2,869 |  |  | $ |  | 2,869 |  |  | $ |  | — |  |  | $ |  | — |
Derivative Liabilities |  | $ |  | 171,275 |  |  | $ |  | (126,434 | ) |  | $ |  | 44,841 |  |  | $ |  | 2,869 |  |  | $ |  | 90,312 |  |  | $ |  | (48,340 | )
As of December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  | Gross Amounts Offset in the |  |  | Net Amounts Presented in the |  |  | Gross Amounts Not Offset in the Statement of Financial Position |
(in thousands) |  | Gross Amounts Recognized |  |  | Statement of Financial Position |  |  | Statement of Financial Position |  |  | Financial Instruments |  |  | Cash Collateral |  |  | Net Amount |
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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