Derivatives (Tables)

12 Months Ended

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	)