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Derivatives (Tables) | 9 Months Ended
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Sep. 30, 2022
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, 2022 and December 31, 2021.
|  |  |  | September 30, 2022 |  |  | December 31, 2021 |
|  |  |  |  |  |  | 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 |  | $ | 2,050,000 |  |  | $ | — |  |  | $ | 122,433 |  |  | $ | 1,125,000 |  |  | $ | 5,884 |  |  | $ | 4,421 |
Interest rate swaps - securities |  | Fair Value |  |  | 934,900 |  |  |  | 62,610 |  |  |  | — |  |  |  | 1,837,650 |  |  |  | 22,138 |  |  |  | 10,690 |
|  |  |  |  | 2,984,900 |  |  |  | 62,610 |  |  |  | 122,433 |  |  |  | 2,962,650 |  |  |  | 28,022 |  |  |  | 15,111 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | N/A |  |  | 5,046,771 |  |  |  | 188,799 |  |  |  | 185,546 |  |  |  | 5,193,991 |  |  |  | 75,819 |  |  |  | 75,861 |
Risk participation agreements |  | N/A |  |  | 286,091 |  |  |  | 1 |  |  |  | 9 |  |  |  | 217,437 |  |  |  | 11 |  |  |  | 35 |
Interest rate-lock commitments on residential mortgage loans |  | N/A |  |  | 28,414 |  |  |  | 143 |  |  |  | 178 |  |  |  | 82,037 |  |  |  | 1,525 |  |  |  | 1 |
Forward commitments to sell residential mortgage loans |  | N/A |  |  | 18,517 |  |  |  | 158 |  |  |  | 69 |  |  |  | 46,739 |  |  |  | 1 |  |  |  | 645 |
To Be Announced (TBA) securities |  | N/A |  |  | 15,000 |  |  |  | 431 |  |  |  | 4 |  |  |  | 55,000 |  |  |  | 15 |  |  |  | 53 |
Foreign exchange forward contracts |  | N/A |  |  | 153,430 |  |  |  | 4,667 |  |  |  | 4,601 |  |  |  | 48,364 |  |  |  | 778 |  |  |  | 758 |
Visa Class B derivative contract |  | N/A |  |  | 43,111 |  |  |  | — |  |  |  | 2,295 |  |  |  | 43,439 |  |  |  | — |  |  |  | 4,116 |
|  |  |  |  | 5,591,334 |  |  |  | 194,199 |  |  |  | 192,702 |  |  |  | 5,687,007 |  |  |  | 78,149 |  |  |  | 81,469 |
Total derivatives |  |  |  | $ | 8,576,234 |  |  | $ | 256,809 |  |  | $ | 315,135 |  |  | $ | 8,649,657 |  |  | $ | 106,171 |  |  | $ | 96,580 |
Less: netting adjustment (2) |  |  |  |  |  |  |  | (137,709 | ) |  |  | (88,697 | ) |  |  |  |  |  | (30,304 | ) |  |  | (61,534 | )
Total derivative assets/liabilities |  |  |  |  |  |  | $ | 119,100 |  |  | $ | 226,438 |  |  |  |  |  | $ | 75,867 |  |  | $ | 35,046 |
(1) Derivative assets and liabilities are reported at fair value 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 three and nine months ended September 30, 2022 and 2021 are presented in the table below.
|  |  |  | Three Months Ended |  |  | Nine Months Ended |
(in thousands) |  |  |  | September 30, |  |  | September 30, |
Derivative Instruments: |  | Location of Gain (Loss) Recognized in the Statements of Income: |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Cash flow hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Variable rate loans |  | Interest income - loans |  | $ | 1,752 |  |  | $ | 6,950 |  |  | $ | 14,519 |  |  | $ | 19,941 |
Fair value hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities |  | Interest income - securities - taxable |  |  | 1,596 |  |  |  | 21 |  |  |  | 2,625 |  |  |  | (6 | )
Securities |  | Noninterest income - securities transactions, net |  |  | — |  |  |  | — |  |  |  | 1,620 |  |  |  | 2,499 |
Derivatives not designated as hedging: |  |  |  |  |  |  |  |  |  |
Residential mortgage banking |  | Noninterest income - secondary mortgage market operations |  |  | (365 | ) |  |  | (1,249 | ) |  |  | 2,595 |  |  |  | 2,223 |
Customer and all other instruments |  | Noninterest income - other noninterest income |  |  | 1,309 |  |  |  | 2,970 |  |  |  | 6,386 |  |  |  | 11,755 |
Total gain |  |  |  | $ | 4,292 |  |  | $ | 8,692 |  |  | $ | 27,745 |  |  | $ | 36,412 |
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 September 30, 2022 and December 31, 2021 is presented in the following tables
(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, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative Assets |  | $ | 253,109 |  |  | $ | (138,429 | ) |  | $ | 114,680 |  |  | $ | 37,879 |  |  | $ | 14,850 |  |  | $ | 91,651 |
Derivative Liabilities |  | $ | 127,592 |  |  | $ | (89,713 | ) |  | $ | 37,879 |  |  | $ | 37,879 |  |  | $ | — |  |  | $ | — |
(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, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative Assets |  | $ | 36,790 |  |  | $ | (29,882 | ) |  | $ | 6,908 |  |  | $ | 6,908 |  |  | $ | — |  |  | $ | — |
Derivative Liabilities |  | $ | 85,448 |  |  | $ | (63,204 | ) |  | $ | 22,244 |  |  | $ | 6,908 |  |  | $ | 66,207 |  |  | $ | (50,871 | )

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