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Derivatives (Tables) | 12 Months Ended
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Dec. 31, 2022
Derivative Instruments And Hedging Activities Disclosure [Abstract] |
Fair Values of Derivative Financial Instruments | Fair Values of Derivative Instruments on the Balance Sheet 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, 2022 and 2021.
|  |  | December 31, 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 | $ | 2,100,000 |  | $ | 2,301 |  | $ | 112,262 |  | $ | 1,125,000 |  | $ | 5,884 |  | $ | 4,421 |
Interest rate swaps - securities |  | Fair Value |  | 716,000 |  |  | 43,501 |  |  | — |  |  | 1,837,650 |  |  | 22,138 |  |  | 10,690 |
|  |  | $ | 2,816,000 |  | $ | 45,802 |  | $ | 112,262 |  | $ | 2,962,650 |  | $ | 28,022 |  | $ | 15,111 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | N/A | $ | 4,620,544 |  | $ | 172,242 |  | $ | 169,712 |  | $ | 5,193,991 |  | $ | 75,819 |  | $ | 75,861 |
Risk participation agreements |  | N/A |  | 298,729 |  |  | 1 |  |  | 13 |  |  | 217,437 |  |  | 11 |  |  | 35 |
Forward commitments to sell residential mortgage loans |  | N/A |  | 10,930 |  |  | 8 |  |  | 113 |  |  | 46,739 |  |  | 1 |  |  | 645 |
Interest rate-lock commitments on residential mortgage loans |  | N/A |  | 13,819 |  |  | 161 |  |  | 8 |  |  | 82,037 |  |  | 1,525 |  |  | 1 |
To Be Announced (TBA) securities |  | N/A |  | 10,000 |  |  | 78 |  |  | 7 |  |  | 55,000 |  |  | 15 |  |  | 53 |
Foreign exchange forward contracts |  | N/A |  | 123,106 |  |  | 1,643 |  |  | 1,594 |  |  | 48,364 |  |  | 778 |  |  | 758 |
Visa Class B derivative contract |  | N/A |  | 43,111 |  |  | — |  |  | 1,883 |  |  | 43,439 |  |  | — |  |  | 4,116 |
|  |  | $ | 5,120,239 |  | $ | 174,133 |  | $ | 173,330 |  | $ | 5,687,007 |  | $ | 78,149 |  | $ | 81,469 |
Total derivatives |  |  | $ | 7,936,239 |  | $ | 219,935 |  | $ | 285,592 |  | $ | 8,649,657 |  | $ | 106,171 |  | $ | 96,580 |
Less: netting adjustments (2) |  |  |  |  |  | (110,438 | ) |  | (81,471 | ) |  |  |  | (30,304 | ) |  | (61,534 | )
Total derivate assets/liabilities |  |  |  |  | $ | 109,497 |  | $ | 204,121 |  |  |  | $ | 75,867 |  | $ | 35,046 |
(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, 2022, 2021, and 2020 are presented in the table below.
|  |  | Years Ended December 31, |
($ in thousands) Derivative Instruments: |  | Location of Gain (Loss) Recognized in the Statements of Income: | 2022 |  | 2021 |  | 2020 |
Cash flow hedges: |  |  |  |  |  |  |  |
Variable rate loans |  | Interest income - loans | $ | 9,928 |  | $ | 26,674 |  | $ | 17,351 |
Fair value hedges: |  |  |  |  |  |  |  |
Securities |  | Interest income - securities - taxable |  | 4,963 |  |  | (640 | ) |  | 8 |
Securities - termination |  | Noninterest income - securities transactions, net |  | 1,620 |  |  | 2,499 |  |  | — |
Brokered deposits |  | Interest expense - deposits |  | — |  |  | — |  |  | 46 |
Derivatives not designated as hedging: |  |  |  |  |  |  |  |
Residential mortgage banking |  | Noninterest income - secondary mortgage market operations |  | 2,918 |  |  | 1,568 |  |  | — |
Customer and all other instruments |  | Noninterest in come - other noninterest income |  | 5,832 |  |  | 13,477 |  |  | 12,814 |
Total gain |  |  | $ | 25,261 |  | $ | 43,578 |  | $ | 30,219 |
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, 2022 and 2021 is presented in the following tables:
As of December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
|  |  | 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 | $ | 223,072 |  | $ | (112,338 | ) | $ | 110,734 |  | $ | 32,601 |  | $ | 27,852 |  | $ | 105,985 |
Derivative Liabilities | $ | 116,395 |  | $ | (83,794 | ) | $ | 32,601 |  | $ | 32,601 |  | $ | — |  | $ | — |
As of December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |
|  |  | 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 | $ | 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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