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Derivatives (Tables) | 3 Months Ended
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Mar. 31, 2025
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 March 31, 2025 and December 31, 2024.
|  |  |  | March 31, 2025 |  |  | December 31, 2024 |
|  |  |  |  |  | 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 |  | $ | 1,500,000 |  | $ | 1,371 |  | $ | 34,883 |  |  | $ | 1,350,000 |  | $ | — |  | $ | 48,022 |
Interest rate swaps - securities |  | Fair Value |  |  | 477,500 |  |  | 31,816 |  |  | — |  |  |  | 477,500 |  |  | 39,647 |  |  | — |
Total derivatives designated as hedging instruments |  |  |  | $ | 1,977,500 |  | $ | 33,187 |  | $ | 34,883 |  |  | $ | 1,827,500 |  | $ | 39,647 |  | $ | 48,022 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | N/A |  | $ | 4,639,533 |  | $ | 90,206 |  | $ | 90,316 |  |  | $ | 4,926,461 |  | $ | 108,702 |  | $ | 108,761 |
Risk participation agreements |  | N/A |  |  | 378,068 |  |  | 8 |  |  | 116 |  |  |  | 445,554 |  |  | 7 |  |  | 9 |
Interest rate-lock commitments on residential mortgage loans |  | N/A |  |  | 41,443 |  |  | 902 |  |  | — |  |  |  | 25,526 |  |  | — |  |  | 383 |
Forward commitments to sell residential mortgage loans |  | N/A |  |  | 25,373 |  |  | — |  |  | 594 |  |  |  | 27,465 |  |  | 420 |  |  | — |
To Be Announced (TBA) securities |  | N/A |  |  | 28,500 |  |  | 7 |  |  | 71 |  |  |  | 15,250 |  |  | 88 |  |  | 1 |
Foreign exchange forward contracts |  | N/A |  |  | 140,998 |  |  | 1,868 |  |  | 1,806 |  |  |  | 82,756 |  |  | 1,389 |  |  | 1,358 |
Visa Class B derivative contract |  | N/A |  |  | 41,902 |  |  | — |  |  | 2,143 |  |  |  | 42,020 |  |  | — |  |  | 2,089 |
Total derivatives not designated as hedging instruments |  |  |  | $ | 5,295,817 |  | $ | 92,991 |  | $ | 95,046 |  |  | $ | 5,565,032 |  | $ | 110,606 |  | $ | 112,601 |
Total derivatives |  |  |  | $ | 7,273,317 |  | $ | 126,178 |  | $ | 129,929 |  |  | $ | 7,392,532 |  | $ | 150,253 |  | $ | 160,623 |
Less: netting adjustment (2) |  |  |  |  |  |  | (60,402 | ) |  | — |  |  |  |  |  | (76,413 | ) |  | — |
Total derivative assets/liabilities |  |  |  |  |  | $ | 65,776 |  | $ | 129,929 |  |  |  |  | $ | 73,840 |  | $ | 160,623 |
(1) Derivative assets and liabilities are reported in other assets and 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 months ended March 31, 2025 and 2024 are presented in the table below.
|  |  |  | Three Months Ended |
($ in thousands) |  |  |  | March 31, |
Derivative Instruments: |  | Location of Gain (Loss) Recognized in the Statements of Income: |  | 2025 |  |  | 2024 |
Cash flow hedges: |  |  |  |  |  |  |  |
Variable rate loans |  | Interest income - loans |  | $ | (8,460 | ) |  | $ | (12,558 | )
Fair value hedges: |  |  |  |  |  |  |  |
Securities |  | Interest income - securities - taxable |  |  | 3,910 |  |  |  | 3,108 |
Derivatives not designated as hedging: |  |  |  |
Residential mortgage banking |  | Noninterest income - secondary mortgage market operations |  |  | 304 |  |  |  | 285 |
Customer and all other instruments |  | Noninterest income - other noninterest income |  |  | (271 | ) |  |  | (2,802 | )
Total loss |  |  |  | $ | (4,517 | ) |  | $ | (11,967 | )
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 March 31, 2025 and December 31, 2024 is presented in the following tables
As of March 31, 2025 |  |  |  | Gross Amounts Offset in |  | Net Amounts Presented in |  |  | Gross Amounts Not Offset in the Statement of Financial Condition |
($ in thousands) |  | Gross Amounts Recognized |  | the Statement of Financial Condition |  | the Statement of Financial Condition |  |  | Financial Instruments |  | Cash Collateral |  | Net Amount |
Derivative Assets |  | $ | 119,410 |  | $ | (62,139 | ) | $ | 57,271 |  |  | $ | 46,865 |  | $ | 52,944 |  | $ | 63,350 |
Derivative Liabilities |  | $ | 46,865 |  | $ | — |  | $ | 46,865 |  |  | $ | 46,865 |  | $ | — |  | $ | — |
As of December 31, 2024 |  |  |  | Gross Amounts Offset in |  | Net Amounts Presented in |  |  | Gross Amounts Not Offset in the Statement of Financial Condition |
($ in thousands) |  | Gross Amounts Recognized |  | the Statement of Financial Condition |  | the Statement of Financial Condition |  |  | Financial Instruments |  | Cash Collateral |  | Net Amount |
Derivative Assets |  | $ | 149,808 |  | $ | (77,915 | ) | $ | 71,893 |  |  | $ | 54,707 |  | $ | 64,260 |  | $ | 81,446 |
Derivative Liabilities |  | $ | 54,707 |  | $ | — |  | $ | 54,707 |  |  | $ | 54,707 |  | $ | — |  | $ | — |

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