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Derivatives (Tables)
 12 Months Ended
Dec. 31, 2025
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, 2025 and 2024.

 

 

 

 

December 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

$

1,775,000

 

$

4,026

 

$

16,335

 

$

1,350,000

 

$

—

 

$

48,022

 

Interest rate swaps - securities

 

Fair Value

 

397,500

 

 

23,569

 

 

—

 

 

477,500

 

 

39,647

 

 

—

 

 

 

 

$

2,172,500

 

$

27,595

 

$

16,335

 

$

1,827,500

 

$

39,647

 

$

48,022

 

Derivatives not designated as hedging instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swaps

 

N/A

$

5,308,711

 

$

73,725

 

$

73,829

 

$

4,926,461

 

$

108,702

 

$

108,761

 

Risk participation agreements

 

N/A

 

373,117

 

 

10

 

 

10

 

 

445,554

 

 

7

 

 

9

 

Forward commitments to sell residential mortgage loans

 

N/A

 

9,081

 

 

2

 

 

108

 

 

25,526

 

 

—

 

 

383

 

Interest rate-lock commitments on residential mortgage loans

 

N/A

 

23,192

 

 

497

 

 

—

 

 

27,465

 

 

420

 

 

—

 

To Be Announced (TBA) securities

 

N/A

 

30,000

 

 

4

 

 

62

 

 

15,250

 

 

88

 

 

1

 

Foreign exchange forward contracts

 

N/A

 

82,157

 

 

3,779

 

 

3,745

 

 

82,756

 

 

1,389

 

 

1,358

 

Visa Class B derivative contract

 

N/A

 

41,588

 

 

—

 

 

1,284

 

 

42,020

 

 

—

 

 

2,089

 

 

 

 

$

5,867,846

 

$

78,017

 

$

79,038

 

$

5,565,032

 

$

110,606

 

$

112,601

 

Total derivatives

 

 

$

8,040,346

 

$

105,612

 

$

95,373

 

$

7,392,532

 

$

150,253

 

$

160,623

 

Less: netting adjustments (2)

 

 

 

 

 

(42,486

)

 

(6

)

 

 

 

(76,413

)

 

—

 

Total derivative assets/liabilities

 

 

 

 

$

63,126

 

$

95,367

 

 

 

$

73,840

 

$

160,623

 

 

(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, 2025, 2024, and 2023 are presented in the table below.

 

 

 

 

 

Years Ended December 31,

 

($ in thousands)
Derivative Instruments:

 

Location of Gain (Loss) Recognized
in the Statements of Income:

 

2025

 

2024

 

2023

 

Cash flow hedges:

 

 

 

 

 

 

 

 

 

Variable rate loans

 

Interest income - loans

 

$

(33,743

)

$

(47,944

)

$

(40,714

)

Fair value hedges:

 

 

 

 

 

 

 

 

 

Securities

 

Interest income - securities - taxable

 

 

18,096

 

 

12,627

 

 

11,945

 

Securities - termination

 

Noninterest income - securities transactions, net

 

 

399

 

 

—

 

 

2,725

 

Derivatives not designated as hedging:

 

 

 

 

 

 

 

 

 

Residential mortgage banking

 

Noninterest income - secondary mortgage market operations

 

 

(12

)

 

335

 

 

753

 

Customer and all other instruments

 

Noninterest income - other noninterest income

 

 

5,819

 

 

(3,790

)

 

420

 

Total gain (loss)

 

 

 

$

(9,441

)

$

(38,772

)

$

(24,871

)
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, 2025 and 2024 is presented in the following tables:

As of December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

$

89,930

 

$

(43,810

)

$

46,120

 

$

36,259

 

$

32,890

 

$

42,751

 

Derivative Liabilities

$

36,264

 

$

(5

)

$

36,259

 

$

36,259

 

$

—

 

$

—

 

As of December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

$

149,808

 

$

(77,915

)

$

71,893

 

$

54,707

 

$

64,260

 

$

81,446

 

Derivative Liabilities

$

54,707

 

$

—

 

$

54,707

 

$

54,707

 

$

—

 

$

—