XML 37 R30.htm IDEA: XBRL DOCUMENT v3.26.1
Derivatives (Tables)
 3 Months Ended
Mar. 31, 2026
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, 2026 and December 31, 2025.

 

 

 

March 31, 2026

 

 

December 31, 2025

 

 

 

 

Notional or

 

 

 

 

Notional or

 

 

 

 

Type of

 

Contractual

 

Derivative (1)

 

 

Contractual

 

Derivative (1)

 

($ in thousands)

Hedge

 

Amount

 

Assets

 

Liabilities

 

 

Amount

 

Assets

 

Liabilities

 

Derivatives designated as hedging instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swaps - variable rate loans

Cash Flow

 

$

1,800,000

 

$

1,985

 

$

17,922

 

 

$

1,775,000

 

$

4,026

 

$

16,335

 

Interest rate swaps - securities

Fair Value

 

 

359,000

 

 

23,317

 

 

—

 

 

 

397,500

 

 

23,569

 

 

—

 

  Total derivatives designated as hedging instruments

 

 

$

2,159,000

 

$

25,302

 

$

17,922

 

 

$

2,172,500

 

$

27,595

 

$

16,335

 

Derivatives not designated as hedging instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swaps

N/A

 

$

5,492,800

 

$

69,195

 

$

69,323

 

 

$

5,308,711

 

$

73,725

 

$

73,829

 

Risk participation agreements

N/A

 

 

431,843

 

 

22

 

 

26

 

 

 

373,117

 

 

10

 

 

10

 

Interest rate-lock commitments on residential mortgage loans

N/A

 

 

48,849

 

 

714

 

 

23

 

 

 

23,192

 

 

497

 

 

—

 

Forward commitments to sell residential mortgage loans

N/A

 

 

19,418

 

 

46

 

 

161

 

 

 

9,081

 

 

2

 

 

108

 

To Be Announced (TBA) securities

N/A

 

 

38,750

 

 

372

 

 

28

 

 

 

30,000

 

 

4

 

 

62

 

Foreign exchange forward contracts

N/A

 

 

82,858

 

 

2,606

 

 

2,578

 

 

 

82,157

 

 

3,779

 

 

3,745

 

Visa Class B derivative contract

N/A

 

 

41,544

 

 

—

 

 

1,082

 

 

 

41,588

 

 

—

 

 

1,284

 

  Total derivatives not designated as hedging instruments

 

 

$

6,156,062

 

$

72,955

 

$

73,221

 

 

$

5,867,846

 

$

78,017

 

$

79,038

 

Total derivatives

 

 

$

8,315,062

 

$

98,257

 

$

91,143

 

 

$

8,040,346

 

$

105,612

 

$

95,373

 

Less: netting adjustment (2)

 

 

 

 

 

(42,574

)

 

—

 

 

 

 

 

(42,486

)

 

(6

)

Total derivative assets/liabilities

 

 

 

 

$

55,683

 

$

91,143

 

 

 

 

$

63,126

 

$

95,367

 

 

(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, 2026 and 2025 are presented in the table below. Amounts in parenthesis indicates a reduction of net income.

 

 

 

 

Three Months Ended

 

($ in thousands)

 

 

 

March 31,

 

Derivative Instrument(1)

 

Income Statement Line Item of Recognized Gain (Loss)

 

2026

 

2025

 

Cash flow hedges:

 

 

 

 

 

 

 

   Variable rate loans

 

Interest income - loans

 

$

(5,980

)

$

(8,460

)

Fair value hedges:

 

 

 

 

 

 

 

Securities

 

Interest income - securities - taxable

 

 

1,674

 

 

3,910

 

   Securities - sold

 

Noninterest income - securities transaction, net

 

 

50,381

 

 

—

 

Derivatives not designated as hedging:

 

 

 

   Residential mortgage banking

 

Noninterest income - secondary mortgage market operations

 

 

132

 

 

304

 

   Customer and all other instruments

 

Noninterest income - other noninterest income

 

 

960

 

 

(271

)

Total gain (loss)

 

 

 

$

47,167

 

$

(4,517

)
(1)
Includes the effects of both active derivative instruments and the impact from realization of basis adjustments to hedged assets resulting from previously terminated hedges.
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, 2026 and December 31, 2025 is presented in the following tables

As of March 31, 2026

 

 

 

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

 

$

87,792

 

$

(43,493

)

$

44,299

 

 

$

31,619

 

$

32,073

 

$

44,753

 

Derivative Liabilities

 

$

31,619

 

$

—

 

$

31,619

 

 

$

31,619

 

$

—

 

$

—

 

As of December 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

 

$

89,930

 

$

(43,810

)

$

46,120

 

 

$

36,259

 

$

32,890

 

$

42,751

 

Derivative Liabilities

 

$

36,264

 

$

(5

)

$

36,259

 

 

$

36,259

 

$

—

 

$

—