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Derivative and Hedging Activities (Tables) | 9 Months Ended
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Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments | The following table presents the total notional amounts and gross fair values of the Corporation's derivatives, as well as the balance sheet netting adjustments as of September 30, 2024 and December 31, 2023:
|  | Sep 30, 2024 | Dec 31, 2023
|  | Asset | Liability | Asset | Liability
($ in thousands) |  | Notional Amount | Fair Value | Notional Amount | Fair Value | Notional Amount | Fair Value | Notional Amount | Fair Value
Designated as hedging instruments: |  |  |  |  |  |  |  |  |
Interest rate-related instruments(a) |  | $ | 3,100,000 |  | $ | 20,010 |  | $ | 200,000 |  | $ | 91 |  | $ | 2,300,000 |  | $ | 8,075 |  | $ | 550,000 |  | $ | 930 |
Foreign currency exchange forwards |  | 277,977 |  | 275 |  | 104,064 |  | 689 |  | 231,566 |  | 632 |  | 189,212 |  | 2,946 |
Total designated as hedging instruments |  | 20,285 |  |  | 780 |  |  | 8,707 |  |  | 3,876 |
Not designated as hedging instruments: |  |  |  |  |  |  |  |  |
Interest rate-related and other instruments |  | 3,862,763 |  | 95,396 |  | 6,526,977 |  | 142,560 |  | 3,603,513 |  | 111,623 |  | 6,528,471 |  | 195,662 |
Foreign currency exchange forwards |  | 108,995 |  | 4,865 |  | 112,825 |  | 4,579 |  | 87,526 |  | 2,954 |  | 135,654 |  | 2,746 |
Mortgage banking(b) |  | 59,674 |  | 822 |  | 121,000 |  | 485 |  | 29,490 |  | 439 |  | 51,500 |  | 673 |
Total not designated as hedging instruments |  | 101,082 |  |  | 147,624 |  |  | 115,016 |  |  | 199,082 |
Gross derivatives before netting |  |  | 121,367 |  |  | 148,404 |  |  | 123,723 |  |  | 202,958 |
Less: Legally enforceable master netting agreements | 19,037 |  |  | 19,037 |  |  | 18,234 |  |  | 18,234 |
Less: Cash collateral pledged/received | 8,572 |  |  | 8,631 |  |  | 35,855 |  |  | — |
Total derivative instruments, after netting | $ | 93,758 |  |  | $ | 120,736 |  |  | $ | 69,634 |  |  | $ | 184,724 |
(a) The notional amounts of the interest rate-related instruments designated as hedging instruments include forward starting interest rate swaps with an effective date ranging from December 1, 2024 to March 1, 2025, where the asset notional amount and fair value on such swaps were $450 million and $7 million, respectively. (b) The notional amount of the mortgage derivative asset includes interest rate lock commitments, while the notional amount of the mortgage derivative liability includes forward commitments.
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following table presents amounts that were recorded on the consolidated balance sheets related to cumulative basis adjustments for fair value hedges:
| Line Item in the Consolidated Balance Sheets in Which the Hedged Item is Included
| Carrying Amount of the Hedged Assets/(Liabilities)(a) | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) | Carrying Amount of the Hedged Assets/(Liabilities)(a) | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)
($ in thousands) | Sep 30, 2024 | Dec 31, 2023
Other long-term funding | $ | (552,832) |  | $ | (2,832) |  | $ | (548,634) |  | $ | 1,366 |
FHLB advances | (596,459) |  | 3,541 |  | (590,287) |  | 9,713 |
Total | $ | (1,149,290) |  | $ | 710 |  | $ | (1,138,921) |  | $ | 11,079 |
(a) Excludes hedged items where only foreign currency risk is the designated hedged risk. At September 30, 2024 and December 31, 2023, the carrying amount excluded for foreign currency denominated loans was $382 million and $421 million, respectively.
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The tables below identify the effect of fair value and cash flow hedge accounting on the Corporation's consolidated statements of income for the three and nine months ended September 30, 2024 and 2023:
| Location and Amount Recognized on the Consolidated Statements of Income in Fair Value and Cash Flow Hedging Relationships
| Three Months Ended Sep 30, | Nine Months Ended Sep 30,
| 2024 | 2023 | 2024 | 2023
($ in thousands) | Interest Income | Interest Expense | Interest Income | Interest Expense | Interest Income | Interest Expense | Interest Income | Interest Expense
Total amounts of income/expense presented on the consolidated statements of income in which the effects of the fair value or cash flow hedges are recorded(a) | $ | (4,736) |  | $ | 5,318 |  | $ | (4,589) |  | $ | 5,195 |  | $ | (14,404) |  | $ | 16,007 |  | $ | (9,286) |  | $ | 12,039 |
The effects of fair value and cash flow hedging: Impact on fair value hedging relationships in Subtopic 815-20 |  |  |  |  |  |  |  |
Interest contracts: |  |  |  |  |  |  |  |
Hedged items | (31) |  | 20,148 |  | (74) |  | (9,001) |  | (107) |  | 10,369 |  | (189) |  | (18,652) |
Derivatives designated as hedging instruments(a) | (4,705) |  | (14,830) |  | (4,516) |  | 14,196 |  | (14,297) |  | 5,638 |  | (9,097) |  | 30,691 |
(a) Includes net settlements on the derivatives.
| Location and Amount Recognized on the Consolidated Statements of Income in Fair Value Hedging Relationships
| Three Months Ended Sep 30, | Nine Months Ended Sep 30,
| 2024 | 2023 | 2024 | 2023
($ in thousands) | Capital Markets, Net | Capital Markets, Net | Capital Markets, Net | Capital Markets, Net
Total amounts of income/expense presented on the consolidated statements of income in which the effects of the fair value hedges are recorded | $ | — |  | $ | — |  | $ | — |  | $ | — |
The effects of fair value hedging: Impact on fair value hedging relationships in Subtopic 815-20 |  |  |  |
Foreign currency contracts: |  |  |  |
Hedged items | 5,370 |  | (11,575) |  | (7,969) |  | (2,186) |
Derivatives designated as hedging instruments | (5,370) |  | 11,575 |  | 7,969 |  | 2,186 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table presents the effect of cash flow hedge accounting on accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2024 and 2023:
| Three Months Ended Sep 30, | Nine Months Ended Sep 30,
($ in thousands) | 2024 | 2023 | 2024 | 2023
Interest rate-related instruments designated as cash flow hedging instruments |  |  |  |
Amount of income (loss) recognized in OCI on cash flow hedge derivative(a) | $ | 25,609 |  | $ | (13,592) |  | $ | (639) |  | $ | (33,976) |
Amount of loss reclassified from accumulated other comprehensive income (loss) into interest income(a) | 4,705 |  | 4,516 |  | 14,297 |  | 9,097 |
(a) The entirety of gains (losses) recognized in OCI as well as the losses reclassified from accumulated other comprehensive income (loss) into interest income were included components in the assessment of hedge effectiveness.
Gain (loss) on derivative instruments not designated as hedging instruments | The table below identifies the effect of derivatives not designated as hedging instruments on the Corporation's consolidated statements of income for the three and nine months ended September 30, 2024 and 2023:
| Consolidated Statements of Income Category of Gain / (Loss) Recognized in Income | Three Months Ended Sep 30, | Nine Months Ended Sep 30,
($ in thousands) | 2024 | 2023 | 2024 | 2023
Derivative instruments |  |  |  |  |
Interest rate-related and other instruments — customer and mirror, net | Capital markets, net | $ | (215) |  | $ | 222 |  | $ | (273) |  | $ | 359 |
Interest rate-related instruments — MSRs hedge | Mortgage banking, net | 3,363 |  | (5,877) |  | (948) |  | (5,551) |
Foreign currency exchange forwards | Capital markets, net | 1,130 |  | 365 |  | 1,736 |  | 1,751 |
Interest rate lock commitments (mortgage) | Mortgage banking, net | 55 |  | (24) |  | 383 |  | 321 |
Forward commitments (mortgage) | Mortgage banking, net | (390) |  | 470 |  | 188 |  | 853 |

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