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Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Notion Amounts and Fair Values of Derivative Financial Instruments

The following table presents the notional amounts and fair values of derivative financial instruments as of December 31:

			2022												2021
			Notional Amount						Asset (Liability) Fair Value						Notional Amount						Asset (Liability) Fair Value
			(dollars in thousands)
Interest Rate Locks with Customers
Positive fair values			$	70,836					$	182					$	261,428					$	2,326
Negative fair values			4,939						(51)						2,549						(23)
Forward Commitments
Positive fair values			—						—						51,000						41
Negative fair values			10,000						(147)						—						—
Interest Rate Derivatives with Customers
Positive fair values			171,317						3,337						3,213,924						153,752
Negative fair values			3,802,480						(280,401)						752,462						(4,766)
Interest Rate Derivatives with Dealer Counterparties
Positive fair values			3,802,480						161,956						752,462						4,766
Negative fair values			171,317						(3,703)						3,213,924						(79,889)
Interest Rate Derivatives used in Cash Flow Hedges
Positive fair values			600,000						1,321						500,000						60
Negative fair values			1,000,000						(12,163)						500,000						(1,432)
Foreign Exchange Contracts with Customers
Positive fair values			11,123						571						7,629						229
Negative fair values			3,672						(85)						3,388						(51)
Foreign Exchange Contracts with Correspondent Banks
Positive fair values			4,887						101						3,656						69
Negative fair values			8,280						(499)						9,364						(240)

Summary of Effect of Fair Value and Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income

The following table presents the effect of fair value and cash flow hedge accounting on AOCI for the years ended December 31, 2022 and 2021:

			Amount of Gain (Loss) Recognized in OCI on Derivative						Amount of Gain (Loss) Recognized in OCI Included Component						Amount of Gain (Loss) Recognized in OCI Excluded Component						Location of Gain (Loss) Recognized from AOCI into Income						Amount of Gain (Loss) Reclassified from AOCI into Income						Amount of Gain (Loss) Reclassified from AOCI into Income Included Component						Amount of Gain (Loss) Reclassified from AOCI into Income Excluded Component
			(in thousands)
Derivatives in Cash Flow Hedging Relationships:
Year Ended December 31, 2022
Interest Rate Products			$	(81,400)					$	(81,400)					$	—					Interest Income						$	(7,761)					$	(7,761)					$	—
Year Ended December 31, 2021
Interest Rate Products			(3,452)						(3,452)						—						Interest Income						2,776						2,776						—

The following table presents the effect of fair value and cash flow hedge accounting on the income statement for the years ended December 31:

			Consolidated Statements of Income Classification
			2022												2021
			Interest Income						Interest Expense						Interest Income						Interest Expense
			(in thousands)
Total amounts of income line items presented in the consolidated statements of income in which the effects of fair value or cash flow hedges are recorded			$	(7,761)					$	—					$	2,776					$	—
Interest contracts:
Amount of gain (loss) reclassified from AOCI into income			(7,761)						—						2,776						—
Amount of gain or (loss) reclassified from AOCI into income as a result that a forecasted transaction is no longer probable of occurring			—						—						—						—
Amount of gain (loss) reclassified from AOCI into income - included component			(7,761)						—						2,776						—
Amount of gain (loss) reclassified from AOCI into income - excluded component			—						—						—						—

Summary of Fair Value Gains and Losses on Derivative Financial Instruments

The following table presents the fair value gains (losses) on derivative financial instruments for the years ended December 31:

			Consolidated Statements of Income Classification						2022						2021						2020
									(dollars in thousands)
Mortgage banking derivatives(1)			Mortgage banking						$	(2,360)					$	(3,392)					$	4,974
Interest rate derivatives			Other expense						—						1,050						70
Foreign exchange contracts			Other income						81						(36)						12
Net fair value gains (losses) on derivative financial instruments									$	(2,279)					$	(2,378)					$	5,056

(1) Includes interest rate locks with customers and forward commitments.

Summary of Mortgage Loans Held for Sale

The Corporation has elected to measure mortgage loans held for sale at fair value. The following table presents a summary of mortgage loans held for sale and the impact of the fair value election on the consolidated financial statements as of December 31:

			2022						2021
			(dollars in thousands)
Amortized cost(1)			$	7,180					$	35,050
Fair value			7,264						35,768

(1) Cost basis of mortgage loans held for sale represents the unpaid principal balance.

Offsetting Assets and Liabilities

The following table presents the financial instruments that are eligible for offset, and the effects of offsetting, on the consolidated balance sheets as of December 31:

			Gross Amounts						Gross Amounts Not Offset
			Recognized						on the Consolidated
			on the						Balance Sheets
			Consolidated						Financial						Cash						Net
			Balance Sheets						Instruments(1)						Collateral(2)						Amount
			(in thousands)
2022
Interest rate derivative assets			$	166,614					$	(8,071)					$	—					$	158,543
Foreign exchange derivative assets with correspondent banks			101						(101)						—						—
Total			$	166,715					$	(8,172)					$	—					$	158,543
Interest rate derivative liabilities			$	296,267					$	(2,771)					$	(127,638)					$	165,858
Foreign exchange derivative liabilities with correspondent banks			499						(101)						—						398
Total			$	296,766					$	(2,872)					$	(127,638)					$	166,256
2021
Interest rate derivative assets			$	158,578					$	(8,028)					$	—					$	150,550
Foreign exchange derivative assets with correspondent banks			69						(69)						—						—
Total			$	158,647					$	(8,097)					$	—					$	150,550
Interest rate derivative liabilities			$	86,087					$	(6,656)					$	(74,359)					$	5,072
Foreign exchange derivative liabilities with correspondent banks			240						(69)						—						171
Total			$	86,327					$	(6,725)					$	(74,359)					$	5,243

(1) For interest rate derivative assets, amounts represent any derivative liability fair values that could be offset in the event of counterparty or customer default. For interest rate derivative liabilities, amounts represent any derivative asset fair values that could be offset in the event of counterparty or customer default.

(2) Amounts represent cash collateral (pledged by the Corporation) or received from the counterparty on interest rate derivative transactions and foreign exchange contracts with financial institution counterparties. Interest rate derivatives with customers are collateralized by the same collateral securing the underlying loans to those borrowers. Cash collateral amounts are included in the table only to the extent of the net derivative fair values.

Cash Flow Hedge Terminations

In January 2023, the Corporation terminated interest rate derivatives designated as cash flow hedges with a combined notional amount of $1.0 billion. As the hedged transaction continues to be probable, the unrealized losses that have been recorded in AOCI will be recognized as reduction to interest income when the previously forecasted hedged item affects earnings in future periods.

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