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DERIVATIVES (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments, Gain (Loss)

The effect of derivative instruments in cash flow hedging relationships on the Consolidated Statements of Income for the three months ended June 30 were as follows:

Derivatives in Cash Flow Hedging Relationship						Location of Gain or (Loss)Reclassified from AOCI into income						Gain (loss) reclassified in AOCI on Derivatives												Gain (loss) recognized in OCI on Derivatives
(Dollars in thousands)												June 30, 2024						June 30, 2023						June 30, 2024						June 30, 2023
Interest rate contracts						Interest income/(expense)						$	(199)					$	0					$	(458)					$	(331)

The effect of derivative instruments in cash flow hedging relationships on the Consolidated Statements of Income for the six months ended June 30 were as follows:

Derivatives in Cash Flow Hedging Relationship						Location of Gain or (Loss) Reclassified from AOCI into income						Gain (loss) reclassified in AOCI on Derivatives												Gain (loss) recognized in OCI on Derivatives
(Dollars in thousands)												June 30, 2024						June 30, 2023						June 30, 2024						June 30, 2023
Interest rate contracts						Interest income/(expense)						$	(398)					$	0					$	(4,549)					$	(331)

Summary of Derivative Financial Instruments and Balances

The following table details the classification and amounts of interest rate derivatives, foreign exchange contracts and cash flow hedges recognized in the Consolidated Balance Sheets:

												June 30, 2024																		December 31, 2023
																		Estimated fair value																		Estimated fair value
(Dollars in thousands)												Notional amount						Gain (1)						Loss (2)						Notional amount						Gain (1)						Loss (2)
Derivatives not designated as qualifying hedging instruments
Interest rate derivatives - instruments associated with loans
Matched interest rate contracts with borrowers												$	2,220,151					$	7,683					$	(120,986)					$	2,172,714					$	13,232					$	(104,343)
Matched interest rate contracts with counterparty												2,220,151						120,820						(7,683)						2,172,714						104,092						(13,232)
Foreign exchange contracts
Matched foreign exchange contracts with customers												7,042,511						123,975						(108,749)						7,021,569						84,731						(60,825)
Match foreign exchange contracts with counterparty												6,987,907						108,749						(123,975)						6,972,870						60,825						(84,731)
Total derivatives not designated as qualifying hedging instruments									18,470,720						361,227						(361,393)						18,339,867						262,880						(263,131)
Derivatives designated as qualifying hedging instruments
Cash flow hedges
Interest rate collars and floors												1,000,000						973						(352)						1,000,000						6,896						0
Total derivatives designated as qualifying hedging instruments												1,000,000						973						(352)						1,000,000						6,896						0
Total												$	19,470,720					$	362,200					$	(361,745)					$	19,339,867					$	269,776					$	(263,131)

(1) Derivative assets are included in Accrued interest and other assets in the Consolidated Balance Sheets.

(2) Derivative liabilities are included in Accrued interest and other liabilities in the Consolidated Balance Sheets.

Disclosure by Type of Financial Instrument

The following table discloses the gross and net amounts of interest rate derivatives, foreign exchange contracts and cash flow hedges recognized in the Consolidated Balance Sheets:

						June 30, 2024																		December 31, 2023
(Dollars in thousands)						Gross amounts of recognized assets (liabilities)						Gross amounts offset in the Consolidated Balance Sheets						Net amounts of assets/(liabilities) presented in the Consolidated Balance Sheets						Gross amounts of recognized assets (liabilities)						Gross amounts offset in the Consolidated Balance Sheets						Net amounts of assets/(liabilities) presented in the Consolidated Balance Sheets
Interest rate contracts (1)						$	128,503					$	(276,985)					$	(148,482)					$	(117,324)					$	270,678					$	153,354
Foreign exchange contracts						232,724						(106,981)						125,743						(145,556)						55,959						(89,597)
Cash flow hedges						(1,325)						(328)						(1,653)						6,896						(4,886)						2,010
Total						$	359,902					$	(384,294)					$	(24,392)					$	(255,984)					$	321,751					$	65,767
(1) Includes accrued interest receivable and collateral.

Derivative Financial Instruments, Average Remaining Maturity and the Weighted-Average Interest Rates being Paid and Received

The following table details the derivative financial instruments and the average remaining maturities at June 30, 2024:

(Dollars in thousands)						Notional amount						Average maturity (years)						Fair value
Interest rate contracts
Receive fixed, matched interest rate contracts with borrower						$	2,220,151					4.4						$	(113,303)
Pay fixed, matched interest rate contracts with counterparty						2,220,151						4.4						113,137
Foreign exchange contracts
Foreign exchange contracts-pay USD						7,042,511						0.7						15,226
Foreign exchange contracts-receive USD						6,987,907						0.7						(15,226)
Total client derivatives						18,470,720						1.6						(166)
Cash flow hedges
Interest rate collars and floors on loan pools						1,000,000						3.0						621
Total cash flow hedges						1,000,000						3.0						621
Total						$	19,470,720					1.7						$	455

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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