XML 53 R40.htm IDEA: XBRL DOCUMENT
v3.26.1

DERIVATIVES (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2026
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 March 31, were as follows:
Derivatives in Cash Flow Hedging Relationship |  | Location of Gain or (Loss) Reclassified from AOCI into income |  | Gain (loss) reclassified from AOCI on Derivatives |  | Gain (loss) recognized in OCI on Derivatives
(Dollars in thousands) |  |  |  | March 31, 2026 |  | March 31, 2025 |  | March 31, 2026 |  | March 31, 2025
Interest rate contracts |  | Interest income/(expense) |  | $ | (199) |  |  | $ | (199) |  |  | $ | (51) |  |  | $ | 1,556 |
Summary of Derivative Financial Instruments and Balances | The following table details the classification and amounts of derivative contracts recognized in the Consolidated Balance Sheets:
|  |  |  | March 31, 2026 |  | December 31, 2025
|  |  |  |  |  | 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 (3) |  |  |  |  |  |  |  |  |  |  |  |
Matched interest rate contracts with borrowers |  |  |  | $ | 2,829,821 |  |  | $ | 18,118 |  |  | $ | (47,681) |  |  | $ | 2,425,106 |  |  | $ | 23,271 |  |  | $ | (46,159) |
Matched interest rate contracts with counterparty |  |  |  | 2,829,821 |  |  | 47,670 |  |  | (18,081) |  |  | 2,425,106 |  |  | 46,138 |  |  | (23,243) |
Foreign exchange contracts (4) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Matched foreign exchange contracts with customers |  |  |  | 9,674,140 |  |  | 209,227 |  |  | (182,647) |  |  | 8,368,518 |  |  | 161,649 |  |  | (160,523) |
Match foreign exchange contracts with counterparty |  |  |  | 9,616,763 |  |  | 182,647 |  |  | (209,227) |  |  | 8,318,982 |  |  | 160,523 |  |  | (161,649) |
Commodity contracts(5) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Matched commodity with client |  |  |  | 52,354 |  |  | $ | 1,206 |  |  | (4,228) |  |  | 24,180 |  |  | 909 |  | (994) |
Matched commodity with counterparty |  |  |  | 51,767 |  |  | $ | 4,520 |  |  | (981) |  |  | 24,269 |  |  | 669 |  |  | (1,084) |
Total derivatives not designated as qualifying hedging instruments |  | 25,054,666 |  |  | 463,388 |  |  | (462,845) |  |  | 21,586,161 |  |  | 393,159 |  |  | (393,652) |
Derivatives designated as qualifying hedging instruments |  |  |  |  |  |  |  |  |  |  |  |
Cash flow hedges (6) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate collars and floors |  |  |  | 1,000,000 |  |  | 465 |  |  | 0 |  |  | 1,000,000 |  |  | 708 |  |  | 0 |
Total derivatives designated as qualifying hedging instruments |  |  |  | 1,000,000 |  |  | 465 |  |  | 0 |  |  | 1,000,000 |  |  | 708 |  |  | 0 |
Total |  |  |  | $ | 26,054,666 |  |  | $ | 463,853 |  |  | $ | (462,845) |  |  | $ | 22,586,161 |  |  | $ | 393,867 |  |  | $ | (393,652) |
(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. (3) Changes in fair value are included in Client derivative fees in the Consolidated Statements of Income. (4) Changes in fair value are included in Foreign exchange income in the Consolidated Statements of Income. (5) Changes in fair value are included in Client derivative fees in the Consolidated Statements of Income. (6) Changes in fair value are included in Accumulated comprehensive income in the Consolidated Balance sheets.
Disclosure by Type of Financial Instrument | The following tables disclose the gross and net amounts of derivative contracts recognized in the Consolidated Balance Sheets:
|  | Derivative contracts in an asset position at March 31, 2026
|  |  |  |  |  |  |  | Gross amounts not offset in Consolidated Balance Sheet |  |
(Dollars in thousands) |  | Gross amounts of recognized assets (2) |  | Gross amounts offset in the Consolidated Balance Sheets |  | Net amounts presented in the Consolidated Balance Sheets |  | Financial instruments recognized amounts |  | Cash or financial instrument collateral (3) |  | Net amount
Interest rate contracts (1) |  | $ | 65,788 |  |  | $ | 0 |  |  | $ | 65,788 |  |  | $ | (35,211) |  |  | $ | (22,640) |  |  | $ | 7,937 |
Foreign exchange contracts |  | 449,251 |  |  | 0 |  |  | 449,251 |  |  | (159,271) |  |  | (23,376) |  |  | 266,604 |
Commodity contracts |  | 5,726 |  |  | 0 |  |  | 5,726 |  |  | (1,350) |  |  | 0 |  |  | 4,376 |
Cash flow hedges |  | 465 |  |  | 0 |  |  | 465 |  |  | 0 |  |  | (465) |  |  | 0 |
Total |  | $ | 521,230 |  |  | $ | 0 |  |  | $ | 521,230 |  |  | $ | (195,832) |  |  | $ | (46,481) |  |  | $ | 278,917 |
|  | Derivative contracts in an liability position at March 31, 2026
|  |  |  |  |  |  |  | Gross amounts not offset in Consolidated Balance Sheet |  |
(Dollars in thousands) |  | Gross amounts of recognized liabilities (2) |  | Gross amounts offset in the Consolidated Balance Sheets |  | Net amounts presented in the Consolidated Balance Sheets |  | Financial instruments recognized amounts |  | Cash or financial instrument collateral (3) |  | Net amount
Interest rate contracts (1) |  | $ | 65,762 |  |  | $ | 0 |  |  | $ | 65,762 |  |  | $ | (18,481) |  |  | $ | 0 |  |  | $ | 47,281 |
Foreign exchange contracts |  | 391,874 |  |  | 0 |  |  | 391,874 |  |  | (159,270) |  |  | 0 |  |  | 232,604 |
Commodity contracts |  | 5,209 |  |  | 0 |  |  | 5,209 |  |  | (1,350) |  |  | (25) |  |  | 3,834 |
Cash flow hedges |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
Total |  | $ | 462,845 |  |  | $ | 0 |  |  | $ | 462,845 |  |  | $ | (179,101) |  |  | $ | (25) |  |  | $ | 283,719 |
|  | Derivative contracts in an asset position at December 31, 2025
|  |  |  |  |  |  |  | Gross amounts not offset in Consolidated Balance Sheet |  |
(Dollars in thousands) |  | Gross amounts of recognized assets (2) |  | Gross amounts offset in the Consolidated Balance Sheets |  | Net amounts presented in the Consolidated Balance Sheets |  | Financial instruments recognized amounts |  | Cash or financial instrument collateral (3) |  | Net amount
Interest rate contracts (1) |  | $ | 69,409 |  |  | $ | 0 |  |  | $ | 69,409 |  |  | $ | (43,607) |  |  | $ | (12,660) |  |  | $ | 13,142 |
Foreign exchange contracts |  | 371,710 |  |  | 0 |  |  | 371,710 |  |  | (126,506) |  |  | 0 |  |  | 245,204 |
Commodity contracts |  | 1,578 |  |  | 0 |  |  | 1,578 |  |  | (670) |  |  | 0 |  |  | 908 |
Cash flow hedges |  | 708 |  |  | 0 |  |  | 708 |  |  | 0 |  |  | (708) |  |  | 0 |
Total |  | $ | 443,405 |  |  | $ | 0 |  |  | $ | 443,405 |  |  | $ | (170,783) |  |  | $ | (13,368) |  |  | $ | 259,254 |
|  | Derivative contracts in an liability position at December 31, 2025
|  |  |  |  |  |  |  | Gross amounts not offset in Consolidated Balance Sheet |  |
(Dollars in thousands) |  | Gross amounts of recognized liabilities (2) |  | Gross amounts offset in the Consolidated Balance Sheets |  | Net amounts presented in the Consolidated Balance Sheets |  | Financial instruments recognized amounts |  | Cash or financial instrument collateral (3) |  | Net amount
Interest rate contracts (1) |  | $ | 69,402 |  |  | $ | 0 |  |  | $ | 69,402 |  |  | $ | (24,594) |  |  | $ | 0 |  |  | $ | 44,808 |
Foreign exchange contracts |  | 322,172 |  |  | 0 |  |  | 322,172 |  |  | (126,506) |  |  | (5,894) |  |  | 189,772 |
Commodity contracts |  | 2,078 |  |  | 0 |  |  | 2,078 |  |  | (670) |  |  | (462) |  |  | 946 |
Cash flow hedges |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
Total |  | $ | 393,652 |  |  | $ | 0 |  |  | $ | 393,652 |  |  | $ | (151,770) |  |  | $ | (6,356) |  |  | $ | 235,526 |
(1) Includes accrued interest receivable. |  |  |  |  |  |  |  |  |  |
(2) Amount does not include IRLCs because these instruments are not subject to master netting or similar arrangements |  |  |  |
(3) Amount of collateral received is an offset to asset positions or pledged as an offset of liability positions |  |  |  |
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 March 31, 2026:
(Dollars in thousands) |  | Notional amount |  | Average maturity (years) |  | Fair value |  |  |  |
Interest rate contracts |  |  |  |  |  |  |  |  |  |
Receive fixed, matched interest rate contracts with borrower |  | $ | 2,829,821 |  |  | 3.6 |  | $ | (29,563) |  |  |  |  |
Pay fixed, matched interest rate contracts with counterparty |  | 2,829,821 |  |  | 3.6 |  | 29,589 |  |  |  |  |
Foreign exchange contracts |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts-pay USD |  | 9,674,140 |  |  | 0.5 |  | 26,580 |  |  |  |  |
Foreign exchange contracts-receive USD |  | 9,616,763 |  |  | 0.5 |  | (26,580) |  |  |  |  |
Commodities contracts |  |  |  |  |  |  |  |  |  |
Client commodity contracts |  | 52,354 |  |  | 0.4 |  | (3,022) |  |  |  |  |
Counterparty commodity contracts |  | 51,767 |  |  | 0.4 |  | 3,539 |  |  |  |  |
Total client derivatives |  | 25,054,666 |  |  | 1.2 |  | 543 |  |  |  |  |
Cash flow hedges |  |  |  |  |  |  |  |  |  |
Interest rate collars and floors on loan pools |  | 1,000,000 |  |  | 1.5 |  | 465 |  |  |  |  |
Total cash flow hedges |  | 1,000,000 |  |  | 1.5 |  | 465 |  |  |  |  |
Total |  | $ | 26,054,666 |  |  | 1.3 |  | $ | 1,008 |  |  |  |  |

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-7A Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483444/210-20-55-10 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483444/210-20-55-22 Reference 4: http://www.xbrl.org/2003/role/exampleRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483444/210-20-55-21 Reference 5: http://www.xbrl.org/2003/role/exampleRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 20 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483444/210-20-55-20 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483466/210-20-50-4 + Details
Name: | us-gaap_OffsettingAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4CC -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CC Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 182 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480401/815-10-55-182 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration