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Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Impact of Derivatives on the Consolidated Balance Sheet The following tables summarize the fair values and notional amounts of all derivative instruments at March 31, 2022 and December 31, 2021, and their impact on earnings and other comprehensive income for the three months ended March 31, 2022 and March 31, 2021. Please refer to Notes to Consolidated Financial Statements, Note 12, “Derivative Financial Instruments” in our 2021 Form 10-K for a full discussion of cash flow hedges, fair value hedges, and trading activities.
Impact of Derivatives on the Consolidated Balance Sheets
Cash Flow HedgesFair Value HedgesTradingTotal
March 31,December 31,March 31,December 31,March 31,December 31,March 31,December 31,
(Dollars in thousands)20222021202220212022202120222021
Fair Values(1)
Hedged Risk Exposure
Derivative Assets:(2)
Interest rate swapsInterest rate$169 $— $— $— $— $5 $169 $5 
OtherOther— — — — — 1,317 — 1,317 
Derivative Liabilities:(2)
Interest rate swaps Interest rate(43)(231)(220)(21)— — (263)(252)
Total net derivatives$126 $(231)$(220)$(21)$— $1,322 $(94)$1,070 
 
(1)    Fair values reported include variation margin as legal settlement of the derivative contract. Assets and liabilities are presented without consideration of master netting agreements. Derivatives are carried on the balance sheet based on net position by counterparty under master netting agreements and classified in other assets or other liabilities depending on whether in a net positive or negative position.
(2)    The following table reconciles gross positions with the impact of master netting agreements to the balance sheet classification:
    
Other AssetsOther Liabilities
March 31,December 31,March 31,December 31,
(Dollars in thousands)2022202120222021
Gross position(1)
$169 $1,322 $(263)$(252)
Impact of master netting agreement(169)(5)169 5 
Derivative values with impact of master netting agreements (as carried on balance sheet)— 1,317 (94)(247)
Cash collateral pledged(2)
9,327 9,655 — — 
Net position$9,327 $10,972 $(94)$(247)

(1)Gross position amounts include accrued interest and variation margin as legal settlement of the derivative contract.
(2)Cash collateral pledged excludes amounts that represent legal settlement of the derivative contracts.
Offsetting Assets The following table reconciles gross positions with the impact of master netting agreements to the balance sheet classification:
    
Other AssetsOther Liabilities
March 31,December 31,March 31,December 31,
(Dollars in thousands)2022202120222021
Gross position(1)
$169 $1,322 $(263)$(252)
Impact of master netting agreement(169)(5)169 5 
Derivative values with impact of master netting agreements (as carried on balance sheet)— 1,317 (94)(247)
Cash collateral pledged(2)
9,327 9,655 — — 
Net position$9,327 $10,972 $(94)$(247)

(1)Gross position amounts include accrued interest and variation margin as legal settlement of the derivative contract.
(2)Cash collateral pledged excludes amounts that represent legal settlement of the derivative contracts.
Offsetting Liabilities The following table reconciles gross positions with the impact of master netting agreements to the balance sheet classification:
    
Other AssetsOther Liabilities
March 31,December 31,March 31,December 31,
(Dollars in thousands)2022202120222021
Gross position(1)
$169 $1,322 $(263)$(252)
Impact of master netting agreement(169)(5)169 5 
Derivative values with impact of master netting agreements (as carried on balance sheet)— 1,317 (94)(247)
Cash collateral pledged(2)
9,327 9,655 — — 
Net position$9,327 $10,972 $(94)$(247)

(1)Gross position amounts include accrued interest and variation margin as legal settlement of the derivative contract.
(2)Cash collateral pledged excludes amounts that represent legal settlement of the derivative contracts.
Schedule of Notional Amounts of Outstanding Derivative Positions
Notional Values
Cash FlowFair ValueTradingTotal
(Dollars in thousands)March 31,December 31,March 31,December 31,March 31,December 31,March 31,December 31,
20222021202220212022202120222021
Interest rate swaps$1,407,412 $1,438,144 $3,678,960 $3,915,999 $— $181,953 $5,086,372 $5,536,096 
Other— — — — — 1,053,760 — 1,053,760 
Net total notional$1,407,412 $1,438,144 $3,678,960 $3,915,999 $— $1,235,713 $5,086,372 $6,589,856 
Schedule of Cumulative Basis Adjustments for Fair Value Hedges
As of March 31, 2022 and December 31, 2021, the following amounts were recorded on the consolidated balance sheet related to cumulative basis adjustments for fair value hedges:
(Dollars in thousands)Carrying Amount of the Hedged Assets/(Liabilities)Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)
Line Item in the Balance Sheet in Which the Hedged Item is Included:March 31,December 31,March 31,December 31,
2022202120222021
Deposits$(3,675,421)$(3,963,268)$484 $(50,784)
Derivative Instruments, Gain (Loss)
Impact of Derivatives on the Consolidated Statements of Income
Three Months Ended 
 March 31,
(Dollars in thousands)20222021
Fair Value Hedges
Interest rate swaps:
Interest recognized on derivatives$17,287 $22,610 
Hedged items recorded in interest expense51,268 31,275 
Derivatives recorded in interest expense(51,319)(31,251)
Total $17,236 $22,634 
Cash Flow Hedges
Interest rate swaps:
Amount of gain (loss) reclassified from accumulated other comprehensive income into interest expense$(4,541)$(5,269)
Total $(4,541)$(5,269)
Trading
Interest rate swaps:
Change in fair value of future interest payments recorded in earnings$(248)$(10,864)
Total(248)(10,864)
Total$12,447 $6,501 
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)
Impact of Derivatives on the Statements of Changes in Stockholders’ Equity
Three Months Ended
March 31,
(Dollars in thousands)20222021
Amount of gain (loss) recognized in other comprehensive income (loss)$47,989 $18,154 
Less: amount of gain (loss) reclassified in interest expense(4,541)(5,269)
Total change in other comprehensive income (loss) for unrealized gains (losses) on derivatives, before income tax (expense) benefit$52,530 $23,423