Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2021

Summary of Derivative Instruments [Abstract]

Schedule of Pre-tax Impact of Terminated Cash Flow Hedges on AOCI

The following table presents the pre-tax impact of terminated cash flow hedges on accumulated other comprehensive income (“AOCI”) for the three months ended March 31, 2021:

	For the Three Months Ended March 31, 2021
	(In thousands)
Unrealized gains on terminated hedges included in AOCI - January 1	$	41,473
Unrealized gains on terminated hedges arising during the period	—
Reclassification adjustments for amortization of unrealized (gains) into net income	(8,274)
Unrealized gains on terminated hedges included in AOCI - March 31	$	33,199

Derivatives Not Designated as Hedging Instruments

The following tables present the Company’s customer-related derivative positions as of the dates indicated below for those derivatives not designated as hedging:

	As of March 31, 2021
	Number of Positions	Total Notional
	(Dollars in Thousands)
Interest rate swaps	562	$	3,571,918
Risk participation agreements	70	288,803
Foreign exchange contracts:
Matched commercial customer book	74	8,428
Foreign currency loan	3	7,988

	As of December 31, 2020
	Number of Positions	Total Notional
	(Dollars in Thousands)
Interest rate swaps	576	$	3,652,385
Risk participation agreements	70	287,732
Foreign exchange contracts:
Matched commercial customer book	40	4,242
Foreign currency loan	3	10,798

Schedule of Derivative Financial Instruments

The table below presents the fair value of the Company’s derivative financial instruments, as well as their classification on the balance sheet for the periods indicated. There were no derivatives designated as hedging instruments at March 31, 2021 or December 31, 2020.

	Asset Derivatives					Liability Derivatives
	Balance Sheet Location	Fair Value at March 31, 2021		Fair Value at December 31, 2020		Balance Sheet Location	Fair Value at March 31, 2021		Fair Value at December 31, 2020
	(Dollars in thousands)
Derivatives not designated as hedging instruments
Customer-related positions:
Interest rate swaps	Other assets	$	90,748	$	141,822	Other liabilities	$	33,620	$	42,600
Risk participation agreements	Other assets	391		722		Other liabilities	530		1,230
Foreign currency exchange contracts - matched customer book	Other assets	81		90		Other liabilities	61		77
Foreign currency exchange contracts - foreign currency loan	Other assets	18		9		Other liabilities	5		69
Total		$	91,238	$	142,643		$	34,216	$	43,976

Schedule of Derivative Financial Instruments On The Consolidated Income Statements

The table below presents the net effect of the Company’s derivative financial instruments on the consolidated income statements as well as the effect of the Company’s derivative financial instruments included in other comprehensive income (“OCI”) as follows:

	For the Three Months Ended March 31,
	2021		2020
	(Dollars in Thousands)
Derivatives designated as hedges:
Gain in OCI on derivatives	$	—	$	43,556
Gain reclassified from OCI into interest income (effective portion)	$	8,274	$	3,112
Gain recognized in income on derivatives (ineffective portion and amount excluded from effectiveness test)
Interest income	$	—	$	—
Other income	—		—
Total	$	—	$	—
Derivatives not designated as hedges:
Customer-related positions:
Gain (loss) recognized in interest rate swap income	$	4,851	$	(6,280)
Gain (loss) recognized in interest rate swap income for risk participation agreements	369		(301)
Gain (loss) recognized in other income for foreign currency exchange contracts:
Matched commercial customer book	6		(26)
Foreign currency loan	73		397
Total gain (loss) for derivatives not designated as hedges	$	5,299	$	(6,210)