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DERIVATIVES (Tables)
 9 Months Ended
Sep. 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 September 30, were as follows:

Derivatives in Cash Flow Hedging RelationshipLocation of Gain or (Loss) Reclassified from AOCI into incomeGain (loss) reclassified in AOCI on DerivativesGain (loss) recognized in OCI on Derivatives
(Dollars in thousands)September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Interest rate contractsInterest income/(expense)$(199)$(71)$3,116 $(1,493)

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

Derivatives in Cash Flow Hedging RelationshipLocation of Gain or (Loss) Reclassified from AOCI into incomeGain (loss) reclassified in AOCI on DerivativesGain (loss) recognized in OCI on Derivatives
(Dollars in thousands)September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Interest rate contractsInterest income/(expense)$(596)$(72)$(1,433)$(1,824)
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:
  
September 30, 2024December 31, 2023
 Estimated fair valueEstimated 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$2,198,862 $22,400 $(69,381)$2,172,714 $13,232 $(104,343)
Matched interest rate contracts with counterparty2,198,862 69,205 (22,400)2,172,714 104,092 (13,232)
Foreign exchange contracts
Matched foreign exchange contracts with customers7,362,469 88,853 (93,429)7,021,569 84,731 (60,825)
Match foreign exchange contracts with counterparty7,301,358 93,429 (88,853)6,972,870 60,825 (84,731)
Commodity contracts
Matched commodity with client3000(155)000
Matched commodity with counterparty3001550000
Total derivatives not designated as qualifying hedging instruments19,062,151 274,042 (274,218)18,339,867 262,880 (263,131)
Derivatives designated as qualifying hedging instruments
Cash flow hedges
Interest rate collars and floors1,000,000 4,497 0 1,000,000 6,896 0 
Total derivatives designated as qualifying hedging instruments1,000,000 4,497 0 1,000,000 6,896 0 
Total$20,062,151 $278,539 $(274,218)$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:
September 30, 2024December 31, 2023
(Dollars in thousands)Gross amounts of recognized assets (liabilities)Gross amounts offset in the Consolidated Balance SheetsNet amounts of assets/(liabilities) presented in the Consolidated Balance SheetsGross amounts of recognized assets (liabilities)Gross amounts offset in the Consolidated Balance SheetsNet amounts of assets/(liabilities) presented in the Consolidated Balance Sheets
Interest rate contracts (1)
$(91,605)$111,251 $19,646 $(117,324)$270,678 $153,354 
Foreign exchange contracts(182,282)4,608 (177,674)(145,556)55,959 (89,597)
Commodity contracts(155)155 0 0 0 0 
Cash flow hedges4,497 (3,021)1,476 6,896 (4,886)2,010 
Total$(269,545)$112,993 $(156,552)$(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 September 30, 2024:
(Dollars in thousands)Notional
amount		Average
maturity
(years)		Fair
value
Interest rate contracts   
Receive fixed, matched interest rate contracts with borrower$2,198,862 4.3$(46,981)
Pay fixed, matched interest rate contracts with counterparty2,198,862 4.346,805 
Foreign exchange contracts
Foreign exchange contracts-pay USD7,362,469 0.7(4,576)
Foreign exchange contracts-receive USD7,301,358 0.74,576 
Commodities contracts
Client commodity contracts300 1.4(155)
Counterparty commodity contracts300 1.4155 
Total client derivatives19,062,151 1.5(176)
Cash flow hedges
Interest rate collars and floors on loan pools1,000,000 2.84,497 
Total cash flow hedges1,000,000 2.84,497 
Total$20,062,151 1.6$4,321