Derivatives (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Values of Derivative Financial Instruments

The table below presents the notional or contractual amounts and fair values of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets at September 30, 2023 and December 31, 2022.

		September 30, 2023							December 31, 2022
				Derivative (1)							Derivative (1)
($ in thousands)	Type of Hedge	Notional or Contractual Amount		Assets			Liabilities		Notional or Contractual Amount		Assets			Liabilities
Derivatives designated as hedging instruments:
Interest rate swaps - variable rate loans	Cash Flow	$	1,550,000	$	—		$	117,363	$	2,100,000	$	2,301		$	112,262
Interest rate swaps - securities	Fair Value		513,500		39,902			—		716,000		43,501			—
			2,063,500		39,902			117,363		2,816,000		45,802			112,262
Derivatives not designated as hedging instruments:
Interest rate swaps	N/A		5,078,764		190,288			187,752		4,620,544		172,242			169,712
Risk participation agreements	N/A		338,165		9			11		298,729		1			13
Interest rate-lock commitments on residential mortgage loans	N/A		15,136		351			2		10,930		8			113
Forward commitments to sell residential mortgage loans	N/A		31,013		—			174		13,819		161			8
To Be Announced (TBA) securities	N/A		22,000		177			2		10,000		78			7
Foreign exchange forward contracts	N/A		98,759		965			933		123,106		1,643			1,594
Visa Class B derivative contract	N/A		42,690		—			1,432		43,111		—			1,883
			5,626,527		191,790			190,306		5,120,239		174,133			173,330
Total derivatives		$	7,690,027	$	231,692		$	307,669	$	7,936,239	$	219,935		$	285,592
Less: netting adjustment (2)					(107,261	)		—				(110,438	)		(81,471	)
Total derivative assets/liabilities				$	124,431		$	307,669			$	109,497		$	204,121

(1)Derivative assets and liabilities are reported at fair value in other assets or other liabilities, respectively, in the consolidated balance sheets.

(2)Represents balance sheet netting of derivative assets and liabilities for variation margin collateral held or placed with the same central clearing counterparty. See offsetting assets and liabilities for further information.

Effects of Derivative Instruments in the Statement of Income

The effects of derivative instruments in the Consolidated Statements of Income for the three and nine months ended September 30, 2023 and 2022 are presented in the table below.

		Three Months Ended						Nine Months Ended
($ in thousands)		September 30,						September 30,
Derivative Instruments:	Location of Gain (Loss) Recognized in the Statements of Income:	2023			2022			2023			2022
Cash flow hedges:
Variable rate loans	Interest income - loans	$	(11,116	)	$	1,752		$	(28,609	)	$	14,519
Fair value hedges:
Securities	Interest income - securities - taxable		3,023			1,596			8,786			2,625
Securities- terminations	Noninterest income - securities transactions, net		—			—			—			1,620
Derivatives not designated as hedging:
Residential mortgage banking	Noninterest income - secondary mortgage market operations		235			(365	)		736			2,595
Customer and all other instruments	Noninterest income - other noninterest income		418			1,309			1,585			6,386
Total gain (loss)		$	(7,440	)	$	4,292		$	(17,502	)	$	27,745

Offsetting Derivative Assets and Liabilities Subject to Master Netting Arrangements

Offsetting information in regards to all derivative assets and liabilities, including accrued interest, subject to these master netting agreements at September 30, 2023 and December 31, 2022 is presented in the following tables

($ in thousands)			Gross Amounts			Net Amounts		Gross Amounts Not Offset in the Statement of Financial Condition
Description	Gross Amounts Recognized		Offset in the Statement of Financial Condition			Presented in the Statement of Financial Condition		Financial Instruments		Cash Collateral		Net Amount
As of September 30, 2023
Derivative Assets	$	237,433	$	(109,904	)	$	127,529	$	122,171	$	129,773	$	135,131
Derivative Liabilities	$	122,171	$	—		$	122,171	$	122,171	$	—	$	—

($ in thousands)			Gross Amounts			Net Amounts		Gross Amounts Not Offset in the Statement of Financial Condition
Description	Gross Amounts Recognized		Offset in the Statement of Financial Condition			Presented in the Statement of Financial Condition		Financial Instruments		Cash Collateral		Net Amount
As of December 31, 2022
Derivative Assets	$	223,072	$	(112,338	)	$	110,734	$	32,601	$	27,852	$	105,985
Derivative Liabilities	$	116,395	$	(83,794	)	$	32,601	$	32,601	$	—	$	—