Derivatives (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Values of Derivative Financial Instruments

Fair Values of Derivative Instruments on the Balance Sheet

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 December 31, 2023 and 2022.

		December 31, 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	$	—		$	73,611	$	2,100,000	$	2,301		$	112,262
Interest rate swaps - securities	Fair Value		477,500		22,819			—		716,000		43,501			—
		$	2,027,500	$	22,819		$	73,611	$	2,816,000	$	45,802		$	112,262
Derivatives not designated as hedging instruments:
Interest rate swaps	N/A	$	5,128,144	$	131,271		$	129,994	$	4,620,544	$	172,242		$	169,712
Risk participation agreements	N/A		364,906		34			18		298,729		1			13
Forward commitments to sell residential mortgage loans	N/A		13,355		—			286		10,930		8			113
Interest rate-lock commitments on residential mortgage loans	N/A		18,563		372			—		13,819		161			8
To Be Announced (TBA) securities	N/A		13,500		—			47		10,000		78			7
Foreign exchange forward contracts	N/A		83,134		1,864			1,840		123,106		1,643			1,594
Visa Class B derivative contract	N/A		42,617		—			1,342		43,111		—			1,883
		$	5,664,219	$	133,541		$	133,527	$	5,120,239	$	174,133		$	173,330
Total derivatives		$	7,691,719	$	156,360		$	207,138	$	7,936,239	$	219,935		$	285,592
Less: netting adjustments (2)					(65,648	)		—				(110,438	)		(81,471	)
Total derivate assets/liabilities				$	90,712		$	207,138			$	109,497		$	204,121

(1) Derivative assets and liabilities are reported 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 on the Statement of Income

The effects of derivative instruments on the Consolidated Statements of Income for the years ended December 31, 2023, 2022, and 2021 are presented in the table below.

		Years Ended December 31,
($ in thousands) Derivative Instruments:	Location of Gain (Loss) Recognized in the Statements of Income:	2023			2022		2021
Cash flow hedges:
Variable rate loans	Interest income - loans	$	(40,714	)	$	9,928	$	26,674
Fair value hedges:
Securities	Interest income - securities - taxable		11,945			4,963		(640	)
Securities - termination	Noninterest income - securities transactions, net		2,725			1,620		2,499
Derivatives not designated as hedging:
Residential mortgage banking	Noninterest income - secondary mortgage market operations		753			2,918		1,568
Customer and all other instruments	Noninterest income - other noninterest income		420			5,832		13,477
Total gain (loss)		$	(24,871	)	$	25,261	$	43,578

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 December 31, 2023 and 2022 is presented in the following tables:

As of December 31, 2023
			Gross Amounts Offset in the			Net Amounts Presented in the		Gross Amounts Not Offset in the Statement of Financial Position
($ in thousands)	Gross Amounts Recognized		Statement of Financial Position			Statement of Financial Position		Financial Instruments		Cash Collateral		Net Amount
Derivative Assets	$	152,740	$	(68,282	)	$	84,458	$	84,458	$	—	$	—
Derivative Liabilities	$	87,567	$	—		$	87,567	$	84,458	$	96,176	$	(93,067	)

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