XML 35 R28.htm IDEA: XBRL DOCUMENT v3.24.3
Derivatives (Tables)
 9 Months Ended
Sep. 30, 2024
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, 2024 and December 31, 2023.

 

 

 

 

September 30, 2024

 

 

December 31, 2023

 

 

 

 

 

 

 

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

 

$

1,350,000

 

$

—

 

$

33,120

 

 

$

1,550,000

 

$

—

 

$

73,611

 

Interest rate swaps - securities

 

Fair Value

 

 

477,500

 

 

22,071

 

 

—

 

 

 

477,500

 

 

22,819

 

 

—

 

  Total derivatives designated as hedging instruments

 

 

 

$

1,827,500

 

$

22,071

 

$

33,120

 

 

$

2,027,500

 

$

22,819

 

$

73,611

 

Derivatives not designated as hedging instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swaps

 

N/A

 

$

4,989,753

 

$

94,228

 

$

94,490

 

 

$

5,128,144

 

$

131,271

 

$

129,994

 

Risk participation agreements

 

N/A

 

 

389,443

 

 

19

 

 

19

 

 

 

364,906

 

 

34

 

 

18

 

Interest rate-lock commitments on residential mortgage loans

 

N/A

 

 

39,343

 

 

714

 

 

—

 

 

 

13,355

 

 

—

 

 

286

 

Forward commitments to sell residential mortgage loans

 

N/A

 

 

23,698

 

 

—

 

 

440

 

 

 

18,563

 

 

372

 

 

—

 

To Be Announced (TBA) securities

 

N/A

 

 

29,500

 

 

88

 

 

44

 

 

 

13,500

 

 

—

 

 

47

 

Foreign exchange forward contracts

 

N/A

 

 

106,754

 

 

1,704

 

 

1,664

 

 

 

83,134

 

 

1,864

 

 

1,840

 

Visa Class B derivative contract

 

N/A

 

 

42,617

 

 

—

 

 

2,261

 

 

 

42,617

 

 

—

 

 

1,342

 

  Total derivatives not designated as hedging instruments

 

 

 

$

5,621,108

 

$

96,753

 

$

98,918

 

 

$

5,664,219

 

$

133,541

 

$

133,527

 

Total derivatives

 

 

 

$

7,448,608

 

$

118,824

 

$

132,038

 

 

$

7,691,719

 

$

156,360

 

$

207,138

 

Less: netting adjustment (2)

 

 

 

 

 

 

(49,009

)

 

(9

)

 

 

 

 

(65,648

)

 

—

 

Total derivative assets/liabilities

 

 

 

 

 

$

69,815

 

$

132,029

 

 

 

 

$

90,712

 

$

207,138

 

 

(1)
Derivative assets and liabilities are reported in other assets and 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 three and nine months ended September 30, 2024 and 2023 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:

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Cash flow hedges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Variable rate loans

 

Interest income - loans

 

$

(12,649

)

 

$

(11,116

)

 

$

(38,120

)

 

$

(28,609

)

Fair value hedges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities

 

Interest income - securities - taxable

 

 

3,215

 

 

 

3,023

 

 

 

9,437

 

 

 

8,786

 

Derivatives not designated as hedging:

 

 

 

 

 

 

 

 

 

 

   Residential mortgage banking

 

Noninterest income - secondary mortgage market operations

 

 

(370

)

 

 

235

 

 

 

182

 

 

 

736

 

   Customer and all other instruments

 

Noninterest income - other noninterest income

 

 

923

 

 

 

418

 

 

 

(2,939

)

 

 

1,585

 

Total loss

 

 

 

$

(8,881

)

 

$

(7,440

)

 

$

(31,440

)

 

$

(17,502

)
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, 2024 and December 31, 2023 is presented in the following tables

As of September 30, 2024

 

 

 

Gross Amounts Offset in

 

Net Amounts Presented in

 

 

Gross Amounts Not Offset in the
Statement of Financial Condition

 

($ in thousands)

 

Gross Amounts
Recognized

 

the Statement
of Financial Condition

 

the Statement
of Financial Condition

 

 

Financial
Instruments

 

Cash
Collateral

 

Net
Amount

 

Derivative Assets

 

$

106,440

 

$

(51,000

)

$

55,440

 

 

$

52,690

 

$

54,804

 

$

(52,054

)

Derivative Liabilities

 

$

52,696

 

$

(6

)

$

52,690

 

 

$

52,690

 

$

—

 

$

—

 

As of December 31, 2023

 

 

 

Gross Amounts Offset in

 

Net Amounts Presented in

 

 

Gross Amounts Not Offset in the
Statement of Financial Condition

 

($ in thousands)

 

Gross Amounts
Recognized

 

the Statement
of Financial Condition

 

the Statement
of Financial Condition

 

 

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

)