Derivatives (Tables)

12 Months Ended

Dec. 31, 2024

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, 2024 and 2023.

		December 31, 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	$	—		$	48,022	$	1,550,000	$	—		$	73,611
Interest rate swaps - securities	Fair Value		477,500		39,647			—		477,500		22,819			—
		$	1,827,500	$	39,647		$	48,022	$	2,027,500	$	22,819		$	73,611
Derivatives not designated as hedging instruments:
Interest rate swaps	N/A	$	4,926,461	$	108,702		$	108,761	$	5,128,144	$	131,271		$	129,994
Risk participation agreements	N/A		445,554		7			9		364,906		34			18
Forward commitments to sell residential mortgage loans	N/A		25,526		—			383		13,355		—			286
Interest rate-lock commitments on residential mortgage loans	N/A		27,465		420			—		18,563		372			—
To Be Announced (TBA) securities	N/A		15,250		88			1		13,500		—			47
Foreign exchange forward contracts	N/A		82,756		1,389			1,358		83,134		1,864			1,840
Visa Class B derivative contract	N/A		42,020		—			2,089		42,617		—			1,342
		$	5,565,032	$	110,606		$	112,601	$	5,664,219	$	133,541		$	133,527
Total derivatives		$	7,392,532	$	150,253		$	160,623	$	7,691,719	$	156,360		$	207,138
Less: netting adjustments (2)					(76,413	)		—				(65,648	)		—
Total derivate assets/liabilities				$	73,840		$	160,623			$	90,712		$	207,138

(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, 2024, 2023, and 2022 are presented in the table below.

		Years Ended December 31,
($ in thousands) Derivative Instruments:	Location of Gain (Loss) Recognized in the Statements of Income:	2024			2023			2022
Cash flow hedges:
Variable rate loans	Interest income - loans	$	(47,944	)	$	(40,714	)	$	9,928
Fair value hedges:
Securities	Interest income - securities - taxable		12,627			11,945			4,963
Securities - termination	Noninterest income - securities transactions, net		—			2,725			1,620
Derivatives not designated as hedging:
Residential mortgage banking	Noninterest income - secondary mortgage market operations		335			753			2,918
Customer and all other instruments	Noninterest income - other noninterest income		(3,790	)		420			5,832
Total gain (loss)		$	(38,772	)	$	(24,871	)	$	25,261

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, 2024 and 2023 is presented in the following tables:

As of December 31, 2024
			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	$	149,808	$	(77,915	)	$	71,893	$	54,707	$	64,260	$	81,446
Derivative Liabilities	$	54,707	$	—		$	54,707	$	54,707	$	—	$	—

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	)