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Derivatives (Tables)
 3 Months Ended
Mar. 31, 2025
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 March 31, 2025 and December 31, 2024.

 

 

 

 

March 31, 2025

 

 

December 31, 2024

 

 

 

 

 

 

 

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

 

$

1,500,000

 

$

1,371

 

$

34,883

 

 

$

1,350,000

 

$

—

 

$

48,022

 

Interest rate swaps - securities

 

Fair Value

 

 

477,500

 

 

31,816

 

 

—

 

 

 

477,500

 

 

39,647

 

 

—

 

  Total derivatives designated as hedging instruments

 

 

 

$

1,977,500

 

$

33,187

 

$

34,883

 

 

$

1,827,500

 

$

39,647

 

$

48,022

 

Derivatives not designated as hedging instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swaps

 

N/A

 

$

4,639,533

 

$

90,206

 

$

90,316

 

 

$

4,926,461

 

$

108,702

 

$

108,761

 

Risk participation agreements

 

N/A

 

 

378,068

 

 

8

 

 

116

 

 

 

445,554

 

 

7

 

 

9

 

Interest rate-lock commitments on residential mortgage loans

 

N/A

 

 

41,443

 

 

902

 

 

—

 

 

 

25,526

 

 

—

 

 

383

 

Forward commitments to sell residential mortgage loans

 

N/A

 

 

25,373

 

 

—

 

 

594

 

 

 

27,465

 

 

420

 

 

—

 

To Be Announced (TBA) securities

 

N/A

 

 

28,500

 

 

7

 

 

71

 

 

 

15,250

 

 

88

 

 

1

 

Foreign exchange forward contracts

 

N/A

 

 

140,998

 

 

1,868

 

 

1,806

 

 

 

82,756

 

 

1,389

 

 

1,358

 

Visa Class B derivative contract

 

N/A

 

 

41,902

 

 

—

 

 

2,143

 

 

 

42,020

 

 

—

 

 

2,089

 

  Total derivatives not designated as hedging instruments

 

 

 

$

5,295,817

 

$

92,991

 

$

95,046

 

 

$

5,565,032

 

$

110,606

 

$

112,601

 

Total derivatives

 

 

 

$

7,273,317

 

$

126,178

 

$

129,929

 

 

$

7,392,532

 

$

150,253

 

$

160,623

 

Less: netting adjustment (2)

 

 

 

 

 

 

(60,402

)

 

—

 

 

 

 

 

(76,413

)

 

—

 

Total derivative assets/liabilities

 

 

 

 

 

$

65,776

 

$

129,929

 

 

 

 

$

73,840

 

$

160,623

 

 

(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 months ended March 31, 2025 and 2024 are presented in the table below.

 

 

 

 

Three Months Ended

 

($ in thousands)

 

 

 

March 31,

 

Derivative Instruments:

 

Location of Gain (Loss) Recognized
in the Statements of Income:

 

2025

 

 

2024

 

Cash flow hedges:

 

 

 

 

 

 

 

 

   Variable rate loans

 

Interest income - loans

 

$

(8,460

)

 

$

(12,558

)

Fair value hedges:

 

 

 

 

 

 

 

 

Securities

 

Interest income - securities - taxable

 

 

3,910

 

 

 

3,108

 

Derivatives not designated as hedging:

 

 

 

 

   Residential mortgage banking

 

Noninterest income - secondary mortgage market operations

 

 

304

 

 

 

285

 

   Customer and all other instruments

 

Noninterest income - other noninterest income

 

 

(271

)

 

 

(2,802

)

Total loss

 

 

 

$

(4,517

)

 

$

(11,967

)
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 March 31, 2025 and December 31, 2024 is presented in the following tables

As of March 31, 2025

 

 

 

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

 

$

119,410

 

$

(62,139

)

$

57,271

 

 

$

46,865

 

$

52,944

 

$

63,350

 

Derivative Liabilities

 

$

46,865

 

$

—

 

$

46,865

 

 

$

46,865

 

$

—

 

$

—

 

As of December 31, 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

 

$

149,808

 

$

(77,915

)

$

71,893

 

 

$

54,707

 

$

64,260

 

$

81,446

 

Derivative Liabilities

 

$

54,707

 

$

—

 

$

54,707

 

 

$

54,707

 

$

—

 

$

—