Derivatives (Tables)

9 Months Ended

Sep. 30, 2019

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, 2019 and December 31, 2018.

		September 30, 2019								December 31, 2018
				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	$	1,075,000	$	31,453		$	—		$	875,000	$	3,954		$	9,173
Interest rate swaps - securities	Fair Value		441,400		—			7,872			—		—			—
Interest rate swaps - brokered deposits	Fair Value		163,110		—			80			483,110		—			2,089
			1,679,510		31,453			7,952		$	1,358,110	$	3,954		$	11,262
Derivatives not designated as hedging instruments:
Interest rate swaps ⁽²⁾	N/A		1,726,248		70,701			72,804		$	1,277,404	$	23,670		$	24,669
Risk participation agreements	N/A		237,081		38			60			171,222		10			131
Forward commitments to sell residential mortgage loans	N/A		151,413		335			649			77,208		110			664
Interest rate-lock commitments on residential mortgage loans	N/A		78,769		240			149			59,119		464			67
Foreign exchange forward contracts	N/A		73,076		735			692			37,749		751			718
Visa Class B derivative contract	N/A		43,753		—			6,249			43,753		—			7,304
			2,310,340		72,049			80,603			1,666,455		25,005			33,553
Total derivatives		$	3,989,850	$	103,502		$	88,555		$	3,024,565	$	28,959		$	44,815
Less: netting adjustment ⁽³⁾					(31,598	)		(65,088	)				(11,979	)		(22,588	)
Total derivative assets/liabilities				$	71,904		$	23,467				$	16,980		$	22,227

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

(2)	The notional amount represents both the customer accommodation agreements and offsetting agreements with unrelated financial institutions.

(3)	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

		Three Months Ended						Nine Months Ended
		September 30,						September 30,
Derivative Instruments:	Location of Gain (Loss) Recognized in the Statement of Income:	2019			2018			2019			2018
Interest rate swaps designated as hedges:
Cash flow hedges - variable rate loans	Interest income	$	(956	)	$	(1,276	)	$	(4,632	)	$	(2,841	)
Fair value hedges - securities	Interest income		15			—			15			—
Fair value hedges - brokered deposits	Interest expense		(243	)		(725	)		(1,692	)		(1,371	)
All other instruments	Other noninterest income		4,324			1,363			8,733			4,474
Total		$	3,140		$	(638	)	$	2,424		$	262

Offsetting Derivative Assets and Liabilities Subject to Master Netting Arrangements

(in thousands)			Gross Amounts			Net Amounts		Gross Amounts Not Offset in the Statement of Income
Description	Gross Amounts Recognized		Offset in the Statement of Income			Presented in the Statement of Income		Financial Instruments		Cash Collateral		Net Amount
As of September 30, 2019
Derivative Assets	$	32,718	$	(32,694	)	$	24	$	24			$	—
Derivative Liabilities	$	79,900	$	(65,280	)	$	14,620	$	24	$	37,657	$	(23,061	)

(in thousands)			Gross Amounts			Net Amounts		Gross Amounts Not Offset in the Statement of Income
Description	Gross Amounts Recognized		Offset in the Statement of Income			Presented in the Statement of Income		Financial Instruments		Cash Collateral		Net Amount
As of December 31, 2018
Derivative Assets	$	16,167	$	(12,842	)	$	3,325	$	1,846	$	—	$	1,479
Derivative Liabilities	$	23,811	$	(21,651	)	$	2,160	$	1,846	$	2,871	$	(2,557	)