Derivatives (Tables)

9 Months Ended

Sep. 30, 2020

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, 2020 and December 31, 2019.

		September 30, 2020								December 31, 2019
				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	$	1,175,000	$	57,412		—			$	1,175,000	$	24,172		$	337
Interest rate swaps - securities	Fair Value		762,650		842			24,203			441,400		1,474			1,759
Interest rate swaps - brokered deposits	Fair Value		—		—			—			43,000		—			9
			1,937,650		58,254			24,203			1,659,400		25,646			2,105
Derivatives not designated as hedging instruments:
Interest rate swaps ⁽²⁾	N/A		4,560,306		164,273			168,207			3,759,232		54,512			55,664
Risk participation agreements	N/A		205,787		78			136			254,825		21			45
Forward commitments to sell residential mortgage loans	N/A		345,871		82			3,584			145,623		651			744
Interest rate-lock commitments on residential mortgage loans	N/A		265,957		2,452			59			83,224		369			375
Foreign exchange forward contracts	N/A		81,492		1,937			1,888			64,632		303			366
Visa Class B derivative contract	N/A		43,565	—				4,616			43,753		—			5,704
			5,502,978		168,822			178,490			4,351,289		55,856			62,898
Total derivatives		$	7,440,628	$	227,076		$	202,693		$	6,010,689	$	81,502		$	65,003
Less: netting adjustment ⁽³⁾					(58,254	)		(146,415	)				(27,056	)		(43,914	)
Total derivative assets/liabilities				$	168,822		$	56,278				$	54,446		$	21,089

(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:	2020			2019			2020		2019
Cash flow hedges - variable rate loans	Interest income	$	5,788		$	(956	)	$	11,249	$	(4,632	)
Fair value hedges - securities	Interest income		(7	)		15			33		15
Fair value hedges - brokered deposits	Interest expense	—				(243	)		46		(1,692	)
All other instruments	Other noninterest income		1,739			4,324			9,718		8,733
Total gain		$	7,520		$	3,140		$	21,046	$	2,424

Offsetting Derivative Assets and Liabilities Subject to Master Netting Arrangements

(in thousands)			Gross Amounts			Net Amounts		Gross Amounts Not Offset in the Statement of Financial Condition
Description	Gross Amounts Recognized		Offset in the Statement of Financial Condition			Presented in the Statement of Financial Condition		Financial Instruments		Cash Collateral		Net Amount
As of September 30, 2020
Derivative Assets	$	60,231	$	(60,231	)	$	—	$	—	$	—	$	—
Derivative Liabilities	$	195,780	$	(148,738	)	$	47,042	$	—	$	87,926	$	(40,884	)

(in thousands)			Gross Amounts			Net Amounts		Gross Amounts Not Offset in the Statement of Financial Condition
Description	Gross Amounts Recognized		Offset in the Statement of Financial Condition			Presented in the Statement of Financial Condition		Financial Instruments		Cash Collateral		Net Amount
As of December 31, 2019
Derivative Assets	$	27,938	$	(27,915	)	$	23	$	23	$	—	$	—
Derivative Liabilities	$	56,523	$	(44,570	)	$	11,953	$	23	$	35,113	$	(23,183	)