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Derivatives (Tables)
 12 Months Ended
Dec. 31, 2021
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 December 31, 2021 and 2020.

 

 

 

 

 

December 31, 2021

 

 

December 31, 2020

 

 

 

 

 

 

 

 

 

 

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

 

$

 

1,125,000

 

 

$

 

5,884

 

 

$

 

4,421

 

 

$

 

1,175,000

 

 

$

 

50,962

 

 

$

 

—

 

Interest rate swaps - securities

 

Fair Value

 

 

 

1,837,650

 

 

 

 

22,138

 

 

 

 

10,690

 

 

 

 

1,158,150

 

 

 

 

6,686

 

 

 

 

18,920

 

 

 

 

 

$

 

2,962,650

 

 

$

 

28,022

 

 

$

 

15,111

 

 

$

 

2,333,150

 

 

$

 

57,648

 

 

$

 

18,920

 

Derivatives not designated as hedging instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swaps

 

N/A

 

$

 

5,193,991

 

 

$

 

75,819

 

 

$

 

75,861

 

 

$

 

4,806,258

 

 

$

 

145,517

 

 

$

 

148,778

 

Risk participation agreements

 

N/A

 

 

 

217,437

 

 

 

 

11

 

 

 

 

35

 

 

 

 

216,511

 

 

 

 

35

 

 

 

 

108

 

Forward commitments to sell  residential mortgage loans

 

N/A

 

 

 

46,739

 

 

 

 

1

 

 

 

 

645

 

 

 

 

310,458

 

 

 

 

19

 

 

 

 

3,211

 

Interest rate-lock commitments on residential mortgage loans

 

N/A

 

 

 

82,037

 

 

 

 

1,525

 

 

 

 

1

 

 

 

 

206,258

 

 

 

 

1,793

 

 

 

 

14

 

To Be Announced (TBA) securities

 

N/A

 

 

 

55,000

 

 

 

 

15

 

 

 

 

53

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

Foreign exchange forward contracts

 

N/A

 

 

 

48,364

 

 

 

 

778

 

 

 

 

758

 

 

 

 

58,822

 

 

 

 

2,816

 

 

 

 

2,785

 

Visa Class B derivative contract

 

N/A

 

 

 

43,439

 

 

 

 

—

 

 

 

 

4,116

 

 

 

 

43,565

 

 

 

 

—

 

 

 

 

5,645

 

 

 

 

 

$

 

5,687,007

 

 

$

 

78,149

 

 

$

 

81,469

 

 

$

 

5,641,872

 

 

$

 

150,180

 

 

$

 

160,541

 

Total derivatives

 

 

 

$

 

8,649,657

 

 

$

 

106,171

 

 

$

 

96,580

 

 

$

 

7,975,022

 

 

$

 

207,828

 

 

$

 

179,461

 

Less: netting adjustments (2)

 

 

 

 

 

 

 

 

 

 

(30,304

)

 

 

 

(61,534

)

 

 

 

 

 

 

 

 

(57,648

)

 

 

 

(124,204

)

Total derivate assets/liabilities

 

 

 

 

 

 

 

 

 

 

75,867

 

 

 

 

35,046

 

 

 

 

 

 

 

 

 

150,180

 

 

 

 

55,257

 

 

(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, 2021, 2020, and 2019 are presented in the table below.

 

 

 

 

 

Years Ended December 31,

Derivative Instruments:

 

Location of Gain (Loss)

Recognized in the

Statements of Income:

 

2021

 

2020

 

2019

Cash flow hedges:

 

 

 

 

 

 

 

 

 

 

 

   Variable rate loans

 

Interest income - loans

 

$

26,674

 

$

17,351

 

$

(4,255)

Fair value hedges:

 

 

 

 

 

 

 

 

 

 

 

   Securities

 

Interest income - securities - taxable

 

 

(640)

 

 

8

 

 

1

   Securities – termination

 

Noninterest income - securities transactions, net

 

 

2,499

 

 

—

 

 

—

   Brokered deposits

 

Interest expense - deposits

 

 

—

 

 

46

 

 

(1,752)

Derivatives not designated as hedging:

 

 

 

 

 

 

 

 

 

 

 

   Residential mortgage banking

 

Noninterest income - secondary mortgage market operations

 

 

1,568

 

 

—

 

 

—

   Customer and all other instruments

 

Noninterest income - other noninterest income

 

 

13,477

 

 

12,814

 

 

12,958

Total gain

 

 

 

$

43,578

 

$

30,219

 

$

6,952

 

Credit Risk-Related Contingent Features

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, 2021 and 2020 is presented in the following tables:

 

As of December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

 

36,790

 

 

$

 

(29,882

)

 

$

 

6,908

 

 

$

 

6,908

 

 

$

 

—

 

 

$

 

—

 

Derivative Liabilities

 

$

 

85,448

 

 

$

 

(63,204

)

 

$

 

22,244

 

 

$

 

6,908

 

 

$

 

66,207

 

 

$

 

(50,871

)

 

As of December 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

 

61,529

 

 

$

 

(58,660

)

 

$

 

2,869

 

 

$

 

2,869

 

 

$

 

—

 

 

$

 

—

 

Derivative Liabilities

 

$

 

171,275

 

 

$

 

(126,434

)

 

$

 

44,841

 

 

$

 

2,869

 

 

$

 

90,312

 

 

$

 

(48,340

)