DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Fair Values of Derivative Instruments

Fair Values of Derivative Instruments

The table below presents the fair value of derivative financial instruments as well as their location on the Consolidated Statements of Financial Condition as of December 31, 2022.

 

	Fair Values of Derivative Instruments
(Dollars in thousands)	Notional		Balance Sheet Location	Derivatives (Fair Value)
Derivatives not designated as hedging instruments:
Interest rate products	$	1,794,678	Other assets	$	156,414
Interest rate products	1,794,678		Other liabilities	(156,414)
Interest rate lock commitments with customers	24,673		Other assets	385
Interest rate lock commitments with customers	1,179		Other liabilities	(7)
Forward sale commitments	9,072		Other assets	75
Forward sale commitments	20,719		Other liabilities	(54)
FX forwards	4,177		Other assets	38
FX forwards	3,052		Other liabilities	(45)
Risk participation agreements sold	68,459		Other liabilities	(2)
Risk participation agreements purchased	87,168		Other assets	81
Financial derivative related to sales of certain Visa Class B shares	113,177		Other liabilities	(17,100)
Total derivatives	$	3,921,032		$	(16,629)

The table below presents the fair value of derivative financial instruments as well as their location on the Consolidated Statements of Financial Condition as of December 31, 2021.

 

	Fair Values of Derivative Instruments
(Dollars in thousands)	Notional		Balance Sheet Location	Derivatives (Fair Value)
Derivatives not designated as hedging instruments:
Interest rate products	$	54,834	Other assets	$	2,625
Interest rate products	54,834		Other liabilities	(2,847)
Interest rate lock commitments with customers	102,264		Other assets	1,991
Interest rate lock commitments with customers	12,813		Other liabilities	(73)
Forward sale commitments	63,664		Other assets	537
Forward sale commitments	67,032		Other liabilities	(116)
Risk participation agreements	4,214		Other liabilities	(3)
Financial derivative related to sales of certain Visa Class B shares	113,177		Other liabilities	(20,252)
Total derivatives	$	472,832		$	(18,138)

Schedule of Gain (Loss) on Derivatives

The table below presents the effect of the cash flow hedges on the Consolidated Statements of Income for the year ended December 31, 2020.

	Amount of Gain Recognized in OCI on Derivative (Effective Portion)		Location of Gain Reclassified from Accumulated OCI into Income (Effective Portion)
(Dollars in thousands)	Year Ended December 31,
Derivatives in Cash Flow Hedging Relationships	2020
Interest Rate Products	$	1,560	Interest income
Total	$	1,560

The table below presents the effect of the derivative financial instruments on the Consolidated Statements of Income for the years ended December 31, 2022, 2021 and 2020.

	Amount of (Loss) or Gain Recognized in Income						Location of (Loss) or Gain Recognized in Income
(Dollars in thousands)	Year Ended December 31,
Derivatives Not Designated as a Hedging Instrument	2022		2021		2020
Interest Rate Lock Commitments	$	(2,072)	$	(6,218)	$	6,490	Mortgage banking activities, net
Forward Sale Commitments	4,863		3,263		(12,226)		Mortgage banking activities, net
Total	$	2,791	$	(2,955)	$	(5,736)