DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023.

 

		Fair Values of Derivative Instruments
(Dollars in thousands)	Count	Notional		Balance Sheet Location	Derivatives (Fair Value)
Derivatives designated as hedging instruments:
Interest rate products	9	$	750,000	Other assets	$	15,578
Total		$	750,000		$	15,578
Derivatives not designated as hedging instruments:
Interest rate products		$	2,428,306	Other assets	$	136,924
Interest rate products		2,383,443		Other liabilities	(136,924)
Interest rate lock commitments with customers		34,651		Other assets	637
Forward sale commitments		1,000		Other assets	1
Forward sale commitments		37,348		Other liabilities	(283)
FX forwards		15,812		Other assets	429
FX forwards		13,064		Other liabilities	(409)
Risk participation agreements sold		103,648		Other liabilities	(3)
Risk participation agreements purchased		116,804		Other assets	78
Financial derivative related to sales of certain Visa Class B shares		113,177		Other liabilities	(14,023)
Total derivatives		$	5,997,253		$	2,005

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)

Schedule of Gain (Loss) on Derivatives

The table below presents the effect of the derivative financial instruments on the unaudited Consolidated Statements of Income for the years ended December 31, 2023 and December 31, 2022.

	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	2023		2022		2021
Interest Rate Products	$	1,596	$	—	$	—	Interest income
Total	$	1,596	$	—	$	—
	Amount of (Loss) or Gain Recognized in Income						Location of Gain (Loss) Recognized in Income
(Dollars in thousands)	Year Ended December 31,
Derivatives Not Designated as a Hedging Instrument	2023		2022		2021
Interest rate products	$	10,294	$	7,576	$	—	Other income
Interest rate lock commitments with customers	274		(2,072)		(6,218)		Mortgage banking activities, net
Forward sale commitments	65		4,863		3,263		Mortgage banking activities, net
FX forwards	130		80		—		Other income
Risk participation agreements	(5)		(195)		—		Other income
Total	$	10,758	$	10,252	$	(2,955)