DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of 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, 2024.

 

		Fair Values of Derivative Instruments
(Dollars in thousands)	Count	Notional		Balance Sheet Location	Derivatives (Fair Value)
Derivatives designated as hedging instruments:
Interest rate products	18	$	1,500,000	Other assets	$	14,265
Total		$	1,500,000		$	14,265
Derivatives not designated as hedging instruments:
Interest rate products		$	2,942,675	Other assets	$	153,980
Interest rate products		2,942,675		Other liabilities	(153,980)
Interest rate lock commitments with clients		41,238		Other assets	612
Interest rate lock commitments with clients		3,658		Other liabilities	(18)
Forward sale commitments		28,927		Other assets	200
Forward sale commitments		27,071		Other liabilities	(39)
FX forwards		26,716		Other assets	1,407
FX forwards		25,924		Other liabilities	(1,205)
Risk participation agreements sold		110,948		Other liabilities	(90)
Risk participation agreements purchased		97,201		Other assets	25
Financial derivative related to sales of certain Visa Class B shares		55,358		Other liabilities	(5,180)
Total derivatives		$	7,802,391		$	9,977

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 clients		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

Schedule of Effect of Derivative Instruments on the Income Statement

The table below presents the effect of the derivative financial instruments on the Consolidated Statements of Income for the years ended December 31, 2024, 2023, and 2022.

	Amount of (Loss) Gain Recognized in OCI on Derivative (Effective Portion)						Location of (Loss) Gain Reclassified from Accumulated OCI into Income (Effective Portion)
(Dollars in thousands)	Year Ended December 31,
Derivatives in Cash Flow Hedging Relationships	2024		2023		2022
Interest Rate Products	$	(8,894)	$	1,596	$	—	Interest income
Total	$	(8,894)	$	1,596	$	—
	Amount of Gain (Loss) Recognized in Income						Location of Gain (Loss) Recognized in Income
(Dollars in thousands)	Year Ended December 31,
Derivatives Not Designated as a Hedging Instrument	2024		2023		2022
Interest rate products	$	9,412	$	10,294	$	7,576	Other income
Interest rate lock commitments with clients	(34)		274		(2,072)		Mortgage banking activities, net
Forward sale commitments	175		65		4,863		Mortgage banking activities, net
FX forwards	524		130		80		Other income
Risk participation agreements	(63)		(5)		(195)		Other income
Total	$	10,014	$	10,758	$	10,252