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Derivative Instruments and Hedging Activities (Tables)
 3 Months Ended
Mar. 31, 2023
Summary of Derivative Instruments [Abstract]  
Impact of Derivatives on Balance Sheet
The following table reflects the estimated fair value of derivative instruments included in other assets and other liabilities on the consolidated balance sheets along with their respective notional amounts on a gross basis.
March 31, 2023December 31, 2022
Estimated Fair ValueEstimated Fair Value
(in thousands)Notional AmountDerivative Assets Derivative Liabilities Notional AmountDerivative AssetsDerivative Liabilities
Derivatives in cash flow hedging relationships:
Interest rate contracts$6,000,000 $995 $30,044 $5,250,000 $— $8,286 
Total cash flow hedges$995 $30,044 $— $8,286 
Derivatives in fair value hedging relationships:
Interest rate contracts$3,338,229 $— $16,017 $2,230,232 $— $8,093 
Total fair value hedges$— $16,017 $— $8,093 
Total derivatives designated as hedging instruments$995 $46,061 $— $16,379 
Derivatives not designated
  as hedging instruments:
Interest rate contracts$11,037,624 $85,790 $272,765 $10,276,754 $89,310 $322,329 
Mortgage derivatives - interest rate lock commitments82,380 1,459 — 50,218 350 — 
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans89,000 — 173 76,500 155 — 
Risk participation agreements679,924 — — 635,891 — 3 
Foreign exchange contracts21,177 13 — 20,439 — 516 
Visa derivative— — 1,111 — — 3,453 
Total derivatives not designated as hedging instruments    $87,262 $274,049 $89,815 $326,301 
Schedule of Derivative Instruments, Effect on Hedging
The following table presents the effect of hedging derivative instruments in the consolidated statements of income and the total amounts for the respective line item affected for the three months ended March 31, 2023 and 2022.
Three Months Ended March 31, 2023
Interest IncomeInterest Expense
(in thousands)Loans, including feesDepositsLong-term debt
Total interest income/expense amounts presented in the consolidated statements of income$629,557 $173,935 $42,529 
Gain/(loss) on cash flow hedging relationships: (1)
Interest rate contracts:
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans$(39,892)$— $— 
Pre-tax income (loss) recognized on cash flow hedges$(39,892)$— $— 
Gain/(loss) on fair value hedging relationships:
Amounts related to interest settlements and amortization on derivatives$— $(3,371)$(2,721)
Recognized on derivatives— (12,057)(3,952)
Recognized on hedged items— 12,057 3,952 
Pre-tax income (loss) recognized on fair value hedges$— $(3,371)$(2,721)
Three Months Ended March 31, 2022
Interest Income
(in thousands)Loans, including fees
Total interest income/expense amounts presented in the consolidated statements of income$361,091 
Gain/(loss) on cash flow hedging relationships: (1)
Interest rate contracts:
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans$2,189 
Pre-tax income (loss) recognized on cash flow hedges$2,189 
(1)     See "Part I - Item 1. Financial Statements and Supplementary Data - Note 5 - Accumulated Other Comprehensive Income (Loss)" for gain (loss) recognized on cash flow hedging relationships in AOCI.
Schedule of Carrying Amount and Associated Cumulative Basis Adjustment Related to the Application of Hedge Accounting
The following table presents the carrying amount and associated cumulative basis adjustment related to the application of hedge accounting that is included in the carrying amount of the hedged assets/(liabilities) in fair value hedging relationships.
March 31, 2023December 31, 2022
Hedged Items Currently DesignatedHedged Items Currently Designated
(in thousands)Carrying Amount of Assets/(Liabilities)Hedge Accounting Basis AdjustmentCarrying Amount of Assets/(Liabilities)Hedge Accounting Basis Adjustment
Interest-bearing deposits$(2,288,000)$(12,170)$(1,680,000)$24,227 
Long-term debt(1,041,971)(15,396)(545,787)19,348 
Effect of Fair Value Hedges on Consolidated Statements of Income
The pre-tax effect of changes in fair value from derivative instruments not designated as hedging instruments in the consolidated statements of income for the three months ended March 31, 2023 and 2022 is presented below.
Gain (Loss) Recognized in Consolidated Statements of Income
Three Months Ended March 31,
(in thousands)
Location in Consolidated Statements of Income
20232022
Derivatives not designated
  as hedging instruments:
Interest rate contracts(1)    
Capital markets income$18 $673 
Mortgage derivatives - interest rate lock commitmentsMortgage banking income1,109 (1,318)
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loansMortgage banking income(328)3,565 
Risk participation agreementsCapital markets income3 25 
Foreign exchange contractsCapital markets income529 65 
Total derivatives not designated as hedging instruments
$1,331 $3,010 
(1)    Gain (loss) represents net fair value adjustments (including credit related adjustments) for client swaps.