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Derivative Instruments and Hedging Activities (Tables)
 6 Months Ended
Jun. 30, 2023
Summary of Derivative Instruments [Abstract]  
Schedule of 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.
June 30, 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 (1)
$8,900,000 $— $20,469 $5,250,000 $— $8,286 
Total cash flow hedges$— $20,469 $— $8,286 
Derivatives in fair value hedging relationships:
Interest rate contracts$3,510,611 $— $24,047 $2,230,232 $— $8,093 
Total fair value hedges$— $24,047 $— $8,093 
Total derivatives designated as hedging instruments$— $44,516 $— $16,379 
Derivatives not designated
  as hedging instruments:
Interest rate contracts (2)
$16,877,530 $118,256 $320,872 $10,276,754 $89,310 $322,329 
Mortgage derivatives - interest rate lock commitments68,311 912 — 50,218 350 — 
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans96,000 405 — 76,500 155 — 
Risk participation agreements735,282 — 2 635,891 — 3 
Foreign exchange contracts32,522 86 — 20,439 — 516 
Visa derivative— — 3,937 — — 3,453 
Total derivatives not designated as hedging instruments    $119,659 $324,811 $89,815 $326,301 
(1)     Notionals as of June 30, 2023 include $3.40 billion of derivatives with maturities less than three months related to the transition from LIBOR to SOFR.
(2)     Notionals as of June 30, 2023 include $5.47 billion of derivatives with maturities less than three months related to the transition from LIBOR to SOFR.
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 and six months ended June 30, 2023 and 2022.
Three Months Ended June 30, 2023
Interest IncomeInterest Expense
(in thousands)Loans, including feesDepositsLong-term debt
Total interest income/expense amounts presented in the consolidated statements of income$670,230 $241,780 $55,915 
Gain/(loss) on cash flow hedging relationships:(1)
Interest rate contracts:
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans$(42,748)$— $— 
Pre-tax income (loss) recognized on cash flow hedges$(42,748)$— $— 
Gain/(loss) on fair value hedging relationships:
Amounts related to interest settlements and amortization on derivatives$— $(5,782)$(4,510)
Recognized on derivatives— (20,466)(20,823)
Recognized on hedged items— 20,466 20,823 
Pre-tax income (loss) recognized on fair value hedges$— $(5,782)$(4,510)
Three Months Ended June 30, 2022
Interest IncomeInterest Expense
(in thousands)Loans, including feesDepositsLong-term debt
Total interest income/expense amounts presented in the consolidated statements of income$391,307 $18,501 $8,769 
Gain/(loss) on cash flow hedging relationships:(1)
Interest rate contracts:
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans$978 $— $— 
Pre-tax income (loss) recognized on cash flow hedges$978 $— $— 
Gain/(loss) on fair value hedging relationships:
Recognized on derivatives$— (2,818)$(1,455)
Recognized on hedged items— 2,818 1,455 
Pre-tax income (loss) recognized on fair value hedges$— — $— 
Six Months Ended June 30, 2023
Interest IncomeInterest Expense
(in thousands)Loans, including feesDepositsLong-term debt
Total interest income/expense amounts presented in the consolidated statements of income$1,299,787 $415,715 $98,444 
Gain/(loss) on cash flow hedging relationships:(1)
Interest rate contracts:
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans$(82,640)$— $— 
Pre-tax income (loss) recognized on cash flow hedges$(82,640)$— $— 
Gain/(loss) on fair value hedging relationships:
Amounts related to interest settlements and amortization on derivatives$— $(9,153)$(7,231)
Recognized on derivatives— (8,296)(5,427)
Recognized on hedged items— 8,296 5,427 
Pre-tax income (loss) recognized on fair value hedges$— $(9,153)$(7,231)
Six Months Ended June 30, 2022
Interest IncomeInterest Expense
(in thousands)Loans, including feesDepositsLong-term debt
Total interest income/expense amounts presented in the consolidated statements of income$752,399 $32,160 $18,913 
Gain/(loss) on cash flow hedging relationships:(1)
Interest rate contracts:
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans$3,167 $— $— 
Pre-tax income (loss) recognized on cash flow hedges$3,167 $— $— 
Gain/(loss) on fair value hedging relationships:
Recognized on derivatives$— $(2,818)$(1,455)
Recognized on hedged items— 2,818 1,455 
Pre-tax income (loss) recognized on fair value hedges$— $— $— 
(1)     See "Part I - Item 1. Financial Statements and Supplementary Data - Note 5 - Shareholders' Equity and Other Comprehensive Income (Loss)" for gain (loss) recognized on cash flow hedging relationships in AOCI.
Schedule of Carrying Amount and Associated Cumulative Basis Adjustment Related to the Application of Hedge Accounting
The following table presents the carrying amount and associated cumulative basis adjustment related to the application of hedge accounting that is included in the carrying amount of the hedged assets/(liabilities) in fair value hedging relationships.
June 30, 2023December 31, 2022
Hedged Items Currently DesignatedHedged Items Currently Designated
(in thousands)Carrying Amount of Assets/(Liabilities)Hedge Accounting Basis AdjustmentCarrying Amount of Assets/(Liabilities)Hedge Accounting Basis Adjustment
Interest-bearing deposits$(2,460,611)$8,296 $(1,680,000)$24,227 
Long-term debt(1,042,450)5,427 (545,787)19,348 
Schedule of Effect of Fair Value Hedges on Consolidated Statements of Income
The pre-tax effect of changes in fair value from derivative instruments not designated as hedging instruments in the consolidated statements of income for the three and six months ended June 30, 2023 and 2022 is presented below.
Gain (Loss) Recognized in Consolidated Statements of Income
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)
Location in Consolidated Statements of Income
2023202220232022
Derivatives not designated
  as hedging instruments:
Interest rate contracts(1)    
Capital markets income$(690)$736 $(672)$1,409 
Mortgage derivatives - interest rate lock commitmentsMortgage banking income(547)394 562 (924)
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loansMortgage banking income578 (3,210)250 355 
Risk participation agreementsCapital markets income(2)10 1 35 
Foreign exchange contractsCapital markets income73 320 602 385 
Visa derivativeOther non-interest expense(3,027)(3,500)(3,027)(3,500)
Total derivatives not designated as hedging instruments
$(3,615)$(5,250)$(2,284)$(2,240)
(1)    Gain (loss) represents net fair value adjustments (including credit related adjustments) for client swaps.