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Derivative Instruments (Tables)
 12 Months Ended
Dec. 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.
December 31, 2023December 31, 2022
Fair ValueFair Value
(in thousands)Notional AmountDerivative AssetsDerivative LiabilitiesNotional AmountDerivative AssetsDerivative Liabilities
Derivatives in cash flow hedging relationships:
Interest rate contracts$5,600,000 $— $7,527 $5,250,000 $— $8,286 
Total derivatives designated as hedging instruments$— $7,527 $— $8,286 
Derivatives in fair value hedging relationships:
Interest rate contracts$2,563,504 $— $12,891 $2,230,232 $— $8,093 
Total fair value hedges$— $12,891 $— $8,093 
Total derivatives designated as hedging instruments$— $20,418 $— $16,379 
Derivatives not designated:
  as hedging instruments
Interest rate contracts$11,888,152 $94,208 $238,134 $10,276,754 $89,310 $322,329 
Mortgage derivatives - interest rate lock commitments40,642 695 — 50,218 350 — 
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans60,906 — 567 76,500 155 — 
Risk participation agreements732,682 — 3 635,891 — 3 
Foreign exchange contracts41,603 — 528 20,439 — 516 
Visa derivative— — 589 — — 3,453 
Total derivatives not designated as hedging instruments$94,903 $239,821 $89,815 $326,301 
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location
The following table presents the effect of hedging derivative instruments on the consolidated statements of income and the total amounts for the respective line item affected for the years ended December 31, 2023, 2022, and 2021.
2023
Interest IncomeInterest Expense
(in thousands)Loans, including feesDepositsLong-term debt
Total interest income/expense amounts presented in the consolidated statements of income$2,684,762 $1,026,755 $180,670 
Gain (loss) on cash flow hedging relationships:(1)
Interest rate contracts:
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans$(176,442)$— $— 
Pre-tax income (loss) recognized on cash flow hedges$(176,442)$— $— 
Gain (loss) on fair value hedging relationships:
Amounts related to interest settlements and amortization on derivatives$— $(22,495)$(16,358)
Recognized on derivatives— 8,711 5,986 
Recognized on hedged items— (8,711)(5,986)
Pre-tax income (loss) recognized on fair value hedges$— $(22,495)$(16,358)
2022
Interest IncomeInterest Expense
(in thousands)Loans, including feesDepositsLong-term debt
Total interest income/expense amounts presented in the consolidated statements of income$1,806,060 $187,232 $79,402 
Gain (loss) on cash flow hedging relationships:(1)
Interest rate contracts:
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans$(24,057)$— $— 
Pre-tax income (loss) recognized on cash flow hedges$(24,057)$— $— 
Gain (loss) on fair value hedging relationships:
Amounts related to interest settlements and amortization on derivatives$— $1,516 $(322)
Recognized on derivatives— (24,227)(19,348)
Recognized on hedged items— 24,227 19,348 
Pre-tax income (loss) recognized on fair value hedges$— $1,516 $(322)
2021
Interest IncomeInterest Expense
(in thousands)Loans, including feesDepositsLong-term debt
Total interest income/expense amounts presented in the consolidated statements of income$1,482,567 $74,919 $45,349 
Gain (loss) on cash flow hedging relationships:(1)
Interest rate contracts:
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans$12,862 $— $— 
Pre-tax income (loss) recognized on cash flow hedges$12,862 $— $— 
(1)    See "Part II - Item 8. Financial Statements and Supplementary Data - Note 9 - Shareholders' Equity and Other Comprehensive Income" in this Report for additional information.
Schedule of Carrying Amount and Associated Cumulative Basis Adjustment Related to the Application of Hedge Accounting
The following table presents the carrying amount and associated cumulative basis adjustment related to the application of hedge accounting that is included in the carrying amount of the hedged assets/(liabilities) in fair value hedging relationships.
December 31, 2023December 31, 2022
Hedged Items Currently DesignatedHedged Items No Longer DesignatedHedged Items Currently Designated
(in thousands)Carrying Amount of Assets/(Liabilities)Hedge Accounting Basis AdjustmentCarrying Amount of Assets/(Liabilities)Hedge Accounting Basis Adjustment
Interest-bearing deposits$(2,013,504)$(8,711)$1,267 $(1,680,000)$24,227 
Long-term debt(546,872)(5,986)9,638 (545,787)19,348 
Effect of Fair Value Hedges on the Consolidated Statements of Income
The pre-tax effect of changes in fair value from derivative instruments not designated as hedging instruments on the consolidated statements of income for the years ended December 31, 2023, 2022, and 2021 is presented below.
Gain (Loss) Recognized in Consolidated Statements of Income
For The Years Ended December 31,
(in thousands)
Location in Consolidated Statements of Income
202320222021
Derivatives not designated as hedging instruments:
Interest rate contracts(1)
Capital markets income$395 $1,570 $100 
Mortgage derivatives - interest rate lock commitmentsMortgage banking income345 (1,756)(4,154)
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loansMortgage banking income(722)277 1,489 
Risk participation agreementsCapital markets income— 33 269 
Foreign exchange contractsCapital markets income(12)(555)39 
Visa derivativeOther non-interest expense(3,927)(6,000)(2,656)
Total derivatives not designated as hedging instruments$(3,921)$(6,431)$(4,913)
(1)    Gain (loss) represents net fair value adjustments (including credit related adjustments) for client swaps.