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Derivative Instruments and Hedging Activities (Tables)
 6 Months Ended
Jun. 30, 2024
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, 2024December 31, 2023
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 $4,600,000 $— $7,728 $5,600,000 $— $7,527 
Total cash flow hedges$— $7,728 $— $7,527 
Derivatives in fair value hedging relationships:
Interest rate contracts$2,375,585 $— $6,351 $2,563,504 $— $12,891 
Total fair value hedges$— $6,351 $— $12,891 
Total derivatives designated as hedging instruments$— $14,079 $— $20,418 
Derivatives not designated
  as hedging instruments:
Interest rate contracts $13,773,079 $96,270 $265,965 $11,888,152 $94,208 $238,134 
Mortgage derivatives - interest rate lock commitments54,718 780 — 40,642 695 — 
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans79,500 24 — 60,906 — 567 
Risk participation agreements797,443 — 1 732,682 — 3 
Foreign exchange contracts117,669 4 — 41,603 — 528 
Visa derivative— — 286 — — 589 
Total derivatives not designated as hedging instruments    $97,078 $266,252 $94,903 $239,821 
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location
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, 2024 and 2023.
Three Months Ended June 30, 2024
Interest IncomeInterest Expense
(in thousands)Loans, including feesDepositsLong-term debt
Total interest income/expense amounts presented in the consolidated statements of income$701,570 $335,754 $28,390 
Gain/(loss) on cash flow hedging relationships:(1)
Interest rate contracts:
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans$(36,527)$— $— 
Pre-tax income (loss) recognized on cash flow hedges$(36,527)$— $— 
Gain/(loss) on fair value hedging relationships:
Amounts related to interest settlements and amortization on derivatives$— $(6,287)$(3,618)
Recognized on derivatives— 2,469 914 
Recognized on hedged items— (2,469)(914)
Pre-tax income (loss) recognized on fair value hedges$— $(6,287)$(3,618)
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)
(1)     See Note 4 - Shareholders' Equity and Other Comprehensive Income (Loss) in this Report for gain (loss) recognized on cash flow hedging relationships in AOCI.
Six Months Ended June 30, 2024
Interest IncomeInterest Expense
(in thousands)Loans, including feesDepositsLong-term debt
Total interest income/expense amounts presented in the consolidated statements of income$1,393,285 $668,420 $57,985 
Gain/(loss) on cash flow hedging relationships:(1)
Interest rate contracts:
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans$(76,350)$— $— 
Pre-tax income (loss) recognized on cash flow hedges$(76,350)$— $— 
Gain/(loss) on fair value hedging relationships:
Amounts related to interest settlements and amortization on derivatives$— $(12,525)$(7,342)
Recognized on derivatives— 402 (1,004)
Recognized on hedged items— (402)1,004 
Pre-tax income (loss) recognized on fair value hedges$— $(12,525)$(7,342)
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)
(1)     See Note 4 - 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, 2024December 31, 2023
Hedged Items Currently DesignatedHedged Items No Longer DesignatedHedged Items Currently DesignatedHedged Items No Longer Designated
(in thousands)Carrying Amount of Assets/(Liabilities)Hedge Accounting Basis AdjustmentCarrying Amount of Assets/(Liabilities)Hedge Accounting Basis Adjustment
Interest-bearing deposits$(1,622,618)$15,114 $464 $(2,013,504)$(8,711)$1,267 
Long-term debt(749,442)14,366 8,446 (546,872)(5,986)9,638 
Schedule of 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 in the consolidated statements of income for the three and six months ended June 30, 2024 and 2023 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
2024202320242023
Derivatives not designated
  as hedging instruments:
Interest rate contracts(1)    
Capital markets income$313 $(690)$153 $(672)
Mortgage derivatives - interest rate lock commitmentsMortgage banking income(315)(547)85 562 
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loansMortgage banking income129 578 591 250 
Risk participation agreementsCapital markets income3 (2)2 1 
Foreign exchange contractsCapital markets income(188)73 532 602 
Visa derivativeOther non-interest expense— (3,027)— (3,027)
Total derivatives not designated as hedging instruments
$(58)$(3,615)$1,363 $(2,284)
(1)    Gain (loss) represents net fair value adjustments (including credit related adjustments) for client swaps.