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Derivative Instruments and Hedging Activities (Tables)
 9 Months Ended
Sep. 30, 2024
Summary of Derivative Instruments [Abstract]  
Schedule of Estimated Fair Value of Derivative Instruments included in the Consolidated Balance Sheets
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.
September 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 $— $5,214 $5,600,000 $— $7,527 
Total cash flow hedges$— $5,214 $— $7,527 
Derivatives in fair value hedging relationships:
Interest rate contracts$1,678,900 $— $866 $2,563,504 $— $12,891 
Total fair value hedges$— $866 $— $12,891 
Total derivatives designated as hedging instruments$— $6,080 $— $20,418 
Derivatives not designated
  as hedging instruments:
Interest rate contracts $15,956,202 $83,792 $167,901 $11,888,152 $94,208 $238,134 
Mortgage derivatives - interest rate lock commitments46,168 881 — 40,642 695 — 
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans60,500 — 191 60,906 — 567 
Risk participation agreements822,138 — 12 732,682 — 3 
Foreign exchange contracts135,225 — 1,229 41,603 — 528 
Visa derivative— — 8,833 — — 589 
Total derivatives not designated as hedging instruments    $84,673 $178,166 $94,903 $239,821 
Schedule of Effect of Hedging Derivative Instruments in the Consolidated Statements of Income
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 nine months ended September 30, 2024 and 2023.
Three Months Ended September 30, 2024
Interest IncomeInterest Expense
(in thousands)Loans, including feesDepositsLong-term debt
Total interest income/expense amounts presented in the consolidated statements of income$700,657 $345,314 $24,055 
Gain/(loss) on cash flow hedging relationships:(1)
Interest rate contracts:
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans$(36,768)$— $— 
Pre-tax income (loss) recognized on cash flow hedges$(36,768)$— $— 
Gain/(loss) on fair value hedging relationships:
Amounts related to interest settlements and amortization on derivatives$— $(5,626)$(3,052)
Recognized on derivatives— 15,078 14,490 
Recognized on hedged items— (15,078)(14,490)
Pre-tax income (loss) recognized on fair value hedges$— $(5,626)$(3,052)
Three Months Ended September 30, 2023
Interest IncomeInterest Expense
(in thousands)Loans, including feesDepositsLong-term debt
Total interest income/expense amounts presented in the consolidated statements of income$686,094 $292,060 $50,524 
Gain/(loss) on cash flow hedging relationships:(1)
Interest rate contracts:
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans$(48,296)$— $— 
Pre-tax income (loss) recognized on cash flow hedges$(48,296)$— $— 
Gain/(loss) on fair value hedging relationships:
Amounts related to interest settlements and amortization on derivatives$— $(6,806)$(5,188)
Recognized on derivatives— 1,072 (939)
Recognized on hedged items— (1,072)939 
Pre-tax income (loss) recognized on fair value hedges$— $(6,806)$(5,188)
(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.
Nine Months Ended September 30, 2024
Interest IncomeInterest Expense
(in thousands)Loans, including feesDepositsLong-term debt
Total interest income/expense amounts presented in the consolidated statements of income$2,093,942 $1,013,734 $82,041 
Gain/(loss) on cash flow hedging relationships:(1)
Interest rate contracts:
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans$(113,118)$— $— 
Pre-tax income (loss) recognized on cash flow hedges$(113,118)$— $— 
Gain/(loss) on fair value hedging relationships:
Amounts related to interest settlements and amortization on derivatives$— $(18,151)$(10,394)
Recognized on derivatives— 15,480 13,486 
Recognized on hedged items— (15,480)(13,486)
Pre-tax income (loss) recognized on fair value hedges$— $(18,151)$(10,394)
Nine Months Ended September 30, 2023
Interest IncomeInterest Expense
(in thousands)Loans, including feesDepositsLong-term debt
Total interest income/expense amounts presented in the consolidated statements of income$1,985,881 $707,774 $148,968 
Gain/(loss) on cash flow hedging relationships:(1)
Interest rate contracts:
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans$(130,935)$— $— 
Pre-tax income (loss) recognized on cash flow hedges$(130,935)$— $— 
Gain/(loss) on fair value hedging relationships:
Amounts related to interest settlements and amortization on derivatives$— $(15,959)$(12,418)
Recognized on derivatives— (7,224)(6,365)
Recognized on hedged items— 7,224 6,365 
Pre-tax income (loss) recognized on fair value hedges$— $(15,959)$(12,418)
(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.
September 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$(1,125,933)$36 $62 $(2,013,504)$(8,711)$1,267 
Long-term debt(551,399)(124)11,175 (546,872)(5,986)9,638 
Schedule of Pre-Tax Effect of Changes in Fair Value from Derivative Instruments Not Designated as Hedging Instruments
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 nine months ended September 30, 2024 and 2023 is presented below.
Gain (Loss) Recognized in Consolidated Statements of Income
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)
Location in Consolidated Statements of Income
2024202320242023
Derivatives not designated
  as hedging instruments:
Interest rate contracts(1)    
Capital markets income$66 $1,137 $219 $465 
Mortgage derivatives - interest rate lock commitmentsMortgage banking income101 (280)186 282 
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loansMortgage banking income(215)323 376 573 
Risk participation agreementsCapital markets income(11)1 (9)2 
Foreign exchange contractsCapital markets income(1,233)551 (701)1,153 
Visa derivativeOther non-interest expense(8,700)(900)(8,700)(3,927)
Total derivatives not designated as hedging instruments
$(9,992)$832 $(8,629)$(1,452)
(1)    Gain (loss) represents net fair value adjustments (including credit related adjustments) for client swaps.