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Derivative Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Notion Amounts and Fair Values of Derivative Financial Instruments
The following table presents the notional amounts and fair values of derivative financial instruments as of December 31:
20212020
Notional
Amount
Asset
(Liability)
Fair Value
Notional
Amount
Asset
(Liability)
Fair Value
(in thousands)
Interest Rate Locks with Customers
Positive fair values$261,428 $2,326 $382,903 $8,034 
Negative fair values2,549 (23)3,154 (35)
Forward Commitments
Positive fair values51,000 41 — — 
Negative fair values  292,262 (2,263)
Interest Rate Swaps with Customers
Positive fair values3,213,924 153,752 3,834,062 330,951 
Negative fair values752,462 (4,766)45,640 (2)
Interest Rate Swaps with Dealer Counterparties
Positive fair values752,462 4,766 45,640 
Negative fair values3,213,924 (79,889)3,834,062 (165,205)
Interest Rate Swaps used in Cash Flow Hedges
Positive fair values500,000 60 — — 
Negative fair values500,000 (1,432)— — 
Foreign Exchange Contracts with Customers
Positive fair values7,629 229 1,121 
Negative fair values3,388 (51)5,963 (275)
Foreign Exchange Contracts with Correspondent Banks
Positive fair values3,656 69 6,372 318 
Negative fair values9,364 (240)1,422 (5)
Summary of Effect of Fair Value and Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income
The following table presents the effect of fair value and cash flow hedge accounting on accumulated OCI for the year ended December 31, 2021:
Amount of Gain (Loss) Recognized in OCI on Derivative Amount of Gain (Loss) Recognized in OCI Included ComponentAmount of Gain or (Loss) Recognized in OCI Excluded ComponentLocation of Gain or (Loss) Recognized from AOCI into IncomeAmount of Gain Reclassified from AOCI into Income Amount of Gain Reclassified from AOCI into Income Included ComponentAmount of Gain or (Loss) Reclassified from AOCI into Income Excluded Component
Derivatives in Cash Flow Hedging Relationships: 
Interest Rate Products(3,452,060)(3,452,060)— Interest income2,775,589 2,775,589 — 
The following table presents the effect of fair value and cash flow hedge accounting on the consolidated statements of income for the year ended December 31, 2021:
Consolidated Statements of Income Classification
Interest Income Interest Expense
Total amounts of income line items presented in the consolidated statements of income in which the effects of fair value or cash flow hedges are recorded$2,776 $— 
The effects of fair value and cash flow hedging:
Amount of gain or (loss) on cash flow hedging relationships— — 
Interest contracts:
Amount of gain reclassified from AOCI into income2,776 — 
Amount of gain or (loss) reclassified from AOCI into income as a result that a forecasted transaction is no longer probable of occurring— — 
Amount of Gain Reclassified from AOCI into Income - Included Component2,776 — 
Amount of Gain or (Loss) Reclassified from AOCI into Income - Excluded Component— — 
Summary of Fair Value Gains and Losses on Derivative Financial Instruments
The following table presents the fair value gains (losses) on derivative financial instruments for the years ended December 31:
 Consolidated Statements of Income Classification202120202019
 (in thousands)
Mortgage banking derivatives (1)
Mortgage banking$(3,392)$4,974 $689 
Interest rate swapsOther expense1,050 70 122 
Foreign exchange contractsOther income(36)12 20 
  Net fair value gains (losses) on derivative financial instruments$(2,378)$5,056 $831 
(1) Includes interest rate locks with customers and forward commitments.
Summary of Mortgage Loans Held for Sale
The Corporation has elected to measure mortgage loans held for sale at fair value. The following table presents a summary of mortgage loans held for sale and the impact of the fair value election on the consolidated financial statements as of December 31:
20212020
 (in thousands)
Amortized cost (1)
$35,050 $80,662 
Fair value35,768 83,886 
(1) Cost basis of mortgage loans held for sale represents the unpaid principal balance.
Offsetting Assets and Liabilities The following table presents the financial instruments that are eligible for offset, and the effects of offsetting, on the consolidated balance sheets as of December 31:
Gross AmountsGross Amounts Not Offset
Recognized on the Consolidated
on theBalance Sheets
ConsolidatedFinancialCashNet
Balance Sheets
Instruments (1)
Collateral (2)
Amount
(in thousands)
2021
Interest rate swap derivative assets$158,578 $(8,028)$ $150,550 
Foreign exchange derivative assets with correspondent banks69 (69)  
Total $158,647 $(8,097)$ $150,550 
Interest rate swap derivative liabilities$86,087 $(6,656)$(74,359)$5,072 
Foreign exchange derivative liabilities with correspondent banks240 (69) 171 
Total$86,327 $(6,725)$(74,359)$5,243 
2020
Interest rate swap derivative assets$330,951 $(2)$— $330,949 
Foreign exchange derivative assets with correspondent banks318 (5)— 313 
Total $331,269 $(7)$— $331,262 
Interest rate swap derivative liabilities$165,205 $(2)$(165,203)$— 
Foreign exchange derivative liabilities with correspondent banks(5)— — 
Total$165,210 $(7)$(165,203)$— 

(1)For interest rate swap assets, amounts represent any derivative liability fair values that could be offset in the event of counterparty or customer default. For interest rate swap liabilities, amounts represent any derivative asset fair values that could be offset in the event of counterparty or customer default.
(2)Amounts represent cash collateral (pledged by the Corporation) or received from the counterparty on interest rate swap transactions and foreign exchange contracts with financial institution counterparties. Interest rate swaps with customers are collateralized by the same collateral securing the underlying loans to those borrowers. Cash collateral amounts are included in the table only to the extent of the net derivative fair values.