DERIVATIVES (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments, Gain (Loss)

The effect of derivative instruments in cash flow hedging relationships on the consolidated statements of income were as follows:

		Three months ended
(Dollars in thousands)		September 30, 2023
Derivatives in Cash Flow Hedging Relationship	Location of Gain or (Loss)Reclassified from AOCI into income	Gain (loss) recognized in OCI on Derivatives		Gain (loss) reclassified in AOCI on Derivatives
Interest rate contracts	Interest income/(expense)	$	(1,493)	$	(71)
		Nine months ended
(Dollars in thousands)		September 30, 2023
Derivatives in Cash Flow Hedging Relationship	Location of Gain or (Loss)Reclassified from AOCI into income	Gain (loss) recognized in OCI on Derivatives		Gain (loss) reclassified in AOCI on Derivatives
Interest rate contracts	Interest income/(expense)	$	(1,824)	$	(72)

Summary of Derivative Financial Instruments and Balances

The following table details the classification and amounts of interest rate derivatives, foreign exchange contracts and cash flow hedges recognized in the Consolidated Balance Sheets:

	September 30, 2023						December 31, 2022
			Estimated fair value						Estimated fair value
(Dollars in thousands)	Notional amount		Gain (1)		Loss (2)		Notional amount		Gain (1)		Loss (2)
Derivatives not designated as qualifying hedging instruments
Interest rate derivatives - instruments associated with loans
Matched interest rate contracts with borrowers	$	2,218,153	$	5,297	$	(168,339)	$	2,206,351	$	5,057	$	(147,759)
Matched interest rate contracts with counterparty	2,218,153		168,165		(5,297)		2,206,351		147,759		(5,057)
Foreign exchange contracts
Matched foreign exchange contracts with customers	7,521,938		121,048		(73,908)		7,734,395		111,078		(93,804)
Match foreign exchange contracts with counterparty	7,469,467		73,908		(121,048)		7,681,006		93,804		(111,078)
Total derivatives not designated as qualifying hedging instruments	19,427,711		368,418		(368,592)		19,828,103		357,698		(357,698)
Derivatives designated as qualifying hedging instruments
Cash flow hedges
Interest rate collars and floors on loan pools	600,000		558		(1,984)		0		0		0
Total derivatives designated as qualifying hedging instruments	600,000		558		(1,984)		0		0		0
Total	$	20,027,711	$	368,976	$	(370,576)	$	19,828,103	$	357,698	$	(357,698)

(1) Derivative assets are included in Accrued interest and other assets in the Consolidated Balance Sheets.

(2) Derivative liabilities are included in Accrued interest and other liabilities in the Consolidated Balance Sheets.

Disclosure by Type of Financial Instrument

The following table discloses the gross and net amounts of interest rate derivatives, foreign exchange contracts and cash flow hedges recognized in the Consolidated Balance Sheets:

	September 30, 2023						December 31, 2022
(Dollars in thousands)	Gross amounts of recognized liabilities		Gross amounts offset in the Consolidated Balance Sheets		Net amounts of (assets)/liabilities presented in the Consolidated Balance Sheets		Gross amounts of recognized liabilities		Gross amounts offset in the Consolidated Balance Sheets		Net amounts of (assets)/liabilities presented in the Consolidated Balance Sheets
Interest rate contracts (1)	$	173,462	$	(432,368)	$	(258,906)	$	152,816	$	(314,048)	$	(161,232)
Foreign exchange contracts	194,956		(76,033)		118,923		204,882		(101,945)		102,937
Cash flow hedges	2,542		(1,595)		947		0		0		0
Total	$	370,960	$	(509,996)	$	(139,036)	$	357,698	$	(415,993)	$	(58,295)
(1) Includes accrued interest receivable and collateral.

Derivative Financial Instruments, Average Remaining Maturity and the Weighted-Average Interest Rates being Paid and Received

The following table details the derivative financial instruments and the average remaining maturities at September 30, 2023:

(Dollars in thousands)	Notional amount		Average maturity (years)	Fair value
Interest rate contracts
Receive fixed, matched interest rate contracts with borrower	$	2,218,153	4.9	$	(163,042)
Pay fixed, matched interest rate contracts with counterparty	2,218,153		4.9	162,868
Foreign exchange contracts
Foreign exchange contracts-pay USD	7,521,938		0.6	47,140
Foreign exchange contracts-receive USD	7,469,467		0.6	(47,140)
Total client derivatives	19,427,711		1.6	(174)
Cash flow hedges
Interest rate collars and floors on loan pools	600,000		3.8	(1,426)
Total cash flow hedges	600,000		3.8	(1,426)
Total	$	20,027,711	1.6	$	(1,600)