v3.25.3
DERIVATIVES (Tables)
 9 Months Ended
Sep. 30, 2025
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 for the three months ended September 30, were as follows:
Derivatives in Cash Flow Hedging RelationshipLocation of Gain or (Loss) Reclassified from AOCI into incomeGain (loss) reclassified from AOCI on DerivativesGain (loss) recognized in OCI on Derivatives
(Dollars in thousands)September 30, 2025September 30, 2024September 30, 2025September 30, 2024
Interest rate contractsInterest income/(expense)$(199)$(199)$(608)$3,116 

The effect of derivative instruments in cash flow hedging relationships on the Consolidated Statements of Income for the nine months ended September 30, were as follows:

Derivatives in Cash Flow Hedging RelationshipLocation of Gain or (Loss) Reclassified from AOCI into incomeGain (loss) reclassified from AOCI on DerivativesGain (loss) recognized in OCI on Derivatives
(Dollars in thousands)September 30, 2025September 30, 2024September 30, 2025September 30, 2024
Interest rate contractsInterest income/(expense)$(596)$(596)$1,386 $(1,433)
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, 2025December 31, 2024
 Estimated fair valueEstimated 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$2,295,929 $22,169 $(49,282)$2,211,542 $6,849 $(95,341)
Matched interest rate contracts with counterparty2,295,929 49,209 (22,133)2,211,542 95,292 (6,849)
Foreign exchange contracts
Matched foreign exchange contracts with customers7,464,741 122,473 (105,350)5,772,686 161,686 (132,732)
Match foreign exchange contracts with counterparty7,407,315 105,350 (122,473)5,741,839 132,732 (161,686)
Commodity contracts
Matched commodity with client21,861 968(742)1,717 0(158)
Matched commodity with counterparty21,770 742(968)1,701 158 0
Total derivatives not designated as qualifying hedging instruments19,507,545 300,911 (300,948)15,941,027 396,717 (396,766)
Derivatives designated as qualifying hedging instruments
Cash flow hedges
Interest rate collars and floors1,000,000 1,037 0 1,000,000 387 (619)
Total derivatives designated as qualifying hedging instruments1,000,000 1,037 0 1,000,000 387 (619)
Total$20,507,545 $301,948 $(300,948)$16,941,027 $397,104 $(397,385)
(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 tables disclose the gross and net amounts of interest rate derivatives, foreign exchange contracts, commodities and cash flow hedges that are offset in the Consolidated Balance Sheets or that are subject to enforceable master netting arrangements:
September 30, 2025
Gross Amounts Not offset in Consolidated Balance Sheet
(Dollars in thousands)
Gross amounts of recognized assets (2)
Gross amounts offset in the Consolidated Balance SheetsNet amounts presented in the Consolidated Balance SheetsFinancial instruments recognized amounts
Cash or financial instrument collateral (3)
Net amount
Interest rate contracts (1)
$71,379 $0 $71,379 $(40,388)$(20,080)$10,911 
Foreign exchange contracts285,249 0 285,249 (85,786)(19,563)179,900 
Commodity contracts1,568 0 1,568 (574)0 994 
Cash flow hedges1,037 0 1,037 0 (1,037)0 
Total$359,233 $0 $359,233 $(126,748)$(40,680)$191,805 
September 30, 2025
Gross Amounts Not offset in Consolidated Balance Sheet
(Dollars in thousands)
Gross amounts of recognized liabilities (2)
Gross amounts offset in the Consolidated Balance SheetsNet amounts presented in the Consolidated Balance SheetsFinancial instruments recognized amounts
Cash or financial instrument collateral (3)
Net amount
Interest rate contracts (1)
$71,415 $0 $71,415 $(22,947)$0 $48,468 
Foreign exchange contracts227,825 0 227,825 (104,004)0 123,821 
Commodity contracts1,453 0 1,453 (467)(593)393 
Cash flow hedges0 0 0 0 0 0 
Total$300,693 $0 $300,693 $(127,418)$(593)$172,682 
December 31, 2024
Gross Amounts Not offset in Consolidated Balance Sheet
(Dollars in thousands)
Gross amounts of recognized assets (2)
Gross amounts offset in the Consolidated Balance SheetsNet amounts presented in the Consolidated Balance SheetsFinancial instruments recognized amounts
Cash or financial instrument collateral (3)
Net amount
Interest rate contracts (1)
$102,141 $0 $102,141 $(721)$(98,510)$2,910 
Foreign exchange contracts325,266 0 325,266 (131,530)0 193,736 
Commodity contracts174 0 174 0 0 174 
Cash flow hedges387 0 387 (387)0 0 
Total$427,968 $0 $427,968 $(132,638)$(98,510)$196,820 
December 31, 2024
Gross Amounts Not offset in Consolidated Balance Sheet
(Dollars in thousands)
Gross amounts of recognized liabilities (2)
Gross amounts offset in the Consolidated Balance SheetsNet amounts presented in the Consolidated Balance SheetsFinancial instruments recognized amounts
Cash or financial instrument collateral (3)
Net amount
Interest rate contracts (1)
$102,150 $0 $102,150 $(3,896)$0 $98,254 
Foreign exchange contracts294,419 0 294,419 (115,757)(16,976)161,686 
Commodity contracts158 0 158 0 0 158 
Cash flow hedges619 0 619 (387)0 232 
Total$397,346 $0 $397,346 $(120,040)$(16,976)$260,330 
(1) Includes accrued interest receivable.
(2) Amount does not include IRLCs because these instruments are not subject to master netting or similar arrangements
(3) Amount of collateral received is an offset to asset positions or pledged as an offset of liability positions
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, 2025:
(Dollars in thousands)Notional
amount		Average
maturity
(years)		Fair
value
Interest rate contracts   
Receive fixed, matched interest rate contracts with borrower$2,295,929 3.8$(27,113)
Pay fixed, matched interest rate contracts with counterparty2,295,929 3.827,076 
Foreign exchange contracts
Foreign exchange contracts-pay USD7,464,741 0.617,123 
Foreign exchange contracts-receive USD7,407,315 0.6(17,123)
Commodities contracts
Client commodity contracts21,861 0.5226 
Counterparty commodity contracts21,770 0.5(226)
Total client derivatives19,507,545 1.3(37)
Cash flow hedges
Interest rate collars and floors on loan pools1,000,000 2.01,037 
Total cash flow hedges1,000,000 2.01,037 
Total$20,507,545 1.4$1,000