v3.26.1
DERIVATIVES (Tables)
 3 Months Ended
Mar. 31, 2026
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 March 31, 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)March 31, 2026March 31, 2025March 31, 2026March 31, 2025
Interest rate contractsInterest income/(expense)$(199)$(199)$(51)$1,556 
Summary of Derivative Financial Instruments and Balances
The following table details the classification and amounts of derivative contracts recognized in the Consolidated Balance Sheets:
  
March 31, 2026December 31, 2025
 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 (3)
      
Matched interest rate contracts with borrowers$2,829,821 $18,118 $(47,681)$2,425,106 $23,271 $(46,159)
Matched interest rate contracts with counterparty2,829,821 47,670 (18,081)2,425,106 46,138 (23,243)
Foreign exchange contracts (4)
Matched foreign exchange contracts with customers9,674,140 209,227 (182,647)8,368,518 161,649 (160,523)
Match foreign exchange contracts with counterparty9,616,763 182,647 (209,227)8,318,982 160,523 (161,649)
Commodity contracts(5)
Matched commodity with client52,354 $1,206 (4,228)24,180 909(994)
Matched commodity with counterparty51,767 $4,520 (981)24,269 669 (1,084)
Total derivatives not designated as qualifying hedging instruments25,054,666 463,388 (462,845)21,586,161 393,159 (393,652)
Derivatives designated as qualifying hedging instruments
Cash flow hedges (6)
Interest rate collars and floors1,000,000 465 0 1,000,000 708 0 
Total derivatives designated as qualifying hedging instruments1,000,000 465 0 1,000,000 708 0 
Total$26,054,666 $463,853 $(462,845)$22,586,161 $393,867 $(393,652)
(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.
(3) Changes in fair value are included in Client derivative fees in the Consolidated Statements of Income.
(4) Changes in fair value are included in Foreign exchange income in the Consolidated Statements of Income.
(5) Changes in fair value are included in Client derivative fees in the Consolidated Statements of Income.
(6) Changes in fair value are included in Accumulated comprehensive income in the Consolidated Balance sheets.
Disclosure by Type of Financial Instrument
The following tables disclose the gross and net amounts of derivative contracts recognized in the Consolidated Balance Sheets:
Derivative contracts in an asset position at March 31, 2026
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)
$65,788 $0 $65,788 $(35,211)$(22,640)$7,937 
Foreign exchange contracts449,251 0 449,251 (159,271)(23,376)266,604 
Commodity contracts5,726 0 5,726 (1,350)0 4,376 
Cash flow hedges465 0 465 0 (465)0 
Total$521,230 $0 $521,230 $(195,832)$(46,481)$278,917 
Derivative contracts in an liability position at March 31, 2026
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)
$65,762 $0 $65,762 $(18,481)$0 $47,281 
Foreign exchange contracts391,874 0 391,874 (159,270)0 232,604 
Commodity contracts5,209 0 5,209 (1,350)(25)3,834 
Cash flow hedges0 0 0 0 0 0 
Total$462,845 $0 $462,845 $(179,101)$(25)$283,719 

Derivative contracts in an asset position at December 31, 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)
$69,409 $0 $69,409 $(43,607)$(12,660)$13,142 
Foreign exchange contracts371,710 0 371,710 (126,506)0 245,204 
Commodity contracts1,578 0 1,578 (670)0 908 
Cash flow hedges708 0 708 0 (708)0 
Total$443,405 $0 $443,405 $(170,783)$(13,368)$259,254 
Derivative contracts in an liability position at December 31, 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)
$69,402 $0 $69,402 $(24,594)$0 $44,808 
Foreign exchange contracts322,172 0 322,172 (126,506)(5,894)189,772 
Commodity contracts2,078 0 2,078 (670)(462)946 
Cash flow hedges0 0 0 0 0 0 
Total$393,652 $0 $393,652 $(151,770)$(6,356)$235,526 
(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 March 31, 2026:
(Dollars in thousands)Notional
amount		Average
maturity
(years)		Fair
value
Interest rate contracts   
Receive fixed, matched interest rate contracts with borrower$2,829,821 3.6$(29,563)
Pay fixed, matched interest rate contracts with counterparty2,829,821 3.629,589 
Foreign exchange contracts
Foreign exchange contracts-pay USD9,674,140 0.526,580 
Foreign exchange contracts-receive USD9,616,763 0.5(26,580)
Commodities contracts
Client commodity contracts52,354 0.4(3,022)
Counterparty commodity contracts51,767 0.43,539 
Total client derivatives25,054,666 1.2543 
Cash flow hedges
Interest rate collars and floors on loan pools1,000,000 1.5465 
Total cash flow hedges1,000,000 1.5465 
Total$26,054,666 1.3$1,008