v3.26.3
DERIVATIVES (Tables)
 9 Months Ended
Sep. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments, Gain (Loss)
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, 2026September 30, 2025September 30, 2026September 30, 2025
Interest rate contractsInterest income/(expense)$(144)$(199)$(370)$(608)

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, 2026September 30, 2025September 30, 2026September 30, 2025
Interest rate contractsInterest income/(expense)$(541)$(596)$(765)$1,386 
Summary of Derivative Financial Instruments and Balances
The following table details the classification and amounts of derivative contracts recognized in the Consolidated Balance Sheets:
  
September 30, 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$2,674,510 $2,052 $(90,527)$2,425,106 $23,271 $(46,159)
Matched interest rate contracts with counterparty2,674,510 90,554 (2,004)2,425,106 46,138 (23,243)
Foreign exchange contracts (4)
Matched foreign exchange contracts with customers9,953,137 154,618 (133,120)8,368,518 161,649 (160,523)
Matched foreign exchange contracts with counterparty9,903,335 133,120 (154,618)8,318,982 160,523 (161,649)
Commodity contracts(3)
Matched commodity with client105,440 4,373 (8,800)24,180 909(994)
Matched commodity with counterparty108,592 10,140 (5,388)24,269 669 (1,084)
Total derivatives not designated as qualifying hedging instruments25,419,524 394,857 (394,457)21,586,161 393,159 (393,652)
Derivatives designated as qualifying hedging instruments
Cash flow hedges (5)
Interest rate collars and floors900,000 0 (776)1,000,000 708 0 
Total derivatives designated as qualifying hedging instruments900,000 0 (776)1,000,000 708 0 
Total$26,319,524 $394,857 $(395,233)$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 Accumulated other 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 September 30, 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)
$92,743 $0 $92,743 $(17,505)$(75,238)$0 
Foreign exchange contracts337,539 0 337,539 (123,247)(9,872)204,420 
Commodity contracts14,513 0 14,513 (6,058)0 8,455 
Cash flow hedges0 0 0 0 0 0 
Total$444,795 $0 $444,795 $(146,810)$(85,110)$212,875 
Derivative contracts in a liability position at September 30, 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)
$92,669 $0 $92,669 $(1,196)$0 $91,473 
Foreign exchange contracts287,738 0 287,738 (123,247)0 164,491 
Commodity contracts14,188 0 14,188 (6,058)(50)8,080 
Cash flow hedges776 0 776 0 (776)0 
Total$395,371 $0 $395,371 $(130,501)$(826)$264,044 

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 a 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 September 30, 2026:
(Dollars in thousands)Notional
amount		Average
maturity
(years)		Fair
value
Interest rate contracts
Receive fixed, matched interest rate contracts with borrower$2,674,510 3.5$(88,475)
Pay fixed, matched interest rate contracts with counterparty2,674,510 3.588,550 
Foreign exchange contracts
Foreign exchange contracts - pay USD9,953,137 0.521,498 
Foreign exchange contracts - receive USD9,903,335 0.5(21,498)
Commodities contracts
Client commodity contracts105,440 0.6(4,427)
Counterparty commodity contracts108,592 0.64,752 
Total client derivatives25,419,524 1.1400 
Cash flow hedges
Interest rate collars and floors on loan pools900,000 1.2(776)
Total cash flow hedges900,000 1.2(776)
Total$26,319,524 1.1$(376)