Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule Of Fair Value Of Derivative Financial Instruments

The table below presents the fair value of the Company’s derivative financial instruments as of June 30, 2023, December 31, 2022 and June 30, 2022:

	Derivative Assets						Derivative Liabilities
(In thousands)	June 30, 2023		December 31, 2022		June 30, 2022		June 30, 2023		December 31, 2022		June 30, 2022
Derivatives designated as hedging instruments under ASC 815:
Interest rate derivatives designated as Cash Flow Hedges	$	2,154	$	—	$	151	$	121,347	$	58,198	$	—
Interest rate derivatives designated as Fair Value Hedges	16,255		16,768		10,396		—		—		128
Total derivatives designated as hedging instruments under ASC 815	$	18,409	$	16,768	$	10,547	$	121,347	$	58,198	$	128
Derivatives not designated as hedging instruments under ASC 815:
Interest rate derivatives	$	261,205	$	269,670	$	165,209	$	261,066	$	271,109	$	164,979
Interest rate lock commitments	3,487		1,711		6,649		172		58		173
Forward commitments to sell mortgage loans	2,769		220		906		38		414		1,963
Commodity forward contracts	434		257		—		214		162		—
Foreign exchange contracts	8,444		8,222		614		8,335		8,137		614
Total derivatives not designated as hedging instruments under ASC 815	$	276,339	$	280,080	$	173,378	$	269,825	$	279,880	$	167,729
Total Derivatives	$	294,748	$	296,848	$	183,925	$	391,172	$	338,078	$	167,857

Schedule Of Cash Flow Hedging Instruments

The table below provides details on these cash flow hedges, summarized by derivative type and maturity, as of June 30, 2023:

	June 30, 2023
	Notional		Fair Value
(In thousands)	Amount		Asset (Liability)
Interest Rate Collars at 1-month CME term SOFR:
Buy 2.250% floor, sell 3.743% cap; matures September 2025	$	1,250,000	$	(29,186)
Buy 2.750% floor, sell 4.320% cap; matures October 2026	500,000		(6,375)
Buy 2.000% floor, sell 3.450% cap; matures September 2027	1,250,000		(45,700)
Interest Rate Swaps at 1-month CME term SOFR:
Fixed 3.748%; matures December 2025	250,000		(4,422)
Fixed 3.759%; matures December 2025	250,000		(4,356)
Fixed 3.680%; matures February 2026	250,000		(4,762)
Fixed 4.176%; matures March 2026	250,000		(1,563)
Fixed 3.915%; matures March 2026	250,000		(3,211)
Fixed 4.450%; matures July 2026	250,000		1,046
Fixed 3.515%, matures December 2026	250,000		(5,208)
Fixed 3.512%; matures December 2026	250,000		(5,233)
Fixed 3.453%; matures February 2027	250,000		(5,654)
Fixed 4.150%; matures July 2027	250,000		1,108
Fixed 3.748%; matures March 2028	250,000		(1,652)
Fixed 3.526%; matures March 2028	250,000		(4,025)
Total Cash Flow Hedges	$	6,000,000	$	(119,193)

Rollforward Of Amounts In Accumulated Other Comprehensive Income Related To Interest Rate Swaps Designated As Cash Flow Hedges

A rollforward of the amounts in accumulated other comprehensive income or loss related to interest rate derivatives designated as cash flow hedges, including such derivative contracts terminated during the period, follows:

	Three Months Ended				Six Months Ended
(In thousands)	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Unrealized gain at beginning of period	$	44,692	$	76,389	$	10,026	$	36,908
Amount reclassified from accumulated other comprehensive income or loss to interest income or expense on deposits, loans, and other borrowings	14,092		1,012		17,664		6,365
Amount of gain recognized in other comprehensive income or loss	(120,523)		1,363		(89,429)		35,491
Unrealized gain at end of period	$	(61,739)	$	78,764	$	(61,739)	$	78,764

Schedule of Carrying Amount of Hedged Assets/(Liabilities)

The following table presents the carrying amount of the hedged assets/(liabilities) and the cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged assets/(liabilities) that are designated as a fair value hedge accounting relationship as of June 30, 2023:

		June 30, 2023
(In thousands) Derivatives in Fair Value Hedging Relationships	Location in the Statement of Condition	Carrying Amount of the Hedged Assets/(Liabilities)		Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)		Cumulative Amount of Fair Value Hedging Adjustment Remaining for any Hedged Assets/(Liabilities) for which Hedge Accounting has been Discontinued
Interest rate swaps	Loans, net of unearned income	$	187,102	$	(16,202)	$	(94)
	Available-for-sale debt securities	828		(25)		—

The following table presents the loss or gain recognized related to derivative instruments that are designated as fair value hedges for the respective period:

(In thousands) Derivatives in Fair Value Hedging Relationships	Location of (Loss)/Gain Recognized in Income on Derivative	Three Months Ended		Six Months Ended
		June 30, 2023		June 30, 2023
Interest rate swaps	Interest and fees on loans	$	(7)	$	2
	Interest income - investment securities	—		—

Summary Amounts Included In Consolidated Statement Of Income Related To Derivatives

Amounts included in the Consolidated Statements of Income related to derivative instruments not designated in hedge relationships were as follows:

(In thousands)		Three Months Ended				Six Months Ended
Derivative	Location in income statement	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Interest rate swaps and caps	Trading gains, net	$	12	$	161	$	812	$	4,185
Mortgage banking derivatives	Mortgage banking revenue	4,791		(7,550)		8,431		(14,919)
Commodity contracts	Trading gains, net	49		—		226		—
Foreign exchange contracts	Trading gains, net	—		—		—		—
Covered call options	Fees from covered call options	2,578		1,069		12,969		4,811
Derivative contract held as economic hedge on MSRs	Mortgage banking revenue	(726)		—		220		—

Offsetting Assets

The table below summarizes the Company’s interest rate derivatives and offsetting positions as of the dates shown.

	Derivative Assets						Derivative Liabilities
	Fair Value						Fair Value
(In thousands)	June 30, 2023		December 31, 2022		June 30, 2022		June 30, 2023		December 31, 2022		June 30, 2022
Gross Amounts Recognized	$	279,614	$	286,438	$	175,756	$	382,413	$	329,307	$	165,107
Less: Amounts offset in the Statements of Condition	—		—		—		—		—		—
Net amount presented in the Statements of Condition	$	279,614	$	286,438	$	175,756	$	382,413	$	329,307	$	165,107
Gross amounts not offset in the Statements of Condition
Offsetting Derivative Positions	(125,159)		(64,100)		(6,009)		(125,159)		(64,100)		(6,009)
Collateral Posted	(145,735)		(194,666)		(163,412)		—		—		(91)
Net Credit Exposure	$	8,720	$	27,672	$	6,335	$	257,254	$	265,207	$	159,007

Offsetting Liabilities

The table below summarizes the Company’s interest rate derivatives and offsetting positions as of the dates shown.

	Derivative Assets						Derivative Liabilities
	Fair Value						Fair Value
(In thousands)	June 30, 2023		December 31, 2022		June 30, 2022		June 30, 2023		December 31, 2022		June 30, 2022
Gross Amounts Recognized	$	279,614	$	286,438	$	175,756	$	382,413	$	329,307	$	165,107
Less: Amounts offset in the Statements of Condition	—		—		—		—		—		—
Net amount presented in the Statements of Condition	$	279,614	$	286,438	$	175,756	$	382,413	$	329,307	$	165,107
Gross amounts not offset in the Statements of Condition
Offsetting Derivative Positions	(125,159)		(64,100)		(6,009)		(125,159)		(64,100)		(6,009)
Collateral Posted	(145,735)		(194,666)		(163,412)		—		—		(91)
Net Credit Exposure	$	8,720	$	27,672	$	6,335	$	257,254	$	265,207	$	159,007