Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

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 September 30, 2024, December 31, 2023 and September 30, 2023:

	Derivative Assets						Derivative Liabilities
(In thousands)	September 30, 2024		December 31, 2023		September 30, 2023		September 30, 2024		December 31, 2023		September 30, 2023
Derivatives designated as hedging instruments under ASC 815:
Interest rate derivatives designated as Cash Flow Hedges	$	53,402	$	40,116	$	—	$	14,522	$	44,456	$	157,355
Interest rate derivatives designated as Fair Value Hedges	8,069		12,349		17,929		351		273		—
Total derivatives designated as hedging instruments under ASC 815	$	61,471	$	52,465	$	17,929	$	14,873	$	44,729	$	157,355
Derivatives not designated as hedging instruments under ASC 815:
Interest rate derivatives	$	185,456	$	211,490	$	294,324	$	180,160	$	210,397	$	295,916
Interest rate lock commitments	5,143		4,511		2,516		6		—		72
Forward commitments to sell mortgage loans	31		—		3,261		1,055		5,212		—
Commodity forward contracts	1,647		888		1,320		1,365		609		1,076
Foreign exchange contracts	1,914		6,372		4,355		1,880		6,308		4,287
Total derivatives not designated as hedging instruments under ASC 815	$	194,191	$	223,261	$	305,776	$	184,466	$	222,526	$	301,351
Total Derivatives	$	255,662	$	275,726	$	323,705	$	199,339	$	267,255	$	458,706

Schedule of Cash Flow Hedging Instruments

The table below provides details on these cash flow hedges, summarized by derivative type and maturity, as of September 30, 2024:

	September 30, 2024
	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	$	(4,251)
Buy 2.750% floor, sell 4.320% cap; matures October 2026	500,000		1,345
Buy 2.000% floor, sell 3.450% cap; matures September 2027	1,250,000		(10,270)
Interest Rate Swaps at 1-month CME term SOFR:
Fixed 3.748%; matures December 2025	250,000		290
Fixed 3.759%; matures December 2025	250,000		324
Fixed 3.680%; matures February 2026	250,000		233
Fixed 4.176%; matures March 2026	250,000		2,088
Fixed 3.915%; matures March 2026	250,000		1,182
Fixed 4.450%; matures July 2026	250,000		4,220
Fixed 3.515%, matures December 2026	250,000		822
Fixed 3.512%; matures December 2026	250,000		806
Fixed 3.453%; matures February 2027	250,000		578
Fixed 4.150%; matures July 2027	250,000		5,610
Fixed 3.748%; matures March 2028	250,000		3,998
Fixed 3.526%; matures March 2028	250,000		2,186
Fixed 3.993%; matures October 2029	350,000		12,573
Fixed 4.245%; matures November 2029	350,000		17,146
Total Cash Flow Hedges	$	6,700,000	$	38,880

Schedule 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				Nine Months Ended
(In thousands)	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Unrealized (loss) gain at beginning of period	$	(49,396)	$	(61,739)	$	43,538	$	10,026
Amount reclassified from accumulated other comprehensive income or loss to interest income or expense on deposits, loans, and other borrowings	20,378		18,374		60,720		36,038
Amount of gain (loss) recognized in other comprehensive income or loss	104,470		(61,456)		(28,806)		(150,885)
Unrealized gain (loss) at end of period	$	75,452	$	(104,821)	$	75,452	$	(104,821)

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 September 30, 2024:

(In thousands)		September 30, 2024
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	$	195,978	$	(7,703)	$	(63)
	Available-for-sale debt securities	654		(5)		—

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		Nine Months Ended
		September 30, 2024		September 30, 2024
Interest rate swaps	Interest and fees on loans	$	(28)	$	(34)
	Interest income - investment securities	—		—

Schedule of 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				Nine Months Ended
Derivative	Location in income statement	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Interest rate swaps and caps	Trading (losses) gains, net	$	(245)	$	778	$	248	$	1,590
Mortgage banking derivatives	Mortgage banking revenue	(1,692)		1,428		2,014		9,859
Commodity contracts	Trading (losses) gains, net	(116)		23		282		243
Foreign exchange contracts	Trading (losses) gains, net	(171)		—		(152)		—
Covered call options	Fees from covered call options	988		4,215		7,891		17,184
Derivative contract held as economic hedge on MSRs	Mortgage banking revenue	6,892		(2,481)		3,543		(2,261)

Schedule of 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)	September 30, 2024		December 31, 2023		September 30, 2023		September 30, 2024		December 31, 2023		September 30, 2023
Gross Amounts Recognized	$	246,927	$	263,955	$	312,253	$	195,033	$	255,126	$	453,271
Less: Amounts offset in the Statements of Condition	—		—		—		—		—		—
Net amount presented in the Statements of Condition	$	246,927	$	263,955	$	312,253	$	195,033	$	255,126	$	453,271
Gross amounts not offset in the Statements of Condition
Offsetting Derivative Positions	(82,819)		(76,514)		(157,673)		(82,819)		(76,514)		(157,673)
Collateral Posted	(59,791)		(144,899)		(140,857)		(420)		—		(3,785)
Net Credit Exposure	$	104,317	$	42,542	$	13,723	$	111,794	$	178,612	$	291,813

Schedule of 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)	September 30, 2024		December 31, 2023		September 30, 2023		September 30, 2024		December 31, 2023		September 30, 2023
Gross Amounts Recognized	$	246,927	$	263,955	$	312,253	$	195,033	$	255,126	$	453,271
Less: Amounts offset in the Statements of Condition	—		—		—		—		—		—
Net amount presented in the Statements of Condition	$	246,927	$	263,955	$	312,253	$	195,033	$	255,126	$	453,271
Gross amounts not offset in the Statements of Condition
Offsetting Derivative Positions	(82,819)		(76,514)		(157,673)		(82,819)		(76,514)		(157,673)
Collateral Posted	(59,791)		(144,899)		(140,857)		(420)		—		(3,785)
Net Credit Exposure	$	104,317	$	42,542	$	13,723	$	111,794	$	178,612	$	291,813