DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Swap Agreements and Non-hedging Derivative Assets and Liabilities

Information about interest rate swap agreements and non-hedging derivative assets and liabilities at December 31, 2023 follows:

	Notional Amount		Weighted Average Maturity	Weighted Average Rate				Estimated Fair Value Asset (Liability)
December 31, 2023				Received		Contract pay rate
	(In thousands)		(In years)					(In thousands)
Cash flow hedges:
Interest rate swaps on commercial loans (1)	$	600,000	1.9	3.64	%	5.35	%	$	—
Interest rate collars on commercial loans	200,000		2.5					1,658
Total cash flow hedges	800,000							1,658
Economic hedges:
Interest rate swap on tax advantaged economic development bond	$	6,202	5.9	5.82	%	5.09	%	$	(172)
Interest rate swaps on loans with commercial loan customers (1)	1,795,562		4.9	4.36	%	6.27	%	(63,865)
Reverse interest rate swaps on loans with commercial loan customers (1)	1,795,562		4.9	6.27	%	4.36	%	32,053
Risk participation agreements with dealer banks	376,553		5.5					(18)
Forward sale commitments	2,207		0.2					21
Total economic hedges	3,976,086							(31,981)
Non-hedging derivatives:
Commitments to lend	11,104		0.2					34
Total non-hedging derivatives	11,104							34
Total	$	4,787,190						$	(30,289)

(1) Fair value estimates include the impact of $26.7 million settled to market contract agreements.

Information about interest rate swap agreements and non-hedging derivative asset and liabilities at December 31, 2022 follows:

	Notional Amount		Weighted Average Maturity	Weighted Average Rate				Estimated Fair Value Asset (Liability)
December 31, 2022				Received		Contract pay rate
	(In thousands)		(In years)					(In thousands)
Cash flow hedges:
Interest rate swaps on commercial loans (1)	$	400,000	2.7	4.09	%	3.51	%	$	—
Forward-starting interest rate swaps on commercial loans (1)	200,000		3.3	—	%	3.90	%	—
Interest rate collars on commercial loans	200,000		3.5					1,937
Total cash flow hedges	800,000							1,937
Economic hedges:
Interest rate swap on tax advantaged economic development bond	$	7,062	6.9	4.49	%	5.09	%	$	(193)
Interest rate swaps on loans with commercial loan customers	1,685,263		5.7	4.11	%	5.55	%	(95,114)
Reverse interest rate swaps on loans with commercial loan customers (1)	1,685,263		5.7	5.55	%	4.11	%	50,267
Risk participation agreements with dealer banks	341,885		6.6					(89)
Forward sale commitments	927		0.2					8
Total economic hedges	3,720,400							(45,121)
Non-hedging derivatives:
Commitments to lend	4,114		0.2					17
Total non-hedging derivatives	4,114							17
Total	$	4,524,514						$	(43,167)

(1) Fair value estimates include the impact of $38.3 million settled to market contract agreements.

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

Amounts included in the Consolidated Statements of Income and in the other comprehensive income/(loss) section of the Consolidated Statements of Comprehensive Income/(Loss) (related to interest rate derivatives designated as hedges of cash flows), were as follows:

	Years Ended December 31,
(In thousands)	2023		2022		2021
Interest rate swaps and collars on commercial loans:
Unrealized gain/(loss) recognized in accumulated other comprehensive loss	$	1,770	$	(6,667)	$	—
Less: Reclassification of unrealized (loss) from accumulated other comprehensive loss to interest income	(632)		—		—
Net tax benefit on items recognized in accumulated other comprehensive income	(630)		1,789		—
Other comprehensive gain/(loss) recorded in accumulated other comprehensive income/(loss), net of reclassification adjustments and tax effects	$	1,772	$	(4,878)	$	—
Net interest expense recognized on hedged commercial loans	$	9,026	$	(15)	$	—

Schedule of Amounts Included in the Consolidated Statements of Income Related to Economic Hedges and Non-hedging Derivatives

Amounts included in the Consolidated Statements of Income related to economic hedges and non-hedging derivatives were as follows:

	Years Ended December 31,
(In thousands)	2023		2022		2021
Economic hedges
Interest rate swap on industrial revenue bond:
Unrealized gain/(loss) recognized in other non-interest income	$	21	$	941	$	619
Interest rate swaps on loans with commercial loan customers:
Unrealized gain/(loss) recognized in other non-interest income	31,310		(171,272)		(86,099)
Favorable/(unfavorable) change in credit valuation adjustment recognized in other non-interest income	—		1,809		1,431
Reverse interest rate swaps on loans with commercial loan customers:
Unrealized (loss)/gain recognized in other non-interest income	(31,310)		171,272		86,099
Risk Participation Agreements:
Unrealized (loss) recognized in other non-interest income	(74)		(521)		(233)
Forward Commitments:
Unrealized gain/(loss) recognized in other non-interest income	13		(126)		(186)
Non-hedging derivatives
Commitments to lend:
Unrealized gain/(loss) recognized in other non-interest income	$	17	$	(107)	$	(611)
Realized gain in other non-interest income	536		462		2,854

Schedule of Assets Subject to an Enforceable Master Netting Arrangement

The following table presents the assets and liabilities subject to an enforceable master netting arrangement as of December 31, 2023 and December 31, 2022:

Offsetting of Financial Assets and Derivative Assets

	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Condition		Net Amounts of Assets Presented in the Statements of Condition		Gross Amounts Not Offset in the Statements of Condition
							Financial Instruments		Cash Collateral Received
(in thousands)											Net Amount
As of December 31, 2023
Interest Rate Swap Agreements:
Institutional counterparties	$	71,579	$	(31,812)	$	39,767	$	—	$	—	$	39,767
Commercial counterparties	5,992		—		5,992		—		—		5,992
Total	$	77,571	$	(31,812)	$	45,759	$	—	$	—	$	45,759

Offsetting of Financial Assets and Derivative Assets

	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Condition		Net Amounts of Assets Presented in the Statements of Condition		Gross Amounts Not Offset in the Statements of Condition
							Financial Instruments		Cash Collateral Received
(in thousands)											Net Amount
As of December 31, 2022
Interest Rate Swap Agreements:
Institutional counterparties	$	96,295	$	(45,046)	$	51,249	$	—	$	—	$	51,249
Commercial counterparties	975		—		975		—		—		975
Total	$	97,270	$	(45,046)	$	52,224	$	—	$	—	$	52,224

Schedule of Liabilities Subject to an Enforceable Master Netting Arrangement

Offsetting of Financial Liabilities and Derivative Liabilities

	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statements of Condition		Net Amounts of Liabilities Presented in the Statement of Condition		Gross Amounts Not Offset in the Statements of Condition
							Financial Instruments		Cash Collateral Received
(in thousands)											Net Amount
As of December 31, 2023
Interest Rate Swap Agreements:
Institutional counterparties	$	(11,277)	$	5,142	$	(6,135)	$	9,633	$	—	$	3,498
Commercial counterparties	(69,796)		—		(69,796)		—		—		(69,796)
Total	$	(81,073)	$	5,142	$	(75,931)	$	9,633	$	—	$	(66,298)

Offsetting of Financial Liabilities and Derivative Liabilities

	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statements of Condition		Net Amounts of Liabilities Presented in the Statement of Condition		Gross Amounts Not Offset in the Statements of Condition
							Financial Instruments		Cash Collateral Received
(in thousands)											Net Amount
As of December 31, 2022
Interest Rate Swap Agreements:
Institutional counterparties	$	(1,271)	$	36	$	(1,235)	$	11,973	$	—	$	10,738
Commercial counterparties	(102,595)		6,507		(96,088)		—		—		(96,088)
Total	$	(103,866)	$	6,543	$	(97,323)	$	11,973	$	—	$	(85,350)