Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

General Discussion of Derivative Instruments and Hedging Activities [Abstract]

Summary of Pre-tax Impact of Terminated Cash Flow Hedged on AOCI

The following table presents the pre-tax impact of terminated cash flow hedges on AOCI for the years ended December 31, 2021 and 2020.

	Year Ended December 31,
	2021		2020
	(In thousands)
Unrealized gains on terminated hedges included in AOCI — January 1	$	41,473	$	—
Unrealized gains on terminated hedges arising during the period	—		57,362
Reclassification adjustments for amortization of unrealized (gains) into net interest income	(31,234)		(15,889)
Unrealized gains on terminated hedges included in AOCI — December 31	$	10,239	$	41,473

Derivatives Not Designated as Hedging Instruments

The following tables present the Company’s customer-related derivative positions as of the dates indicated below for those derivatives not designated as hedging:

	As of December 31, 2021
	Number of Positions	Total Notional
	(Dollars in thousands)
Interest rate swaps	494	$	3,009,150
Risk participation agreements	64	238,772
Foreign exchange contracts:
Matched commercial customer book	72	7,922
Foreign currency loan	6	10,830

	As of December 31, 2020
	Number of Positions	Total Notional
	(Dollars in thousands)
Interest rate swaps	576	$	3,652,385
Risk participation agreements	70	287,732
Foreign exchange contracts:
Matched commercial customer book	40	4,242
Foreign currency loan	3	10,798

Schedule of Derivative Financial Instruments

The table below presents the fair value of the Company’s derivative financial instruments, as well as their classification on the balance sheet for the periods indicated. There were no derivatives designated as hedging instruments at December 31, 2021 and 2020.

	Asset Derivatives					Liability Derivatives
	Balance Sheet Location	Fair Value at December 31, 2021		Fair Value at December 31, 2020		Balance Sheet Location	Fair Value at December 31, 2021		Fair Value at December 31, 2020
	(In thousands)
Derivatives not designated as hedging instruments
Customer-related positions:
Interest rate swaps	Other assets	$	64,338	$	141,822	Other liabilities	$	17,880	$	42,600
Risk participation agreements	Other assets	315		722		Other liabilities	580		1,230
Foreign currency exchange contracts — matched customer book	Other assets	61		90		Other liabilities	46		77
Foreign currency exchange contracts — foreign currency loan	Other assets	—		9		Other liabilities	87		69
Total		$	64,714	$	142,643		$	18,593	$	43,976

Schedule of Derivative Financial Instruments On The Consolidated Income Statements

The table below presents the net effect of the Company’s derivative financial instruments on the consolidated income statements as well as the effect of the Company’s derivative financial instruments included in other comprehensive income (“OCI”) as follows:

	For the Year Ended December 31,
	2021		2020		2019
	(In thousands)
Derivatives designated as hedges:
Gain in OCI on derivatives	$	—	$	46,871	$	20,275
Gain reclassified from OCI into interest income (effective portion)	$	31,234	$	27,131	$	2,698
Gain recognized in income on derivatives (ineffective portion and amount excluded from effectiveness test)
Interest income	$	—	$	—	$	—
Other income	—		—		—
Total	$	—	$	—	$	—
Derivatives not designated as hedges:
Customer-related positions:
Gain (loss) recognized in interest rate swap income	$	4,962	$	(3,812)	$	(2,833)
Gain (loss) recognized in interest rate swap income for risk participation agreements	243		(384)		(83)
Gain (loss) recognized in other income for foreign currency exchange contracts:
Matched commercial customer book	1		(28)		(47)
Foreign currency loan	(27)		143		(203)
Total gain (loss) for derivatives not designated as hedges	$	5,179	$	(4,081)	$	(3,166)