Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2022

Summary of Derivative Instruments [Abstract]

Schedule of Pre-tax Impact of Terminated Cash Flow Hedges on AOCI

The following table presents the pre-tax impact of terminated cash flow hedges on accumulated other comprehensive income (“AOCI”) for the three months ended March 31, 2022 and March 31, 2021:

	For the Three Months Ended March 31,
	2022		2021
	(In thousands)
Unrealized gains on terminated hedges included in AOCI – beginning of respective period	$	10,239	$	41,473
Unrealized gains on terminated hedges arising during the period	—		—
Reclassification adjustments for amortization of unrealized (gains) into net income	(5,298)		(8,274)
Unrealized gains on terminated hedges included in AOCI – end of respective period	$	4,941	$	33,199

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.

	March 31, 2022
	Number of Positions	Total Notional
	(Dollars in thousands)
Interest rate swaps	468	$	2,867,637
Risk participation agreements	63	263,496
Foreign exchange contracts:
Matched commercial customer book	70	10,343
Foreign currency loan	5	11,586

	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

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 consolidated balance sheet for the periods indicated. There were no derivatives designated as hedging instruments at March 31, 2022 or December 31, 2021.

	Asset Derivatives					Liability Derivatives
	Balance Sheet Location	Fair Value at March 31, 2022		Fair Value at December 31, 2021		Balance Sheet Location	Fair Value at March 31, 2022		Fair Value at December 31, 2021
	(In thousands)
Derivatives not designated as hedging instruments
Customer-related positions:
Interest rate swaps	Other assets	$	23,725	$	64,338	Other liabilities	$	24,988	$	17,880
Risk participation agreements	Other assets	196		315		Other liabilities	401		580
Foreign currency exchange contracts - matched customer book	Other assets	91		61		Other liabilities	78		46
Foreign currency exchange contracts - foreign currency loan	Other assets	7		—		Other liabilities	16		87
Total		$	24,019	$	64,714		$	25,483	$	18,593

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:

	Three Months Ended March 31,
	2022		2021
	(In thousands)
Derivatives designated as hedges:
(Loss) gain in OCI on derivatives	$	—	$	—
Gain reclassified from OCI into interest income (effective portion)	$	5,298	$	8,274
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 recognized in interest rate swap income	$	2,298	$	4,851
Gain recognized in interest rate swap income for risk participation agreements	60		369
(Loss) gain recognized in other income for foreign currency exchange contracts:
Matched commercial customer book	(2)		6
Foreign currency loan	78		73
Total gain for derivatives not designated as hedges	$	2,434	$	5,299