Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2025

Summary of Derivative Instruments [Abstract]


As of March 31, 2025
				Weighted Average Rate
	Notional Amount		Weighted Average Maturity	Current Rate Paid		Receive Fixed Swap Rate		Fair Value (1)
	(In thousands)		(In Years)					(In thousands)
Interest rate swaps on loans	$	2,400,000	2.32	4.33	%	3.02	%	$	400
Total	$	2,400,000						$	400

(1)The fair value included a net accrued interest payable balance of $1.5 million as of March 31, 2025. In addition, the fair value includes netting adjustments which represent the amounts recorded to convert derivative assets and liabilities cleared through the Chicago Mercantile Exchange, or CME, from a gross basis to a net basis in accordance with applicable accounting guidance.


As of December 31, 2024
				Weighted Average Rate
	Notional Amount		Weighted Average Maturity	Current Rate Paid		Receive Fixed Swap Rate		Fair Value (1)
	(In thousands)		(In Years)					(In thousands)
Interest rate swaps on loans	$	2,400,000	2.57	4.51	%	3.02	%	$	220
Total	$	2,400,000						$	220

(1)The fair value included a net accrued interest payable balance of $1.6 million as of December 31, 2024. In addition, the fair value includes netting adjustments which represent the amounts recorded to convert derivative assets and liabilities cleared through the CME from a gross basis to a net basis in accordance with applicable accounting guidance.

Schedule of 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, 2025
	Number of Positions	Total Notional
	(Dollars in thousands)
Interest rate swaps	504	$	3,294,619
Risk participation agreements	124	472,503
Foreign exchange contracts:
Matched commercial customer book	244	85,892
Foreign currency loan	5	5,998


	December 31, 2024
	Number of Positions	Total Notional
	(Dollars in thousands)
Interest rate swaps	494	$	3,308,037
Risk participation agreements	125	503,803
Foreign exchange contracts:
Matched commercial customer book	226	98,429
Foreign currency loan	8	5,835

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 Sheets for the periods indicated:


	Asset Derivatives					Liability Derivatives
	Balance Sheet Location	Fair Value at March 31, 2025		Fair Value at December 31, 2024		Balance Sheet Location	Fair Value at March 31, 2025		Fair Value at December 31, 2024
	(In thousands)
Derivatives designated as hedging instruments
Interest rate swaps	Other assets	$	404	$	225	Other liabilities	$	4	$	5
Derivatives not designated as hedging instruments
Customer-related positions:
Interest rate swaps	Other assets	$	46,885	$	57,526	Other liabilities	$	77,803	$	97,594
Risk participation agreements	Other assets	6		4		Other liabilities	6		4
Foreign currency exchange contracts - matched customer book	Other assets	910		1,990		Other liabilities	956		1,980
Foreign currency exchange contracts - foreign currency loan	Other assets	10		62		Other liabilities	34		—
		$	47,811	$	59,582		$	78,799	$	99,578
Total		$	48,215	$	59,807		$	78,803	$	99,583

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,
	2025		2024
	(In thousands)
Derivatives designated as hedges:
Gain (loss) in OCI on derivatives	$	6,405	$	(39,555)
Loss reclassified from OCI into interest income (effective portion)	$	(7,933)	$	(14,041)
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:
(Loss) gain recognized in interest rate swap income	$	(72)	$	135
Loss recognized in interest rate swap income for risk participation agreements	—		(42)
(Loss) gain recognized in other income for foreign currency exchange contracts:
Matched commercial customer book	(56)		50
Foreign currency loan	(86)		222
Net (loss) gain for derivatives not designated as hedges	$	(214)	$	365