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Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
Derivative instruments, recognized at fair value within other assets or accrued expenses and other liabilities on the Consolidated Statements of Financial Condition, were as follows:
 
At December 31, 2020
Fair Value
(In thousands)
Notional Amount(1)
Derivative AssetsDerivative Liabilities
Derivatives designated as hedging instruments:
Interest rate contract$150,000 $59 $— 
Forward foreign exchange contracts
207,515 — 1,521 
Total derivatives designated as hedging instruments
59 1,521 
Derivatives not designated as hedging instruments:
Interest rate contracts
6,140,464 248,208 14,681 
Risk participation agreements470,670 62 125 
Forward foreign exchange contracts90,647 11 865 
Interest rate lock commitments447,278 14,565 4 
Forward loan sales commitments
535,244 37 3,411 
Power Equity CDs
16,752 459 459 
Swap agreement
12,652 — 66 
Total derivatives not designated as hedging instruments263,342 19,611 
Total derivatives before netting263,401 21,132 
Netting(2)
(52)(1,876)
Total derivatives, net
$263,349 $19,256 
(1)Notional or contract amounts, which represent the extent of involvement in the derivatives market, are used to determine the contractual cash flows required in accordance with the terms of the agreement. These amounts are typically not exchanged, significantly exceed amounts subject to credit or market risk and are not reflected in the Consolidated Statements of Financial Condition.
(2)Includes netting of derivative asset and liability balances and related cash collateral, where counterparty netting agreements are in place.
At December 31, 2019
Fair Value
(In thousands)
Notional Amount(1)
Derivative AssetsDerivative Liabilities
Derivatives designated as hedging instruments:
Interest rate contract$150,000 $— $168 
Forward foreign exchange contracts
177,593 — 3,251 
Total derivatives designated as hedging instruments
— 3,419 
Derivatives not designated as hedging instruments:
Interest rate contracts
5,095,969 102,893 5,872 
Risk participation agreements316,353 202 354 
Forward foreign exchange contracts262,656 — 3,268 
Interest rate lock commitments158,111 2,772 20 
Forward loan sales commitments
174,013 41 289 
Power Equity CDs
29,009 734 734 
Swap agreement
12,652 — 356 
Total derivatives not designated as hedging instruments106,642 10,893 
Total derivatives before netting106,642 14,312 
Netting(2)
(540)(5,109)
Total derivatives, net
$106,102 $9,203 
(1)Notional or contract amounts, which represent the extent of involvement in the derivatives market, are used to determine the contractual cash flows required in accordance with the terms of the agreement. These amounts are typically not exchanged, significantly exceed amounts subject to credit or market risk and are not reflected in the Consolidated Statements of Financial Condition.
(2)Includes netting of derivative asset and liability balances and related cash collateral, where counterparty netting agreements are in place.
Schedule of Gross Amounts Recognized, Gross Amounts Offset and Net Amount Presented The gross amounts recognized, gross amounts offset and net amount presented of derivative instruments were as follows:
At December 31, 2020
(In thousands)Gross Amounts Recognized
Gross Amounts
 Offset(1)
Net Amount Presented
Derivative assets
Interest rate contracts$248,267 $— $248,267 
Risk participation agreements62 — 62 
Forward foreign exchange contracts11 (11)— 
Interest rate lock commitments14,565 (4)14,561 
Forward loan sales commitments37 (37)— 
Power Equity CDs459 — 459 
Total derivative assets$263,401 $(52)$263,349 
Derivative liabilities
Interest rate contracts$14,681 $— $14,681 
Risk participation agreements125 — 125 
Forward foreign exchange contracts2,386 (1,769)617 
Interest rate lock commitments4 (4)— 
Forward loan sales commitments3,411 (37)3,374 
Power Equity CDs459 — 459 
Swap agreement66 (66)— 
Total derivative liabilities$21,132 $(1,876)$19,256 
At December 31, 2019
(In thousands)Gross Amounts Recognized
Gross Amounts
Offset(1)
Net Amount Presented
Derivative assets
Interest rate contracts$102,893 $(492)$102,401 
Risk participation agreements202 — 202 
Interest rate lock commitments2,772 (7)2,765 
Forward loan sales commitments41 (41)— 
Power Equity CDs734 — 734 
Total derivative assets$106,642 $(540)$106,102 
Derivative liabilities
Interest rate contracts$6,040 $(491)$5,549 
Risk participation agreements354 — 354 
Forward foreign exchange contracts6,519 (4,214)2,305 
Interest rate lock commitments20 (7)13 
Forward loan sales commitments289 (41)248 
Power Equity CDs734 — 734 
Swap agreement356 (356)— 
Total derivative liabilities$14,312 $(5,109)$9,203 
(1)Includes the amounts with counterparties subject to enforceable master netting arrangements that have been offset in the Consolidated Statements of Financial Condition.
Amounts Recorded in the Consolidated Statements of Financial Condition Related to the Cumulative Basis Adjustment for the Fair Value Hedge The carrying amount of the hedged subordinated debt, including the cumulative basis adjustment related to the application of fair value hedge accounting, is recorded in long-term borrowings on the Consolidated Statements of Financial Condition and was as follows:
Carrying Amount
of the Hedged Liability		Cumulative Amount of
Fair Value Hedging Adjustments
Included in the Carrying Amount
of the Hedged Liability
At December 31,At December 31,
(In thousands)2020201920202019
Subordinated bank note - 2025$159,888 $151,454 $10,975 $2,773 
Summary of Gains and Losses Related to the Fair Value Hedge of the Interest Rate Swap and the Offsetting Changes in the Fair Value of the Hedged Debt
The following table summarizes the effect of fair value hedge accounting on the Consolidated Statements of Income for the years ended December 31, 2020, 2019 and 2018.
Year Ended December 31,
(In thousands)202020192018
Statement of income line where the gain (loss) on the fair value hedge was recorded:
Interest expense on borrowings$60,275 $72,072 $43,144 
Gain (loss) on interest rate contract (fair value hedge)
Hedged item(8,203)(6,937)2,163 
Derivative designated as a hedging instrument8,274 6,986 (2,275)
Net income (expense) recognized on fair value hedge in interest expense on borrowings$71 $49 $(112)
Effect of Net Investment Hedges on Accumulated Other Comprehensive Income The effect of net investment hedges on accumulated other comprehensive income was as follows:
Year Ended December 31,
(In thousands)202020192018
Forward foreign exchange contracts$(5,452)$(7,001)$13,762 
Summary of Effects of Derivatives not Designated as Hedging Instruments on the Consolidated Statements of Income Certain other interest rate contracts, forward foreign exchange contracts, interest rate lock commitments and other contracts have not been designated as hedging instruments. The effect of these derivatives on the Consolidated Statements of Income was as follows:
Year Ended December 31,
(In thousands)Location of Gain (Loss)202020192018
Interest rate contracts(1)
Other noninterest income$5,682 $(18,240)$(440)
Risk participation agreementsOther noninterest expense(387)123 31 
Forward foreign exchange contractsOther noninterest expense2,520 (10,209)23,707 
Interest rate lock commitmentsNet gains on sales of loans and leases12,582 (573)806 
Forward loan sales commitmentsNet gains on sales of loans and leases(3,126)(172)— 
Swap agreementOther noninterest income(1)(69)(274)
Net gain (loss) recognized$17,270 $(29,140)$23,830 
(1)Included in the year ended December 31, 2019 is a loss of $17.3 million related to the termination of $1.1 billion of interest rate swaps.