XML 47 R37.htm IDEA: XBRL DOCUMENT v3.24.3
Derivative Instruments (Tables)
 9 Months Ended
Sep. 30, 2024
Derivative Instrument Detail [Abstract]  
Schedule Of Notional Amounts Of Derivative Instruments
The notional amounts of the Company’s derivative instruments are shown in the table below. These contractual amounts, along with other terms of the derivative, are used to determine amounts to be exchanged between counterparties and are not a measure of loss exposure. The Company's derivatives are not accounted for as accounting hedges except for the interest rate floors, as discussed below.


(In thousands)
September 30, 2024December 31, 2023
Interest rate swaps$2,059,186 $2,166,393 
Interest rate floors2,000,000 2,000,000 
Interest rate caps183,899 336,682 
Credit risk participation agreements618,186 653,887 
Foreign exchange contracts17,798 30,401 
 Mortgage loan commitments
9,788 3,004 
Mortgage loan forward sale contracts368 1,349 
Forward TBA contracts9,000 3,000 
Total notional amount$4,898,225 $5,194,716 
Interest Rate Floor Summary Information about the floors is provided in the table below.
Strike RateEffective DateMaturity Date
3.50 %July 1, 2024July 1, 2030
3.25 %November 1, 2024November 1, 2030
3.00 %March 1, 2025March 1, 2031
2.75 %July 1, 2025July 1, 2031
Schedule Of Fair Values Of Derivative Instruments
The fair values of the Company's derivative instruments, whose notional amounts are listed above, are shown in the table below. Information about the valuation methods used to determine fair value is provided in Note 15 on Fair Value Measurements.

The Company's policy is to present its derivative assets and derivative liabilities on a gross basis on its consolidated balance sheets, and these are reported in other assets and other liabilities. In prior years, certain collateral posted to and from the Company's clearing counterparty has been applied to the fair values of the cleared swap. There was no reduction to positive or negative fair values of cleared swaps at September 30, 2024 and December 31, 2023.

 Asset DerivativesLiability Derivatives
Sept. 30, 2024Dec. 31, 2023Sept. 30, 2024Dec. 31, 2023
(In thousands)    
  Fair Value  Fair Value
Derivatives designated as hedging instruments:
   Interest rate floors$72,761 $78,960 $— $— 
Total derivatives designated as hedging instruments$72,761 $78,960 $— $— 
Derivative instruments not designated as hedging instruments:
   Interest rate swaps$26,288 $35,816 $(26,288)$(35,816)
   Interest rate caps87 1,391 (87)(1,391)
   Credit risk participation agreements105 77 (141)(194)
   Foreign exchange contracts403 534 (369)(479)
   Mortgage loan commitments192 89 — (1)
   Mortgage loan forward sale contracts10 8 — — 
   Forward TBA contracts16 1 (11)(18)
Total derivatives not designated as hedging instruments$27,101 $37,916 $(26,896)$(37,899)
Total$99,862 $116,876 $(26,896)$(37,899)
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)
The Company made an election to exclude the initial premiums paid on the interest rate floors from the hedge effectiveness measurement. Those initial premiums are amortized over the periods between the premium payment month and the contract maturity month. The pre-tax effects of the gains and losses (both the included and excluded amounts for hedge effectiveness assessment) recognized in the other comprehensive income from the cash flow hedging instruments and the amounts reclassified from accumulated other comprehensive income into income (both included and excluded amounts for hedge effectiveness measurement) are shown in the table below.



Amount of Gain or (Loss) Recognized in OCI
Location of Gain (Loss) Reclassified from AOCI into IncomeAmount of Gain (Loss) Reclassified from AOCI into Income
(In thousands)TotalIncluded ComponentExcluded ComponentTotalIncluded ComponentExcluded Component
For the Three Months Ended September 30, 2024
Derivatives in cash flow hedging relationships:
Interest rate floors$23,168 $13,673 $9,495 Interest and fees on loans$2,816 $7,072 $(4,256)
Total$23,168 $13,673 $9,495 Total$2,816 $7,072 $(4,256)
For the Nine Months Ended September 30, 2024
Derivatives in cash flow hedging relationships:
Interest rate floors$(6,199)$3,565 $(9,764)Interest and fees on loans$8,693 $21,369 $(12,676)
Total$(6,199)$3,565 $(9,764)Total$8,693 $21,369 $(12,676)
For the Three Months Ended September 30, 2023
Derivatives in cash flow hedging relationships:
Interest rate floors$(29,007)$— $(29,007)Interest and fees on loans$3,543 $7,459 $(3,916)
Total$(29,007)$— $(29,007)Total$3,543 $7,459 $(3,916)
For the Nine Months Ended September 30, 2023
Derivatives in cash flow hedging relationships:
Interest rate floors$(34,530)$— $(34,530)Interest and fees on loans$12,093 $22,358 $(10,265)
Total$(34,530)$— $(34,530)Total$12,093 $22,358 $(10,265)
Summary Of The Effects Of Derivative Instruments On Consolidated Statements Of Income
The gain and loss recognized through various derivative instruments on the consolidated statements of income are shown in the table below.



Location of Gain or (Loss) Recognized in Consolidated Statements of Income Amount of Gain or (Loss) Recognized in Income on Derivatives

For the Three Months Ended September 30For the Nine Months Ended September 30
(In thousands)2024202320242023
Derivative instruments:
  Interest rate swapsOther non-interest income$239 $365 $1,562 $2,861 
  Interest rate capsOther non-interest income— 23 — 23 
  Credit risk participation agreementsOther non-interest income— 123 (214)107 
  Foreign exchange contractsOther non-interest income(42)122 (21)93 
  Mortgage loan commitmentsLoan fees and sales52 (23)105 35 
  Mortgage loan forward sale contractsLoan fees and sales1 — 1 — 
  Forward TBA contractsLoan fees and sales(141)63 (127)113 
Total$109 $673 $1,306 $3,232 
Balance Sheet Offsetting, Derivatives [Table Text Block]
Gross Amounts Not Offset in the Balance Sheet
(In thousands)Gross Amount RecognizedGross Amounts Offset in the Balance SheetNet Amounts Presented in the Balance SheetFinancial Instruments Available for OffsetCollateral
Received/
Pledged		Net Amount
September 30, 2024
Assets:
Derivatives subject to master netting agreements
$99,544 $— $99,544 $(10,865)$(76,526)$12,153 
Derivatives not subject to master netting agreements
318 — 318 
Total derivatives$99,862 $— $99,862 
Liabilities:
Derivatives subject to master netting agreements
$26,435 $— $26,435 $(10,865)$— $15,570 
Derivatives not subject to master netting agreements
461 — 461 
Total derivatives$26,896 $— $26,896 
December 31, 2023
Assets:
Derivatives subject to master netting agreements
$116,702 $— $116,702 $(3,930)$(107,492)$5,280 
Derivatives not subject to master netting agreements
174 — 174 
Total derivatives$116,876 $— $116,876 
Liabilities:
Derivatives subject to master netting agreements
$37,300 $— $37,300 $(3,930)$— $33,370 
Derivatives not subject to master netting agreements
599 — 599 
Total derivatives$37,899 $— $37,899