Derivatives (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

(In thousands)	Notional Amount		Fair Value		Balance Sheet Category
June 30, 2024
Interest rate contracts1	$	686,682	$	28,274	Other Assets and Other Liabilities
Securities fair value hedges	400,000		3,502		Other Assets
Residential mortgage fair value hedges	200,000		894		Other Assets
December 31, 2023
Interest rate contracts1	$	605,735	$	28,804	Other Assets and Other Liabilities
Securities fair value hedges	400,000		2,677		Other Assets
Residential mortgage fair value hedges	200,000		75		Other Liabilities
1Interest rate contracts include risk participation agreements with notional amounts of $18.4 million and $9.4 million at June 30, 2024, and December 31, 2023, respectively with nominal fair value in both periods.

The following table presents amounts recorded on the Consolidated Balance Sheet related to cumulative basis adjustments for fair value hedges.

	Carrying amount of the hedged items				Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged items
(In thousands)	June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023
Securities available-for-sale 1	$	534,976	$	584,108	$	3,424	$	2,643
Loans, net 2	614,394		633,693		897		44
1 At June 30, 2024, and December 31, 2023, the amortized cost basis and unallocated basis adjustments used in hedging relationships was $638.7 million and $680.6 million, respectively. Refer to “Note 3 - Securities” for a reconciliation of the amortized cost and fair value of AFS securities.
2 These amounts represent the amortized cost basis of closed portfolios used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolios anticipated to be outstanding for the designated hedge period. At June 30, 2024 and December 31, 2023, the portfolio layer method was $200 million, of which $200 million was designated as hedged.