Derivatives (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

(In thousands)	Notional Amount		Fair Value		Balance Sheet Category
September 30, 2024
Interest rate contracts1	$	817,762	$	26,259	Other Assets and Other Liabilities
Securities fair value hedges	400,000		692		Other Assets
Residential mortgage fair value hedges	400,000		794		Other Liabilities
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 September 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)	September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023
Securities available-for-sale 1	$	526,845	$	584,108	$	313	$	2,643
Loans, net 2	599,743		633,693		974		44
1 At September 30, 2024, and December 31, 2023, the amortized cost basis and unallocated basis adjustments used in hedging relationships was $608.4 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 September 30, 2024, the portfolio layer method was $400 million, of which $400 million was designated as hedged. At December 31, 2023, the portfolio layer method was $200 million, of which $200 million was designated as hedged.