Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table presents the notional amounts and fair values, including accrued interest, of derivative positions:

	At March 31, 2022
	Asset Derivatives				Liability Derivatives
(In thousands)	Notional Amounts		Fair Value		Notional Amounts		Fair Value
Designated as hedging instruments:
Interest rate derivatives (1)	$	1,000,000	$	5,651	$	—	$	—
Not designated as hedging instruments:
Interest rate derivatives (1)	6,385,652		101,454		6,054,975		117,041
Mortgage banking derivatives (2)	4,123		32		336		1
Other (3)	109,881		434		451,036		282
Total not designated as hedging instruments	6,499,656		101,920		6,506,347		117,324
Gross derivative instruments, before netting	$	7,499,656	107,571		$	6,506,347	117,324
Less: Master netting agreements			5,977				5,977
Cash collateral			54,206				904
Total derivative instruments, after netting			$	47,388			$	110,443
	At December 31, 2021
	Asset Derivatives				Liability Derivatives
(In thousands)	Notional Amounts		Fair Value		Notional Amounts		Fair Value
Designated as hedging instruments:
Interest rate derivatives (1)	$	1,000,000	$	17,583	$	—	$	—
Not designated as hedging instruments:
Interest rate derivatives (1)	4,463,048		141,243		4,372,846		21,570
Mortgage banking derivatives (2)	14,212		80		—		—
Other (3)	76,755		211		374,688		214
Total not designated as hedging instruments	4,554,015		141,534		4,747,534		21,784
Gross derivative instruments, before netting	$	5,554,015	159,117		$	4,747,534	21,784
Less: Master netting agreements			6,364				6,364
Cash collateral			19,272				2,119
Total derivative instruments, after netting			$	133,481			$	13,301

(1)Balances related to clearing houses are presented as a single unit of account. In accordance with their rule books, clearing houses legally characterize variation margin payments as settlement of derivatives rather than collateral against derivative positions. Notional amounts of interest rate swaps cleared through clearing houses include $2.0 billion and $0.4 billion for asset derivatives and $1.5 billion and $2.6 billion for liability derivatives at March 31, 2022 and December 31, 2021, respectively. The related fair values approximate zero.

(2)Notional amounts related to residential loans exclude approved floating rate commitments of $0.9 million at March 31, 2022.

(3)Other derivatives include foreign currency forward contracts related to lending arrangements and customer hedging activity, a Visa equity swap transaction, and risk participation agreements. Notional amounts of risk participation agreements include $68.0 million and $66.0 million for asset derivatives and $438.8 million and $338.2 million for liability derivatives at March 31, 2022 and December 31, 2021, respectively, that have insignificant related fair values.

Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location

The following table presents fair value positions transitioned from gross to net upon applying counterparty netting agreements:

	At March 31, 2022
(In thousands)	Gross Amount		Offset Amount		Net Amount on Balance Sheet		Amounts Not Offset		Net Amounts
Asset derivatives	$	62,877	$	60,183	$	2,694	$	(3,060)	$	(366)
Liability derivatives	6,881		6,881		—		1,014		1,014
	At December 31, 2021
(In thousands)	Gross Amount		Offset Amount		Net Amount on Balance Sheet		Amounts Not Offset		Net Amounts
Asset derivatives	$	25,636	$	25,636	$	—	$	51	$	51
Liability derivatives	8,483		8,483		—		428		428

Schedule of Net Investment Hedges, Statements of Financial Performance and Financial Position, Location

The following table summarizes the income statement effect of derivatives designated as cash flow hedges:

	Recognized In	Three months ended March 31,
(In thousands)	Net Interest Income	2022		2021
Interest rate derivatives	Long-term debt	$	76	$	121
Interest rate derivatives	Interest and fees on loans and leases	(2,559)		(2,582)
Net recognized on cash flow hedges		$	(2,483)	$	(2,461)

The following table summarizes information related to a fair value hedging adjustment:

Condensed Consolidated Balance Sheet Line Item in Which Hedged Item is Located	Carrying Amount of Hedged Item				Cumulative Amount of Fair Value Hedging Adjustment Included in Carrying Amount
(In thousands)	At March 31, 2022		At December 31, 2021		At March 31, 2022		At December 31, 2021
Long-term debt	$	337,473	$	338,811	$	37,473	$	38,811

Other Derivatives Not Designated For Hedge Accounting

The following table summarizes the income statement effect of derivatives not designated as hedging instruments:

	Recognized In	Three months ended March 31,
(In thousands)	Non-interest Income	2022		2021
Interest rate derivatives	Other income	$	6,445	$	4,644
Mortgage banking derivatives	Mortgage banking activities	(49)		(382)
Other	Other income	397		472
Total not designated as hedging instruments		$	6,793	$	4,734