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Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following tables present the notional amounts and fair values, including accrued interest, of derivative positions:
At June 30, 2023
Asset DerivativesLiability Derivatives
(In thousands)Notional AmountsFair ValueNotional AmountsFair Value
Designated as hedging instruments:
Interest rate derivatives (1)
$1,000,000 $453 $4,750,000 $46,087 
Not designated as hedging instruments:
Interest rate derivatives (1)
7,322,980 375,350 7,329,236 387,261 
Mortgage banking derivatives (2)
798 5 — — 
Other (3)
230,315 153 683,669 348 
Total not designated as hedging instruments7,554,093 375,508 8,012,905 387,609 
Gross derivative instruments, before netting$8,554,093 375,961 $12,762,905 433,696 
Less: Master netting agreements52,273 52,273 
Cash collateral311,774 — 
Total derivative instruments, after netting$11,914 $381,423 
At December 31, 2022
Asset DerivativesLiability Derivatives
(In thousands)Notional AmountsFair ValueNotional AmountsFair Value
Designated as hedging instruments:
Interest rate derivatives (1)
$1,350,000 $1,515 $1,750,000 $9,632 
Not designated as hedging instruments:
Interest rate derivatives (1)
7,024,507 221,225 7,022,844 403,952 
Mortgage banking derivatives (2)
3,283 32 — — 
Other (3)
161,934 134 606,478 915 
Total not designated as hedging instruments7,189,724 221,391 7,629,322 404,867 
Gross derivative instruments, before netting$8,539,724 222,906 $9,379,322 414,499 
Less: Master netting agreements16,129 16,129 
Cash collateral184,095 — 
Total derivative instruments, after netting$22,682 $398,370 
(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. At June 30, 2023, and December 31, 2022, notional amounts of interest rate swaps cleared through clearing houses include $0.6 billion and $2.7 billion for asset derivatives, respectively, and $0.1 billion and zero for liability derivatives, respectively. The related fair values approximate zero.
(2)Notional amounts related to residential loans exclude approved floating rate commitments of $4.1 million and $2.4 million at June 30, 2023, and December 31, 2022, respectively.
(3)Other derivatives include foreign currency forward contracts related to lending arrangements, a Visa equity swap transaction, and risk participation agreements. Notional amounts of risk participation agreements include $201.7 million and $125.6 million for asset derivatives and $648.2 million and $559.2 million for liability derivatives at June 30, 2023, and December 31, 2022, respectively, which have insignificant related fair values.
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location The following tables present fair value positions transitioned from gross to net upon applying counterparty netting agreements:
At June 30, 2023
(In thousands)Gross Amount RecognizedDerivative Offset AmountCash Collateral Received/PledgedNet Amount PresentedAmounts Not Offset
Asset derivatives$370,140 $52,273 $311,774 $6,093 $6,112 
Liability derivatives52,273 52,273 — — 3,386 
At December 31, 2022
(In thousands)Gross Amount RecognizedDerivative Offset AmountCash Collateral Received/PledgedNet Amount PresentedAmounts Not Offset
Asset derivatives$217,246 $16,129 $184,095 $17,022 $17,392 
Liability derivatives16,129 16,129 — — 1,545 
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 hedging instruments:
Recognized InThree months ended June 30,Six months ended June 30,
(In thousands)Net Interest Income2023202220232022
Fair value hedges:
Interest rate derivativesDeposits interest expense$10,928 $— $693 $— 
Hedged itemDeposits interest expense(10,152)— 275 — 
Net recognized on fair value hedges$(776)$— $(968)$— 
Cash flow hedges:
Interest rate derivativesLong-term debt interest expense$99 $77 $175 $153 
Interest rate derivativesInterest and fees on loans and leases(724)1,244 (1,460)3,803 
Net recognized on cash flow hedges$(823)$1,167 $(1,635)$3,650 
The following table summarizes information related to fair value hedging adjustments:
Condensed Consolidated Balance Sheet Line Item in Which Hedged Item is LocatedCarrying Amount of Hedged ItemCumulative Amount of Fair Value Hedging Adjustment Included in Carrying Amount
(In thousands)At June 30,
2023		At December 31,
2022		At June 30,
2023		At December 31,
2022
Deposits$400,275 $— $275 $— 
Long-term debt (1)
330,781 333,458 30,781 33,458 
(1)The Company de-designated its fair value hedging relationship on its long-term debt in 2020. The basis adjustment included in the carrying amount is being amortized into interest expense over the remaining life of the long-term debt.
Other Derivatives Not Designated For Hedge Accounting The following table summarizes the income statement effect of derivatives not designated as hedging instruments:
Recognized InThree months ended June 30,Six months ended June 30,
(In thousands)Non-interest Income2023202220232022
Interest rate derivativesOther income$(194)$12,814 $(3,881)$19,259 
Mortgage banking derivativesMortgage banking activities(12)(29)(28)(78)
OtherOther income(921)1,027 (1,656)1,424 
Total not designated as hedging instruments$(1,127)$13,812 $(5,565)$20,605