Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024
	Asset Derivatives				Liability Derivatives
(In thousands)	Notional Amounts		Fair Value		Notional Amounts		Fair Value
Designated as hedging instruments:
Interest rate derivatives (1)	$	500,000	$	263	$	4,750,000	$	44,366
Not designated as hedging instruments:
Interest rate derivatives (1)	8,542,883		362,602		8,542,895		362,802
Mortgage banking derivatives (2)	1,463		15		—		—
Other (3)	364,396		662		744,777		225
Total not designated as hedging instruments	8,908,742		363,279		9,287,672		363,027
Gross derivative instruments, before netting	$	9,408,742	363,542		$	14,037,672	407,393
Less: Master netting agreements			61,395				61,395
Cash collateral received/paid			285,297				—
Total derivative instruments, after netting			$	16,850			$	345,998
	At December 31, 2023
	Asset Derivatives				Liability Derivatives
(In thousands)	Notional Amounts		Fair Value		Notional Amounts		Fair Value
Designated as hedging instruments:
Interest rate derivatives (1)	$	2,750,000	$	11,140	$	2,700,000	$	13,679
Not designated as hedging instruments:
Interest rate derivatives (1)	8,284,356		319,122		8,272,197		321,064
Mortgage banking derivatives (2)	2,798		37		—		—
Other (3)	340,553		337		731,055		1,067
Total not designated as hedging instruments	8,627,707		319,496		9,003,252		322,131
Gross derivative instruments, before netting	$	11,377,707	330,636		$	11,703,252	335,810
Less: Master netting agreements			55,949				55,949
Cash collateral received/paid			232,190				—
Total derivative instruments, after netting			$	42,497			$	279,861

(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 included $91.0 million and $113.8 million for asset derivatives at March 31, 2024, and December 31, 2023, respectively. The related fair values approximated zero. There were no interest rate swaps cleared through clearing houses for liability derivatives at both March 31, 2024, and December 31, 2023.

(2)Notional amounts related to residential loans excluded approved floating rate commitments of $1.7 million and $1.0 million at March 31, 2024, and December 31, 2023, 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 included $300.5 million and $299.2 million for asset derivatives and $707.6 million and $682.9 million for liability derivatives at March 31, 2024, and December 31, 2023, respectively, which had insignificant related fair values.

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

The following tables represent the off-setting derivative financial instruments that are subject to matter netting agreements:

	At March 31, 2024
(In thousands)	Gross Amount Recognized		Derivative Offset Amount		Cash Collateral Received/Paid		Net Amount Presented
Asset derivatives	$	346,853	$	61,395	$	285,297	$	161
Liability derivatives	61,395		61,395		—		—
	At December 31, 2023
(In thousands)	Gross Amount Recognized		Derivative Offset Amount		Cash Collateral Received/Paid		Net Amount Presented
Asset derivatives	$	289,778	$	55,949	$	232,190	$	1,639
Liability derivatives	55,949		55,949		—		—

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 In	Three months ended March 31,
(In thousands)	Net Interest Income	2024		2023
Fair value hedges:
Interest rate derivatives	Deposits interest expense	$	(1,320)	$	(10,235)
Hedged item	Deposits interest expense	—		10,427
Net recognized on fair value hedges (1)		$	1,320	$	(192)
Cash flow hedges:
Interest rate derivatives	Long-term debt interest expense	$	34	$	76
Interest rate derivatives	Interest and fees on loans and leases	(10,764)		(736)
Net recognized on cash flow hedges		$	(10,798)	$	(812)

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	2024		2023
Interest rate derivatives	Other income	$	1,290	$	(3,687)
Mortgage banking derivatives	Mortgage banking activities	(22)		(16)
Other	Other income	1,277		(735)
Total not designated as hedging instruments		$	2,545	$	(4,438)