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Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts and Fair Values
The following tables present the notional amounts and fair values, including accrued interest, of derivative positions:
June 30, 2025
Asset DerivativesLiability Derivatives
(In thousands)Notional AmountsFair ValueNotional AmountsFair Value
Designated in hedge relationships:
Interest rate derivatives (1)
$3,500,000 $5,666 $1,750,000 $1,475 
Not designated in hedge relationships:
Interest rate derivatives (1)
8,495,135 241,293 9,406,550 240,723 
Mortgage banking derivatives 364 3 — — 
Other (2)
279,668 593 788,112 1,589 
Total not designated as hedging instruments8,775,167 241,889 10,194,662 242,312 
Gross derivative instruments, before netting$12,275,167 247,555 $11,944,662 243,787 
Less: Master netting agreements59,898 59,898 
Cash collateral pledged114,607 15,860 
Total derivative instruments, after netting$73,050 $168,029 
December 31, 2024
Asset DerivativesLiability Derivatives
(In thousands)Notional AmountsFair ValueNotional AmountsFair Value
Designated in hedge relationships:
Interest rate derivatives (1)
$750,000 $719 $4,250,000 $13,169 
Not designated in hedge relationships:
Interest rate derivatives (1)
8,693,493 300,120 8,728,767 298,296 
Mortgage banking derivatives 584 3 — — 
Other (2)
337,370 1,300 833,449 96 
Total not designated as hedging instruments9,031,447 301,423 9,562,216 298,392 
Gross derivative instruments, before netting$9,781,447 302,142 $13,812,216 311,561 
Less: Master netting agreements31,881 31,881 
Cash collateral pledged251,212 80 
Total derivative instruments, after netting$19,049 $279,600 
(1)The notional amount of interest rate swaps that were centrally-cleared through clearing housings was $68.1 million at June 30, 2025, and $71.1 million at December 31, 2024, for asset derivatives, and $4.2 million at June 30, 2025 and zero at December 31, 2024, for liability derivatives. Interest rate swaps that are centrally-cleared through clearing houses are “settled-to-market” and considered a single unit of account. In accordance with their rule books, clearing houses record the variation margin transferred for settled-to-market derivatives as a legal settlement of the derivative contract (i.e., the variation margin legally settles the outstanding exposure, but does not result in any other change or reset of the contractual terms of the derivative). The fair values of the Company’s settled-to-market interest rate swaps are presented net on the accompanying Condensed Consolidated Balance Sheets and approximated zero.
(2)Other derivatives not designated in hedge relationships include foreign currency forward contracts related to lending arrangements, a Visa equity swap transaction, and risk participation agreements. Notional amounts of risk participation agreements were $265.4 million at June 30, 2025, and $294.5 million at December 31, 2024, for asset derivatives, and $712.6 million at June 30, 2025, and $796.6 million at December 31, 2024, for liability derivatives, all of which had immaterial related fair values.
Summary of Income Statement Effect of Derivatives Designated as Hedging Instruments
The following tables represent the off-setting derivative financial instruments that are subject to master netting agreements:
June 30, 2025
Gross Amounts of Recognized Assets/LiabilitiesGross Amounts Offset in the Statement of Financial PositionNet Amounts of Assets/Liabilities Presented in the Statement of Financial PositionGross Amounts Not Offset in the Statement of Financial Position
(In thousands)Financial InstrumentsCash Collateral PledgedNet Amount
Asset derivatives$174,505 $59,898 $114,607 $— $114,607 $— 
Liability derivatives76,369 59,898 16,471 — 15,860 611 
December 31, 2024
Gross Amounts of Recognized Assets/LiabilitiesGross Amounts Offset in the Statement of Financial PositionNet Amounts of Assets/Liabilities Presented in the Statement of Financial PositionGross Amounts Not Offset in the Statement of Financial Position
(In thousands)Financial InstrumentsCash Collateral PledgedNet Amount
Asset derivatives$283,185 $31,881 $251,304 $— $251,212 $92 
Liability derivatives32,218 31,881 337 — 80 257 
Schedule of Derivative Financial Instruments
The following table summarizes the income statement effect of derivatives designated in hedge relationships:
Recognized inThree months ended June 30,Six months ended June 30,
(In thousands)Net Interest Income2025202420252024
Fair value hedges:
Interest rate derivativesDeposits interest expense$— $— $— $(1,320)
Net recognized on fair value hedges (1)
$— $— $— $1,320 
Cash flow hedges:
Interest rate derivativesLong-term debt interest expense$— $— $— $34 
Interest rate derivativesInterest and fees on loans and leases(2,689)(11,847)(5,944)(22,611)
Net recognized on cash flow hedges (2)
$(2,689)$(11,847)$(5,944)$(22,645)
(1)The Company de-designated its fair value hedging relationship on $400.0 million of deposits, which pertained to a portion of Ametros’ member deposits, in 2023. The $1.3 million basis adjustment included in the carrying amount of deposits at December 31, 2023, was recognized in interest expense in January 2024 upon the acquisition of Ametros.
(2)Additional information regarding the amounts recognized in net income related to cash flow hedge activities can be found within
Note 9: Accumulated Other Comprehensive (Loss), Net of Tax.
Summary of Income Statement Effect of Derivatives Not Designated as Hedging Instruments
The following table summarizes the income statement effect of derivatives not designated in hedge relationships:
Recognized inThree months ended June 30,Six months ended June 30,
(In thousands)Non-interest Income2025202420252024
Interest rate derivativesOther income$896 $(1,734)$(1,928)$(444)
Mortgage banking derivativesOther income(14)(8)(1)(30)
OtherOther income(4,020)659 (5,007)1,936 
Total not designated as hedging instruments$(3,138)$(1,083)$(6,936)$1,462