Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2025

Derivative Instruments and Hedging Activities Disclosures [Line Items]

The following table summarizes the derivatives outstanding:

(In thousands)	Notional Amount		Balance Sheet Location	Fair Value		Notional Amount		Balance Sheet Location	Fair Value
As of March 31, 2025
Derivatives not designated as hedging instruments
Interest rate derivatives	$	1,401,787	Other assets	$	86,930	$	1,401,787	Other liabilities	$	86,823
Risk participation agreements		98,600	Other assets		88		13,071	Other liabilities		3
Total derivatives not designated as hedging instruments				$	87,018				$	86,826
Netting adjustments⁽¹⁾					19,734					(84	)
Net derivatives in the balance sheet				$	67,284				$	86,910
Derivatives not offset on the balance sheet				$	5,322				$	5,322
Cash collateral⁽²⁾					-					-
Net derivative amounts				$	61,962				$	81,588
As of December 31, 2024
Derivatives not designated as hedging instruments
Interest rate derivatives	$	1,374,800	Other assets	$	104,377	$	1,374,800	Other liabilities	$	104,371
Risk participation agreements		90,725	Other assets		62		18,811	Other liabilities		2
Total derivatives not designated as hedging instruments				$	104,439				$	104,373
Netting adjustments⁽¹⁾					23,592					(26	)
Net derivatives in the balance sheet				$	80,847				$	104,399
Derivatives not offset on the balance sheet				$	1,792				$	1,792
Cash collateral⁽²⁾					-					-
Net derivative amounts				$	79,055				$	102,607

(1) Netting adjustments represent the amounts recorded to convert derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance on the settle to market rules for cleared derivatives. The CME legally characterizes the variation margin posted between counterparties as settlements of the outstanding derivative contracts instead of cash collateral.

(2) Cash collateral represents the amount that cannot be used to offset our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The other collateral consists of securities and is exchanged under bilateral collateral and master netting agreements that allow us to offset the net derivative position with the related collateral. The application of the other collateral cannot reduce the net derivative position below zero. Therefore, excess other collateral, if any, is not reflected above.

Not Designated as Hedging Instrument [Member]

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Effect of Derivatives on AOCI and on Consolidated Statement of Income

The following table indicates the gain or loss recognized in income on derivatives not designated as a hedging relationship:

	Three Months Ended March 31,
(In thousands)	2025		2024
Derivatives not designated as hedging instruments:
Increase in other income	$	21	$	75

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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