Derivative Financial Instruments (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| Schedule of Fair Value of Derivative Financial Instruments |
The table below presents the fair value of the Company’s derivative financial instruments as of June 30, 2025, December 31, 2024 and June 30, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Derivative Assets | | Derivative Liabilities | | (In thousands) | June 30,
2025 | | December 31,
2024 | | June 30,
2024 | | June 30,
2025 | | December 31,
2024 | | June 30,
2024 | | Derivatives designated as hedging instruments under ASC 815: | | | | | | | | | | | | | Interest rate derivatives designated as Cash Flow Hedges | $ | 57,245 | | | $ | 7,329 | | | $ | 7,532 | | | $ | 11,314 | | | $ | 56,084 | | | $ | 96,825 | | | Interest rate derivatives designated as Fair Value Hedges | 6,207 | | | 10,001 | | | 12,678 | | | 549 | | | 87 | | | — | | | Total derivatives designated as hedging instruments under ASC 815 | $ | 63,452 | | | $ | 17,330 | | | $ | 20,210 | | | $ | 11,863 | | | $ | 56,171 | | | $ | 96,825 | | | Derivatives not designated as hedging instruments under ASC 815: | | | | | | | | | | | | | Interest rate derivatives | $ | 144,350 | | | $ | 177,553 | | | $ | 215,275 | | | $ | 141,880 | | | $ | 183,799 | | | $ | 217,157 | | | Interest rate lock commitments | 5,548 | | | 1,950 | | | 4,795 | | | — | | | 18 | | | 67 | | | Forward commitments to sell mortgage loans | 4,028 | | | 1,297 | | | 102 | | | 4,048 | | | 88 | | | 597 | | | Commodity forward contracts | 119 | | | 766 | | | 702 | | | 42 | | | 583 | | | 304 | | | Foreign exchange contracts | 3,609 | | | 1,131 | | | 2,776 | | | 3,569 | | | 1,091 | | | 2,709 | | | Total derivatives not designated as hedging instruments under ASC 815 | $ | 157,654 | | | $ | 182,697 | | | $ | 223,650 | | | $ | 149,539 | | | $ | 185,579 | | | $ | 220,834 | | | Total Derivatives | $ | 221,106 | | | $ | 200,027 | | | $ | 243,860 | | | $ | 161,402 | | | $ | 241,750 | | | $ | 317,659 | |
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| Schedule of Cash Flow Hedging Instruments |
The table below provides details on these cash flow hedges, summarized by derivative type and maturity, as of June 30, 2025:
| | | | | | | | | | | | | June 30, 2025 | | Notional | | Fair Value | | (In thousands) | Amount | | Asset (Liability) | | Interest Rate Collars at 1-month CME term SOFR: | | | | Buy 2.250% floor, sell 3.743% cap; matures September 2025 | $ | 1,250,000 | | | $ | (1,226) | | Buy 2.750% floor, sell 4.320% cap; matures October 2026 | 500,000 | | | 449 | | Buy 2.000% floor, sell 3.450% cap; matures September 2027 | 1,250,000 | | | (7,726) | | | Interest Rate Swaps at 1-month CME term SOFR: | | | | Fixed 3.748%; matures December 2025 | 250,000 | | | (471) | | Fixed 3.759%; matures December 2025 | 250,000 | | | (457) | | Fixed 3.680%; matures February 2026 | 250,000 | | | (567) | | Fixed 4.176%; matures March 2026 | 250,000 | | | 268 | | Fixed 3.915%; matures March 2026 | 250,000 | | | (165) | | Fixed 4.450%; matures July 2026 | 250,000 | | | 1,580 | | Fixed 3.515%, matures December 2026 | 250,000 | | | (184) | | Fixed 3.512%; matures December 2026 | 250,000 | | | (196) | | Fixed 3.453%; matures February 2027 | 250,000 | | | (323) | | Fixed 4.150%; matures July 2027 | 250,000 | | | 3,452 | | Fixed 3.748%; matures March 2028 | 250,000 | | | 2,419 | | Fixed 3.526%; matures March 2028 | 250,000 | | | 989 | | Fixed 3.993%; matures October 2029 | 350,000 | | | 9,003 | | Fixed 4.245%; matures November 2029 | 350,000 | | | 12,747 | | Fixed 3.300%; matures November 2029 (1) | 250,000 | | | 254 | | Fixed 3.816%; matures November 2030 (1) | 250,000 | | | 7,683 | | Fixed 3.551%; matures November 2030 (1) | 250,000 | | | 514 | | Fixed 3.950%; matures February 2031 (2) | 250,000 | | | 7,235 | | Fixed 4.250%; matures February 2031 (2) | 250,000 | | | 10,653 | | | Total Cash Flow Hedges | $ | 7,950,000 | | | $ | 45,931 | | | | | | | | | | | | | | | | | | | | | |
(1)Represents interest rate swaps that have effective starting dates of November 1, 2025. (2)Represents interest rate swaps that have effective starting dates of February 1, 2026.
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| Schedule of Amounts in Accumulated Other Comprehensive Income Related to Interest Rate Swaps Designated as Cash Flow Hedges |
A rollforward of the amounts in accumulated other comprehensive income or loss related to interest rate derivatives designated as cash flow hedges, including such derivative contracts terminated during the period, follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | (In thousands) | June 30,
2025 | | June 30,
2024 | | June 30,
2025 | | June 30,
2024 | | Unrealized gain (loss) at beginning of period | $ | 42,565 | | | $ | (38,553) | | | $ | (15,508) | | | $ | 43,538 | | | Amount reclassified from accumulated other comprehensive income or loss to interest income or expense on deposits, loans, and other borrowings | 4,890 | | | 20,524 | | | 10,636 | | | 40,342 | | | Amount of gain (loss) recognized in other comprehensive income or loss | 25,074 | | | (31,367) | | | 77,401 | | | (133,276) | | | Unrealized gain (loss) at end of period | $ | 72,529 | | | $ | (49,396) | | | $ | 72,529 | | | $ | (49,396) | |
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| Schedule of Carrying Amount of Hedged Assets/(Liabilities) |
The following table presents the carrying amount of the hedged assets/(liabilities) and the cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged assets/(liabilities) that are designated as a fair value hedge accounting relationship as of June 30, 2025:
| | | | | | | | | | | | | | | | | | | | | | | | | | (In thousands) | | | June 30, 2025 |
Derivatives in Fair Value Hedging Relationships | Location in the Statement of Condition | | Carrying Amount of the Hedged Assets/(Liabilities) | | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) | | | Cumulative Amount of Fair Value Hedging Adjustment Remaining for any Hedged Assets/(Liabilities) for which Hedge Accounting has been Discontinued | | Interest rate swaps | Loans, net of unearned income | | $ | 136,963 | | | $ | (5,624) | | | | $ | (44) | | | Available-for-sale debt securities | | 532 | | | (4) | | | | — | |
The following table presents the loss or gain recognized related to derivative instruments that are designated as fair value hedges for the respective period: | | | | | | | | | | | | | | | | | | (In thousands)
Derivatives in Fair Value Hedging Relationships | Location of (Loss)/Gain Recognized
in Income on Derivative | | Three Months Ended | | Six Months Ended | | June 30, 2025 | | June 30, 2025 | | Interest rate swaps | Interest and fees on loans | | $ | (3) | | | $ | (6) | | | | | | | |
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| Schedule of Consolidated Statement of Income Related to Derivatives |
Amounts included in the Consolidated Statements of Income related to derivative instruments not designated in hedge relationships were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (In thousands) | | | Three Months Ended | | Six Months Ended | | Derivative | Location in income statement | | June 30,
2025 | | June 30,
2024 | | June 30,
2025 | | June 30,
2024 | | Interest rate swaps and caps | Trading gains, net | | $ | 85 | | | $ | (102) | | | $ | (32) | | | $ | 493 | | | Mortgage banking derivatives | Mortgage banking revenue | | (324) | | | 3,721 | | | 3,317 | | | 3,706 | | | Commodity contracts | Trading gains, net | | (37) | | | 130 | | | 77 | | | 398 | | | Foreign exchange contracts | Trading gains, net | | 65 | | | 11 | | | 73 | | | 19 | | | Covered call options | Fees from covered call options | | 5,624 | | | 2,056 | | | 9,070 | | | 6,903 | | | Derivative contract held as economic hedge on MSRs | Mortgage banking revenue | | 2,535 | | | (772) | | | 7,432 | | | (3,349) | |
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| Schedule of Offsetting Assets |
The table below summarizes the Company’s interest rate derivatives and offsetting positions as of the dates shown. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Derivative Assets | | Derivative Liabilities | | Fair Value | | Fair Value | | (In thousands) | June 30,
2025 | | December 31,
2024 | | June 30,
2024 | | June 30,
2025 | | December 31,
2024 | | June 30,
2024 | | Gross Amounts Recognized | $ | 207,802 | | | $ | 194,883 | | | $ | 235,485 | | | $ | 153,743 | | | $ | 239,970 | | | $ | 313,982 | | | | | | | | | | | | | | | | | | | | | | | | | | | Gross amounts not offset in the Statements of Condition | | | | | | | | | | | | | Offsetting Derivative Positions | (68,680) | | | (74,656) | | | (114,662) | | | (68,680) | | | (74,656) | | | (114,662) | | | Collateral Posted | (67,753) | | | (78,550) | | | (85,762) | | | — | | | — | | | — | | | Net Credit Exposure | $ | 71,369 | | | $ | 41,677 | | | $ | 35,061 | | | $ | 85,063 | | | $ | 165,314 | | | $ | 199,320 | |
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| Schedule of Offsetting Liabilities |
The table below summarizes the Company’s interest rate derivatives and offsetting positions as of the dates shown. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Derivative Assets | | Derivative Liabilities | | Fair Value | | Fair Value | | (In thousands) | June 30,
2025 | | December 31,
2024 | | June 30,
2024 | | June 30,
2025 | | December 31,
2024 | | June 30,
2024 | | Gross Amounts Recognized | $ | 207,802 | | | $ | 194,883 | | | $ | 235,485 | | | $ | 153,743 | | | $ | 239,970 | | | $ | 313,982 | | | | | | | | | | | | | | | | | | | | | | | | | | | Gross amounts not offset in the Statements of Condition | | | | | | | | | | | | | Offsetting Derivative Positions | (68,680) | | | (74,656) | | | (114,662) | | | (68,680) | | | (74,656) | | | (114,662) | | | Collateral Posted | (67,753) | | | (78,550) | | | (85,762) | | | — | | | — | | | — | | | Net Credit Exposure | $ | 71,369 | | | $ | 41,677 | | | $ | 35,061 | | | $ | 85,063 | | | $ | 165,314 | | | $ | 199,320 | |
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