Derivative Instruments (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Derivative Instrument Detail [Abstract] |
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| Schedule Of Notional Amounts Of Derivative Instruments |
The notional amounts of the Company’s derivative instruments are shown in the table below. These contractual amounts, along with other terms of the derivative, are used to determine amounts to be exchanged between counterparties and are not a measure of loss exposure. The Company's derivatives are not accounted for as accounting hedges except for the interest rate floors, as discussed below.
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(In thousands) | June 30, 2025 | December 31, 2024 | | Interest rate swaps | $ | 1,953,737 | | $ | 2,065,400 | | | Interest rate floors | 2,000,000 | | 2,000,000 | | | Interest rate caps | 76,785 | | 37,488 | | | Credit risk participation agreements | 540,569 | | 503,196 | | | Foreign exchange contracts | 18,913 | | 16,978 | | Mortgage loan commitments | 10,346 | | 3,060 | | | Mortgage loan forward sale contracts | 225 | | 1,759 | | | Forward TBA contracts | 10,500 | | 3,500 | | | Total notional amount | $ | 4,611,075 | | $ | 4,631,381 | |
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| Interest Rate Floor Summary |
Information about the floors is provided in the table below. | | | | | | | | | | Strike Rate | Effective Date | Maturity Date | | 3.50 | % | July 1, 2024 | July 1, 2030 | | 3.25 | % | November 1, 2024 | November 1, 2030 | | 3.00 | % | March 1, 2025 | March 1, 2031 | | 2.75 | % | July 1, 2025 | July 1, 2031 |
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| Schedule Of Fair Values Of Derivative Instruments |
The fair values of the Company's derivative instruments, whose notional amounts are listed above, are shown in the table below. Information about the valuation methods used to determine fair value is provided in Note 15 on Fair Value Measurements.
The Company's policy is to present its derivative assets and derivative liabilities on a gross basis on its consolidated balance sheets, and these are reported in other assets and other liabilities. In prior years, certain collateral posted to and from the Company's clearing counterparty has been applied to the fair values of the cleared swap. There was no reduction to positive or negative fair values of cleared swaps at June 30, 2025 and December 31, 2024.
| | | | | | | | | | | | | | | | | | | | Asset Derivatives | | Liability Derivatives | | June 30, 2025 | Dec. 31, 2024 | | June 30, 2025 | Dec. 31, 2024 | (In thousands) | Fair Value | | Fair Value | | Derivatives designated as hedging instruments: | | | | | | | Interest rate floors | $ | 50,925 | | $ | 35,544 | | | $ | — | | $ | — | | | Total derivatives designated as hedging instruments | $ | 50,925 | | $ | 35,544 | | | $ | — | | $ | — | | | Derivative instruments not designated as hedging instruments: | | | | | | Interest rate swaps | $ | 22,450 | | $ | 26,759 | | | $ | (22,450) | | $ | (26,759) | | | Interest rate caps | 10 | | 44 | | | (10) | | (44) | | | Credit risk participation agreements | 86 | | 35 | | | (127) | | (58) | | | Foreign exchange contracts | 494 | | 179 | | | (632) | | (101) | | | Mortgage loan commitments | 254 | | 58 | | | — | | — | | | Mortgage loan forward sale contracts | 3 | | 14 | | | — | | — | | | Forward TBA contracts | — | | 15 | | | (58) | | (1) | | | Total derivatives not designated as hedging instruments | $ | 23,297 | | $ | 27,104 | | | $ | (23,277) | | $ | (26,963) | | | Total | $ | 74,222 | | $ | 62,648 | | | $ | (23,277) | | $ | (26,963) | |
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| Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) |
The Company made an election to exclude the initial premiums paid on the interest rate floors from the hedge effectiveness measurement. Those initial premiums are amortized over the periods between the premium payment month and the contract maturity month. The pre-tax effects of the gains and losses (both the included and excluded amounts for hedge effectiveness assessment) recognized in the other comprehensive income from the cash flow hedging instruments and the amounts reclassified from accumulated other comprehensive income into income (both included and excluded amounts for hedge effectiveness measurement) are shown in the table below.
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| Amount of Gain or (Loss) Recognized in OCI | | Location of Gain (Loss) Reclassified from AOCI into Income | Amount of Gain (Loss) Reclassified from AOCI into Income | | | (In thousands) | Total | Included Component | Excluded Component | | | Total | Included Component | Excluded Component | | For the Three Months Ended June 30, 2025 | | Derivatives in cash flow hedging relationships: | | Interest rate floors | $ | 5,015 | | $ | 5,387 | | $ | (372) | | | Interest and fees on loans | $ | 2,372 | | $ | 6,582 | | $ | (4,210) | | | Total | $ | 5,015 | | $ | 5,387 | | $ | (372) | | | Total | $ | 2,372 | | $ | 6,582 | | $ | (4,210) | | | For the Six Months Ended June 30, 2025 | | Derivatives in cash flow hedging relationships: | | Interest rate floors | $ | 15,381 | | $ | 6,034 | | $ | 9,347 | | | Interest and fees on loans | $ | 4,905 | | $ | 13,279 | | $ | (8,374) | | | Total | $ | 15,381 | | $ | 6,034 | | $ | 9,347 | | | Total | $ | 4,905 | | $ | 13,279 | | $ | (8,374) | | For the Three Months Ended June 30, 2024 | | Derivatives in cash flow hedging relationships: | | Interest rate floors | $ | (6,502) | | $ | (131) | | $ | (6,371) | | | Interest and fees on loans | $ | 2,888 | | $ | 7,098 | | $ | (4,210) | | | Total | $ | (6,502) | | $ | (131) | | $ | (6,371) | | | Total | $ | 2,888 | | $ | 7,098 | | $ | (4,210) | | For the Six Months Ended June 30, 2024 | | Derivatives in cash flow hedging relationships: | | Interest rate floors | $ | (29,367) | | $ | (10,108) | | $ | (19,259) | | | Interest and fees on loans | $ | 5,877 | | $ | 14,297 | | $ | (8,420) | | | Total | $ | (29,367) | | $ | (10,108) | | $ | (19,259) | | | Total | $ | 5,877 | | $ | 14,297 | | $ | (8,420) | |
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| Summary Of The Effects Of Derivative Instruments On Consolidated Statements Of Income |
The gain and loss recognized through various derivative instruments on the consolidated statements of income are shown in the table below.
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| Location of Gain or (Loss) Recognized in Consolidated Statements of Income | Amount of Gain or (Loss) Recognized in Income on Derivatives |
| | For the Three Months Ended June 30 | | For the Six Months Ended June 30 | | (In thousands) | | 2025 | 2024 | | 2025 | 2024 | | | | | | | | | | | | | | | | | | | | | | | Derivative instruments: | | | | | | | | Interest rate swaps | Other non-interest income | $ | 642 | | $ | 1,197 | | | $ | 747 | | $ | 1,323 | | | | | | | | | | Credit risk participation agreements | Other non-interest income | 186 | | (240) | | | 178 | | (214) | | | Foreign exchange contracts | Other non-interest income | (184) | | (17) | | | (216) | | 21 | | | Mortgage loan commitments | Loan fees and sales | 151 | | 38 | | | 195 | | 53 | | | Mortgage loan forward sale contracts | Loan fees and sales | (1) | | 8 | | | (11) | | — | | | Forward TBA contracts | Loan fees and sales | (35) | | 8 | | | (100) | | 14 | | | Total | | $ | 759 | | $ | 994 | | | $ | 793 | | $ | 1,197 | |
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| Balance Sheet Offsetting, Derivatives [Table Text Block] |
| | | | | | | | | | | | | | | | | | | | | | | | | Gross Amounts Not Offset in the Balance Sheet | | | (In thousands) | Gross Amount Recognized | Gross Amounts Offset in the Balance Sheet | Net Amounts Presented in the Balance Sheet | Financial Instruments Available for Offset | Collateral
Received/
Pledged | Net Amount | | June 30, 2025 | | | | | | | | Assets: | | | | | | | Derivatives subject to master netting agreements | $ | 73,832 | | $ | — | | $ | 73,832 | | $ | (11,277) | | $ | (49,871) | | $ | 12,684 | | Derivatives not subject to master netting agreements | 390 | | — | | 390 | | | | | | Total derivatives | $ | 74,222 | | $ | — | | $ | 74,222 | | | | | | Liabilities: | | | | | | | Derivatives subject to master netting agreements | $ | 22,797 | | $ | — | | $ | 22,797 | | $ | (11,277) | | $ | — | | $ | 11,520 | | Derivatives not subject to master netting agreements | 480 | | — | | 480 | | | | | | Total derivatives | $ | 23,277 | | $ | — | | $ | 23,277 | | | | | | December 31, 2024 | | | | | | | | Assets: | | | | | | | Derivatives subject to master netting agreements | $ | 62,437 | | $ | — | | $ | 62,437 | | $ | (3,780) | | $ | (54,620) | | $ | 4,037 | | Derivatives not subject to master netting agreements | 211 | | — | | 211 | | | | | | Total derivatives | $ | 62,648 | | $ | — | | $ | 62,648 | | | | | | Liabilities: | | | | | | | Derivatives subject to master netting agreements | $ | 26,848 | | $ | — | | $ | 26,848 | | $ | (3,780) | | $ | — | | $ | 23,068 | | Derivatives not subject to master netting agreements | 115 | | — | | 115 | | | | | | Total derivatives | $ | 26,963 | | $ | — | | $ | 26,963 | | | | |
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