v3.25.2
Derivatives and Hedging Activities (Tables)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location
The following table summarizes the fair values of our derivative instruments on a gross and net basis for the periods indicated. The derivative asset and liability balances are presented on a gross basis, prior to the application of bilateral collateral and master netting agreements, but after the variation margin payments with central clearing organizations have been applied as settlement, as applicable. Total derivative assets and liabilities are adjusted to account for the impact of legally enforceable master netting agreements that allow us to settle all derivative contracts with a single counterparty on a net basis and to offset the net derivative position with the related cash collateral. Securities collateral related to legally enforceable master netting agreements is not offset on the consolidated balance sheets.
June 30, 2025December 31, 2024
Notional AmountConsolidated Balance Sheet LocationEstimated
Fair Value		Notional AmountConsolidated Balance Sheet LocationEstimated
Fair Value
Derivatives designated as accounting hedges:
Interest rate swap contracts$— $— $— $— 
Derivatives not designated as accounting hedges:
Interest rate swap contracts1,330.7 29.1 1,415.4 44.9 
Interest rate lock commitments4.2 — 2.7 — 
Forward loan sales contracts5.6 — 2.4 — 
Derivative assets$1,340.5 Other assets$29.1 $1,420.5 Other assets$44.9 
Derivatives designated as accounting hedges:
Interest rate collars$300.0 $0.3 $300.0 $1.0 
Interest rate swap contracts— — 300.0 2.8 
Derivatives not designated as accounting hedges:
Interest rate swap contracts1,330.7 88.6 1,415.4 130.0 
Risk participation agreements87.9 — 91.6 — 
Derivative liabilities$1,718.6 Accounts payable and accrued expenses$88.9 $2,107.0 Accounts payable and accrued expenses$133.8 
Schedule of Derivative Instruments
The tables below present the gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of the dates indicated:
June 30, 2025
Gross Assets RecognizedGross Assets Offset in the Balance SheetNet Assets in the Balance SheetFinancial Instruments
Cash Collateral Received (1)
Net Amount
Interest rate swap and collar contracts$29.1 $— $29.1 $— $29.1 $— 
Total derivatives29.1 — 29.1 — 29.1 — 
Total assets$29.1 $— $29.1 $— $29.1 $— 
(1) Netting adjustments represent the amounts recorded to convert derivatives assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The application of the collateral cannot reduce the net derivative position below zero. Therefore, excess collateral, if any, is not reflected above.
Gross Liabilities RecognizedGross Liabilities Offset in the Balance SheetNet Liabilities in the Balance SheetFinancial InstrumentsCash Collateral PostedNet Amount
Interest rate swap and collar contracts$88.9 $— $88.9 $— $— $88.9 
Total derivatives 88.9 — 88.9 — — 88.9 
Repurchase agreements(2)
509.3 — 509.3 — — 509.3 
Total liabilities$598.2 $— $598.2 $— $— $598.2 
(2) Repurchase agreements are fully collateralized by investment securities.
December 31, 2024
Gross Assets RecognizedGross Assets Offset in the Balance SheetNet Assets in the Balance SheetFinancial Instruments
Cash Collateral Received(1)
Net Amount
Interest rate swap and collar contracts$44.9 $— $44.9 $— $42.4 $2.5 
Total derivatives44.9 — 44.9 — 42.4 2.5 
Total assets$44.9 $— $44.9 $— $42.4 $2.5 
(1) Netting adjustments represent the amounts recorded to convert derivatives assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The application of the collateral cannot reduce the net derivative position below zero. Therefore, excess collateral, if any, is not reflected above.
Gross Liabilities RecognizedGross Liabilities Offset in the Balance SheetNet Liabilities in the Balance SheetFinancial InstrumentsCash Collateral PostedNet Amount
Interest rate swap and collar contracts$133.8 $— $133.8 $— $— $133.8 
Total derivatives 133.8 — 133.8 — — 133.8 
Repurchase agreements(2)
523.9 — 523.9 — — 523.9 
Total liabilities$657.7 $— $657.7 $— $— $657.7 
(2) Repurchase agreements are fully collateralized by investment securities.