DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES |
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| Schedule of Information About Derivative Assets and Liabilities |
| | | | | | | | | | | | | | March 31, 2026 | | | | | Weighted | | | | | | | Notional | | Average | | Fair Value | | Location Fair | | | Amount | | Maturity | | Asset (Liability) | | Value Asset | | | (in thousands) | | (in years) | | (in thousands) | | (Liability) | Cash flow hedges: | | | | | | | | | | | | Interest rate swap on wholesale funding | | $ | — | | | — | | $ | — | | Other assets | Interest rate swap on variable rate loans | | | — | | | — | | | — | | Other liabilities | Total cash flow hedges | | | — | | | | | | — | | | | | | | | | | | | | | | Fair value hedges: | | | | | | | | | | | | Interest rate swap on securities | | | 37,190 | | | 3.3 | | | 2,468 | | Other assets | Total fair value hedges | | | 37,190 | | | | | | 2,468 | | | | | | | | | | | | | | | Economic hedges: | | | | | | | | | | | | Forward sale commitments | | | 6,440 | | | 0.1 | | | 28 | | Other assets | Customer Loan Swaps-MNA Counterparty | | | 400,589 | | | 4.7 | | | (5,968) | | Other liabilities | Customer Loan Swaps-RPA Counterparty | | | 194,430 | | | 4.2 | | | (1,309) | | Other liabilities | Customer Loan Swaps-MNA Customer | | | 400,589 | | | 4.7 | | | 5,968 | | Other assets | Customer Loan Swaps-RPA Customer | | | 194,430 | | | 4.2 | | | 1,309 | | Other liabilities | Total economic hedges | | | 1,196,478 | | | | | | 28 | | | | | | | | | | | | | | | Non-hedging derivatives: | | | | | | | | | | | | Interest rate lock commitments | | | 4,368 | | | 0.1 | | | 148 | | Other assets | Total non-hedging derivatives | | | 4,368 | | | | | | 148 | | | | | | | | | | | | | | | Total | | $ | 1,238,036 | | | | | $ | 2,644 | | |
| | | | | | | | | | | | | | December 31, 2025 | | | | | Weighted | | | | | | | Notional | | Average | | Fair Value | | Location Fair | | | Amount | | Maturity | | Asset (Liability) | | Value Asset | | | (in thousands) | | (in years) | | (in thousands) | | (Liability) | Cash flow hedges: | | | | | | | | | | | | Interest rate swap on wholesale funding | | $ | — | | | — | | $ | — | | Other assets | Interest rate swap on variable rate loans | | | 50,000 | | | 0.2 | | | (336) | | Other liabilities | Total cash flow hedges | | | 50,000 | | | | | | (336) | | | | | | | | | | | | | | | Fair value hedges: | | | | | | | | | | | | Interest rate swap on securities | | | 37,190 | | | 3.6 | | | 2,374 | | Other assets | Total fair value hedges | | | 37,190 | | | | | | 2,374 | | | | | | | | | | | | | | | Economic hedges: | | | | | | | | | | | | Forward sale commitments | | | 5,248 | | | — | | | (14) | | Other liabilities | Customer Loan Swaps-MNA Counterparty | | | 358,846 | | | 4.8 | | | (4,264) | | Other liabilities | Customer Loan Swaps-RPA Counterparty | | | 195,546 | | | 4.5 | | | (2,070) | | Other liabilities | Customer Loan Swaps-MNA Customer | | | 358,846 | | | 4.8 | | | 4,264 | | Other assets | Customer Loan Swaps-RPA Customer | | | 195,546 | | | 4.5 | | | 2,070 | | Other liabilities | Total economic hedges | | | 1,114,032 | | | | | | (14) | | | | | | | | | | | | | | | Non-hedging derivatives: | | | | | | | | | | | | Interest rate lock commitments | | | 2,698 | | | 0.1 | | | 98 | | Other assets | Total non-hedging derivatives | | | 2,698 | | | | | | 98 | | | | | | | | | | | | | | | Total | | $ | 1,203,920 | | | | | $ | 2,122 | | |
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| Schedule of Amounts Recorded On The Balance Sheet |
| | | | | | | | | | | | | | | | Cumulative Amount of Fair | | | Location of Hedged Item on | | Carrying Amount of Hedged | | Value Hedging Adjustment in | | | Balance Sheet | | Assets | | Carrying Amount | March 31, 2026 | | | | | | | | | Interest rate swap on securities | | Securities available for sale | | $ | 30,527 | | $ | (6,663) | | | | | | | | | | December 31, 2025 | | | | | | | | | Interest rate swap on securities | | Securities available for sale | | $ | 31,366 | | $ | (5,824) |
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| Schedule of Derivative Instruments Gain (Loss) |
| | | | | | | | | | | | | | | | Three Months Ended March 31, 2026 | | | Amount of | | | | Amount of | | | | | | | Gain (Loss) | | | | Gain (Loss) | | | | | | | Recognized in | | | | Reclassified | | Location of | | Amount of | | | Other | | Location of Gain (Loss) | | from Other | | Gain (Loss) | | Gain (Loss) | | | Comprehensive | | Reclassified from Other | | Comprehensive | | Recognized in | | Recognized | (in thousands) | | Income | | Comprehensive Income | | Income | | Income | | in Income | Cash flow hedges: | | | | | | | | | | | | | | Interest rate swap on wholesale funding | | $ | — | | Interest expense | | $ | — | | Interest expense | | $ | — | Interest rate swap on variable rate loans | | | 254 | | Interest income | | | — | | Interest income | | | (339) | Total cash flow hedges | | | 254 | | | | | — | | | | | (339) | | | | | | | | | | | | | | | Fair value hedges: | | | | | | | | | | | | | | Interest rate swap on securities | | | (549) | | Interest income | | | — | | Interest income | | | 210 | Total fair value hedges | | | (549) | | | | | — | | | | | 210 | | | | | | | | | | | | | | | Economic hedges: | | | | | | | | | | | | | | Forward commitments | | | — | | Other income | | | — | | Mortgage banking income | | | 42 | Total economic hedges | | | — | | | | | — | | | | | 42 | | | | | | | | | | | | | | | Non-hedging derivatives: | | | | | | | | | | | | | | Interest rate lock commitments | | | — | | Other income | | | — | | Mortgage banking income | | | 50 | Total non-hedging derivatives | | | — | | | | | — | | | | | 50 | | | | | | | | | | | | | | | Total | | $ | (295) | | | | $ | — | | | | $ | (37) |
| | | | | | | | | | | | | | | | Three Months Ended March 31, 2025 | | | Amount of | | | | Amount of | | | | | | | Gain (Loss) | | | | Gain (Loss) | | | | | | | Recognized in | | | | Reclassified | | Location of | | Amount of | | | Other | | Location of Gain (Loss) | | from Other | | Gain (Loss) | | Gain (Loss) | | | Comprehensive | | Reclassified from Other | | Comprehensive | | Recognized in | | Recognized | (in thousands) | | Income | | Comprehensive Income | | Income | | Income | | in Income | Cash flow hedges: | | | | | | | | | | | | | | Interest rate swap on wholesale funding | | $ | (188) | | Interest expense | | $ | — | | Interest expense | | $ | 252 | Interest rate swap on variable rate loans | | | 370 | | Interest income | | | — | | Interest income | | | (455) | Total cash flow hedges | | | 182 | | | | | — | | | | | (203) | | | | | | | | | | | | | | | Fair value hedges: | | | | | | | | | | | | | | Interest rate swap on securities | | | (1,652) | | Interest income | | | — | | Interest income | | | 275 | Total economic hedges | | | (1,652) | | | | | — | | | | | 275 | | | | | | | | | | | | | | | Economic hedges: | | | | | | | | | | | | | | Forward commitments | | | — | | Other income | | | — | | Mortgage banking income | | | (21) | Total economic hedges | | | — | | | | | — | | | | | (21) | | | | | | | | | | | | | | | Non-hedging derivatives: | | | | | | | | | | | | | | Interest rate lock commitments | | | — | | Other income | | | — | | Mortgage banking income | | | 29 | Total non-hedging derivatives | | | — | | | | | — | | | | | 29 | | | | | | | | | | | | | | | Total | | $ | (1,470) | | | | $ | — | | | | $ | 80 |
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| Schedule of Gain Loss in Statement of Income |
| | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2026 | | | Interest and Dividend Income | | Interest Expense | | | | (in thousands) | | Loans | | Securities and other | | Deposits | | Borrowings | | Non-interest Income | Income and expense line items presented in the consolidated statements of income | | $ | 48,658 | | $ | 6,204 | | $ | 14,889 | | $ | 3,489 | | $ | 10,414 | | | | | | | | | | | | | | | | | The effects of cash flow and fair value hedging: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Gain (loss) on cash flow hedges: | | | | | | | | | | | | | | | | Interest rate swap on wholesale funding | | | — | | | — | | | — | | | — | | | — | Interest rate swap on variable rate loans | | | (339) | | | — | | | — | | | — | | | — | | | | | | | | | | | | | | | | | Gain (loss) on fair value hedges: | | | | | | | | | | | | | | | | Interest rate swap on securities | | | — | | | 210 | | | — | | | — | | | — | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2025 | | | Interest and Dividend Income | | Interest Expense | | | | (in thousands) | | Loans | | Securities and other | | Deposits | | Borrowings | | Non-interest Income | Income and expense line items presented in the consolidated statements of income | | $ | 41,804 | | $ | 5,734 | | $ | 15,512 | | $ | 3,019 | | $ | 8,918 | | | | | | | | | | | | | | | | | The effects of cash flow and fair value hedging: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Gain (loss) on cash flow hedges: | | | | | | | | | | | | | | | | Interest rate swap on wholesale funding | | | — | | | — | | | — | | | 252 | | | — | Interest rate swap on variable rate loans | | | (455) | | | — | | | — | | | — | | | — | | | | | | | | | | | | | | | | | Gain (loss) on fair value hedges: | | | | | | | | | | | | | | | | Interest rate swap on securities | | | — | | | 275 | | | — | | | — | | | — |
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| Schedule of Derivatives not Designated as Hedging Instruments on Consolidated Statements of Income |
| | | | | | | | | | | Location of Gain (Loss) Recognized | | Three Months Ended March 31, | (In thousands) | | in Non-interest Income | | 2026 | | 2025 | Economic hedges: | | | | | | | | | Forward commitments | | Mortgage banking income | | $ | 42 | | $ | (21) | | | | | | | | | | Non-hedging derivatives: | | | | | | | | | Interest rate lock commitments | | Mortgage banking income | | | 50 | | | 29 |
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| Schedule of Offsetting Liabilities |
| | | | | | | | | | | | | | | Gross Amounts Offset in the Consolidated Balance Sheet | | | Derivative | | | | Cash Collateral | | | | (in thousands) | | Liabilities | | Derivative Assets | | Pledged | | Net Amount | As of March 31, 2026 | | | | | | | | | | | | | Customer Loan Derivatives: | | | | | | | | | | | | | RPA counterparty | | | (1,309) | | | 1,309 | | | — | | | — | Total | | $ | (1,309) | | $ | 1,309 | | $ | — | | $ | — |
| | | | | | | | | | | | | | | Gross Amounts Offset in the Consolidated Balance Sheet | | | Derivative | | | | Cash Collateral | | | | (in thousands) | | Liabilities | | Derivative Assets | | Pledged | | Net Amount | As of December 31, 2025 | | | | | | | | | | | | | Customer Loan Derivatives: | | | | | | | | | | | | | RPA counterparty | | | (2,070) | | | 2,070 | | | — | | | — | Total | | $ | (2,070) | | $ | 2,070 | | $ | — | | $ | — |
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