v3.26.1
Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Value of Derivative Financial Instruments
The table below presents the fair value of the Company’s derivative financial instruments as of March 31, 2026, December 31, 2025 and March 31, 2025:
Derivative AssetsDerivative Liabilities
(In thousands)March 31,
2026		December 31,
2025		March 31,
2025		March 31,
2026		December 31,
2025		March 31,
2025
Derivatives designated as hedging instruments under ASC 815:
Interest rate derivatives designated as Cash Flow Hedges$36,259 $53,622 $36,280 $12,128 $3,363 $23,637 
Interest rate derivatives designated as Fair Value Hedges5,325 5,350 8,024 302 496 367 
Total derivatives designated as hedging instruments under ASC 815$41,584 $58,972 $44,304 $12,430 $3,859 $24,004 
Derivatives not designated as hedging instruments under ASC 815:
Interest rate derivatives$100,389 $116,562 $152,392 $102,074 $116,745 $152,584 
Interest rate lock commitments4,525 3,416 5,493 1,060 — — 
Forward commitments to sell mortgage loans3,741 104 7 951 2,729 2,676 
Commodity forward contracts2,273 448 300 2,129 288 187 
Foreign exchange contracts339 165 1,761 293 153 1,747 
Total derivatives not designated as hedging instruments under ASC 815$111,267 $120,695 $159,953 $106,507 $119,915 $157,194 
Total Derivatives$152,851 $179,667 $204,257 $118,937 $123,774 $181,198 
Schedule of Cash Flow Hedging Instruments
The table below provides details on these cash flow hedges, summarized by derivative type and maturity, as of March 31, 2026:

March 31, 2026
(In thousands)Notional AmountFair Value
Asset (Liability)
Floor at 1-month CME Term SOFR
September 2028 - December 2029
$450,000 $2,222 
Interest rate collars at 1-month CME term SOFR
October 2026 - September 2027
1,750,000 (5,505)
Interest rate swaps at 1-month CME term SOFR (1)
July 2026 - March 2032
4,600,000 27,414 
Total Cash Flow Hedges$6,800,000 $24,131 
(1)The notional amount includes forward-starting swaps that are not yet effective.
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
(In thousands)March 31,
2026		March 31,
2025
Unrealized gain (loss) at beginning of period$67,112 $(15,508)
Amount reclassified from accumulated other comprehensive income or loss to interest income or expense on deposits, loans, and other borrowings (3,967)5,746 
Amount of (loss) gain recognized in other comprehensive income or loss(25,479)52,327 
Unrealized gain at end of period$37,666 $42,565 
Schedule of Carrying Amount of Hedged Assets (Liabilities)
The following amounts were recorded on the balance sheet related to cumulative basis adjustments for fair value hedges as of March 31, 2026:

(In thousands)March 31, 2026


Derivatives in Fair Value
Hedging Relationships
Location in the Statement of ConditionCarrying 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 swapsLoans, net of unearned income$111,536 $(4,971)$(25)
Available-for-sale debt securities415 (3)— 

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
March 31, 2026
Interest rate swapsInterest and fees on loans$— 
Schedule of Consolidated Statement of Income Related to Derivatives
Amounts included in the Consolidated Statements of Income related to derivative instruments not designated in hedge relationships were as follows:
(In thousands)Three Months Ended
DerivativeLocation in income statementMarch 31,
2026		March 31,
2025
Interest rate swaps and capsTrading gains (losses), net$(48)$(117)
Mortgage banking derivativesMortgage banking2,502 3,641 
Commodity contractsTrading gains (losses), net(15)114 
Foreign exchange contractsTrading gains (losses), net55 8 
Covered call optionsFees from covered call options4,669 3,446 
Derivative contract held as economic hedge on MSRsMortgage banking(900)4,897 
Schedule of Offsetting Assets The table below summarizes the Company’s interest rate derivatives and offsetting positions as of the dates shown.
Derivative AssetsDerivative Liabilities
Fair ValueFair Value
(In thousands)March 31,
2026		December 31,
2025		March 31,
2025		March 31,
2026		December 31,
2025		March 31,
2025
Gross Amounts Recognized$141,973 $175,534 $196,696 $114,504 $120,604 $176,588 
Gross amounts not offset in the Statements of Condition
Offsetting Derivative Positions(48,674)(60,108)(62,237)(48,674)(60,108)(62,237)
Collateral Posted(32,143)(46,894)(72,060)(1,890)(1,963)— 
Net Credit Exposure$61,156 $68,532 $62,399 $63,940 $58,533 $114,351 
Schedule of Offsetting Liabilities The table below summarizes the Company’s interest rate derivatives and offsetting positions as of the dates shown.
Derivative AssetsDerivative Liabilities
Fair ValueFair Value
(In thousands)March 31,
2026		December 31,
2025		March 31,
2025		March 31,
2026		December 31,
2025		March 31,
2025
Gross Amounts Recognized$141,973 $175,534 $196,696 $114,504 $120,604 $176,588 
Gross amounts not offset in the Statements of Condition
Offsetting Derivative Positions(48,674)(60,108)(62,237)(48,674)(60,108)(62,237)
Collateral Posted(32,143)(46,894)(72,060)(1,890)(1,963)— 
Net Credit Exposure$61,156 $68,532 $62,399 $63,940 $58,533 $114,351