Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

Summary of Derivative Instruments [Abstract]

The following tables reflect the Company’s derivative positions for interest rate swaps which qualify as cash flow hedges for accounting purposes as of the dates indicated:


As of March 31, 2026
				Weighted Average Rate
	Notional Amount		Weighted Average Maturity	Current Rate Paid		Receive Fixed Swap Rate		Fair Value (1)
	(In thousands)		(In Years)					(In thousands)
Interest rate swaps on loans	$	1,637,500	1.33	3.65	%	3.04	%	$	91
Total	$	1,637,500						$	91

(1)The fair value included a net accrued interest payable balance of $0.5 million as of March 31, 2026. In addition, the fair value includes netting adjustments which represent the amounts recorded to convert derivative assets and liabilities cleared through the Chicago Mercantile Exchange, or CME, from a gross basis to a net basis in accordance with applicable accounting guidance.


As of December 31, 2025
				Weighted Average Rate
	Notional Amount		Weighted Average Maturity	Current Rate Paid		Receive Fixed Swap Rate		Fair Value (1)
	(In thousands)		(In Years)					(In thousands)
Interest rate swaps on loans	$	1,937,500	1.58	3.77	%	3.03	%	$	6
Total	$	1,937,500						$	6

(1)The fair value included a net accrued interest payable balance of $0.6 million as of December 31, 2025. In addition, the fair value includes netting adjustments which represent the amounts recorded to convert derivative assets and liabilities cleared through the CME from a gross basis to a net basis in accordance with applicable accounting guidance.

Schedule of Derivatives Not Designated as Hedging Instruments

The following tables present the Company’s customer-related derivative positions as of the dates indicated below for those derivatives not designated as hedging:


	March 31, 2026
	Number of Positions	Total Notional
	(Dollars in thousands)
Interest rate swaps	632	$	4,784,385
Risk participation agreements	165	632,639
Foreign exchange contracts:
Matched commercial customer book	148	120,586
Foreign currency loan	3	2,981


	December 31, 2025
	Number of Positions	Total Notional
	(Dollars in thousands)
Interest rate swaps	628	$	4,666,737
Risk participation agreements	169	632,464
Foreign exchange contracts:
Matched commercial customer book	124	85,353
Foreign currency loan	3	3,152

Schedule of Derivative Financial Instruments

The table below presents the fair value of the Company’s derivative financial instruments, as well as their classification on the Consolidated Balance Sheets as of the dates indicated:


	Asset Derivatives					Liability Derivatives
	Balance Sheet Location	Fair Value at March 31, 2026		Fair Value at December 31, 2025		Balance Sheet Location	Fair Value at March 31, 2026		Fair Value at December 31, 2025
	(In thousands)
Derivatives designated as hedging instruments
Interest rate swaps	Other assets	$	91	$	30	Other liabilities	$	—	$	24
Derivatives not designated as hedging instruments
Customer-related positions:
Interest rate swaps	Other assets	$	49,949	$	54,561	Other liabilities	$	71,365	$	74,358
Risk participation agreements	Other assets	9		10		Other liabilities	8		7
Foreign currency exchange contracts - matched customer book	Other assets	978		434		Other liabilities	877		330
Foreign currency exchange contracts - foreign currency loan	Other assets	9		13		Other liabilities	1		—
		$	50,945	$	55,018		$	72,251	$	74,695
Total		$	51,036	$	55,048		$	72,251	$	74,719

Schedule of Derivative Financial Instruments On The Consolidated Income Statements

The table below presents the net effect of the Company’s derivative financial instruments on the Consolidated Income Statements as well as the effect of the Company’s derivative financial instruments included in other comprehensive income (“OCI”) as follows:


	Three Months Ended March 31,
	2026		2025
	(In thousands)
Derivatives designated as hedges:
Loss (gain) in OCI on derivatives	$	(4,202)	$	6,405
Loss reclassified from OCI into interest income (effective portion)	$	(2,777)	$	(7,933)
Gain recognized in income on derivatives (ineffective portion and amount excluded from effectiveness test)
Interest income	$	—	$	—
Other income	—		—
Total	$	—	$	—
Derivatives not designated as hedges:
Customer-related positions:
Loss recognized in interest rate swap income	$	(123)	$	(72)
Loss recognized in interest rate swap income for risk participation agreements	(1)		—
Loss recognized in other income for foreign currency exchange contracts:
Matched commercial customer book	(3)		(56)
Foreign currency loan	(5)		(86)
Net loss for derivatives not designated as hedges	$	(132)	$	(214)