| Schedule of Derivative Hedged in Statement of Financial Position, Fair Value |
The following table summarizes the fair value hedges recorded in the accompanying consolidated balance sheets.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | (In thousands) | Balance Sheet Location | Weighted Average Pay Rate | Receive Rate | Notional | | Fair Value | | Notional | | Fair Value | | Derivative assets | Other assets | 1.21% | Federal Funds | $ | 1,001,715 | | | $ | 64,564 | | | $ | 1,001,715 | | | $ | 59,829 | | | Derivative liabilities | Accrued interest and other liabilities | Daily WA SOFR | 3.07% - 3.56% | 325,000 | | | (9,057) | | | 325,000 | | | (3,337) | |
The following amounts were recorded on the balance sheet related to carrying amounts and cumulative basis adjustments for fair value hedges: | | | | | | | | | | | | | | | | | | | | | | | | | Carrying Amount of Hedged Assets/Liabilities | | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of Hedged Assets/Liabilities | | Line Item on the Balance Sheet (In thousands) | June 30, 2026 | | December 31, 2025 | | June 30, 2026 | | December 31, 2025 | | Investment securities - Available-for-sale | $ | 962,791 | | | $ | 970,976 | | | $ | 64,738 | | | $ | 60,013 | | | Subordinated debentures | 312,028 | | | 317,714 | | | (9,339) | | | (3,455) | |
The following table summarizes the cash flow hedges recorded in the accompanying consolidated balance sheets:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | (In thousands) | Balance Sheet Location | Weighted Average Pay Rate | Receive Rate | Notional | | Fair Value | | Notional | | Fair Value | | Variable rate loans | Accrued interest and other liabilities | 1M CME Term SOFR | 3.18% - 4.05% | $ | 1,000,000 | | | $ | (16,022) | | | $ | 1,000,000 | | | $ | (919) | | | Variable rate commercial MBS | Accrued interest and other liabilities | SOFR 30A | 3.07% - 3.82% | 300,000 | | | (1,673) | | | 300,000 | | | 317 | |
The following table summarizes the cash flow hedges relationships on the statement of comprehensive income (loss).
| | | | | | | | | | | | | | | | | | | | | | | | | Net Change in Other Comprehensive Income (Loss) | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | (In thousands) | 2026 | | 2025 | | 2026 | | 2025 | | Variable rate loans | $ | (8,060) | | | $ | — | | | $ | (15,102) | | | $ | — | | | Variable rate commercial MBS | (776) | | | — | | | (1,990) | | | — | |
The following table summarizes the fair values of loan derivative contracts recorded in the accompanying consolidated balance sheets. | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | (In thousands) | Notional | | Fair Value | | Notional | | Fair Value | | Derivative assets | $ | 1,505,189 | | | $ | 19,208 | | | $ | 1,190,958 | | | $ | 26,734 | | | Derivative liabilities | 1,506,072 | | | 19,148 | | | 1,191,858 | | | 26,682 | |
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| Summary of Gains (Losses) on Fair Value and Cash Flow Hedges |
The following table summarizes the gains (losses) related to our fair value and cash flow hedges in the accompanying consolidated statements of income:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | June 30, 2026 | | June 30, 2025 | | Interest Income | | Interest Expense | | Interest Income | | Interest Expense | | (In thousands) | Loans (including fees) | | Investment securities | | Subordinated debentures | | Loans (including fees) | | Investment securities | | Subordinated debentures | | Net swap settlement on fair value hedges | $ | — | | | $ | 6,251 | | | $ | 78 | | | $ | — | | | $ | 8,061 | | | $ | — | | | | | | | | | | | | | | Cash flow hedges:
| | | | | | | | | | | | | Amount of derivative gains (losses) reclassified into income | (1,019) | | | 136 | | | — | | | — | | | — | | | — | | | | | | | | | | | | | | | Total amounts reported on the Consolidated Income Statement | (1,019) | | | 6,387 | | | 78 | | | — | | | 8,061 | | | — | | | | | | | | | | | | | | | Six Months Ended | | June 30, 2026 | | June 30, 2025 | | Interest Income | | Interest Expense | | Interest Income | | Interest Expense | | (In thousands) | Loans (including fees) | | Investment securities | | Subordinated debentures | | Loans (including fees) | | Investment securities | | Subordinated debentures | | Net swap settlement on fair value hedges | $ | — | | | $ | 12,436 | | | $ | 34 | | | $ | — | | | $ | 16,000 | | | $ | — | | | | | | | | | | | | | | | Cash flow hedges: | | | | | | | | | | | | | Amount of derivative gains (losses) reclassified into income | (1,258) | | | 198 | | | — | | | — | | | — | | | — | | | | | | | | | | | | | | | Total amounts reported on the Consolidated Income Statement | (1,258) | | | 12,634 | | | 34 | | | — | | | 16,000 | | | — | |
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