Derivative Financial Instruments (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Derivative Financial Instruments |
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| Summary of notional amount and fair value of derivative assets and liabilities |
| | | | | | | | | | | | | | Notional | | | | | | Fair Value | | | Amount | | | Balance Sheet Location | | | Asset | | | Liability | | | | (In thousands) | June 30, 2026 | | | Interest rate lock commitments | $ | 218,622 | | | Other assets/liabilities | | $ | 505 | | $ | 230 | Forward contracts | | 335,838 | | | Other assets/liabilities | | | 49 | | | 685 | Interest rate swaps | | 49,152 | | | Other assets | | | 3,003 | | | — | Put options | | 575,910 | | | Other assets | | | 48,234 | | | — | Interest rate floors | | 1,065,460 | | | Other assets | | | 14,147 | | | — | Credit default swaps | | 141,368 | | | Other assets | | | 2,149 | | | — | | | | | | | | $ | 68,087 | | $ | 915 |
| | | | | | | | | | | | | | Notional | | | | | | Fair Value | | | Amount | | | Balance Sheet Location | | | Asset | | | Liability | | | | (In thousands) | December 31, 2025 | | | Interest rate lock commitments | $ | 142,540 | | | Other assets/liabilities | | $ | 227 | | $ | 107 | Forward contracts | | 146,452 | | | Other assets/liabilities | | | 2 | | | 467 | Interest rate swaps | | 49,480 | | | Other assets | | | 2,354 | | | — | Put options | | 608,885 | | | Other assets | | | 37,570 | | | — | Interest rate floors | | 1,089,679 | | | Other assets | | | 9,540 | | | — | Credit default swaps | | 123,222 | | | | | | — | | | — | | | | | | | | $ | 49,693 | | $ | 574 |
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| Summarizes the periodic changes in the fair value of the derivative financial instruments on the consolidated statements of income |
| | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | June 30, | | June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | | | | (In thousands) | | | (In thousands) | Derivative (loss) gain included in gain on sale of loans: | | | | | | | | | | | | | Interest rate lock commitments | | $ | 1,307 | | $ | 224 | | $ | 155 | | $ | 408 | Forward contracts (includes pair-off settlements) | | | (1,175) | | | (168) | | | 160 | | | (518) | Interest rate swaps | | | — | | | (438) | | | — | | | (1,280) | Net gain (loss) | | $ | 132 | | $ | (382) | | $ | 315 | | $ | (1,390) | | | | | | | | | | | | | | Derivative gain included in other income: | | | | | | | | | | | | | Put options (1) | | $ | 2,741 | | $ | 7,522 | | $ | 10,664 | | $ | 1,277 | Interest rate floors | | | 1,911 | | | 4,333 | | | 4,607 | | | 2,075 | Interest rate swaps | | | 561 | | | — | | | 909 | | | — | Net gain | | $ | 5,213 | | $ | 11,855 | | $ | 16,180 | | $ | 3,352 | | | | | | | | | | | | | | Derivative gain included in credit risk transfer premium expense: | | | | | | | | | | | | | Credit default swaps | | $ | 2,218 | | $ | — | | $ | 2,149 | | $ | — | Net gain | | $ | 2,218 | | $ | — | | $ | 2,149 | | $ | — |
___________________________ | (1) | The put option gain (loss) reflects an adjustment to the fair value of the derivative that is substantially equal and offset by an adjustment to the fair value of its related securities available for sale for which the Company elected to account for under the fair value option with changes in fair value reflected in earnings. The combination of these adjustments is designed to result in an inconsequential net gain or loss in other noninterest income. |
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| Interest rate swaps |
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| Derivative Financial Instruments |
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| Summary of notional amount and fair value of derivative assets and liabilities |
| | | | | | | | | | | | | | Notional | | | | | | Fair Value | | | Amount | | | Balance Sheet Location | | | Asset | | | Liability | | | | (In thousands) | June 30, 2026 | $ | 1,272,950 | | | Other assets/liabilities | | $ | 175 | | $ | 175 | December 31, 2025 | $ | 1,178,034 | | | Other assets/liabilities | | $ | 7,289 | | $ | 7,289 |
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| Summarizes the periodic changes in the fair value of the derivative financial instruments on the consolidated statements of income |
| | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | June 30, | | June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | | | | (In thousands) | | | (In thousands) | Gross IRRM derivative gains | | $ | 5,022 | | $ | 5,162 | | $ | 7,464 | | $ | 9,706 | Gross IRRM derivative losses | | | (5,022) | | | (5,162) | | | (7,464) | | | (9,706) | Net IRRM derivative gains (losses) | | $ | — | | $ | — | | $ | — | | $ | — | | | | | | | | | | | | | |
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