v3.26.1
DERIVATIVES AND HEDGING ACTIVITIES (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Notional Amount and Fair Value for Derivatives
The following table presents the notional amounts and fair values for derivatives which are economic hedges. The fair values for derivatives are included in interest receivable and other assets or interest payable and other liabilities on the consolidated balance sheets.
June 30, 2026December 31, 2025
(in thousands)Notional amountFair ValueNotional amountFair Value
Included in interest receivable and other assets:
Interest rate lock commitments$4,892 $68 $4,929 $75 
Forward sale commitments37,999 105 32,217 148 
Interest rate swaps308,565 8,829 398,536 9,406 
Total derivatives before netting$351,456 $9,002 $435,682 $9,629 
Netting adjustment/cash collateral (1)
(5,807)(5,438)
Carrying value on consolidated balance sheets$3,195 $4,191 
Included in interest payable and other liabilities:
Forward sale commitments$23,797 $90 $10,363 $28 
Interest rate swaps308,565 8,354 398,536 8,543 
Futures4,600 1 2,200 2 
Total derivatives before netting$336,962 $8,445 $411,099 $8,573 
Netting adjustment/cash collateral (1)
(29)38 
Carrying value on consolidated balance sheets$8,416 $8,611 
(1)Includes net cash collateral received of $5.8 million and $5.5 million at June 30, 2026 and December 31, 2025, respectively.
Net Gain (Loss) Recognized on Economic Hedge Derivatives
The following table presents the net gain (loss) recognized on economic hedge derivatives, within the respective line items in the consolidated income statements for the periods indicated:
Quarter Ended June 30,Six Months Ended June 30,
(in thousands)2026202520262025
Recognized in noninterest income:
Net gain (loss) on loan origination and sale activities (1)
$(101)$— $77 $— 
Loan servicing income (loss) (2)
(52)— (406)— 
Other (3)
(12)21 (15)75 
(1)Comprised of forward contracts used as an economic hedge of loans held for sale and IRLCs to customers. Included in other noninterest income in the consolidated income statements.
(2)Comprised of futures, U.S. Treasury options and forward contracts used as economic hedges of single family MSRs.
(3)Impact of interest rate swap agreements executed with commercial banking customers and broker dealer counterparties.