Derivative and Hedging Activities (Tables)
|
9 Months Ended |
Sep. 30, 2026 |
|---|
| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
| Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] |
The following table presents amounts that were recorded on the consolidated balance sheets related to cumulative basis adjustments for fair value hedges: | | | | | | | | | | | | | | | | Line Item in the Consolidated Balance Sheets in Which the Hedged Item is Included | | Carrying Amount of the Hedged Assets/(Liabilities)(a) | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) | Carrying Amount of the Hedged Assets/(Liabilities)(a) | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) | | (in thousands) | Sep 30, 2026 | Dec 31, 2025 | | Other long-term funding | $ | (295,768) | | $ | 4,232 | | $ | (301,760) | | $ | (1,760) | | | FHLB Advances | (195,006) | | 4,994 | | (198,722) | | 1,278 | | | Total | $ | (490,774) | | $ | 9,226 | | $ | (500,482) | | $ | (482) | |
(a) Excludes hedged items where only foreign currency risk is the designated hedged risk. At September 30, 2026 and December 31, 2025, the carrying amount excluded for foreign currency denominated loans was $343.9 million and $318.5 million, respectively.
|
| Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] |
The tables below identify the effect of fair value and cash flow hedge accounting on the Corporation's consolidated statements of income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Location and Amount Recognized on the Consolidated Statements of Income in
Fair Value and Cash Flow Hedging Relationships | | Three Months Ended Sep 30, | Nine Months Ended Sep 30, | | 2026 | 2025 | 2026 | 2025 | | (in thousands) | Interest Income | Interest (Expense) | Interest Income | Interest (Expense) | Interest Income | Interest (Expense) | Interest Income | Interest (Expense) | Total amounts of income/expense presented on the consolidated statements of income in which the effects of the fair value or cash flow hedges are recorded(a) | $ | 412 | | $ | (476) | | $ | (1,474) | | $ | (1,324) | | $ | 1,581 | | $ | (1,253) | | $ | (4,087) | | $ | (5,485) | | | The effects of fair value and cash flow hedging: Impact on fair value hedging relationships in Subtopic 815-20 | | | | | | | | | | Interest contracts: | | | | | | | | | | Hedged items | (24) | | 3,767 | | (33) | | (696) | | (198) | | 9,708 | | (92) | | (11,793) | | Derivatives designated as hedging instruments(a) | 436 | | (4,243) | | (1,440) | | (628) | | 1,779 | | (10,961) | | (3,995) | | 6,308 | |
(a) Includes net settlements on the derivatives. | | | | | | | | | | | | | | | | Location and Amount Recognized on the Consolidated Statements of Income in
Fair Value Hedging Relationships | | Three Months Ended Sep 30, | Nine Months Ended Sep 30, | | 2026 | 2025 | 2026 | 2025 | | (in thousands) | Capital Markets, Net | Capital Markets, Net | Capital Markets, Net | Capital Markets, Net | | Total amounts of income/expense presented on the consolidated statements of income in which the effects of the fair value hedges are recorded | $ | — | | $ | — | | $ | 53 | | $ | 1 | | | The effects of fair value hedging: Impact on fair value hedging relationships in Subtopic 815-20 | | | | | | Foreign currency contracts: | | | | | | Hedged items | (4,002) | | (8,352) | | (22,088) | | 11,742 | | | Derivatives designated as hedging instruments | 4,002 | | 8,352 | | 22,141 | | (11,741) | |
|
| Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] |
The following table presents the effect of cash flow hedge accounting on accumulated other comprehensive income (loss): | | | | | | | | | | | | | | | | Three Months Ended Sep 30, | Nine Months Ended Sep 30, | | (in thousands) | 2026 | 2025 | 2026 | 2025 | | Interest rate-related instruments designated as cash flow hedging instruments | | | | | Amount of (loss) income recognized in OCI on cash flow hedge derivatives(a) | $ | (15,247) | | $ | (825) | | $ | (29,665) | | $ | 7,707 | | | | | | | | | | | | Amount of loss reclassified from accumulated other comprehensive income (loss) into interest income(a) | (436) | | 1,440 | | (1,779) | | 3,995 | | | | | | | | | | | |
(a) The entirety of gains (losses) recognized in OCI as well as those reclassified from accumulated other comprehensive income (loss) into interest income were included components in the assessment of hedge effectiveness.
|
| Gain (loss) on derivative instruments not designated as hedging instruments |
The table below identifies the effect of derivatives not designated as hedging instruments on the Corporation's consolidated statements of income: | | | | | | | | | | | | | | | | | | | Consolidated Statements of Income Category of Gain / (Loss)
Recognized in Income | Three Months Ended Sep 30, | Nine Months Ended Sep 30, | | (in thousands) | 2026 | 2025 | 2026 | 2025 | | Derivative instruments | | | | | | | Interest rate-related and other instruments — customer and mirror, net | Capital markets, net | $ | 80 | | $ | (18) | | $ | 49 | | $ | (108) | | | Interest rate-related instruments — MSRs hedge | Mortgage banking, net | (8,157) | | 131 | | (8,376) | | 1,290 | | | Foreign currency exchange forwards | Capital markets, net | 215 | | 315 | | 857 | | (261) | | | | | | | | | Interest rate lock commitments (mortgage) | Mortgage banking, net | (1,380) | | (792) | | (763) | | 803 | | | Forward commitments (mortgage) | Mortgage banking, net | 3,276 | | 913 | | 3,323 | | (703) | |
|
| Schedule of Derivative Instruments |
The following table presents the total notional amounts and gross fair values of the Corporation's derivatives, as well as the balance sheet netting adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Sep 30, 2026 | Dec 31, 2025 | | | Asset | Liability | Asset | Liability | | (in thousands) | | Notional Amount | Fair Value | Notional Amount | Fair Value | Notional Amount | Fair Value | Notional Amount | Fair Value | | Designated as hedging instruments: | | | | | | | | | | Interest rate-related instruments(a) | | $ | 775,000 | | $ | 308 | | $ | 2,250,000 | | $ | 21,136 | | $ | 2,425,000 | | $ | 10,517 | | $ | 25,000 | | $ | 1 | | | Foreign currency exchange forwards | | 321,506 | | 2,240 | | 22,368 | | 245 | | 280,159 | | 757 | | 38,384 | | 194 | | | Total designated as hedging instruments | | 2,548 | | | 21,381 | | | 11,274 | | | 195 | | | Not designated as hedging instruments: | | | | | | | | | | | Interest rate-related and other instruments | | 4,530,042 | | 112,606 | | 7,640,608 | | 220,964 | | 4,775,818 | | 66,787 | | 7,072,274 | | 108,631 | | | Foreign currency exchange forwards | | 41,744 | | 451 | | 36,366 | | 226 | | 48,904 | | 1,731 | | 43,787 | | 1,517 | | | | | | | | | | | | Mortgage banking(b) | | 67,965 | | 2,931 | | 124,500 | | — | | 39,998 | | 814 | | 107,000 | | 444 | | | Total not designated as hedging instruments | | 115,988 | | | 221,190 | | | 69,332 | | | 110,592 | | | Gross derivatives before netting | | | 118,536 | | | 242,571 | | | 80,606 | | | 110,787 | | | Less: Legally enforceable master netting agreements | 926 | | | 926 | | | 12,839 | | | 12,839 | | | Less: Cash collateral pledged/received | 75,651 | | | 1,630 | | | 10,343 | | | 8,334 | | | Total derivative instruments, after netting | $ | 41,959 | | | $ | 240,015 | | | $ | 57,424 | | | $ | 89,614 | |
(a) The notional amounts of the interest rate-related instruments designated as hedging instruments include forward starting interest rate swaps. As of September 30, 2026, this includes swaps with effective dates of November 1, 2026 to December 1, 2026 that had an asset notional of $25.0 million and a nominal fair value, and a liability notional amount and fair value of $550.0 million and $10.9 million, respectively. As of December 31, 2025, the Corporation did not have any forward starting interest rate-swaps.
(b) The mortgage derivative asset includes interest rate lock commitments, while the mortgage derivative liability includes forward commitments. Given the fair value position as of September 30, 2026, the fair value of the mortgage derivative asset included $0.1 million of interest rate lock commitments and $2.9 million of forward commitments. Given the fair value position as of December 31, 2025, the fair value of the mortgage derivative asset included $0.8 million of interest rate lock commitments and the derivative liability included $0.4 million of forward commitments.
|