v3.26.3
Derivative Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Value of Derivative Financial Instruments
The table below presents the fair value of the Company’s derivative financial instruments as of September 30, 2026, December 31, 2025 and September 30, 2025:
Derivative AssetsDerivative Liabilities
(In thousands)September 30,
2026		December 31,
2025		September 30,
2025		September 30,
2026		December 31,
2025		September 30,
2025
Derivatives designated as hedging instruments under ASC 815:
Interest rate derivatives designated as Cash Flow Hedges$868 $53,622 $59,667 $153,738 $3,363 $4,950 
Interest rate derivatives designated as Fair Value Hedges6,938 5,350 5,633 — 496 560 
Total derivatives designated as hedging instruments under ASC 815$7,806 $58,972 $65,300 $153,738 $3,859 $5,510 
Derivatives not designated as hedging instruments under ASC 815:
Interest rate derivatives$187,075 $116,562 $136,018 $215,638 $116,745 $133,279 
Interest rate lock commitments816 3,416 7,149 1,292 — — 
Forward commitments to sell mortgage loans7,242 104 47 2,663 2,729 2,654 
Commodity forward contracts2,185 448 233 1,981 288 67 
Foreign exchange contracts467 165 210 433 153 195 
Total derivatives not designated as hedging instruments under ASC 815$197,785 $120,695 $143,657 $222,007 $119,915 $136,195 
Total Derivatives$205,591 $179,667 $208,957 $375,745 $123,774 $141,705 
Schedule of Cash Flow Hedging Instruments
The table below provides details on these cash flow hedges, summarized by derivative type and maturity, as of September 30, 2026:

September 30, 2026
(In thousands)Range of MaturitiesNotional AmountFair Value
Asset (Liability)
Floor at 1-month CME Term SOFR
September 2028 - December 2029
$450,000 $817 
Interest rate collars at 1-month CME term SOFR
October 2026 - September 2027
1,750,000 (11,006)
Interest rate swaps at 1-month CME term SOFR (1)
December 2026 - March 2032
5,800,000 (142,681)
Total Cash Flow Hedges$8,000,000 $(152,870)
(1)The notional amount includes forward-starting swaps that are not yet effective.
Schedule of Amounts in Accumulated Other Comprehensive Income Related to Interest Rate Swaps Designated as Cash Flow Hedges
A rollforward of the amounts in accumulated other comprehensive income or loss related to interest rate derivatives designated as cash flow hedges, including such derivative contracts terminated during the period, follows:
Three Months EndedNine Months Ended
(In thousands)September 30,
2026		September 30,
2025		September 30,
2026		September 30,
2025
Unrealized (loss) gain at beginning of period$(4,479)$72,529 $67,112 $(15,508)
Amount reclassified from accumulated other comprehensive income or loss to interest income or expense on deposits, loans, and other borrowings (3,812)5,300 (12,394)15,936 
Amount of (loss) gain recognized in other comprehensive income or loss(137,545)(1,020)(200,554)76,381 
Unrealized (loss) gain at end of period$(145,836)$76,809 $(145,836)$76,809 
Schedule of Carrying Amount of Hedged Assets (Liabilities)
The following amounts were recorded on the balance sheet related to cumulative basis adjustments for fair value hedges as of September 30, 2026:

(In thousands)September 30, 2026


Derivatives in Fair Value
Hedging Relationships
Location in the Statement of ConditionCarrying Amount of the Hedged Assets/(Liabilities)Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Remaining for any Hedged Assets/(Liabilities) for which Hedge Accounting has been Discontinued
Interest rate swapsLoans, net of unearned income$92,300 $(6,869)$(13)
Available-for-sale debt securities333 (4)— 

The following table presents the loss or gain recognized related to derivative instruments that are designated as fair value hedges for the respective period:
(In thousands)

Derivatives in Fair Value Hedging Relationships
Location of (Loss)/Gain Recognized
in Income on Derivative		Three Months EndedNine Months Ended
September 30, 2026September 30, 2026
Interest rate swapsInterest and fees on loans$(3)$(3)
Schedule of Notional Amounts of Derivative Positions Changes in the fair value of these derivatives are included in other non-interest income.
(In thousands)Notional
Derivative TypeSeptember 30, 2026December 31, 2025InstrumentExampleRange of Maturities
Interest Rate$15,994,069 $15,164,007 Swaps & capsConvert variable rate loan to fixed
October 2026 - August 2037
Commodity11,190 4,100 Forward contractsBuy/sell a commodity at an agreed-upon price and date
October 2026 - October 2027
Foreign Currency58,262 83,986 Foreign currency contractsExchange currency of one country for another at an agreed-upon price and date
October 2026 - June 2028
Schedule of Consolidated Statement of Income Related to Derivatives
Amounts included in the Consolidated Statements of Income related to derivative instruments not designated in hedge relationships were as follows:
(In thousands)Three Months EndedNine Months Ended
DerivativeLocation in income statementSeptember 30,
2026		September 30,
2025		September 30,
2026		September 30,
2025
Interest rate swaps and capsTrading gains, net$(10)$92 $(76)$60 
Mortgage banking derivativesMortgage banking(4,491)(584)(1,953)2,733 
Commodity contractsTrading gains, net103 89 44 166 
Foreign exchange contractsTrading gains, net54 79 196 152 
Covered call optionsFees from covered call options4,585 5,619 14,047 14,689 
Derivative contract held as economic hedge on MSRsMortgage banking(27,671)265 (31,967)7,697 
Schedule of Offsetting Assets The table below summarizes the Company’s interest rate derivatives and offsetting positions as of the dates shown.
Derivative AssetsDerivative Liabilities
Fair ValueFair Value
(In thousands)September 30,
2026		December 31,
2025		September 30,
2025		September 30,
2026		December 31,
2025		September 30,
2025
Gross Amounts Recognized$194,881 $175,534 $201,318 $369,376 $120,604 $138,789 
Gross amounts not offset in the Statements of Condition
Offsetting Derivative Positions(139,190)(60,108)(65,969)(139,190)(60,108)(65,969)
Collateral Posted(26,835)(46,894)(59,598)(44,387)(1,963)(1,686)
Net Credit Exposure$28,856 $68,532 $75,751 $185,799 $58,533 $71,134 
Schedule of Offsetting Liabilities The table below summarizes the Company’s interest rate derivatives and offsetting positions as of the dates shown.
Derivative AssetsDerivative Liabilities
Fair ValueFair Value
(In thousands)September 30,
2026		December 31,
2025		September 30,
2025		September 30,
2026		December 31,
2025		September 30,
2025
Gross Amounts Recognized$194,881 $175,534 $201,318 $369,376 $120,604 $138,789 
Gross amounts not offset in the Statements of Condition
Offsetting Derivative Positions(139,190)(60,108)(65,969)(139,190)(60,108)(65,969)
Collateral Posted(26,835)(46,894)(59,598)(44,387)(1,963)(1,686)
Net Credit Exposure$28,856 $68,532 $75,751 $185,799 $58,533 $71,134