Derivative Financial Instruments (Tables)
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9 Months Ended |
Sep. 30, 2026 |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| Schedule of Interest Rate Contract Derivative Financial Instruments and Related Hedged Items |
The following table summarizes the Company's derivatives designated as hedging instruments as of the dates indicated (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2026 | | December 31, 2025 | | | | | | Notional Amount | | Fair Value(1) | | Notional Amount | | Fair Value(1) | | | Asset | | Liability | | | Asset | | Liability | | Derivatives designated as cash flow hedges: | | | | | | | | | | | | | Interest rate swaps | $ | 2,775,000 | | | $ | 129 | | | $ | (33,171) | | | $ | 4,555,000 | | | $ | 7,104 | | | $ | (1,955) | | | | | | | | | | | | | | | Interest rate collar | — | | | — | | | — | | | 125,000 | | | 1 | | | — | | | Derivatives designated as fair value hedges: | | | | | | | | | | | | | Interest rate swaps | 539,000 | | | — | | | — | | | — | | | — | | | — | | | $ | 3,314,000 | | | $ | 129 | | | $ | (33,171) | | | $ | 4,680,000 | | | $ | 7,105 | | | $ | (1,955) | |
(1)The fair values of derivatives are included in other assets or other liabilities in the consolidated balance sheets.
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| Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location |
The following table provides information about the amount of gain (loss) related to derivatives designated as cash flow hedges reclassified from AOCI into interest income or expense for the periods indicated (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2026 | | 2025 | | 2026 | | 2025 | | | | Location of gain (loss) reclassified from AOCI into income: | | | | | | | | | | | | Interest expense on deposits | | $ | — | | | $ | 832 | | | $ | — | | | $ | 3,009 | | | | | Interest expense on borrowings | | 405 | | | 4,404 | | | 1,885 | | | 15,519 | | | | | Interest income on loans | | 617 | | | (1,563) | | | 1,975 | | | (4,172) | | | | | | $ | 1,022 | | | $ | 3,673 | | | $ | 3,860 | | | $ | 14,356 | | | |
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| Schedule of Fair Value Hedges |
The following table presents the effect of fair value hedge accounting on the consolidated statements of income for the period indicated (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | Three and Nine Months Ended September 30, 2026 | | | | Income Statement Location | | Gain (loss) on derivatives | | Gain (loss) on hedge items | | Total gain (loss) | | | | | | | | | | | | | | | | | | Interest expense on deposits | | $ | (33) | | | $ | 33 | | | $ | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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| Schedule of Carrying Amount of Hedged Liabilities and Cumulative Amount of Fair Value Hedges |
The following table presents the carrying amount of hedged liabilities and the cumulative amount of fair value hedge basis adjustments included in the carrying amount of such liabilities as of September 30, 2026 (in thousands): | | | | | | | | | | | | | | | | | | Balance Sheet Line Item in Which the Hedged Liability is included | | Carrying Amount | | Cumulative Fair Value Hedge Basis Adjustment | | | | | | | | | | | | | | | Deposits | | $ | 539,000 | | | $ | 33 | | | | | | | | | | | | | | | | | | | | | | | | |
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| Derivatives Not Designated as Hedging Instruments |
The following table summarizes the Company's derivatives not designated as hedging instruments as of the dates indicated (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2026 | | December 31, 2025 | | | | | | Notional Amount | | Fair Value(1) | | Notional Amount | | Fair Value(1) | | | Asset | | Liability | | | Asset | | Liability | | | | | | | | | | | | | | Pay-fixed interest rate swaps | $ | 5,010,600 | | | $ | 140,040 | | | $ | (629) | | | $ | 4,136,758 | | | $ | 26,526 | | | $ | (50,883) | | | Pay-variable interest rate swaps | 5,010,600 | | | 630 | | | (140,537) | | | 4,136,758 | | | 51,012 | | | (26,526) | | Interest rate caps and collars purchased | 323,030 | | | 4,947 | | | — | | | 280,537 | | | 198 | | | (42) | | Interest rate caps and collars sold | 323,030 | | | — | | | (4,947) | | | 280,537 | | | 42 | | | (198) | | | RPAs purchased | 306,178 | | | 102 | | | — | | | 245,198 | | | 273 | | | — | | | RPAs sold | 418,123 | | | — | | | (50) | | | 357,889 | | | — | | | (212) | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 11,391,561 | | | $ | 145,719 | | | $ | (146,163) | | | $ | 9,437,677 | | | $ | 78,051 | | | $ | (77,861) | |
(1)Fair values of these derivatives are included in other assets and other liabilities in the consolidated balance sheets. The notional amount and fair value of the foreign currency forward derivative contracts not designated as hedging instruments were not significant at September 30, 2026 and December 31, 2025.
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| Schedule of Interest Rate Swaps Subject to Master Netting Agreements |
The Company does not offset assets and liabilities under master netting agreements for financial reporting purposes. Information on interest rate derivative instruments subject to these agreements is as follows at the dates indicated (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2026 | | | | | | Gross Amounts Offset in Balance
Sheet | | Net Amounts Presented in
Balance Sheet | | Gross Amounts Not Offset in
Balance Sheet | | | | Gross Amounts
Recognized | | | | Derivative
Instruments | | Collateral
Pledged | | Net Amount | | Derivative assets | $ | 145,116 | | | $ | — | | | $ | 145,116 | | | $ | (33,800) | | | $ | (107,024) | | | $ | 4,292 | | | Derivative liabilities | (33,800) | | | — | | | (33,800) | | | 33,800 | | | — | | | — | | | $ | 111,316 | | | $ | — | | | $ | 111,316 | | | $ | — | | | $ | (107,024) | | | $ | 4,292 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | | | | | Gross Amounts Offset in Balance
Sheet | | Net Amounts Presented in
Balance Sheet | | Gross Amounts Not Offset in
Balance Sheet | | | | Gross Amounts
Recognized | | | | Derivative
Instruments | | Collateral
Pledged | | Net Amount | | Derivative assets | $ | 33,829 | | | $ | — | | | $ | 33,829 | | | $ | (23,382) | | | $ | (9,258) | | | $ | 1,189 | | | Derivative liabilities | (52,880) | | | — | | | (52,880) | | | 23,382 | | | 29,498 | | | — | | | $ | (19,051) | | | $ | — | | | $ | (19,051) | | | $ | — | | | $ | 20,240 | | | $ | 1,189 | |
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