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Derivative Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Notional Amounts and Fair Values | The following tables present the notional amounts and fair values, including accrued interest, of derivative positions:
| At December 31, 2024
| Asset Derivatives |  | Liability Derivatives
(In thousands) | Notional Amounts | Fair Value |  | Notional Amounts | Fair Value
Designated as hedging instruments: |  |  |  |  |
Interest rate derivatives (1) | $ | 750,000 |  | $ | 719 |  |  | $ | 4,250,000 |  | $ | 13,169 |
Not designated as hedging instruments: |  |  |  |  |
Interest rate derivatives (1) | 8,693,493 |  | 300,120 |  |  | 8,728,767 |  | 298,296 |
Mortgage banking derivatives (2) | 584 |  | 3 |  |  | — |  | — |
Other (3) | 337,370 |  | 1,300 |  |  | 833,449 |  | 96 |
Total not designated as hedging instruments | 9,031,447 |  | 301,423 |  |  | 9,562,216 |  | 298,392 |
Gross derivative instruments, before netting | $ | 9,781,447 |  | 302,142 |  |  | $ | 13,812,216 |  | 311,561 |
Less: Master netting agreements |  | 31,881 |  |  |  | 31,881 |
Cash collateral pledged |  | 251,212 |  |  |  | 80 |
Total derivative instruments, after netting |  | $ | 19,049 |  |  |  | $ | 279,600 |
| At December 31, 2023
| Asset Derivatives |  | Liability Derivatives
(In thousands) | Notional Amounts | Fair Value |  | Notional Amounts | Fair Value
Designated as hedging instruments: |  |  |  |  |
Interest rate derivatives (1) | $ | 2,750,000 |  | $ | 11,140 |  |  | $ | 2,700,000 |  | $ | 13,679 |
Not designated as hedging instruments: |  |  |  |  |
Interest rate derivatives (1) | 8,284,356 |  | 319,122 |  |  | 8,272,197 |  | 321,064 |
Mortgage banking derivatives (2) | 2,798 |  | 37 |  |  | — |  | — |
Other (3) | 340,553 |  | 337 |  |  | 731,055 |  | 1,067 |
Total not designated as hedging instruments | 8,627,707 |  | 319,496 |  |  | 9,003,252 |  | 322,131 |
Gross derivative instruments, before netting | $ | 11,377,707 |  | 330,636 |  |  | $ | 11,703,252 |  | 335,810 |
Less: Master netting agreements |  | 55,949 |  |  |  | 55,949 |
Cash collateral pledged |  | 232,190 |  |  |  | — |
Total derivative instruments, after netting |  | $ | 42,497 |  |  |  | $ | 279,861 |
(1)Balances related to clearing houses are presented as a single unit of account. In accordance with their rule books, clearing houses legally characterize variation margin payments as settlement of derivatives rather than collateral against derivative positions. Notional amounts of interest rate swaps cleared through clearing houses included $71.1 million and $113.8 million for asset derivatives at December 31, 2024, and 2023, respectively. The related fair values approximate zero. There were no interest rate swaps cleared through clearing houses for liability derivatives at both December 31, 2024, and 2023. (2)Notional amounts related to residential loans exclude approved floating rate commitments of $0.4 million and $1.0 million at December 31, 2024, and 2023, respectively. (3)Other derivatives include foreign currency forward contracts related to lending arrangements, a Visa equity swap transaction, and risk participation agreements. Notional amounts of risk participation agreements include $294.5 million and $299.2 million for asset derivatives and $796.6 million and $682.9 million for liability derivatives at December 31, 2024, and 2023, respectively, which have insignificant related fair values.
Schedule of Derivative Financial Instruments | The following tables represent the offsetting of derivative financial instruments that are subject to master netting agreements:
| At December 31, 2024
| Gross Amounts of Recognized Assets/Liabilities |  | Gross Amounts Offset in the Statement of Financial Position |  | Net Amounts of Assets/Liabilities Presented in the Statement of Financial Position |  | Gross Amounts Not Offset in the Statement of Financial position |  |
(In thousands) |  |  |  | Financial Instruments |  | Cash Collateral Pledged |  | Net Amount
Asset derivatives | $ | 283,185 |  |  | $ | 31,881 |  |  | $ | 251,304 |  |  | $ | — |  |  | $ | 251,212 |  |  | $ | 92 |
Liability derivatives | 32,218 |  |  | 31,881 |  |  | 337 |  |  | — |  |  | 80 |  |  | 257 |
| At December 31, 2023
| Gross Amounts of Recognized Assets/Liabilities |  | Gross Amounts Offset in the Statement of Financial Position |  | Net Amounts of Assets/Liabilities Presented in the Statement of Financial Position |  | Gross Amounts Not Offset in the Statement of Financial position |  |
(In thousands) |  |  |  | Financial Instruments |  | Cash Collateral Pledged |  | Net Amount
Asset derivatives | $ | 289,778 |  |  | $ | 55,949 |  |  | $ | 233,829 |  |  | $ | — |  |  | $ | 232,190 |  |  | $ | 1,639 |
Liability derivatives | 55,949 |  |  | 55,949 |  |  | — |  |  | — |  |  | — |  |  | — |
Summary of Income Statement Effect of Derivatives Designated as Hedging Instruments | The following table summarizes the income statement effect of derivatives designated as hedging instruments:
| Recognized In | Years ended December 31,
(In thousands) | Net Interest Income | 2024 |  | 2023 |  | 2022
Fair value hedges: |  |  |  |  |  |
Interest rate derivatives | Deposits interest expense | $ | (1,320) |  |  | $ | 3,194 |  |  | $ | — |
Hedged item | Deposits interest expense | — |  |  | (15) |  |  | — |
Net recognized on fair value hedges (1) |  | $ | 1,320 |  |  | $ | (3,179) |  |  | $ | — |
Cash flow hedges: |  |  |  |  |  |
Interest rate derivatives | Long-term debt interest expense | $ | 34 |  |  | $ | 310 |  |  | $ | 306 |
Interest rate derivatives | Interest and fees on loans and leases | (42,005) |  |  | (14,628) |  |  | 1,935 |
Net recognized on cash flow hedges |  | $ | (42,039) |  |  | $ | (14,938) |  |  | $ | 1,629 |
(1)The Company de-designated its fair value hedging relationship on $400.0 million of deposits, which pertained to a portion of Ametros’ member deposits, in 2023. The $1.3 million basis adjustment included in the carrying amount of deposits at December 31, 2023, was amortized into interest expense in January 2024 upon the acquisition of Ametros.
Summary of Income Statement Effect of Derivatives Not Designated as Hedging Instruments | The following table summarizes the income statement effect of derivatives not designated as hedging instruments:
| Recognized In | Years ended December 31,
(In thousands) | Non-interest Income | 2024 |  | 2023 |  | 2022
Interest rate derivatives | Other income | $ | (1,480) |  |  | $ | (6,159) |  |  | $ | 25,092 |
Mortgage banking derivatives | Mortgage banking activities | (34) |  |  | 5 |  |  | (48) |
Other | Other income | 4,246 |  |  | (2,476) |  |  | 3,249 |
Total not designated as hedging instruments | $ | 2,732 |  |  | $ | (8,630) |  |  | $ | 28,293 |

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