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Derivative Financial Instruments (Tables)

12 Months Ended

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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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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Tabular disclosure for net investment hedges of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

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