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Derivative Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2022
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 December 31, 2022 and December 31, 2021:
| Derivative Assets |  | Derivative Liabilities
(In thousands) |  | December 31, 2022 |  | December 31, 2021 |  |  | December 31, 2022 |  | December 31, 2021
Derivatives designated as hedging instruments under ASC 815: |  |  |  |  |  |  |  |  |
Interest rate derivatives designated as Cash Flow Hedges |  | $ | — |  |  | $ | 47,309 |  |  |  | $ | 58,198 |  |  | $ | 10,401 |
Interest rate derivatives designated as Fair Value Hedges |  | 16,768 |  |  | 1,474 |  |  |  | — |  |  | 5,841 |
Total derivatives designated as hedging instruments under ASC 815 |  | $ | 16,768 |  |  | $ | 48,783 |  |  |  | $ | 58,198 |  |  | $ | 16,242 |
Derivatives not designated as hedging instruments under ASC 815: |  |  |  |  |  |  |  |  |
Interest rate derivatives |  | $ | 269,670 |  |  | $ | 103,710 |  |  |  | $ | 271,109 |  |  | $ | 103,665 |
Interest rate lock commitments |  | 1,711 |  |  | 10,560 |  |  |  | 58 |  |  | 885 |
Forward commitments to sell mortgage loans |  | 220 |  |  | 1,625 |  |  |  | 414 |  |  | 1,878 |
Commodity forward contracts |  | 257 |  |  | — |  |  |  | 162 |  |  | — |
Foreign exchange contracts |  | 8,222 |  |  | 330 |  |  |  | 8,137 |  |  | 330 |
Total derivatives not designated as hedging instruments under ASC 815 |  | $ | 280,080 |  |  | $ | 116,225 |  |  |  | $ | 279,880 |  |  | $ | 106,758 |
Total Derivatives |  | $ | 296,848 |  |  | $ | 165,008 |  |  |  | $ | 338,078 |  |  | $ | 123,000 |
Schedule of Cash Flow Hedging Instruments | The table below provides details on these cash flow hedges, summarized by derivative type and maturity, as of December 31, 2022:
(In thousands) |  | December 31, 2022
|  | Notional Amount |  | Fair Value Asset (Liability)
Interest Rate Collars: |  |  |  |
1-month CME term SOFR; buy 2.250% floor, sell 3.743% cap; matures September 2025 |  | $ | 1,250,000 |  |  | $ | (20,446) |
1-month CME term SOFR; buy 2.750% floor, sell 4.320% cap; matures October 2026 |  | 500,000 |  |  | (1,473) |
1-month CME term SOFR; buy 2.000% floor, sell 3.450% cap; matures September 2027 |  | 1,250,000 |  |  | (36,279) |
Total Cash Flow Hedges |  | $ | 3,000,000 |  |  | $ | (58,198) |
Rollforward 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:
|  | Years Ended December 31,
(In thousands) |  | 2022 |  | 2021
Unrealized gain (loss) at beginning of period |  | $ | 36,908 |  |  | $ | (31,533) |
Amount reclassified from accumulated other comprehensive income or loss to interest expense on deposits, loans, other borrowings and junior subordinated debentures |  | (3,319) |  |  | 26,883 |
Amount of (loss) gain recognized in other comprehensive income or loss |  | (23,563) |  |  | 41,558 |
Unrealized gain at end of period |  | $ | 10,026 |  |  | $ | 36,908 |
Schedule of Carrying Amount of Hedged Assets/(Liabilities) | The following table presents the carrying amount of the hedged assets/(liabilities) and the cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged assets/(liabilities) that are designated as a fair value hedge accounting relationship as of December 31, 2022:
|  |  | December 31, 2022
(In thousands) Derivatives in Fair Value Hedging Relationships | Location in the Statement of Condition |  | Carrying 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 swaps | Loans, net of unearned income |  | $ | 189,587 |  |  | $ | (16,719) |  |  |  | $ | (107) |
| Available-for-sale debt securities |  | 923 |  |  | (23) |  |  |  | — |
The following table presents the gain or loss 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 Gain or (Loss) Recognized in Income on Derivative |  |  |  |  |  | Year Ended December 31,
|  |  |  |  |  |  |  | 2022 |  |
Interest rate swaps | Interest and fees on loans |  |  |  |  |  |  |  |  |  | $ | 10 |  |  |
| Interest income - investment securities |  |  |  |  |  |  |  |  |  | — |  |  |
Summary Amounts Included in 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) |  |  |  | Years Ended December 31,
Derivative |  | Location in income statement |  | 2022 |  | 2021
Interest rate swaps and caps |  | Trading gains (losses), net |  | $ | 3,603 |  |  | $ | 139 |
Mortgage banking derivatives |  | Mortgage banking revenue |  | (23,470) |  |  | (42,652) |
Commodity contracts |  | Trading gains (losses), net |  | 95 |  |  | — |
Foreign exchange contracts |  | Trading gains (losses), net |  | 85 |  |  | (10) |
Covered call options |  | Fees from covered call options |  | 14,133 |  |  | 3,673 |
Derivative contract held as economic hedge on MSRs |  | Mortgage banking revenue |  | (2,165) |  |  | — |
Offsetting Assets | The table below summarizes the Company’s interest rate derivatives and offsetting positions as of the dates shown.
| Derivative Assets |  | Derivative Liabilities
| Fair Value |  | Fair Value
(In thousands) | December 31, 2022 |  | December 31, 2021 |  | December 31, 2022 |  | December 31, 2021
Gross Amounts Recognized | $ | 286,438 |  |  | $ | 152,493 |  |  | $ | 329,307 |  |  | $ | 119,907 |
Less: Amounts offset in the Statements of Condition | — |  |  | — |  |  | — |  |  | — |
Net amount presented in the Statements of Condition | $ | 286,438 |  |  | $ | 152,493 |  |  | $ | 329,307 |  |  | $ | 119,907 |
Gross amounts not offset in the Statements of Condition |  |  |  |  |  |  |
Offsetting Derivative Positions | $ | (64,100) |  |  | $ | (52,832) |  |  | $ | (64,100) |  |  | $ | (52,832) |
Collateral Posted | (194,666) |  |  | (3,530) |  |  | — |  |  | (55,201) |
Net Credit Exposure | $ | 27,672 |  |  | $ | 96,131 |  |  | $ | 265,207 |  |  | $ | 11,874 |
Offsetting Liabilities | The table below summarizes the Company’s interest rate derivatives and offsetting positions as of the dates shown.
| Derivative Assets |  | Derivative Liabilities
| Fair Value |  | Fair Value
(In thousands) | December 31, 2022 |  | December 31, 2021 |  | December 31, 2022 |  | December 31, 2021
Gross Amounts Recognized | $ | 286,438 |  |  | $ | 152,493 |  |  | $ | 329,307 |  |  | $ | 119,907 |
Less: Amounts offset in the Statements of Condition | — |  |  | — |  |  | — |  |  | — |
Net amount presented in the Statements of Condition | $ | 286,438 |  |  | $ | 152,493 |  |  | $ | 329,307 |  |  | $ | 119,907 |
Gross amounts not offset in the Statements of Condition |  |  |  |  |  |  |
Offsetting Derivative Positions | $ | (64,100) |  |  | $ | (52,832) |  |  | $ | (64,100) |  |  | $ | (52,832) |
Collateral Posted | (194,666) |  |  | (3,530) |  |  | — |  |  | (55,201) |
Net Credit Exposure | $ | 27,672 |  |  | $ | 96,131 |  |  | $ | 265,207 |  |  | $ | 11,874 |

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