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Derivative Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2025
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 March 31, 2025, December 31, 2024 and March 31, 2024:
| Derivative Assets |  | Derivative Liabilities
(In thousands) | March 31, 2025 |  | December 31, 2024 |  | March 31, 2024 |  | March 31, 2025 |  | December 31, 2024 |  | March 31, 2024
Derivatives designated as hedging instruments under ASC 815: |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives designated as Cash Flow Hedges | $ | 36,280 |  |  | $ | 7,329 |  |  | $ | 12,985 |  |  | $ | 23,637 |  |  | $ | 56,084 |  |  | $ | 94,758 |
Interest rate derivatives designated as Fair Value Hedges | 8,024 |  |  | 10,001 |  |  | 13,443 |  |  | 367 |  |  | 87 |  |  | 21 |
Total derivatives designated as hedging instruments under ASC 815 | $ | 44,304 |  |  | $ | 17,330 |  |  | $ | 26,428 |  |  | $ | 24,004 |  |  | $ | 56,171 |  |  | $ | 94,779 |
Derivatives not designated as hedging instruments under ASC 815: |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives | $ | 152,392 |  |  | $ | 177,553 |  |  | $ | 222,505 |  |  | $ | 152,584 |  |  | $ | 183,799 |  |  | $ | 223,384 |
Interest rate lock commitments | 5,493 |  |  | 1,950 |  |  | 6,212 |  |  | — |  |  | 18 |  |  | 21 |
Forward commitments to sell mortgage loans | 7 |  |  | 1,297 |  |  | 169 |  |  | 2,676 |  |  | 88 |  |  | 2,549 |
Commodity forward contracts | 300 |  |  | 766 |  |  | 685 |  |  | 187 |  |  | 583 |  |  | 416 |
Foreign exchange contracts | 1,761 |  |  | 1,131 |  |  | 3,265 |  |  | 1,747 |  |  | 1,091 |  |  | 3,215 |
Total derivatives not designated as hedging instruments under ASC 815 | $ | 159,953 |  |  | $ | 182,697 |  |  | $ | 232,836 |  |  | $ | 157,194 |  |  | $ | 185,579 |  |  | $ | 229,585 |
Total Derivatives | $ | 204,257 |  |  | $ | 200,027 |  |  | $ | 259,264 |  |  | $ | 181,198 |  |  | $ | 241,750 |  |  | $ | 324,364 |
Schedule of Cash Flow Hedging Instruments | The table below provides details on these cash flow hedges, summarized by derivative type and maturity, as of March 31, 2025:
| March 31, 2025
| Notional |  | Fair Value
(In thousands) | Amount |  | Asset (Liability)
Interest Rate Collars at 1-month CME term SOFR: |  |  |
Buy 2.250% floor, sell 3.743% cap; matures September 2025 | $ | 1,250,000 |  |  | $ | (2,474) |
Buy 2.750% floor, sell 4.320% cap; matures October 2026 | 500,000 |  |  | 269 |
Buy 2.000% floor, sell 3.450% cap; matures September 2027 | 1,250,000 |  |  | (13,670) |
Interest Rate Swaps at 1-month CME term SOFR: |  |  |
Fixed 3.748%; matures December 2025 | 250,000 |  |  | (524) |
Fixed 3.759%; matures December 2025 | 250,000 |  |  | (503) |
Fixed 3.680%; matures February 2026 | 250,000 |  |  | (641) |
Fixed 4.176%; matures March 2026 | 250,000 |  |  | 505 |
Fixed 3.915%; matures March 2026 | 250,000 |  |  | (87) |
Fixed 4.450%; matures July 2026 | 250,000 |  |  | 1,919 |
Fixed 3.515%, matures December 2026 | 250,000 |  |  | (854) |
Fixed 3.512%; matures December 2026 | 250,000 |  |  | (866) |
Fixed 3.453%; matures February 2027 | 250,000 |  |  | (1,114) |
Fixed 4.150%; matures July 2027 | 250,000 |  |  | 2,689 |
Fixed 3.748%; matures March 2028 | 250,000 |  |  | 916 |
Fixed 3.526%; matures March 2028 | 250,000 |  |  | (637) |
Fixed 3.993%; matures October 2029 | 350,000 |  |  | 5,641 |
Fixed 4.245%; matures November 2029 | 350,000 |  |  | 9,504 |
Fixed 3.300%; matures November 2029(1) | 250,000 |  |  | (2,126) |
Fixed 3.816%; matures November 2030(1) | 250,000 |  |  | (141) |
Fixed 3.551%; matures November 2030(1) | 250,000 |  |  | 2,851 |
Fixed 3.950%; matures February 2031(2) | 250,000 |  |  | 4,312 |
Fixed 4.250%; matures February 2031(2) | 250,000 |  |  | 7,674 |
Total Cash Flow Hedges | $ | 7,950,000 |  |  | $ | 12,643 |
(1)Represents interest rate swaps that have effective starting dates of November 1, 2025. (2)Represents interest rate swaps that have effective starting dates of February 1, 2026.
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 Ended |  |
(In thousands) | March 31, 2025 |  | March 31, 2024 |  |  |  |
Unrealized (loss) gain at beginning of period | $ | (15,508) |  |  | $ | 43,538 |  |  |  |  |
Amount reclassified from accumulated other comprehensive income or loss to interest income or expense on deposits, loans, and other borrowings | 5,746 |  |  | 19,818 |  |  |  |  |
Amount of gain (loss) recognized in other comprehensive income or loss | 52,327 |  |  | (101,909) |  |  |  |  |
Unrealized gain (loss) at end of period | $ | 42,565 |  |  | $ | (38,553) |  |  |  |  |
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 March 31, 2025:
(In thousands) |  |  | March 31, 2025
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 |  | $ | 157,103 |  |  | $ | (7,632) |  |  |  | $ | (50) |
| Available-for-sale debt securities |  | 576 |  |  | (7) |  |  |  | — |
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 Ended |  |
March 31, 2025 |  |
Interest rate swaps | Interest and fees on loans |  | $ | (3) |  |  |
| Interest income - investment securities |  | — |  |  |
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 Ended |  |
Derivative | Location in income statement |  | March 31, 2025 |  | March 31, 2024 |  |  |  |
Interest rate swaps and caps | Trading (losses) gains, net |  | $ | (117) |  |  | $ | 595 |  |  |  |  |
Mortgage banking derivatives | Mortgage banking revenue |  | 3,641 |  |  | (15) |  |  |  |  |
Commodity contracts | Trading (losses) gains, net |  | 114 |  |  | 268 |  |  |  |  |
Foreign exchange contracts | Trading (losses) gains, net |  | 8 |  |  | 8 |  |  |  |  |
Covered call options | Fees from covered call options |  | 3,446 |  |  | 4,847 |  |  |  |  |
Derivative contract held as economic hedge on MSRs | Mortgage banking revenue |  | 4,897 |  |  | (2,577) |  |  |  |  |
Schedule of 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) | March 31, 2025 |  | December 31, 2024 |  | March 31, 2024 |  | March 31, 2025 |  | December 31, 2024 |  | March 31, 2024
Gross Amounts Recognized | $ | 196,696 |  |  | $ | 194,883 |  |  | $ | 248,933 |  |  | $ | 176,588 |  |  | $ | 239,970 |  |  | $ | 318,163 |
Gross amounts not offset in the Statements of Condition |  |  |  |  |  |  |  |  |  |  |
Offsetting Derivative Positions | (62,237) |  |  | (74,656) |  |  | (109,977) |  |  | (62,237) |  |  | (74,656) |  |  | (109,977) |
Collateral Posted | (72,060) |  |  | (78,550) |  |  | (119,572) |  |  | — |  |  | — |  |  | — |
Net Credit Exposure | $ | 62,399 |  |  | $ | 41,677 |  |  | $ | 19,384 |  |  | $ | 114,351 |  |  | $ | 165,314 |  |  | $ | 208,186 |
Schedule of 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) | March 31, 2025 |  | December 31, 2024 |  | March 31, 2024 |  | March 31, 2025 |  | December 31, 2024 |  | March 31, 2024
Gross Amounts Recognized | $ | 196,696 |  |  | $ | 194,883 |  |  | $ | 248,933 |  |  | $ | 176,588 |  |  | $ | 239,970 |  |  | $ | 318,163 |
Gross amounts not offset in the Statements of Condition |  |  |  |  |  |  |  |  |  |  |
Offsetting Derivative Positions | (62,237) |  |  | (74,656) |  |  | (109,977) |  |  | (62,237) |  |  | (74,656) |  |  | (109,977) |
Collateral Posted | (72,060) |  |  | (78,550) |  |  | (119,572) |  |  | — |  |  | — |  |  | — |
Net Credit Exposure | $ | 62,399 |  |  | $ | 41,677 |  |  | $ | 19,384 |  |  | $ | 114,351 |  |  | $ | 165,314 |  |  | $ | 208,186 |

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