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Derivatives (Tables) | 12 Months Ended
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Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments |
(In thousands) | Notional Amount |  | Fair Value |  | Balance Sheet Category |  |  |
December 31, 2024 |  |  |  |  |  |  |  |
Interest rate contracts 1 | $ | 910,640 |  |  | $ | 28,184 |  |  | Other Assets and Other Liabilities |  |  |
Securities fair value hedges | 400,000 |  |  | 436 |  |  | Other Assets |  |  |
Residential mortgage fair value hedges | 400,000 |  |  | 121 |  |  | Other Assets and Other Liabilities |  |  |
December 31, 2023 |  |  |  |  |  |  |  |
Interest rate contracts 1 | $ | 605,735 |  |  | $ | 28,804 |  |  | Other Assets and Other Liabilities |  |  |
Securities fair value hedges | 400,000 |  |  | 2,677 |  |  | Other Assets |  |  |
Residential mortgage fair value hedges | 200,000 |  |  | 75 |  |  | Other Liabilities |  |  |
1 Interest rate contracts include risk participation agreements with notional amounts of $28.9 million and $9.4 million at December 31, 2024, and December 31, 2023, respectively with nominal fair value in both periods.
The following table presents amounts recorded on the Consolidated Balance Sheet related to cumulative basis adjustments for fair value hedges.
|  |  | Carrying amount of the hedged items at December 31, |  | Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged items at December 31,
(In thousands) |  |  | 2024 |  | 2023 |  | 2024 |  | 2023
Securities available-for-sale 1 |  |  | $ | 460,126 |  |  | $ | 584,108 |  |  | $ | 35 |  |  | $ | 2,643 |
Loans, net 2 |  |  | 596,632 |  |  | 633,693 |  |  | 283 |  |  | 44 |
1 At December 31, 2024, and December 31, 2023, the amortized cost basis and unallocated basis adjustments used in hedging relationships was $553.8 million and $680.6 million, respectively. Refer to "Note 3 - Securities" for a reconciliation of the amortized cost and fair value of AFS securities.
2 These amounts represent the amortized cost basis of closed portfolios used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolios anticipated to be outstanding for the designated hedge period. At December 31, 2024, the portfolio layer method was $400 million, of which $400 million was designated as hedged. At December 31, 2023, the portfolio layer method was $200 million, of which $200 million was designated as hedged.

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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-5 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C + Details
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