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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 12 Months Ended
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Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Interest Rate Swap Agreements and Non-hedging Derivative Assets and Liabilities | Information about interest rate swap agreements and non-hedging derivative assets and liabilities at December 31, 2022 follows:
|  | Notional Amount |  | Weighted Average Maturity |  | Weighted Average Rate |  | Estimated Fair Value Asset (Liability)
December 31, 2022 |  |  |  | Received |  | Contract pay rate |
|  | (In thousands) |  | (In years) |  |  |  |  |  | (In thousands)
Cash flow hedges: |  |  |  |  |  |  |  |  |  |
Interest rate swaps on commercial loans (1) |  | $ | 400,000 |  |  | 2.7 |  | 4.09 | % |  | 3.51 | % |  | $ | — |
Forward-starting interest rate swaps on commercial loans (1) |  | 200,000 |  |  | 3.3 |  | — | % |  | 3.90 | % |  | — |
Interest rate collars on commercial loans |  | 200,000 |  |  | 3.5 |  |  |  |  |  | 1,937 |
Total cash flow hedges |  | 800,000 |  |  |  |  |  |  |  |  | 1,937 |
Economic hedges: |  |  |  |  |  |  |  |  |  |
Interest rate swap on tax advantaged economic development bond |  | $ | 7,062 |  |  | 6.9 |  | 4.49 | % |  | 5.09 | % |  | $ | (193) |
Interest rate swaps on loans with commercial loan customers (1) |  | 1,685,263 |  |  | 5.7 |  | 4.11 | % |  | 5.55 | % |  | (95,114) |
Reverse interest rate swaps on loans with commercial loan customers (1) |  | 1,685,263 |  |  | 5.7 |  | 5.55 | % |  | 4.11 | % |  | 50,267 |
Risk participation agreements with dealer banks |  | 341,885 |  |  | 6.6 |  |  |  |  |  | (89) |
Forward sale commitments |  | 927 |  |  | 0.2 |  |  |  |  |  | 8 |
Total economic hedges |  | 3,720,400 |  |  |  |  |  |  |  |  | (45,121) |
Non-hedging derivatives: |  |  |  |  |  |  |  |  |  |
Commitments to lend |  | 4,114 |  |  | 0.2 |  |  |  |  |  | 17 |
Total non-hedging derivatives |  | 4,114 |  |  |  |  |  |  |  |  | 17 |
Total |  | $ | 4,524,514 |  |  |  |  |  |  |  |  | $ | (43,167) |
(1) Fair value estimates include the impact of $38.3 million settled to market contract agreements. Information about interest rate swap agreements and non-hedging derivative asset and liabilities at December 31, 2021 follows:
|  | Notional Amount |  | Weighted Average Maturity |  | Weighted Average Rate |  | Estimated Fair Value Asset (Liability)
December 31, 2021 |  |  |  | Received |  | Contract pay rate |
|  | (In thousands) |  | (In years) |  |  |  |  |  | (In thousands)
Economic hedges: |  |  |  |  |  |  |  |  |  |
Interest rate swap on tax advantaged economic development bond |  | $ | 7,879 |  |  | 7.9 |  | 0.47 | % |  | 5.09 | % |  | $ | (1,158) |
Interest rate swaps on loans with commercial loan customers |  | 1,684,238 |  |  | 5.8 |  | 3.99 | % |  | 1.91 | % |  | 74,348 |
Reverse interest rate swaps on loans with commercial loan customers (1) |  | 1,684,238 |  |  | 5.8 |  | 1.91 | % |  | 3.99 | % |  | (30,454) |
Risk participation agreements with dealer banks |  | 320,981 |  |  | 5.8 |  |  |  |  |  | 432 |
Forward sale commitments |  | 6,377 |  |  | 0.2 |  |  |  |  |  | 134 |
Total economic hedges |  | 3,703,713 |  |  |  |  |  |  |  |  | 43,302 |
Non-hedging derivatives: |  |  |  |  |  |  |  |  |  |
Commitments to lend |  | 8,192 |  |  | 0.2 |  |  |  |  |  | 124 |
Total non-hedging derivatives |  | 8,192 |  |  |  |  |  |  |  |  | 124 |
Total |  | $ | 3,711,905 |  |  |  |  |  |  |  |  | $ | 43,426 |
(1) Fair value estimates include the impact of $45.7 million settled to market contract agreements.
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | Amounts included in the Consolidated Statements of Operations and in the other comprehensive (loss)/income section of the Consolidated Statements of Comprehensive (Loss)/Income (related to interest rate derivatives designated as hedges of cash flows), were as follows:
| Years Ended December 31,
(In thousands) | 2022 |  | 2021 |  | 2020
Interest rate swaps and collars on commercial loans: |  |  |  |  |
Unrealized (loss) recognized in accumulated other comprehensive loss | $ | (6,667) |  |  | $ | — |  |  | $ | — |
Less: Reclassification of unrealized (loss) from accumulated other comprehensive loss to interest expense | — |  |  | — |  |  | — |
Net tax benefit on items recognized in accumulated other comprehensive income | 1,789 |  |  | — |  |  | — |
Other comprehensive loss recorded in accumulated other comprehensive (loss)/income, net of reclassification adjustments and tax effects | $ | (4,878) |  |  | $ | — |  |  | $ | — |
Net interest expense recognized in interest expense on hedged commercial loans | $ | (15) |  |  | $ | — |  |  | $ | — |
Schedule of Amounts Included in the Consolidated Statements of Income Related to Economic Hedges and Non-hedging Derivatives | Amounts included in the Consolidated Statements of Operations related to economic hedges and non-hedging derivatives were as follows:
|  | Years Ended December 31,
(In thousands) |  | 2022 |  | 2021 |  | 2020
Economic hedges |  |  |  |  |  |
Interest rate swap on industrial revenue bond: |  |  |  |  |  |
Unrealized gain/(loss) recognized in other non-interest income |  | $ | 941 |  |  | $ | 619 |  |  | $ | (289) |
Interest rate swaps on loans with commercial loan customers: |  |  |  |  |  |
Unrealized (loss)/gain recognized in other non-interest income |  | (171,272) |  |  | (86,099) |  |  | 85,206 |
Favorable/(unfavorable) change in credit valuation adjustment recognized in other non-interest income |  | 1,809 |  |  | 1,431 |  |  | (1,516) |
Reverse interest rate swaps on loans with commercial loan customers: |  |  |  |  |  |
Unrealized gain/(loss) recognized in other non-interest income |  | 171,272 |  |  | 86,099 |  |  | (85,206) |
Risk Participation Agreements: |  |  |  |  |  |
Unrealized (loss)/gain recognized in other non-interest income |  | (521) |  |  | (233) |  |  | 345 |
Forward Commitments: |  |  |  |  |  |
Unrealized (loss)/gain recognized in other non-interest income |  | (126) |  |  | (186) |  |  | — |
Unrealized (loss)/gain recognized in discontinued operations |  | — |  |  | — |  |  | 547 |
Realized (loss) in discontinued operations |  | — |  |  | — |  |  | (8,205) |
Non-hedging derivatives |  |  |  |  |  |
Commitments to lend: |  |  |  |  |  |
Unrealized (loss) recognized in other non-interest income |  | $ | (107) |  |  | $ | (611) |  |  | $ | — |
Unrealized (loss) recognized in discontinued operations |  | — |  |  | — |  |  | (1,893) |
Realized gain in other non-interest income |  | 462 |  |  | 2,854 |  |  | — |
Realized gain in discontinued operations |  | — |  |  | — |  |  | 15,672 |
Schedule of Assets Subject to an Enforceable Master Netting Arrangement | The following table presents the assets and liabilities subject to an enforceable master netting arrangement as of December 31, 2022 and December 31, 2021: Offsetting of Financial Assets and Derivative Assets
|  | Gross Amounts of Recognized Assets |  | Gross Amounts Offset in the Statements of Condition |  | Net Amounts of Assets Presented in the Statements of Condition |  | Gross Amounts Not Offset in the Statements of Condition |  |
|  |  |  |  | Financial Instruments |  | Cash Collateral Received |  |
(in thousands) |  |  |  |  |  |  | Net Amount
As of December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Swap Agreements:
Institutional counterparties |  | $ | 96,295 |  |  | $ | (45,046) |  |  | $ | 51,249 |  |  | $ | — |  |  | $ | — |  |  | $ | 51,249 |
Commercial counterparties |  | 975 |  |  | — |  |  | 975 |  |  | — |  |  | — |  |  | 975 |
Total |  | $ | 97,270 |  |  | $ | (45,046) |  |  | $ | 52,224 |  |  | $ | — |  |  | $ | — |  |  | $ | 52,224 |
Offsetting of Financial Assets and Derivative Assets
|  | Gross Amounts of Recognized Assets |  | Gross Amounts Offset in the Statements of Condition |  | Net Amounts of Assets Presented in the Statements of Condition |  | Gross Amounts Not Offset in the Statements of Condition |  |
|  |  |  |  | Financial Instruments |  | Cash Collateral Received |  |
(in thousands) |  |  |  |  |  |  | Net Amount
As of December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Swap Agreements:
Institutional counterparties |  | $ | 2,223 |  |  | $ | (75) |  |  | $ | 2,148 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,148 |
Commercial counterparties |  | 76,809 |  |  | — |  |  | 76,809 |  |  | — |  |  | — |  |  | 76,809 |
Total |  | $ | 79,032 |  |  | $ | (75) |  |  | $ | 78,957 |  |  | $ | — |  |  | $ | — |  |  | $ | 78,957 |
Schedule of Liabilities Subject to an Enforceable Master Netting Arrangement | Offsetting of Financial Liabilities and Derivative Liabilities
|  | Gross Amounts of Recognized Liabilities |  | Gross Amounts Offset in the Statements of Condition |  | Net Amounts of Liabilities Presented in the Statement of Condition |  | Gross Amounts Not Offset in the Statements of Condition |  |
|  |  |  |  | Financial Instruments |  | Cash Collateral Received |  |
(in thousands) |  |  |  |  |  |  | Net Amount
As of December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Swap Agreements:
Institutional counterparties |  | $ | (1,271) |  |  | $ | 36 |  |  | $ | (1,235) |  |  | $ | 11,973 |  |  | $ | — |  |  | $ | 10,738 |
Commercial counterparties |  | (102,595) |  |  | 6,507 |  |  | (96,088) |  |  | — |  |  | — |  |  | (96,088) |
Total |  | $ | (103,866) |  |  | $ | 6,543 |  |  | $ | (97,323) |  |  | $ | 11,973 |  |  | $ | — |  |  | $ | (85,350) |
Offsetting of Financial Liabilities and Derivative Liabilities
|  | Gross Amounts of Recognized Liabilities |  | Gross Amounts Offset in the Statements of Condition |  | Net Amounts of Liabilities Presented in the Statement of Condition |  | Gross Amounts Not Offset in the Statements of Condition |  |
|  |  |  |  | Financial Instruments | Cash Collateral Received |  |
(in thousands) |  |  |  |  |  | Net Amount
As of December 31, 2021 |  |  |  |  |  |  |  |  |  |  |
Interest Rate Swap Agreements:
Institutional counterparties |  | $ | (78,146) |  |  | $ | 44,814 |  |  | $ | (33,332) |  |  | $ | 34,896 |  | $ | 43,694 |  |  | $ | 45,258 |
Commercial counterparties |  | (2,461) |  |  | — |  |  | (2,461) |  |  | — |  | — |  |  | (2,461) |
Total |  | $ | (80,607) |  |  | $ | 44,814 |  |  | $ | (35,793) |  |  | $ | 34,896 |  | $ | 43,694 |  |  | $ | 42,797 |

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