v3.26.1
Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2026
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 June 30, 2026, December 31, 2025 and June 30, 2025:
Derivative AssetsDerivative Liabilities
(In thousands)June 30,
2026		December 31,
2025		June 30,
2025		June 30,
2026		December 31,
2025		June 30,
2025
Derivatives designated as hedging instruments under ASC 815:
Interest rate derivatives designated as Cash Flow Hedges$16,536 $53,622 $57,245 $31,263 $3,363 $11,314 
Interest rate derivatives designated as Fair Value Hedges5,451 5,350 6,207 89 496 549 
Total derivatives designated as hedging instruments under ASC 815$21,987 $58,972 $63,452 $31,352 $3,859 $11,863 
Derivatives not designated as hedging instruments under ASC 815:
Interest rate derivatives$100,182 $116,562 $144,350 $104,353 $116,745 $141,880 
Interest rate lock commitments5,103 3,416 5,548 12 — — 
Forward commitments to sell mortgage loans1,180 104 4,028 3,263 2,729 4,048 
Commodity forward contracts807 448 119 705 288 42 
Foreign exchange contracts477 165 3,609 426 153 3,569 
Total derivatives not designated as hedging instruments under ASC 815$107,749 $120,695 $157,654 $108,759 $119,915 $149,539 
Total Derivatives$129,736 $179,667 $221,106 $140,111 $123,774 $161,402 
Schedule of Cash Flow Hedging Instruments
The table below provides details on these cash flow hedges, summarized by derivative type and maturity, as of June 30, 2026:

June 30, 2026
(In thousands)Notional AmountFair Value
Asset (Liability)
Floor at 1-month CME Term SOFR
September 2028 - December 2029
$450,000 $1,181 
Interest rate collars at 1-month CME term SOFR
October 2026 - September 2027
1,750,000 (7,757)
Interest rate swaps at 1-month CME term SOFR (1)
July 2026 - March 2032
5,350,000 (8,151)
Total Cash Flow Hedges$7,550,000 $(14,727)
(1)The notional amount includes forward-starting swaps that are not yet effective.
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 EndedSix Months Ended
(In thousands)June 30,
2026		June 30,
2025		June 30,
2026		June 30,
2025
Unrealized gain (loss) at beginning of period$37,666 $42,565 $67,112 $(15,508)
Amount reclassified from accumulated other comprehensive income or loss to interest income or expense on deposits, loans, and other borrowings (4,615)4,890 (8,582)10,636 
Amount of (loss) gain recognized in other comprehensive income or loss(37,530)25,074 (63,009)77,401 
Unrealized (loss) gain at end of period$(4,479)$72,529 $(4,479)$72,529 
Schedule of Carrying Amount of Hedged Assets (Liabilities)
The following amounts were recorded on the balance sheet related to cumulative basis adjustments for fair value hedges as of June 30, 2026:

(In thousands)June 30, 2026


Derivatives in Fair Value
Hedging Relationships
Location in the Statement of ConditionCarrying 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 swapsLoans, net of unearned income$109,288 $(5,304)$(19)
Available-for-sale debt securities375 (4)— 

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 EndedSix Months Ended
June 30, 2026June 30, 2026
Interest rate swapsInterest and fees on loans$(0)$(0)
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 EndedSix Months Ended
DerivativeLocation in income statementJune 30,
2026		June 30,
2025		June 30,
2026		June 30,
2025
Interest rate swaps and capsTrading gains, net$(18)$85 $(66)$(32)
Mortgage banking derivativesMortgage banking36 (324)2,538 3,317 
Commodity contractsTrading gains, net(44)(37)(59)77 
Foreign exchange contractsTrading gains, net87 65 142 73 
Covered call optionsFees from covered call options4,793 5,624 9,462 9,070 
Derivative contract held as economic hedge on MSRsMortgage banking(3,396)2,535 (4,296)7,432 
Schedule of Offsetting Assets The table below summarizes the Company’s interest rate derivatives and offsetting positions as of the dates shown.
Derivative AssetsDerivative Liabilities
Fair ValueFair Value
(In thousands)June 30,
2026		December 31,
2025		June 30,
2025		June 30,
2026		December 31,
2025		June 30,
2025
Gross Amounts Recognized$122,169 $175,534 $207,802 $135,705 $120,604 $153,743 
Gross amounts not offset in the Statements of Condition
Offsetting Derivative Positions(54,173)(60,108)(68,680)(54,173)(60,108)(68,680)
Collateral Posted(24,180)(46,894)(67,753)(30)(1,963)— 
Net Credit Exposure$43,816 $68,532 $71,369 $81,502 $58,533 $85,063 
Schedule of Offsetting Liabilities The table below summarizes the Company’s interest rate derivatives and offsetting positions as of the dates shown.
Derivative AssetsDerivative Liabilities
Fair ValueFair Value
(In thousands)June 30,
2026		December 31,
2025		June 30,
2025		June 30,
2026		December 31,
2025		June 30,
2025
Gross Amounts Recognized$122,169 $175,534 $207,802 $135,705 $120,604 $153,743 
Gross amounts not offset in the Statements of Condition
Offsetting Derivative Positions(54,173)(60,108)(68,680)(54,173)(60,108)(68,680)
Collateral Posted(24,180)(46,894)(67,753)(30)(1,963)— 
Net Credit Exposure$43,816 $68,532 $71,369 $81,502 $58,533 $85,063