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DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
6 Months Ended
Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Interest Rate Swap Agreements and Non-Hedging Derivative Assets and Liabilities
Information about derivative assets and liabilities at June 30, 2023, follows:
  WeightedWeighted Average RateEstimated
 NotionalAverage ContractFair Value
 AmountMaturityReceivedpay rateAsset (Liability)
 (In thousands)(In years)  (In thousands)
Cash flow hedges:     
Interest rate swaps on commercial loans (1)
$600,000 2.45.07 %3.64 %$714 
Interest rate collars on commercial loans200,000 3.0781 
Total cash flow hedges800,000    1,495 
Economic hedges:     
Interest rate swap on tax advantaged economic development bond$6,637 6.44.55 %5.09 %$(118)
Interest rate swaps on loans with commercial loan customers1,683,400 5.34.16 %6.28 %(92,320)
Offsetting interest rate swaps on loans with commercial loan customers (1)
1,683,400 5.36.28 %4.16 %49,004 
Risk participation agreements with dealer banks348,136 4.1  (81)
Forward sale commitments 8,876 0.2  63 
Total economic hedges3,730,449    (43,452)
Non-hedging derivatives:     
Commitments to lend 9,369 0.2  37 
Total non-hedging derivatives9,369    37 
Total$4,539,818    $(41,920)
(1) Fair value estimates include the impact of $31.0 million settled to market contract agreements.
Information about derivative assets and liabilities at December 31, 2022, follows:
  WeightedWeighted Average RateEstimated
 NotionalAverage ContractFair Value
 AmountMaturityReceivedpay rateAsset (Liability)
 (In thousands)(In years)  (In thousands)
Cash flow hedges:     
Interest rate swaps on commercial loans$400,000 2.74.09 %3.51 %$— 
Forward-starting interest rate swaps on commercial loans200,000 3.3— %3.90 %— 
Interest rate collars on commercial loans200,000 3.51,937 
800,000    1,937 
Economic hedges:     
Interest rate swap on tax advantaged economic development bond$7,062 6.94.49 %5.09 %$(193)
Interest rate swaps on loans with commercial loan customers1,685,263 5.74.11 %5.55 %(95,114)
Offsetting interest rate swaps on loans with commercial loan customers (1)
1,685,263 5.75.55 %4.11 %50,267 
Risk participation agreements with dealer banks341,885 6.6  (89)
Forward sale commitments 927 0.2  
Total economic hedges3,720,400    (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 $38.3 million settled to market contract agreements.
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
Amounts included in the Consolidated Statements of Income and in the other comprehensive income section of the Consolidated Statements of Comprehensive Income (related to interest rate derivatives designated as hedges of cash flows), were as follows:
Three Months Ended
June 30,
Six Months Ended
June 30,
(In thousands)2023202220232022
Interest rate swaps on commercial loans:
Unrealized (loss) recognized in accumulated other comprehensive loss$(11,753)$— $(5,798)$— 
Less: Reclassification of unrealized (loss) from accumulated other comprehensive loss to interest expense(157)— (314)— 
Net tax benefit on items recognized in accumulated other comprehensive income3,197 — 1,641 — 
Other comprehensive loss recorded in accumulated other comprehensive income, net of reclassification adjustments and tax effects$(8,713)$— $(4,471)$— 
Net interest expense recognized on hedged commercial loans$2,034 $— $3,327 $— 
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 Income related to economic hedges and non-hedging derivatives were as follows:
 Three Months Ended June 30,Six Months Ended June 30,
(In thousands)2023202220232022
Economic hedges    
Interest rate swap on industrial revenue bond:    
Unrealized gain recognized in other non-interest income$142 $217 $75 $649 
Interest rate swaps on loans with commercial loan customers:    
Unrealized (loss)/gain recognized in other non-interest income(24,230)(44,927)2,794 (123,625)
Favorable change in credit valuation adjustment recognized in other non-interest income— — — 1,809 
Offsetting interest rate swaps on loans with commercial loan customers:    
Unrealized gain/(loss) recognized in other non-interest income24,230 44,927 (2,794)123,625 
Risk participation agreements:    
Unrealized gain/(loss) recognized in other non-interest income25 (292)(400)
Forward commitments:    
Unrealized gain/(loss) recognized in other non-interest income48 11 55 (116)
Non-hedging derivatives    
Commitments to lend    
Unrealized gain/(loss) recognized in other non-interest income$11 $$20 $(98)
Realized gain in other non-interest income54 90 94 342 
Schedule of Assets Subject to an Enforceable Master Netting Arrangement
Offsetting of Financial Assets and Derivative Assets
Gross
Amounts of
Gross Amounts
Offset in the
Net Amounts
of Assets
Presented in the
Gross Amounts Not Offset in
the Statements of Condition
 RecognizedStatements ofStatements ofFinancialCash 
(In thousands)AssetsConditionConditionInstrumentsCollateral ReceivedNet Amount
June 30, 2023      
Interest Rate Swap Agreements:      
Institutional counterparties$93,842 $(43,336)$50,506 $— $— $50,506 
Commercial counterparties2,250 — 2,250 — — 2,250 
Total$96,092 $(43,336)$52,756 $— $— $52,756 
Offsetting of Financial Assets and Derivative Assets
Gross
Amounts of
Gross Amounts
Offset in the
Net Amounts
of Assets
Presented in the
Gross Amounts Not Offset in
the Statements of Condition
 RecognizedStatements ofStatements ofFinancialCash 
(In thousands)AssetsConditionConditionInstrumentsCollateral ReceivedNet Amount
December 31, 2022      
Interest Rate Swap Agreements:      
Institutional counterparties$96,295 $(45,046)$51,249 $— $— $51,249 
Commercial counterparties975 — 975 — — 975 
Total$97,270 $(45,046)$52,224 $— $— $52,224 
Schedule of Liabilities Subject to an Enforceable Master Netting Arrangement
Offsetting of Financial Liabilities and Derivative Liabilities
Gross
Amounts of
Gross Amounts
Offset in the
Net Amounts
of Liabilities
Presented in the
Gross Amounts Not Offset in
the Statements of Condition
 RecognizedStatements ofStatements ofFinancialCash 
(In thousands)LiabilitiesConditionConditionInstrumentsCollateral PledgedNet Amount
June 30, 2023      
Interest Rate Swap Agreements:      
Institutional counterparties$(1,600)$$(1,595)$9,918 $— $8,323 
Commercial counterparties(105,357)12,294 (93,063)— — (93,063)
Total$(106,957)$12,299 $(94,658)$9,918 $— $(84,740)
Offsetting of Financial Liabilities and Derivative Liabilities
Gross
Amounts of
Gross Amounts
Offset in the
Net Amounts
of Liabilities
Presented in the
Gross Amounts Not Offset in
the Statements of Condition
 RecognizedStatements ofStatements ofFinancialCash 
(In thousands)LiabilitiesConditionConditionInstrumentsCollateral PledgedNet Amount
December 31, 2022      
Interest Rate Swap Agreements:      
Institutional counterparties$(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)