
	At March 31, 2021
			Fair Value
(In thousands)	Notional Amount(1)		Derivative Assets		Derivative Liabilities
Derivatives designated as hedging instruments
Interest rate contract	$	150,000	$	—	$	118

Forward foreign exchange contracts	210,856		373		1,400
Total derivatives designated as hedging instruments			373		1,518
Derivatives not designated as hedging instruments
Interest rate contracts	$	6,297,778	$	164,438	$	21,827
Risk participation agreements	549,262		27		63
Forward foreign exchange contracts	75,267		820		105
Interest rate lock commitments	465,180		7,073		166
Forward loan sales commitments	460,280		5,560		45
Power Equity CDs	10,450		300		300
Swap agreement	12,652		—		286
Total derivatives not designated as hedging instruments			178,218		22,792
Total derivatives before netting			178,591		24,310
Netting(2)			(781)		(627)
Total derivatives, net			$	177,810	$	23,683

(1)Notional or contract amounts, which represent the extent of involvement in the derivatives market, are used to determine the contractual cash flows required in accordance with the terms of the agreement. These amounts are typically not exchanged, significantly exceed amounts subject to credit or market risk and are not reflected in the Consolidated Statements of Financial Condition.


	At December 31, 2020
			Fair Value
(In thousands)	Notional Amount(1)		Derivative Assets		Derivative Liabilities
Derivatives designated as hedging instruments
Interest rate contract	$	150,000	$	59	$	—
Forward foreign exchange contracts	207,515		—		1,521

Total derivatives designated as hedging instruments			59		1,521
Derivatives not designated as hedging instruments
Interest rate contracts	6,140,464		248,208		14,681
Risk participation agreements	470,670		62		125
Forward foreign exchange contracts	90,647		11		865
Interest rate lock commitments	447,278		14,565		4
Forward loan sales commitments	535,244		37		3,411
Power Equity CD	16,752		459		459
Swap agreement	12,652		—		66
Total derivatives not designated as hedging instruments			263,342		19,611
Total derivatives before netting			263,401		21,132
Netting(2)			(52)		(1,876)
Total derivatives, net			$	263,349	$	19,256

Derivative instruments may be subject to master netting arrangements and collateral arrangements and qualify for offset in the Consolidated Statements of Financial Condition. A master netting arrangement with a counterparty creates a right of offset for amounts due to and from that same counterparty that is enforceable in the event of a default or bankruptcy. Derivative instruments subject to master netting arrangements and collateral arrangements are recognized on a net basis in the Consolidated Statements of Financial Condition. The gross amounts recognized, gross amounts offset and net amount presented of derivative instruments were as follows:


	At March 31, 2021
(In thousands)	Gross Amounts Recognized		Gross Amounts Offset(1)		Net Amount Presented
Derivative assets
Interest rate contracts	$	164,438	$	—	$	164,438
Risk participation agreements	27		—		27
Forward foreign exchange contracts	1,193		(570)		623
Interest rate lock commitments	7,073		(166)		6,907
Forward loan sales commitments	5,560		(45)		5,515
Power Equity CDs	300				300
Total derivative assets	$	178,591	$	(781)	$	177,810
Derivative liabilities
Interest rate contracts	$	21,945	$	—	$	21,945
Risk participation agreements	63		—		63
Forward foreign exchange contracts	1,505		(130)		1,375
Interest rate lock commitments	166		(166)		—
Forward loan sales commitments	45		(45)		—
Power Equity CDs	300				300
Swap agreement	286		(286)		—
Total derivative liabilities	$	24,310	$	(627)	$	23,683

(1)Includes the amounts with counterparties subject to enforceable master netting arrangements that have been offset in the Consolidated Statements of Financial Condition.


	At December 31, 2020
(In thousands)	Gross Amounts Recognized		Gross Amounts Offset(1)		Net Amount Presented
Derivative assets
Interest rate contracts	$	248,267	$	—	$	248,267
Risk participation agreements	62		—		62
Forward foreign exchange contracts	11		(11)		—
Interest rate lock commitments	14,565		(4)		14,561
Forward loan sales commitments	37		(37)		—
Power Equity CDs	459		—		459
Total derivative assets	$	263,401	$	(52)	$	263,349
Derivative liabilities
Interest rate contracts	$	14,681	$	—	$	14,681
Risk participation agreements	125		—		125
Forward foreign exchange contracts	2,386		(1,769)		617
Interest rate lock commitments	4		(4)		—
Forward loan sales commitments	3,411		(37)		3,374
Power Equity CD	459		—		459
Swap agreement	66		(66)		—
Total derivative liabilities	$	21,132	$	(1,876)	$	19,256

(1)Includes the amounts with counterparties subject to enforceable master netting arrangements that have been offset in the Consolidated Statements of Financial Condition.

Interest rate contract: The carrying amount of the hedged subordinated debt, including the cumulative basis adjustment related to the application of fair value hedge accounting, is recorded in long-term borrowings on the Consolidated Statements of Financial Condition and was as follows:


	Carrying Amount of the Hedged Liability				Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Liability
(In thousands)	At March 31, 2021		At December 31, 2020		At March 31, 2021		At December 31, 2020
Subordinated bank note - 2025	$	156,829	$	159,888	$	7,857	$	10,975


	Three Months Ended March 31,
(In thousands)	2021		2020
Statement of income line where the gain (loss) on the fair value hedge was recorded:
Interest expense on borrowings	$	10,019	$	26,492

Gain (loss) on interest rate contract (fair value hedge)
Hedged item	3,118		(8,830)
Derivative designated as a hedging instrument	(3,176)		8,936
Gain (loss) on interest rate contract recognized in interest expense on borrowings	$	(58)	$	106

Derivatives Not Designated as Hedging Instruments Certain other interest rate contracts, forward foreign exchange contracts, interest rate lock commitments and other contracts have not been designated as hedging instruments. The effect of these derivatives on the Consolidated Statements of Income was as follows:


		Three Months Ended March 31,
(In thousands)	Location of Gain (Loss)	2021		2020
Interest rate contracts	Other noninterest income	$	255	$	1,662
Risk participation agreements	Other noninterest expense	1,607		4,326
Forward foreign exchange contracts	Other noninterest expense	10		18,713
Interest rate lock commitments	Mortgage banking income	(7,189)		10,378
Forward loan sales commitments	Mortgage banking income	8,889		(8,545)

Swap agreement	Other noninterest income	(288)		(1)
Net gain (loss) recognized		$	3,284	$	26,533

At March 31, 2021 and December 31, 2020, credit risk-related contingent features existed on forward foreign exchange contracts with a notional value of $26.8 million and $35.0 million, respectively. In the event the Corporation is rated less than BB- by Standard and Poor's, the contracts could be terminated or the Corporation may be required to provide approximately $535 thousand and $699 thousand in additional collateral at March 31, 2021 and December 31, 2020, respectively. There were no forward foreign exchange contracts containing credit risk-related features in a liability position at both March 31, 2021 and December 31, 2020.

At March 31, 2021, the Corporation had posted $65.9 million and $340 thousand of cash collateral related to its interest rate contracts and forward foreign exchange contracts, respectively, and received $440 thousand of cash collateral related to its forward foreign exchange contracts.