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Derivative Instruments (Tables)
 3 Months Ended
Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
Derivative instruments, recognized at fair value within other assets or other liabilities on the Consolidated Statements of Financial Condition, were as follows:
At March 31, 2021
Fair Value
(In thousands)
Notional Amount(1)
Derivative AssetsDerivative 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 agreements549,262 27 63 
Forward foreign exchange contracts75,267 820 105 
Interest rate lock commitments465,180 7,073 166 
Forward loan sales commitments460,280 5,560 45 
Power Equity CDs
10,450 300 300 
Swap agreement
12,652 — 286 
Total derivatives not designated as hedging instruments178,218 22,792 
Total derivatives before netting178,591 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.
(2)Includes netting of derivative asset and liability balances and related cash collateral, where counterparty netting agreements are in place.

At December 31, 2020
Fair Value
(In thousands)
Notional Amount(1)
Derivative AssetsDerivative 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 agreements470,670 62 125 
Forward foreign exchange contracts90,647 11 865 
Interest rate lock commitments447,278 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 instruments263,342 19,611 
Total derivatives before netting263,401 21,132 
Netting(2)
(52)(1,876)
Total derivatives, net
$263,349 $19,256 
(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.
(2)Includes netting of derivative asset and liability balances and related cash collateral, where counterparty netting agreements are in place.
Schedule of Gross Amounts Recognized, Gross Amounts Offset and Net Amount Presented 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 agreements27 — 27 
Forward foreign exchange contracts1,193 (570)623 
Interest rate lock commitments7,073 (166)6,907 
Forward loan sales commitments5,560 (45)5,515 
Power Equity CDs300 300 
Total derivative assets$178,591 $(781)$177,810 
Derivative liabilities
Interest rate contracts$21,945 $— $21,945 
Risk participation agreements63 — 63 
Forward foreign exchange contracts1,505 (130)1,375 
Interest rate lock commitments166 (166)— 
Forward loan sales commitments45 (45)— 
Power Equity CDs300 300 
Swap agreement286 (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 agreements62 — 62 
Forward foreign exchange contracts11 (11)— 
Interest rate lock commitments14,565 (4)14,561 
Forward loan sales commitments37 (37)— 
Power Equity CDs459 — 459 
Total derivative assets$263,401 $(52)$263,349 
Derivative liabilities
Interest rate contracts$14,681 $— $14,681 
Risk participation agreements125 — 125 
Forward foreign exchange contracts2,386 (1,769)617 
Interest rate lock commitments4 (4)— 
Forward loan sales commitments3,411 (37)3,374 
Power Equity CD459 — 459 
Swap agreement66 (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.
Amounts Recorded in the Consolidated Statements of Financial Condition Related to the Cumulative Basis Adjustment for the Fair Value Hedge 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, 2021At December 31, 2020At March 31, 2021At December 31, 2020
Subordinated bank note - 2025$156,829 $159,888 $7,857 $10,975 
Summary of Gains and Losses Related to the Fair Value Hedge of the Interest Rate Swap and the Offsetting Changes in the Fair Value of the Hedged Debt
The following table summarizes the effect of fair value hedge accounting on the Consolidated Statements of Income for the three months ended March 31, 2021 and 2020.
Three Months Ended March 31,
(In thousands)20212020
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)$106 
Effect of Net Investment Hedges on Accumulated Other Comprehensive Income The effect of net investment hedges on accumulated other comprehensive income was as follows:
Three Months Ended March 31,
(In thousands)20212020
Forward foreign exchange contracts$(2,046)$13,695 
Summary of Effects of Derivatives not Designated as Hedging Instruments on the Consolidated Statements of Income 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)20212020
Interest rate contractsOther noninterest income$255 $1,662 
Risk participation agreementsOther noninterest expense1,607 4,326 
Forward foreign exchange contractsOther noninterest expense10 18,713 
Interest rate lock commitmentsMortgage banking income(7,189)10,378 
Forward loan sales commitmentsMortgage banking income8,889 (8,545)
Swap agreementOther noninterest income(288)(1)
Net gain (loss) recognized$3,284 $26,533