Derivative Instruments (Tables)
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9 Months Ended |
Sep. 30, 2022 |
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| Derivative Instrument Detail [Abstract] |
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| Schedule Of Notional Amounts Of Derivative Instruments |
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(In thousands) | September 30, 2022 | December 31, 2021 | | Interest rate swaps | $ | 1,980,368 | | $ | 2,229,419 | | | Interest rate floors | 500,000 | | — | | | Interest rate caps | 152,784 | | 152,058 | | | Credit risk participation agreements | 536,188 | | 485,633 | | | Foreign exchange contracts | 7,435 | | 5,119 | | Mortgage loan commitments | 984 | | 21,787 | | | Mortgage loan forward sale contracts | 669 | | 1,165 | | | Forward TBA contracts | 1,000 | | 21,000 | | | Total notional amount | $ | 3,179,428 | | $ | 2,916,181 | |
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| Schedule Of Fair Values Of Derivative Instruments |
The fair values of the Company's derivative instruments, whose notional amounts are listed above, are shown in the table below. Information about the valuation methods used to determine fair value is provided in Note 17 on Fair Value Measurements in the 2021 Annual Report on Form 10-K.
The Company's policy is to present its derivative assets and derivative liabilities on a gross basis in its consolidated balance sheets, and these are reported in other assets and other liabilities. Certain collateral posted to and from the Company's clearing counterparty has been applied to the fair values of the cleared swaps, such that at September 30, 2022 in the table below, the positive fair values of cleared swaps were reduced by $30.7 million. At December 31, 2021, positive fair values of cleared swaps were reduced by $587 thousand and the negative fair values of cleared swaps were reduced by $29.7 million.
| | | | | | | | | | | | | | | | | | | | Asset Derivatives | | Liability Derivatives | | Sept. 30, 2022 | Dec. 31, 2021 | | Sept. 30, 2022 | Dec. 31, 2021 | (In thousands) | Fair Value | | Fair Value | | Derivatives designated as hedging instruments: | | | | | | | Interest rate floors | $ | 13,385 | | $ | — | | | $ | — | | $ | — | | | Total derivatives designated as hedging instruments | $ | 13,385 | | $ | — | | | $ | — | | $ | — | | | Derivative instruments not designated as hedging instruments: | | | | | | Interest rate swaps | $ | 22,256 | | $ | 40,752 | | | $ | (52,989) | | $ | (11,606) | | | Interest rate caps | 2,524 | | 147 | | | (2,524) | | (147) | | | Credit risk participation agreements | 36 | | 84 | | | (94) | | (277) | | | Foreign exchange contracts | 191 | | 77 | | | (156) | | (45) | | | Mortgage loan commitments | 5 | | 764 | | | (5) | | — | | | Mortgage loan forward sale contracts | 5 | | 5 | | | — | | (1) | | | Forward TBA contracts | 58 | | 13 | | | — | | (25) | | | Total derivatives not designated as hedging instruments | $ | 25,075 | | $ | 41,842 | | | $ | (55,768) | | $ | (12,101) | | | Total | $ | 38,460 | | $ | 41,842 | | | $ | (55,768) | | $ | (12,101) | |
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| Summary of Cash Flow Hedge Activity [Table Text Block] |
The pre-tax effects of derivative instruments on the consolidated statements of income and consolidated statements of comprehensive income are shown in the tables below.
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| Amount of Gain or (Loss) Recognized in OCI | | Location of Gain (Loss) Reclassified from AOCI into Income | Amount of Gain (Loss) Reclassified from AOCI into Income | | | (In thousands) | Total | Included Component | Excluded Component | | | Total | Included Component | Excluded Component | | For the Three Months Ended September 30, 2022 | | Derivatives in cash flow hedging relationships: | | Interest rate floors | $ | (3,464) | | $ | — | | $ | (3,464) | | | Interest and fees on loans | $ | (6,118) | | $ | (7,745) | | $ | 1,627 | | | Total | $ | (3,464) | | $ | — | | $ | (3,464) | | | Total | $ | (6,118) | | $ | (7,745) | | $ | 1,627 | | | For the Nine Months Ended September 30, 2022 | | Derivatives in cash flow hedging relationships: | | Interest rate floors | $ | (3,464) | | $ | — | | $ | (3,464) | | | Interest and fees on loans | $ | (18,322) | | $ | (22,998) | | $ | 4,676 | | | Total | $ | (3,464) | | $ | — | | $ | (3,464) | | | Total | $ | (18,322) | | $ | (22,998) | | $ | 4,676 | | For the Three Months Ended September 30, 2021 | | Derivatives in cash flow hedging relationships: | | Interest rate floors | $ | — | | $ | — | | $ | — | | | Interest and fees on loans | $ | (6,141) | | $ | (7,691) | | $ | 1,550 | | | Total | $ | — | | $ | — | | $ | — | | | Total | $ | (6,141) | | $ | (7,691) | | $ | 1,550 | | For the Nine Months Ended September 30, 2021 | | Derivatives in cash flow hedging relationships: | | Interest rate floors | $ | — | | $ | — | | $ | — | | | Interest and fees on loans | $ | (18,024) | | $ | (22,623) | | $ | 4,599 | | | Total | $ | — | | $ | — | | $ | — | | | Total | $ | (18,024) | | $ | (22,623) | | $ | 4,599 | |
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| Summary Of The Effects Of Derivative Instruments On Consolidated Statements Of Income |
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| Location of Gain or (Loss) Recognized in Consolidated Statements of Income | Amount of Gain or (Loss) Recognized in Income on Derivatives |
| | For the Three Months Ended September 30 | | For the Nine Months Ended September 30 | | (In thousands) | | 2022 | 2021 | | 2022 | 2021 | | | | | | | | | | | | | | | | | | | | | | | Derivative instruments: | | | | | | | | Interest rate swaps | Other non-interest income | $ | 88 | | $ | 24 | | | $ | 1,770 | | $ | 1,974 | | | Interest rate caps | Other non-interest income | — | | — | | | 16 | | 15 | | | Credit risk participation agreements | Other non-interest income | 122 | | 47 | | | 30 | | 27 | | | Foreign exchange contracts | Other non-interest income | 3 | | (22) | | | 3 | | 62 | | | Mortgage loan commitments | Loan fees and sales | (230) | | (309) | | | (764) | | (1,716) | | | Mortgage loan forward sale contracts | Loan fees and sales | 5 | | (10) | | | 1 | | 18 | | | Forward TBA contracts | Loan fees and sales | 117 | | (184) | | | 1,783 | | 1,676 | | | Total | | $ | 105 | | $ | (454) | | | $ | 2,839 | | $ | 2,056 | |
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| Balance Sheet Offsetting, Derivatives [Table Text Block] |
| | | | | | | | | | | | | | | | | | | | | | | | | Gross Amounts Not Offset in the Balance Sheet | | | (In thousands) | Gross Amount Recognized | Gross Amounts Offset in the Balance Sheet | Net Amounts Presented in the Balance Sheet | Financial Instruments Available for Offset | Collateral
Received/
Pledged | Net Amount | | September 30, 2022 | | | | | | | | Assets: | | | | | | | Derivatives subject to master netting agreements | $ | 38,357 | | $ | — | | $ | 38,357 | | $ | (113) | | $ | (35,763) | | $ | 2,481 | | Derivatives not subject to master netting agreements | 103 | | — | | 103 | | | | | | Total derivatives | $ | 38,460 | | $ | — | | $ | 38,460 | | | | | | Liabilities: | | | | | | | Derivatives subject to master netting agreements | $ | 55,681 | | $ | — | | $ | 55,681 | | $ | (113) | | $ | — | | $ | 55,568 | | Derivatives not subject to master netting agreements | 87 | | — | | 87 | | | | | | Total derivatives | $ | 55,768 | | $ | — | | $ | 55,768 | | | | | | December 31, 2021 | | | | | | | | Assets: | | | | | | | Derivatives subject to master netting agreements | $ | 40,970 | | $ | — | | $ | 40,970 | | $ | (347) | | $ | — | | $ | 40,623 | | Derivatives not subject to master netting agreements | 872 | | — | | 872 | | | | | | Total derivatives | $ | 41,842 | | $ | — | | $ | 41,842 | | | | | | Liabilities: | | | | | | | Derivatives subject to master netting agreements | $ | 12,019 | | $ | — | | $ | 12,019 | | $ | (347) | | $ | (10,146) | | $ | 1,526 | | Derivatives not subject to master netting agreements | 82 | | — | | 82 | | | | | | Total derivatives | $ | 12,101 | | $ | — | | $ | 12,101 | | | | |
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