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Derivative Instruments and Hedging Activities | 9 Months Ended
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Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments and Hedging Activities | NOTE 12 – Derivative Instruments and Hedging Activities We manage the interest rate risk associated with our derivative transactions with customers by entering into offsetting positions with other derivative dealers, resulting in a substantially “matched book” portfolio. Credit risk associated with its derivative transactions is managed through a variety of measures, including initial and ongoing periodic underwriting of its counterparties’ creditworthiness, establishment of customer credit limits, and collateral maintenance requirements for customer exposures that exceed certain preset thresholds. Our policy is not to offset fair value amounts recognized for derivative instruments and fair value amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral arising from derivative instruments recognized at fair value executed with the same counterparty under master netting arrangements. The following tables provide the notional values and fair values of our derivative instruments as of September 30, 2023 and December 31, 2022 (in thousands):
|  | September 30, 2023 |
|  | Derivative Assets |  |  | Derivative Liabilities |  |  | Notional value |
Interest rate contracts |  | $ | 166,038 |  |  | $ | 166,015 |  |  | $ | 1,876,064 |
|  | December 31, 2022 |
|  | Derivative Assets |  |  | Derivative Liabilities |  |  | Notional value |
Interest rate contracts |  | $ | 142,042 |  |  | $ | 142,028 |  |  | $ | 1,395,135 |
The scheduled maturities of our derivative instruments as of September 30, 2023, are as follows (in thousands):
Within one year |  | $ | 41,369 |
One to three years |  |  | 581,049 |
Three to five years |  |  | 381,601 |
Five to ten years |  |  | 758,302 |
Ten to fifteen years |  |  | 94,603 |
Fifteen years and thereafter |  |  | 19,140 |
|  | $ | 1,876,064 |
The following table presents the distribution of customer interest rate derivative transactions, by derivative product, as of September 30, 2023 and December 31, 2022 (in thousands):
|  | September 30, 2023 |  |  | December 31, 2022 |
Swaps |  | $ | 1,706,064 |  |  | $ | 1,375,135 |
Written options |  |  | 170,000 |  |  |  | 20,000 |
|  | $ | 1,876,064 |  |  | $ | 1,395,135 |

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480237/815-40-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-5C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//815/tableOfContent + Details
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