XML 42 R31.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Derivatives and Hedging Activities (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following amounts were recorded on the consolidated balance sheets related to cumulative basis adjustment for fair value hedges for the periods indicated:
| June 30, 2024 |  | December 31, 2023
| Carrying Amount of the Hedged Assets/(Liabilities) | Cumulative Amount of Fair Value Hedging Adjustment |  | Carrying Amount of the Hedged Assets/(Liabilities) | Cumulative Amount of Fair Value Hedging Adjustment
Available-for-sale securities | $ | 194.0 |  | $ | 6.0 |  |  | $ | 193.3 |  | $ | 6.7 |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | The following table summarizes the fair values of our derivative instruments on a gross and net basis for the periods indicated. The derivative asset and liability balances are presented on a gross basis, prior to the application of bilateral collateral and master netting agreements, but after the variation margin payments with central clearing organizations have been applied as settlement, as applicable. Total derivative assets and liabilities are adjusted to account for the impact of legally enforceable master netting agreements that allow us to settle all derivative contracts with a single counterparty on a net basis and to offset the net derivative position with the related cash collateral. Securities collateral related to legally enforceable master netting agreements is not offset on the consolidated balance sheets.
| June 30, 2024 |  | December 31, 2023
| Notional Amount | Consolidated Balance Sheet Location | Estimated Fair Value |  | Notional Amount | Consolidated Balance Sheet Location | Estimated Fair Value
Derivatives designated as accounting hedges: |  |  |  |  |  |  |
Interest rate swap contracts | $ | — |  |  | $ | — |  |  | $ | 550.0 |  |  | $ | 3.0 |
Derivatives not designated as accounting hedges: |  |  |  |  |  |  |
Interest rate swap contracts | 1,500.0 |  |  | 45.0 |  |  | 1,589.0 |  |  | 34.3 |
Interest rate lock commitments | 10.2 |  |  | — |  |  | 5.7 |  |  | 0.1 |
Derivative assets | $ | 1,510.2 |  | Other assets | $ | 45.0 |  |  | $ | 2,144.7 |  | Other assets | $ | 37.4 |
Derivatives designated as accounting hedges: |  |  |  |  |  |  |
Interest rate collars | $ | 300.0 |  |  | $ | 4.0 |  |  | $ | 300.0 |  |  | $ | 3.6 |
Interest rate swap contracts | 850.0 |  |  | 13.6 |  |  | 300.0 |  |  | 2.4 |
Derivatives not designated as accounting hedges: |  |  |  |  |  |  |
Interest rate swap contracts | 1,500.0 |  |  | 139.6 |  |  | 1,589.0 |  |  | 121.1 |
Risk participation agreements | 98.5 |  |  | — |  |  | 101.1 |  |  | 0.1 |
Forward loan sales contracts | 8.5 |  |  | — |  |  | 5.6 |  |  | 0.1 |
Derivative liabilities | $ | 2,757.0 |  | Accounts payable and accrued expenses | $ | 157.2 |  |  | $ | 2,295.7 |  | Accounts payable and accrued expenses | $ | 127.3 |
Derivatives Not Designated as Hedging Instruments | The table below presents the effect of the Company’s derivative financial instruments that are not designated as hedging instruments on the consolidated statements of income for the periods indicated:
| Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2024 | 2023 |  |  | 2024 | 2023
| Location of Gain (Loss) Recognized in Income on Derivative | Amount of Gain (Loss) Recognized in Income on Derivative |  | Location of Gain (Loss) Recognized in Income on Derivative | Amount of Gain (Loss) Recognized in Income on Derivative
Interest rate lock commitments | Mortgage banking revenues | $ | — |  | $ | (0.2) |  |  | Mortgage banking revenues | $ | — |  | $ | (0.2) |
Schedule of Derivative Instruments | The tables below present the gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of the dates indicated:
| June 30, 2024
| Gross Assets Recognized |  | Gross Assets Offset in the Balance Sheet |  | Net Assets in the Balance Sheet |  | Financial Instruments |  | Cash Collateral Received (1) |  | Net Amount
Interest rate swap and collar contracts | $ | 45.0 |  |  | $ | — |  |  | $ | 45.0 |  |  | $ | — |  |  | $ | 31.5 |  |  | $ | 13.5 |
Total derivatives | 45.0 |  |  | — |  |  | 45.0 |  |  | — |  |  | 31.5 |  |  | 13.5 |
Total assets | $ | 45.0 |  |  | $ | — |  |  | $ | 45.0 |  |  | $ | — |  |  | $ | 31.5 |  |  | $ | 13.5 |
(1) Netting adjustments represent the amounts recorded to convert derivatives assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The application of the collateral cannot reduce the net derivative position below zero. Therefore, excess collateral, if any, is not reflected above.
| Gross Liabilities Recognized |  | Gross Liabilities Offset in the Balance Sheet |  | Net Liabilities in the Balance Sheet |  | Financial Instruments |  | Cash Collateral Posted |  | Net Amount
Interest rate swap and collar contracts | $ | 157.2 |  |  | $ | — |  |  | $ | 157.2 |  |  | $ | — |  |  | $ | 2.0 |  |  | $ | 155.2 |
Total derivatives | 157.2 |  |  | — |  |  | 157.2 |  |  | — |  |  | 2.0 |  |  | 155.2 |
Repurchase agreements | 741.8 |  |  | — |  |  | 741.8 |  |  | — |  |  | 741.8 |  |  | — |
Total liabilities | $ | 899.0 |  |  | $ | — |  |  | $ | 899.0 |  |  | $ | — |  |  | $ | 743.8 |  |  | $ | 155.2 |
| December 31, 2023
| Gross Assets Recognized |  | Gross Assets Offset in the Balance Sheet |  | Net Assets in the Balance Sheet |  | Financial Instruments |  | Cash Collateral Received |  | Net Amount
Interest rate swap and collar contracts | $ | 37.3 |  |  | $ | — |  |  | $ | 37.3 |  |  | $ | — |  |  | $ | 32.7 |  |  | $ | 4.6 |
Interest rate lock commitments | 0.1 |  |  | — |  |  | 0.1 |  |  | — |  |  | — |  |  | 0.1 |
Total derivatives | 37.4 |  |  | — |  |  | 37.4 |  |  | — |  |  | 32.7 |  |  | 4.7 |
Total assets | $ | 37.4 |  |  | $ | — |  |  | $ | 37.4 |  |  | $ | — |  |  | $ | 32.7 |  |  | $ | 4.7 |
| Gross Liabilities Recognized |  | Gross Liabilities Offset in the Balance Sheet |  | Net Liabilities in the Balance Sheet |  | Financial Instruments |  | Cash Collateral Posted |  | Net Amount
Interest rate swap and collar contracts | $ | 127.1 |  |  | $ | — |  |  | $ | 127.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 127.1 |
Risk participation agreements | 0.1 |  |  | — |  |  | 0.1 |  |  | — |  |  | — |  |  | 0.1 |
Forward loan sales contracts | 0.1 |  |  | — |  |  | 0.1 |  |  | — |  |  | — |  |  | 0.1 |
Total derivatives | 127.3 |  |  | — |  |  | 127.3 |  |  | — |  |  | — |  |  | 127.3 |
Repurchase agreements | 782.7 |  |  | — |  |  | 782.7 |  |  | — |  |  | 782.7 |  |  | — |
Total liabilities | $ | 910.0 |  |  | $ | — |  |  | $ | 910.0 |  |  | $ | — |  |  | $ | 782.7 |  |  | $ | 127.3 |

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-8 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-5 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A + Details
Name: | us-gaap_ScheduleOfDerivativesInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for fair value hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + Details
Name: | us-gaap_ScheduleOfFairValueHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 4CC -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4CC + Details
Name: | us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration