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Derivatives (Tables) | 3 Months Ended
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Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Financial Instruments | The following tables provide details on the Company’s non-designated derivative financial instruments as of the dates presented:
|  | March 31, 2022 |
|  | Notional Amount |  | Asset |  | Liability |
Interest rate contracts |  | $ | 587,309 |  |  | $ | 23,245 |  |  | $ | 23,195 |  |
Forward commitments |  | 805,000 |  |  | 12,921 |  |  | — |  |
Interest rate-lock commitments |  | 541,560 |  |  | 1,752 |  |  | — |  |
Futures contracts |  | 382,000 |  |  | — |  |  | 4,754 |  |
Total |  | $ | 2,315,869 |  |  | $ | 37,918 |  |  | $ | 27,949 |  |
|  | December 31, 2021
|  | Notional Amount |  | Asset |  | Liability
Interest rate contracts |  | $ | 600,048 |  |  | $ | 19,265 |  |  | $ | 19,138 |
Forward commitments |  | 1,180,000 |  |  | — |  |  | 1,077 |
Interest rate-lock commitments |  | 487,396 |  |  | 7,197 |  |  | — |
Futures contracts |  | 429,000 |  |  | 922 |  |  | — |
Total |  | $ | 2,696,444 |  |  | $ | 27,384 |  |  | $ | 20,215 |
The following presents a summary of the Company's designated cash flow hedges as of the dates presented:
|  |  |  | March 31, 2022 |  | December 31, 2021 |
|  | Notional Amount |  | Estimated fair value |  | Balance sheet location |  | Estimated fair value |  | Balance sheet location |
Interest rate swap agreements- subordinated debt |  | $ | 30,000 |  |  | $ | 262 |  |  | Other assets |  | $ | (785) |  |  | Accrued expenses and other liabilities |
|  | March 31, 2022
|  | Notional Amount |  | Remaining Maturity (In Years) |  | Receive Fixed Rate |  | Pay Floating Rate |  | Estimated fair value
Derivatives included in other liabilities: |  |  |  |  |  |  |  |  |  |
Interest rate swap agreement- subordinated debt |  | $ | 100,000 |  |  | 1.92 |  | 1.45625% |  | SOFR |  | $ | (1,333) |
Interest rate swap agreement- fixed rate money market deposits |  | 75,000 |  |  | 2.39 |  | 1.49500% |  | SOFR |  | (1,405) |
Interest rate swap agreement- fixed rate money market deposits |  | 125,000 |  |  | 2.39 |  | 1.49500% |  | SOFR |  | (2,342) |
Total |  | $ | 300,000 |  |  | 2.23 |  | 1.48208% |  |  |  | $ | (5,080) |
Schedule of Gains (Losses) Included in the Consolidated Statements of Income Related to Derivative Financial Instruments | Gains (losses) included in the consolidated statements of income related to the Company’s non-designated derivative financial instruments were as follows:
|  |  |  | Three Months Ended March 31,
|  |  |  |  | 2022 |  | 2021 |  |
Included in mortgage banking income: |  |  |  |  |  |  |
Interest rate lock commitments |  |  |  |  | $ | (5,446) |  | $ | (21,442) |  |
Forward commitments |  |  |  |  | 37,903 |  | 43,258 |  |
Futures contracts |  |  |  |  | (16,535) |  | (16,332) |  |
Option contracts |  |  |  |  | 36 |  | — |  |
Total |  |  |  |  | $ | 15,958 |  | $ | 5,484 |  |
The following discloses the amount included in other comprehensive income, net of tax, for derivative instruments designated as cash flow hedges for the periods presented:
|  |  |  | Three Months Ended March 31,
|  |  |  |  | 2022 |  | 2021 |  |
Amount of gain recognized in other comprehensive (loss) income, net of tax expense of $273 and $112 |  |  |  |  | $ | 774 |  | $ | 316 |  |
Schedule of Derivative Liabilities at Fair Value | The following amounts were recorded on the balance sheet related to cumulative adjustments for fair value hedges as of March 31, 2022:
| Line item on the balance sheet |  | Carrying Amount of the Hedged Item |  | Cumulative Decrease in Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Item
| Borrowings |  | $ | 97,378 |  |  |  | (1) | $ | (1,333) |  |  |
| Money market and savings deposits |  | 205,415 |  |  |  | (2) | (3,747) |  |  |
(1) The carrying value also includes unamortized subordinated debt issuance costs of $1,289. (2) The carrying value also includes and purchase accounting fair value premium of $9,162.
Schedule of Offsetting Assets | The following table presents the Company's gross derivative positions as recognized in the consolidated balance sheets as well as the net derivative positions, including collateral pledged to the extent the application of such collateral did not reduce the net derivative liability position below zero, had the Company elected to offset those instruments subject to an enforceable master netting agreement:
|  | Offsetting Derivative Assets |  | Offsetting Derivative Liabilities
|  | March 31, 2022 |  | December 31, 2021 |  | March 31, 2022 |  | December 31, 2021
Gross amounts recognized |  | $ | 18,895 |  |  | $ | 4,990 |  |  | $ | 12,134 |  |  | $ | 15,733 |
Gross amounts offset in the consolidated balance sheets |  | — |  |  | — |  |  | — |  |  | — |
Net amounts presented in the consolidated balance sheets |  | 18,895 |  |  | 4,990 |  |  | 12,134 |  |  | 15,733 |
Gross amounts not offset in the consolidated balance sheets |  |  |  |  |  |  |  |
Less: financial instruments |  | 9,681 |  |  | 4,297 |  |  | 9,681 |  |  | 4,297 |
Less: financial collateral pledged |  | — |  |  | — |  |  | 2,453 |  |  | 11,436 |
Net amounts |  | $ | 9,214 |  |  | $ | 693 |  |  | $ | — |  |  | $ | — |
Schedule of Offsetting Liabilities | The following table presents the Company's gross derivative positions as recognized in the consolidated balance sheets as well as the net derivative positions, including collateral pledged to the extent the application of such collateral did not reduce the net derivative liability position below zero, had the Company elected to offset those instruments subject to an enforceable master netting agreement:
|  | Offsetting Derivative Assets |  | Offsetting Derivative Liabilities
|  | March 31, 2022 |  | December 31, 2021 |  | March 31, 2022 |  | December 31, 2021
Gross amounts recognized |  | $ | 18,895 |  |  | $ | 4,990 |  |  | $ | 12,134 |  |  | $ | 15,733 |
Gross amounts offset in the consolidated balance sheets |  | — |  |  | — |  |  | — |  |  | — |
Net amounts presented in the consolidated balance sheets |  | 18,895 |  |  | 4,990 |  |  | 12,134 |  |  | 15,733 |
Gross amounts not offset in the consolidated balance sheets |  |  |  |  |  |  |  |
Less: financial instruments |  | 9,681 |  |  | 4,297 |  |  | 9,681 |  |  | 4,297 |
Less: financial collateral pledged |  | — |  |  | — |  |  | 2,453 |  |  | 11,436 |
Net amounts |  | $ | 9,214 |  |  | $ | 693 |  |  | $ | — |  |  | $ | — |

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- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959 + Details
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