XML 34 R24.htm IDEA: XBRL DOCUMENT v3.24.3

DERIVATIVES AND HEDGING ACTIVITIES (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Notional Amount and Fair Value for Derivatives

The notional amounts and fair values for derivatives, all of which are economic hedges are included in other assets or accounts payable and other liabilities on the consolidated balance sheet, consist of the following: 

			At September 30, 2024
			Notional amount						Fair value derivatives
(in thousands)									Asset						Liability
Forward sale commitments			$	139,676					$	175					$	(338)
Interest rate lock commitments			49,009						655						(59)
Interest rate swaps			224,940						7,925						(7,928)
Futures			9,200						—						(13)
Options			10,000						9						—
Total derivatives before netting			$	432,825					$	8,764					$	(8,338)
Netting adjustment/Cash collateral (1)									(7,579)						393
Carrying value on consolidated balance sheet									$	1,185					$	(7,945)

			At December 31, 2023
			Notional amount						Fair value derivatives
(in thousands)									Asset						Liability
Forward sale commitments			$	87,509					$	151					$	(288)
Interest rate lock commitments			21,790						411						—
Interest rate swaps			235,521						10,489						(10,492)
Futures			12,200						—						(3)
Options			9,300						132						—
Total derivatives before netting			$	366,320					$	11,183					$	(10,783)
Netting adjustment/Cash collateral (1)									(10,119)						195
Carrying value on consolidated balance sheet									$	1,064					$	(10,588)

(1)    Includes net cash collateral received of $7.2 million and $9.9 million at September 30, 2024 and December 31, 2023, respectively.

Fair Value, Concentration of Risk

The following table presents gross fair value and net carrying value information for derivative instruments:

(in thousands)			Gross fair value						Netting adjustments/ Cash collateral (1)						Carrying value
At September 30, 2024
Derivative assets			$	8,764					$	(7,579)					$	1,185
Derivative liabilities			(8,338)						393						(7,945)
At December 31, 2023
Derivative assets			$	11,183					$	(10,119)					$	1,064
Derivative liabilities			(10,783)						195						(10,588)

(1)    Includes net cash collateral received of $7.2 million and $9.9 million at September 30, 2024 and December 31, 2023, respectively.

Net Gains (Losses) Recognized on Economic Hedge Derivatives

The following table presents the net gain (loss) recognized on economic hedge derivatives, within the respective line items in the consolidated income statements for the periods indicated:

			Quarter Ended September 30,												Nine Months Ended September 30,
(in thousands)			2024						2023						2024						2023
Recognized in noninterest income:
Net gain (loss) on loan origination and sale activities (1)			$	(469)					$	513					$	(157)					$	780
Loan servicing income (loss) (2)			330						(247)						(395)						(1,475)
Other (3)			(4)						1						(1)						—

(1)Comprised of forward contracts used as an economic hedge of loans held for sale and interest rate lock commitments ("IRLCs") to customers.

(2)Comprised of futures, US Treasury options and forward contracts used as economic hedges of single family MSRs.

(3)Impact of interest rate swap agreements executed with commercial banking customers and broker dealer counterparties.

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 all significant concentrations of risk, including credit risk and market risk, arising from all financial instruments (as defined), whether from an individual counterparty or groups of counterparties. The disclosure concerning concentrations of risk may consist of the following information: (1) for concentrations of credit risk disclosure may include: (a) information about the (shared) activity, region, or economic characteristic that identifies the concentration, (b) the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the entity would incur if parties to the financial instruments that make up the concentration failed completely to perform according to the terms of the contracts and the collateral or other security, if any, for the amount due proved to be of no value to the entity, (c) the policy of requiring collateral or other security to support financial instruments subject to credit risk, information about the entity's access to that collateral or other security, and the nature and a brief description of the collateral or other security supporting those financial instruments, and (d) the policy of entering into master netting arrangements to mitigate the credit risk of financial instruments, information about the arrangements for which the entity is a party, and a brief description of the terms of those arrangements, including the extent to which they would reduce the entity's maximum amount of loss due to credit risk and (2) for disclosure of quantitative information about the market risks of financial instruments that is consistent with the way the company manages or adjusts those risks, disclosure may include: (a) more details about current positions and perhaps activity during the period, (b) the hypothetical effects on comprehensive income (or net assets), or annual income, of several possible changes in market prices, (c) a gap analysis of interest rate re-pricing or maturity dates, (d) the duration of the financial instruments, (e) the entity's value at risk from derivatives and from other positions at the end of the reporting period and the average value at risk during the year, or (f) other ways of reporting quantitative information as internally developed.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 23
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-23

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-20

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-22

+ Details

Name:	us-gaap_FairValueConcentrationOfRiskTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E

Reference 2: 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

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging 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 4B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration