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Derivatives and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Offsetting Assets

The tables below present a gross presentation, the effects of offsetting, and a net presentation of the Company’s financial instruments that are eligible for offset in the Consolidated Statements of Condition at June 30, 2023 and December 31, 2022 (in thousands).

						Fair Values of Derivative Instruments as of June 30, 2023
						Asset Derivatives																		Liability Derivatives
						Notional Amount						Consolidated Statements of Financial Condition						Fair  value (2)						Notional Amount						Consolidated Statements of Financial Condition						Fair  value (2)
Derivatives not designated as a hedging instrument:
Interest rate products						$	1,114,765					Other assets						$	109,589					1,114,765						Other liabilities						109,871
Credit contracts						46,768						Other assets						47						96,764						Other liabilities						11
Total derivatives not designated as a hedging instrument																		109,636																		109,882
Derivatives designated as a hedging instrument:
Interest rate products						405,000						Other assets						24,769						—						Other liabilities						—
Total gross derivative amounts recognized on the balance sheet																		134,405																		109,882
Gross amounts offset on the balance sheet																		—																		—
Net derivative amounts presented on the balance sheet																		$	134,405																	109,882
Gross amounts not offset on the balance sheet:
Financial instruments - institutional counterparties																		$	—																	—
Cash collateral - institutional counterparties (1)																		129,021																		—
Net derivatives not offset																		$	5,384																	109,882

						Fair Values of Derivative Instruments as of December 31, 2022
						Asset Derivatives																		Liability Derivatives
						Notional Amount						Consolidated Statements of Financial Condition						Fair  value (2)						Notional Amount						Consolidated Statements of Financial Condition						Fair  value (2)
Derivatives not designated as a hedging instrument:
Interest rate products						$	1,198,191					Other assets						$	122,047					$	1,198,191					Other liabilities						122,378
Credit contracts						47,143						Other assets						26						110,714						Other liabilities						12
Total derivatives not designated as a hedging instrument																		122,073																		122,390
Derivatives designated as a hedging instrument:
Interest rate products						460,000						Other assets						29,119						—						Other liabilities						—
Total gross derivative amounts recognized on the balance sheet																		151,192																		122,390
Gross amounts offset on the balance sheet																		—																		—
Net derivative amounts presented on the balance sheet																		$	151,192																	122,390
Gross amounts not offset on the balance sheet:
Financial instruments - institutional counterparties																		$	—																	—
Cash collateral - institutional counterparties (1)																		149,800																		—
Net derivatives not offset																		$	1,392																	122,390

(1) Cash collateral represents the amount that cannot be used to offset our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The application of the cash collateral cannot reduce the net derivative position below zero. Therefore, excess cash collateral, if any, is not reflected above.

(2) The fair values related to interest rate products in the above net derivative tables show the total value of assets and liabilities, which include accrued interest receivable and accrued interest payable for the periods ended June 30, 2023 and December 31, 2022.

Offsetting Liabilities

The tables below present a gross presentation, the effects of offsetting, and a net presentation of the Company’s financial instruments that are eligible for offset in the Consolidated Statements of Condition at June 30, 2023 and December 31, 2022 (in thousands).

						Fair Values of Derivative Instruments as of June 30, 2023
						Asset Derivatives																		Liability Derivatives
						Notional Amount						Consolidated Statements of Financial Condition						Fair  value (2)						Notional Amount						Consolidated Statements of Financial Condition						Fair  value (2)
Derivatives not designated as a hedging instrument:
Interest rate products						$	1,114,765					Other assets						$	109,589					1,114,765						Other liabilities						109,871
Credit contracts						46,768						Other assets						47						96,764						Other liabilities						11
Total derivatives not designated as a hedging instrument																		109,636																		109,882
Derivatives designated as a hedging instrument:
Interest rate products						405,000						Other assets						24,769						—						Other liabilities						—
Total gross derivative amounts recognized on the balance sheet																		134,405																		109,882
Gross amounts offset on the balance sheet																		—																		—
Net derivative amounts presented on the balance sheet																		$	134,405																	109,882
Gross amounts not offset on the balance sheet:
Financial instruments - institutional counterparties																		$	—																	—
Cash collateral - institutional counterparties (1)																		129,021																		—
Net derivatives not offset																		$	5,384																	109,882

						Fair Values of Derivative Instruments as of December 31, 2022
						Asset Derivatives																		Liability Derivatives
						Notional Amount						Consolidated Statements of Financial Condition						Fair  value (2)						Notional Amount						Consolidated Statements of Financial Condition						Fair  value (2)
Derivatives not designated as a hedging instrument:
Interest rate products						$	1,198,191					Other assets						$	122,047					$	1,198,191					Other liabilities						122,378
Credit contracts						47,143						Other assets						26						110,714						Other liabilities						12
Total derivatives not designated as a hedging instrument																		122,073																		122,390
Derivatives designated as a hedging instrument:
Interest rate products						460,000						Other assets						29,119						—						Other liabilities						—
Total gross derivative amounts recognized on the balance sheet																		151,192																		122,390
Gross amounts offset on the balance sheet																		—																		—
Net derivative amounts presented on the balance sheet																		$	151,192																	122,390
Gross amounts not offset on the balance sheet:
Financial instruments - institutional counterparties																		$	—																	—
Cash collateral - institutional counterparties (1)																		149,800																		—
Net derivatives not offset																		$	1,392																	122,390

(1) Cash collateral represents the amount that cannot be used to offset our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The application of the cash collateral cannot reduce the net derivative position below zero. Therefore, excess cash collateral, if any, is not reflected above.

(2) The fair values related to interest rate products in the above net derivative tables show the total value of assets and liabilities, which include accrued interest receivable and accrued interest payable for the periods ended June 30, 2023 and December 31, 2022.

Effect of the derivative financial instruments on the Income Statement

The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income during the three and six months ended June 30, 2023 and 2022 (in thousands).

												Gain (loss) recognized in income on derivatives for the three months ended
						Consolidated Statements of Income						June 30, 2023						June 30, 2022
Derivatives not designated as a hedging instrument:
Interest rate products						Other income						$	126					77
Credit contracts						Other income						(8)						(18)
Total												$	118					59
Derivatives designated as a hedging instrument:
Interest rate products						Interest (income) expense						$	(4,124)					(162)
Total												$	(4,124)					(162)

												Gain (loss) recognized in income on derivatives for the six months ended
						Consolidated Statements of Income						June 30, 2023						June 30, 2022
Derivatives not designated as a hedging instrument:
Interest rate products						Other income						$	52					443
Credit contracts						Other income						(4)						(35)
Total												$	48					408
Derivatives designated as a hedging instrument:
Interest rate products						Interest (income) expense						$	(8,343)					504
Total												$	(8,343)					504

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Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483466/210-20-50-4

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+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483466/210-20-50-4

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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

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