XML 41 R30.htm IDEA: XBRL DOCUMENT v3.23.2
DERIVATIVES AND HEDGING (Tables)
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Schedule of Derivatives Designated in Hedge Relationships  
Asset DerivativesLiability Derivatives
June 30, 2023December 31, 2022June 30, 2023December 31, 2022
Notional/ Contract AmountFair ValueNotional/ Contract AmountFair ValueNotional/ Contract AmountFair ValueNotional/ Contract AmountFair Value
Hedged interest rate swaps$— $— $— $— $400,000 $24,198 $400,000 $26,485 
Interest rate swaps not designated in hedge relationships426,710 35,660 440,731 37,119 426,710 35,682 440,731 37,150 
Less: Master netting agreements(16,664)(17,780)(16,664)(17,780)
Less: Cash settlements— — (6,439)(8,705)
Net interest rate swaps18,996 19,339 36,777 37,150 
Risk participation agreements1,167 — 1,283 — 45,979 52 47,283 67 
Mortgage loan commitments24,671 270 15,920 81 — — 12,367 42 
Forward sales contracts32,010 79 16,568 61 2,276 3,000 76 
Total$484,558 $19,345 $474,502 $19,481 $474,965 $36,831 $503,381 $37,335 
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The following table presents the effect of cash flow hedge accounting on AOCI for the three and six months ended June 30, 2023 and 2022 (in thousands):
For the Three Months Ended June 30, 2023
Amount of Gain or (Loss) Recognized in AOCI on Derivative Amount of Gain or (Loss) Recognized in AOCI Included ComponentAmount of Gain or (Loss) Recognized in AOCI Excluded ComponentLocation of Gain or (Loss) Recognized from AOCI into IncomeAmount of Gain or (Loss) Reclassified from AOCI into IncomeAmount of Gain or (Loss) Reclassified from AOCI into Income Included ComponentAmount of Gain or (Loss) Reclassified from AOCI into Income Excluded Component
Interest rate swaps$(5,514)$(5,514)$— Interest Income$(4,159)$(4,159)$— 
For the Six Months Ended June 30, 2023
Amount of Gain or (Loss) Recognized in AOCI on DerivativeAmount of Gain or (Loss) Recognized in AOCI Included ComponentAmount of Gain or (Loss) Recognized in AOCI Excluded ComponentLocation of Gain or (Loss) Recognized from AOCI into IncomeAmount of Gain or (Loss) Reclassified from AOCI into IncomeAmount of Gain or (Loss) Reclassified from AOCI into Income Included ComponentAmount of Gain or (Loss) Reclassified from AOCI into Income Excluded Component
Interest rate swaps$(4,390)$(4,390)$— Interest Income$(7,772)$(7,772)$— 
For the Three Months Ended June 30, 2022
Amount of Gain or (Loss) Recognized in AOCI on Derivative Amount of Gain or (Loss) Recognized in AOCI Included ComponentAmount of Gain or (Loss) Recognized in AOCI Excluded ComponentLocation of Gain or (Loss) Recognized from AOCI into IncomeAmount of Gain or (Loss) Reclassified from AOCI into IncomeAmount of Gain or (Loss) Reclassified from AOCI into Income Included ComponentAmount of Gain or (Loss) Reclassified from AOCI into Income Excluded Component
Interest rate swaps$(3,617)$(3,617)$— Interest Income$161 $161 $— 
For the Six Months Ended June 30, 2022
Amount of Gain or (Loss) Recognized in AOCI on DerivativeAmount of Gain or (Loss) Recognized in AOCI Included ComponentAmount of Gain or (Loss) Recognized in AOCI Excluded ComponentLocation of Gain or (Loss) Recognized from AOCI into IncomeAmount of Gain or (Loss) Reclassified from AOCI into IncomeAmount of Gain or (Loss) Reclassified from AOCI into Income Included ComponentAmount of Gain or (Loss) Reclassified from AOCI into Income Excluded Component
Interest rate swaps$(17,642)$(17,642)$— Interest Income$912 $912 $— 
 
Schedule of Fair Value, Measured on Nonrecurring Basis, Gains (Losses) From Fair Value Adjustments [Table Text Block]  
Gains (losses) recognized in income within mortgage banking operations on non-designated hedging instruments for the three and six months ended June 30, 2023 and 2022, were as follows (in thousands):
Three Months Ended
June 30,
Six Months Ended
June 30,
2023202220232022
Mortgage loan commitments$(210)$1,889 $230 $(1,110)
Forward sales contracts(221)(2,287)79 (1)
$(431)$(398)$309 $(1,111)
Offsetting Assets and Liabilities   as of June 30, 2023 and December 31, 2022 (in thousands):
June 30, 2023
Gross Amounts of Financial Instruments Not Offset in the Consolidated Statements of Financial Condition
Gross Amounts RecognizedAmounts offset
in the Statement
of Financial Condition
Net Amounts
in the Statement
of Financial Condition
Netting Adjustment Per Applicable Master Netting AgreementsFair Value
of Financial Collateral
in the Statement
of Financial Condition
Net Amount
Derivative assets
Interest rate swaps$35,660 $(16,664)$18,996 $— $— $18,996 
$35,660 $(16,664)$18,996 $— $— $18,996 
Derivative liabilities
Interest rate swaps$59,880 $(23,103)$36,777 $— $(13,195)$23,582 
$59,880 $(23,103)$36,777 $— $(13,195)$23,582 
December 31, 2022
Gross Amounts of Financial Instruments Not Offset in the Consolidated Statements of Financial Condition
Gross Amounts RecognizedAmounts offset
in the Statement
of Financial Condition
Net Amounts
in the Statement
of Financial Condition
Netting Adjustment Per Applicable Master Netting AgreementsFair Value
of Financial Collateral
in the Statement
of Financial Condition
Net Amount
Derivative assets
Interest rate swaps$37,119 $(17,780)$19,339 $— $— $19,339 
$37,119 $(17,780)$19,339 $— $— $19,339 
Derivative liabilities
Interest rate swaps$63,634 $(26,484)$37,150 $— $(14,972)$22,178 
$63,634 $(26,484)$37,150 $— $(14,972)$22,178