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Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended
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Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items] |
Summary of Derivatives Outstanding | The following table summarizes the derivatives outstanding:
(In thousands) |  | Notional Amount |  | Balance Sheet Location |  | Fair Value |  |  | Notional Amount |  | Balance Sheet Location |  | Fair Value |
As of September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives |  | $ | 1,304,523 |  | Other assets |  | $ | 143,716 |  |  | $ | 1,304,523 |  | Other liabilities |  | $ | 143,596 |
Risk participation agreements |  |  | 62,467 |  | Other assets |  |  | 7 |  |  |  | 16,716 |  | Other liabilities |  |  | 3 |
Total derivatives not designated as hedging instruments |  |  |  |  |  |  | $ | 143,723 |  |  |  |  |  |  |  | $ | 143,599 |
Netting adjustments(1) |  |  |  |  |  |  |  | 30,583 |  |  |  |  |  |  |  |  | - |
Net derivatives in the balance sheet |  |  |  |  |  |  | $ | 113,140 |  |  |  |  |  |  |  | $ | 143,599 |
Derivatives not offset on the balance sheet |  |  |  |  |  |  | $ | 143 |  |  |  |  |  |  |  | $ | 143 |
Cash collateral(2) |  |  |  |  |  |  |  | - |  |  |  |  |  |  |  |  | - |
Net derivative amounts |  |  |  |  |  |  | $ | 112,997 |  |  |  |  |  |  |  | $ | 143,456 |
As of December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives |  | $ | 1,275,708 |  | Other assets |  | $ | 117,247 |  |  | $ | 1,275,708 |  | Other liabilities |  | $ | 117,247 |
Risk participation agreements |  |  | 88,963 |  | Other assets |  |  | 47 |  |  |  | 18,421 |  | Other liabilities |  |  | 10 |
Total derivatives not designated as hedging instruments |  |  |  |  |  |  | $ | 117,294 |  |  |  |  |  |  |  | $ | 117,257 |
Netting adjustments(1) |  |  |  |  |  |  |  | 24,109 |  |  |  |  |  |  |  |  | - |
Net derivatives in the balance sheet |  |  |  |  |  |  | $ | 93,185 |  |  |  |  |  |  |  | $ | 117,257 |
Derivatives not offset on the balance sheet |  |  |  |  |  |  | $ | 352 |  |  |  |  |  |  |  | $ | 352 |
Cash collateral(2) |  |  |  |  |  |  |  | - |  |  |  |  |  |  |  |  | - |
Net derivative amounts |  |  |  |  |  |  | $ | 92,833 |  |  |  |  |  |  |  | $ | 116,905 |
(1) | Netting adjustments represents the amounts recorded to convert derivatives assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance on the settle to market rules for cleared derivatives. The CME legally characterizes the variation margin posted between counterparties as settlements of the outstanding derivative contracts instead of cash collateral.
(2) | 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 other collateral consists of securities and is exchanged under bilateral collateral and master netting agreements that allow us to offset the net derivative position with the related collateral. The application of the other collateral cannot reduce the net derivative position below zero. Therefore, excess other collateral, if any, is not reflected above.
Not Designated as Hedging Instrument [Member] |
Derivative Instruments and Hedging Activities Disclosures [Line Items] |
Effect of Derivatives on AOCI and on Consolidated Statement of Income | The following table indicates the gain or loss recognized in income on derivatives not designated as a hedging relationship:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(In thousands) |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
(Decrease) in other income |  | $ | (65 | ) |  | $ | (33 | ) |  | $ | (65 | ) |  | $ | (152 | )

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