Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosures [Line Items]

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	)

- 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.

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