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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Fair Value of Derivative Financial Instruments and Classification on the Balance Sheet

The following table summarizes the Corporation's derivatives designated as hedges:

Asset Derivatives

Liability Derivatives

June 30, 2023

December 31, 2022

June 30, 2023

December 31, 2022

Balance Sheet Location

Fair Value

Balance Sheet Location

Fair Value

Balance Sheet Location

Fair Value

Balance Sheet Location

Fair Value

Cash flow hedges:

Interest rate swaps on borrowings

Other Assets

$

66

Other Assets

$

164

Other Liabilities

$

—

Other Liabilities

$

—

The table below presents the fair value of the Corporation’s non-designated hedges, as well as their classification on the Balance Sheet, as of June 30, 2023, and December 31, 2022.

			June 30, 2023												December 31, 2022
			Notional Amount						Fair Value						Notional Amount						Fair Value
Included in other assets:
Interest rate swaps			$	1,276,665					$	92,086					$	1,184,866					$	92,652
Forward contracts related to mortgage loans to be delivered for sale			56,798						522						14,406						188
Interest rate lock commitments			12,504						79						5,049						32
Included in other assets			$	1,345,967					$	92,687					$	1,204,321					$	92,872
Included in other liabilities:
Interest rate swaps			$	1,276,665					$	92,053					$	1,184,866					$	92,652
Forward contracts related to mortgage loans to be delivered for sale			15,311						30						4,483						63
Interest rate lock commitments			32,687						136						7,549						55
Included in other liabilities			$	1,324,663					$	92,219					$	1,196,898					$	92,770

Summary of Amount of Loss Recognized in Other Comprehensive Income (Loss)

The amount of gain (loss) recognized in other comprehensive income (loss) is included in the table below for the periods indicated.

Derivatives in Cash Flow Hedging Relationships			Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives  (Effective Portion)
			Three Months Ended												Six Months Ended
			June 30, 2023						June 30, 2022						June 30, 2023						June 30, 2022
Interest Rate Products			$	(62)					$	110					$	(113)					$	413

Summary of Effect of Derivative Financial Instruments on the Income Statement

The amount of gain (loss) reclassified from other comprehensive income (loss) into income related to cash flow hedging relationships is included in the table below for the periods indicated.

Derivatives Designated as Hedging Instruments

Location of Gain (Loss) Recognized Income on Derivative

Amount of Gain (Loss) Reclassed from Other Comprehensive Income (Loss) into Income (Effective Portion)

Three Months Ended June 30, 2023

Three Months Ended June 30, 2022

Interest rate contracts

Interest Expense

$

(16)

$

(178)

Derivatives Designated as Hedging Instruments

Location of Gain (Loss) Recognized Income on Derivative

Amount of Gain (Loss) Reclassed from Other Comprehensive Income (Loss) into Income (Effective Portion)

Six Months Ended June 30, 2023

Six Months Ended June 30, 2022

Interest rate contracts

Interest Expense

$

(15)

$

(418)

The amount of gain (loss) recognized into income related to non-designated hedging instruments is included in the table below for the periods indicated.

Derivatives Not Designated as Hedging Instruments						Location of Gain (Loss) Recognized Income on Derivative						Amount of Gain (Loss) Recognized into Income on Derivatives
												Three Months Ended June 30, 2023						Three Months Ended June 30, 2022
Forward contracts related to mortgage loans to be delivered for sale						Net gains and fees on sales of loans						$	604					$	664
Interest rate lock commitments						Net gains and fees on sales of loans						(220)						207
Total net gain/(loss) recognized in income												$	384					$	871

Derivatives Not Designated as Hedging Instruments						Location of Gain (Loss) Recognized Income on Derivative						Amount of Gain (Loss) Recognized into Income on Derivatives
												Six Months Ended June 30, 2023						Six Months Ended June 30, 2022
Forward contracts related to mortgage loans to be delivered for sale						Net gains and fees on sales of loans						$	709					$	664
Interest rate lock commitments						Net gains and fees on sales of loans						(33)						207
Total net gain/(loss) recognized in income												$	676					$	871

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Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

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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.

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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.

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