XML 33 R24.htm IDEA: XBRL DOCUMENT
v3.23.3

Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Value of Derivative Assets and Derivative Liabilities | The following table indicates the amounts representing the value of derivative assets and derivative liabilities as of the dates presented:
| Derivative Assets (Included in Other Assets) |  | Derivative Liabilities (Included in Other Liabilities) |  |
| September 30, 2023 |  | December 31, 2022 |  | September 30, 2023 |  | December 31, 2022 |  |
(dollars in thousands) | Notional Amount | Fair Value |  | Notional Amount | Fair Value |  | Notional Amount | Fair Value |  | Notional Amount | Fair Value |  |
Derivatives Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap contracts - cash flow hedge | $ | — |  | $ | — |  |  | $ | — |  | $ | — |  |  | $ | 500,000 |  | $ | 25,668 |  |  | $ | 500,000 |  | $ | 21,368 |  |  |
Total Derivatives Designated as Hedging Instruments | $ | — |  | $ | — |  |  | $ | — |  | $ | — |  |  | $ | 500,000 |  | $ | 25,668 |  |  | $ | 500,000 |  | $ | 21,368 |  |  |
Derivatives Not Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap contracts - commercial loans | $ | 905,409 |  | $ | 93,601 |  |  | $ | 976,707 |  | $ | 83,449 |  |  | $ | 905,409 |  | $ | 94,438 |  |  | $ | 976,707 |  | $ | 83,449 |  |  |
Interest rate lock commitments - mortgage loans | — |  | — |  |  | 126 |  | 5 |  |  | — |  | — |  |  | — |  | — |  |  |
Forward sales contracts - mortgage loans | — |  | — |  |  | 130 |  | 2 |  |  | — |  | — |  |  | — |  | — |  |  |
Total Derivatives Not Designated as Hedging Instruments | $ | 905,409 |  | $ | 93,601 |  |  | $ | 976,963 |  | $ | 83,456 |  |  | $ | 905,409 |  | $ | 94,438 |  |  | $ | 976,707 |  | $ | 83,449 |  |  |
Total Derivatives | $ | 905,409 |  | $ | 93,601 |  |  | $ | 976,963 |  | $ | 83,456 |  |  | $ | 1,405,409 |  | $ | 120,106 |  |  | $ | 1,476,707 |  | $ | 104,817 |  |  |
Schedule of Interest Rate Derivatives | The following table indicates the gross amounts of interest rate swap derivative assets and derivative liabilities, the amounts offset and the carrying values in the Consolidated Balance Sheets at the dates presented:
| Derivatives (included in Other Assets) |  | Derivatives (included in Other Liabilities)
(dollars in thousands) | September 30, 2023 |  | December 31, 2022 |  | September 30, 2023 |  | December 31, 2022
Gross amounts recognized | $ | 93,601 |  |  | $ | 83,449 |  |  | $ | 120,106 |  |  | $ | 104,817 |
Gross amounts offset | — |  |  | — |  |  | — |  |  | — |
Net amounts presented in the Consolidated Balance Sheets | 93,601 |  |  | 83,449 |  |  | 120,106 |  |  | 104,817 |
Netting adjustments(1) | (16,465) |  |  | (15,196) |  |  | (16,465) |  |  | (15,196) |
Cash collateral(2) | (77,049) |  |  | (65,065) |  |  | (10,506) |  |  | (6,307) |
Net Amount | $ | 87 |  |  | $ | 3,188 |  |  | $ | 93,135 |  |  | $ | 83,314 |
(1) Netting adjustments represent the amounts recorded to convert derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance.
(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 application of the cash collateral cannot reduce the net derivative position below zero. Therefore, excess cash collateral, if any, is not reflected above.
Schedule of Effect of Cash Flow Hedges | The following table presents the effect, net of tax, of the cash flow hedges on OCI and on the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three month periods presented:
| Amount of Loss Recognized in Other Comprehensive Income (Loss) |  | Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Interest Income
(dollars in thousands) | September 30, 2023 |  | September 30, 2022 |  | September 30, 2023 |  | September 30, 2022
Derivatives in Cash Flow Hedging Relationships: |  |  |  |  |  |  |  |  |  |  |
Interest rate swap contracts - cash flow hedge |  | $ | (1,647) |  |  |  | $ | (13,256) |  |  |  | $ | (2,749) |  |  |  | $ | 222 |
Total |  | $ | (1,647) |  |  |  | $ | (13,256) |  |  |  | $ | (2,749) |  |  |  | $ | 222 |
The following table presents the effect, net of tax, of the cash flow hedges on OCI and on the Condensed Consolidated Statements of Comprehensive Income (Loss) for the nine month periods presented:
| Amount of Loss Recognized in Other Comprehensive Income (Loss) |  | Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Interest Income
(dollars in thousands) | September 30, 2023 |  | September 30, 2022 |  | September 30, 2023 |  | September 30, 2022
Derivatives in Cash Flow Hedging Relationships: |  |  |  |  |  |  |  |  |  |  |
Interest rate swap contracts - cash flow hedge |  | $ | (3,399) |  |  |  | $ | (17,875) |  |  |  | $ | (6,958) |  |  |  | $ | 947 |
Total |  | $ | (3,399) |  |  |  | $ | (17,875) |  |  |  | $ | (6,958) |  |  |  | $ | 947 |
Schedule of Amount of Gain or Loss Recognized in Income on Derivatives | The following table indicates the gain or loss recognized in income on derivatives not designated as hedging instruments for the periods presented:
| Three months ended September 30, |  | Nine months ended September 30,
(dollars in thousands) | 2023 |  | 2022 |  | 2023 |  | 2022
Derivatives not Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |
Interest rate swap contracts—commercial loans |  | $ | (851) |  |  |  | $ | 64 |  |  |  | $ | (851) |  |  |  | $ | 71 |
Interest rate lock commitments—mortgage loans |  | — |  |  |  | (58) |  |  |  | (5) |  |  |  | (404) |
Forward sale contracts—mortgage loans |  | — |  |  |  | 9 |  |  |  | (2) |  |  |  | 4 |
Total Derivatives (Loss) Gain |  | $ | (851) |  |  |  | $ | 15 |  |  |  | $ | (858) |  |  |  | $ | (329) |

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information about items reclassified out of accumulated other comprehensive income (loss). + References No definition available. + Details
Name: | us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of interest rate derivatives, including, but not limited to, the fair value of the derivatives, statement of financial position location, and statement of financial performance location of these instruments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + Details
Name: | us-gaap_ScheduleOfInterestRateDerivativesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration