XML 49 R40.htm IDEA: XBRL DOCUMENT

Derivatives (Tables)

9 Months Ended

Sep. 30, 2023

Derivatives

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification in the consolidated statements of financial condition as of September 30, 2023 and December 31, 2022. Information about the valuation methods used to measure fair value is provided in note 18.


				Asset derivatives fair value								Liability derivatives fair value
		Balance Sheet		September 30,			December 31,			Balance Sheet		September 30,			December 31,
		location		2023			2022			Location		2023			2022
Derivatives designated as hedging instruments:
Interest rate products		Other assets		$	41,612		$	34,164		Other liabilities		$	2,464		$	1,929
Total derivatives designated as hedging instruments				$	41,612		$	34,164				$	2,464		$	1,929

Derivatives not designated as hedging instruments:
Interest rate products		Other assets		$	10,972		$	10,657		Other liabilities		$	13,471		$	10,660
Interest rate lock commitments		Other assets			252			197		Other liabilities			55			174
Forward contracts		Other assets			183			210		Other liabilities			2			104
Total derivatives not designated as hedging instruments				$	11,407		$	11,064				$	13,528		$	10,938

Derivative Instruments, Gain (Loss)

The tables below present the effect of the Company’s derivative financial instruments in the consolidated statements of operations for the three and nine months ended September 30, 2023 and 2022:

Location of gain (loss)

Amount of gain recognized in income on derivatives

Derivatives in fair value

recognized in income on

For the three months ended September 30,

For the nine months ended September 30,

hedging relationships

derivatives

2023

2022

2023

2022

Interest rate products

Interest and fees on loans

$

13,005

$

13,893

$

16,855

$

44,183

Location of gain (loss)

Amount of loss recognized in income on hedged items

recognized in income on

For the three months ended September 30,

For the nine months ended September 30,

Hedged items

hedged items

2023

2022

2023

2022

Interest rate products

Interest and fees on loans

$

(10,255)

$

(14,589)

$

(9,940)

$

(47,601)


		Location of gain (loss)		Amount of (loss) gain recognized in income on derivatives
Derivatives not designated		recognized in income on		For the three months ended September 30,						For the nine months ended September 30,
as hedging instruments		derivatives		2023			2022			2023			2022
Interest rate products		Other non-interest expense		$	(33)		$	49		$	(32)		$	5
Interest rate lock commitments		Mortgage banking income			30			(1,936)			73			(2,780)
Forward contracts		Mortgage banking income			49			2,179			74			2,095
Total				$	46		$	292		$	115		$	(680)

Summary of effect of fair value cash flow hedge accounting on accumulated other comprehensive income

The table below presents the effect of fair value cash flow hedge accounting on AOCI as of the dates presented. The Company did not utilize cash flow hedges until the third quarter of 2022.


		For the three months ended September 30, 2023
			Loss recognized in OCI on derivatives			Loss recognized in OCI included component			Loss recognized in OCI excluded component		Location of Loss recognized from AOCI into income			Loss reclassified from AOCI into income			Loss reclassified from AOCI into income included component			Loss reclassified from AOCI into income excluded component
Derivatives in cash flow hedging relationships:
Interest rate products		$	(1,122)		$	(818)		$	(304)		Interest income		$	(493)		$	(374)		$	(119)


		For the nine months ended September 30, 2023
			Loss recognized in OCI on derivatives			Loss recognized in OCI included component			Loss recognized in OCI excluded component		Location of Loss recognized from AOCI into income			Loss reclassified from AOCI into income			Loss reclassified from AOCI into income included component			Loss reclassified from AOCI into income excluded component
Derivatives in cash flow hedging relationships:
Interest rate products		$	(2,773)		$	(2,254)		$	(519)		Interest income		$	(1,158)		$	(821)		$	(337)


		For the three and nine months ended September 30, 2022
			Loss recognized in OCI on derivatives			Loss recognized in OCI included component			Loss recognized in OCI excluded component		Location of Loss recognized from AOCI into income			Gain reclassified from AOCI into income			Loss reclassified from AOCI into income included component			Gain reclassified from AOCI into income excluded component
Derivatives in cash flow hedging relationships:
Interest rate products		$	(2,355)		$	(1,827)		$	(528)		Interest income		$	(14)		$	—		$	(14)