XML 68 R52.htm IDEA: XBRL DOCUMENT

Derivatives (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2023 and 2022. Information about the valuation methods used to measure fair value is provided in note 22.


				Asset derivatives fair value								Liability derivatives fair value
		Balance Sheet		December 31,			December 31,			Balance Sheet		December 31,			December 31,
		location		2023			2022			Location		2023			2022
Derivatives designated as hedging instruments:
Interest rate products		Other assets		$	28,928		$	34,164		Other liabilities		$	3,400		$	1,929
Total derivatives designated as hedging instruments				$	28,928		$	34,164				$	3,400		$	1,929

Derivatives not designated as hedging instruments:
Interest rate products		Other assets		$	8,480		$	10,657		Other liabilities		$	8,484		$	10,660
Interest rate lock commitments		Other assets			287			197		Other liabilities			5			174
Forward contracts		Other assets			—			210		Other liabilities			110			104
Total derivatives not designated as hedging instruments				$	8,767		$	11,064				$	8,599		$	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 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 years ended December 31,
hedging relationships		derivatives		2023			2022
Interest rate products		Interest and fees on loans		$	1,107		$	44,266


		Location of gain (loss)		Amount of gain (loss) recognized in income on hedged items
		recognized in income on		For the years ended December 31,
Hedged items		hedged items		2023			2022
Interest rate products		Interest and fees on loans		$	6,702		$	(46,708)


		Location of gain (loss)		Amount of gain recognized in income on derivatives
Derivatives not designated		recognized in income on		For the years ended December 31,
as hedging instruments		derivatives		2023			2022
Interest rate products		Other non-interest expense		$	2		$	6
Interest rate lock commitments		Mortgage banking income			(10)			(2,405)
Forward contracts		Mortgage banking income			(216)			281
Total				$	(224)		$	(2,118)

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

The table below presents the effect of cash flow hedge accounting on AOCI as of the dates presented.


		For the year ended December 31, 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		$	(1,453)		$	(1,081)		$	(372)		Interest income		$	(1,678)		$	(1,223)		$	(455)


		For the year ended December 31, 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			Gain reclassified from AOCI into income included component			Gain reclassified from AOCI into income excluded component
Derivatives in cash flow hedging relationships:
Interest rate products		$	(2,245)		$	(2,192)		$	(53)		Interest income		$	(124)		$	(32)		$	(92)