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Derivatives (Tables)

9 Months Ended

Sep. 30, 2024

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, 2024 and December 31, 2023. Information about the valuation methods used to measure fair value is provided in note 17.


				Asset derivatives fair value								Liability derivatives fair value
		Balance Sheet		September 30,			December 31,			Balance Sheet		September 30,			December 31,
		location		2024			2023			location		2024			2023
Derivatives designated as hedging instruments:
Interest rate products		Other assets		$	21,781		$	28,928		Other liabilities		$	4,688		$	3,400
Total derivatives designated as hedging instruments				$	21,781		$	28,928				$	4,688		$	3,400

Derivatives not designated as hedging instruments:
Interest rate products		Other assets		$	8,678		$	8,480		Other liabilities		$	8,689		$	8,484
Interest rate lock commitments		Other assets			603			287		Other liabilities			3			5
Forward contracts		Other assets			37			—		Other liabilities			71			110
Total derivatives not designated as hedging instruments				$	9,318		$	8,767				$	8,763		$	8,599

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, 2024 and 2023:

Location of gain (loss)

Amount of (loss) gain recognized in income on derivatives

recognized in income on

For the three months ended September 30,

For the nine months ended September 30,

Derivatives in hedging relationships

derivatives

2024

2023

2024

2023

Interest rate products

Interest and fees on loans

$

(12,000)

$

13,005

$

(479)

$

16,855

Location of gain (loss)

Amount of gain (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

2024

2023

2024

2023

Interest rate products

Interest and fees on loans

$

13,945

$

(10,255)

$

6,451

$

(9,940)


		Location of gain (loss)		Amount of 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		2024			2023			2024			2023
Interest rate products		Other non-interest expense		$	(6)		$	(33)		$	(6)		$	(32)
Interest rate lock commitments		Mortgage banking income			188			30			459			73
Forward contracts		Mortgage banking income			(48)			49			77			74
Total				$	134		$	46		$	530		$	115

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

The tables below present the effect of cash flow hedge accounting on AOCI as of the dates presented.


		For the three months ended September 30, 2024
		Gain recognized in OCI on derivatives			Gain recognized in OCI included component			Gain 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		$	1,011		$	890		$	121			Interest income		$	(548)		$	(429)		$	(119)


		For the nine months ended September 30, 2024
		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		$	(824)		$	(368)		$	(456)			Interest income		$	(1,575)		$	(1,220)		$	(355)


		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)