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Derivative Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments | The components of our banking derivative financial instruments consisted of the following as of:
| Number of Transactions |  | Expiration Dates |  | Outstanding Notional |  | Estimated Fair Value |  |
September 30, 2023 |  |  |  |  |  |  |  |  |
Derivative financial instruments designated as hedging instruments: |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |
Interest Rate Products | 32 |  | 2028 - 2036 |  | $ | 198,424 |  |  | $ | 19,246 |  |  |
Derivative financial instruments not designated as hedging instruments: |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |
Interest Rate Products | 45 |  | 2023 - 2037 |  | $ | 397,422 |  |  | $ | 30,938 |  |  |
Other | 1 |  | 2025 |  | $ | 14,638 |  |  | $ | 4 |  |  |
Liabilities: |  |  |  |  |  |  |  |  |
Interest Rate Products | 45 |  | 2023 - 2037 |  | $ | 397,422 |  |  | $ | 30,319 |  |  |
December 31, 2022 |  |  |  |  |  |  |  |  |
Derivative financial instruments designated as hedging instruments: |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |
Interest Rate Products | 32 |  | 2028-2036 |  | $ | 201,906 |  |  | $ | 15,636 |  |  |
Derivative financial instruments not designated as hedging instruments: |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |
Interest Rate Products | 41 |  | 2024-2037 |  | $ | 338,770 |  |  | $ | 24,615 |  |  |
Other | 1 |  | 2025 |  | $ | 14,638 |  |  | $ | — |  |  |
Liabilities: |  |  |  |  |  |  |  |  |
Interest Rate Products | 41 |  | 2024-2037 |  | $ | 338,770 |  |  | $ | 24,242 |  |  |
The components of our mortgage banking derivative financial instruments consisted of the following as of:
| Expiration Dates |  | Outstanding Notional |  | Estimated Fair Value |  |
September 30, 2023 |  |  |  |  |  |  |
Derivative financial instruments |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Interest rate lock commitments (IRLC) | 2023 |  | $ | 57,868 |  |  | $ | 59 |  |  |
Forward MBS trades | 2023 |  | $ | 74,000 |  |  | $ | 568 |  |  |
Liabilities: |  |  |  |  |  |  |
Futures | 2023 |  | $ | 18,800 |  |  | $ | 1,274 |  |  |
December 31, 2022 |  |  |  |  |  |  |
Derivative financial instruments |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Forward MBS trades | 2023 |  | $ | 85,000 |  |  | $ | 36 |  |  |
Liabilities: |  |  |  |  |  |  |
Futures | 2023 |  | $ | 21,800 |  |  | $ | 225 |  |  |
Interest rate lock commitments (IRLC) | 2023 |  | $ | 52,533 |  |  | $ | 60 |  |  |
Schedule of Derivative Instruments, Gain (Loss) | We recorded gains and losses on banking derivative assets and liabilities as follows:
| For the three months ended September 30, |  | For the nine months ended September 30, |  |  |  |
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |  |  |
Recorded gain on banking derivative assets | $ | 10,700 |  |  | $ | 15,123 |  |  | $ | 15,745 |  |  | $ | 30,192 |  |  |  |  |
Recorded loss on banking derivative liabilities | $ | (10,263) |  |  | $ | (14,771) |  |  | $ | (15,494) |  |  | $ | (29,095) |  |  |  |  |
We recorded gains and losses on mortgage banking derivative assets and liabilities as follows:
| For the three months ended September 30, |  | For the nine months ended September 30, |  |  |  |
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |  |  |
Recorded gain on mortgage banking derivative assets | $ | 955 |  |  | $ | 3,277 |  |  | $ | 651 |  |  | $ | 5,189 |  |  |  |  |
Recorded loss on mortgage banking derivative liabilities | $ | (3,459) |  |  | $ | (2,844) |  |  | $ | (3,499) |  |  | $ | (16,940) |  |  |  |  |

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