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Derivative Instrument and Hedging Activities (Tables) | 6 Months Ended
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Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Fair Values of Derivative Instruments on the Balance Sheet | The table below presents the notional amounts, respective fair values of the Company’s derivative financial instruments, as well as their classification on the balance sheet as of June 30, 2022 and December 31, 2021 (in thousands):
|  |  |  |  |  |  |  | Asset derivatives |  |  | Liability derivatives |
|  | Gross notional amount |  |  | Balance |  | Fair value |  |  | Balance |  | Fair value |
|  | June 30, 2022 |  |  | December 31, 2021 |  |  | sheet line item |  | June 30, 2022 |  |  | December 31, 2021 |  |  | sheet line item |  | June 30, 2022 |  |  | December 31, 2021 |
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash flow hedges |  | $ | 50,000 |  |  | $ | 50,000 |  |  | Other assets |  | $ | 5,048 |  |  | $ | 1,559 |  |  | Other liabilities |  | $ | — |  |  | $ | — |
Total derivatives |  | $ | 50,000 |  |  | $ | 50,000 |  |  |  |  | $ | 5,048 |  |  | $ | 1,559 |  |  |  |  | $ | — |  |  | $ | — |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps (1) |  |  | 942,004 |  |  |  | 820,693 |  |  | Other assets |  |  | 33,033 |  |  |  | 14,702 |  |  | Other liabilities |  |  | 33,037 |  |  |  | 14,708 |
Credit contracts |  |  | 116,104 |  |  |  | 106,671 |  |  | Other assets |  |  | — |  |  |  | — |  |  | Other liabilities |  |  | — |  |  |  | 1 |
Mortgage banking |  |  | 14,614 |  |  |  | 18,199 |  |  | Other assets |  |  | 117 |  |  |  | 243 |  |  | Other liabilities |  |  | 90 |  |  |  | 4 |
Total derivatives |  | $ | 1,072,722 |  |  | $ | 945,563 |  |  |  |  | $ | 33,150 |  |  | $ | 14,945 |  |  |  |  | $ | 33,127 |  |  | $ | 14,713 |
(1) The Company has posted collateral of $40.3 million against its net obligations under these contracts at June 30, 2022, and secured its net obligations under these contracts with $4.0 million in cash at December 31, 2021.
Effect of Derivative Instruments on the Income Statement | The table below presents the effect of the Company’s derivative financial instruments on the income statement for the three and six months ended June 30, 2022 and 2021 (in thousands):
|  |  |  | Gain (loss) recognized in income |  |  | Gain (loss) recognized in income |
|  | Line item of gain (loss) |  | Three months ended June 30, |  |  | Six months ended June 30, |
Undesignated derivatives |  | recognized in income |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Interest rate swaps |  | Income from derivative instruments, net |  |  | 596 |  |  |  | (333 | ) |  |  | 1,358 |  |  |  | 1,439 |
Credit contracts |  | Income from derivative instruments, net |  |  | 18 |  |  |  | (12 | ) |  |  | 18 |  |  |  | 36 |
Mortgage banking |  | Income from derivative instruments, net |  |  | 31 |  |  |  | (247 | ) |  |  | (212 | ) |  |  | (192 | )
Total undesignated |  |  |  | $ | 645 |  |  | $ | (592 | ) |  | $ | 1,164 |  |  | $ | 1,283 |

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- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
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