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Derivative Instrument and Hedging Activities (Tables)

9 Months Ended

Sep. 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 September 30, 2022 and December 31, 2021 (in thousands):

										Asset derivatives										Liability derivatives
		Gross notional amount										Fair value										Fair value
		Sept. 30, 2022				December 31, 2021				Balance sheet line item		Sept. 30, 2022				December 31, 2021				Balance sheet line item		Sept. 30, 2022				December 31, 2021
Derivatives designated    as hedging instruments
Cash flow hedges		$	50,000			$	50,000			Other assets		$	7,040			$	1,559			Other liabilities		$	—			$	—
Total derivatives		$	50,000			$	50,000					$	7,040			$	1,559					$	—			$	—
Derivatives not    designated as hedging    instruments
Interest rate swaps (1)			986,085				820,693			Other assets			49,502				14,702			Other liabilities			49,505				14,708
Credit contracts			99,466				106,671			Other assets			—				—			Other liabilities			—				1
Mortgage banking			10,563				18,199			Other assets			169				243			Other liabilities			363				4
Total derivatives		$	1,096,114			$	945,563					$	49,671			$	14,945					$	49,868			$	14,713

(1)The Company has posted collateral of $54.0 million against its net obligations under these contracts at September 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 nine months ended September 30, 2022 and 2021 (in thousands):

				Gain (loss) recognized in income								Gain (loss) recognized in income
		Line item of gain (loss)		Three months ended September 30,								Nine months ended September 30,
Undesignated derivatives		recognized in income		2022				2021				2022				2021
Interest rate swaps		Income from derivative instruments, net			317				248				1,675				1,687
Credit contracts		Income from derivative instruments, net			3				38				21				74
Mortgage banking		Income from derivative instruments, net			(221	)			91				(433	)			(101	)
Total undesignated				$	99			$	377			$	1,263			$	1,660

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- References

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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 https://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

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- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959

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