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Derivative Instrument and Hedging Activities (Tables) | 12 Months Ended
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Dec. 31, 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 December 31 (in thousands):
|  |  |  |  |  |  |  | Asset derivatives |  |  | Liability derivatives |
|  | Gross notional amount |  |  | Balance sheet |  | Fair value |  |  | Balance sheet |  | Fair value |
|  | 2022 |  |  | 2021 |  |  | line item |  | 2022 |  |  | 2021 |  |  | line item |  | 2022 |  |  | 2021 |
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash flow hedges |  | $ | 50,000 |  |  | $ | 50,000 |  |  | Other assets |  | $ | 6,725 |  |  | $ | 1,559 |  |  | Other liabilities |  | $ | - |  |  | $ | - |
Total derivatives |  | $ | 50,000 |  |  | $ | 50,000 |  |  |  |  | $ | 6,725 |  |  | $ | 1,559 |  |  |  |  | $ | - |  |  | $ | - |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps (1) |  | $ | 1,006,386 |  |  | $ | 820,693 |  |  | Other assets |  | $ | 47,736 |  |  | $ | 14,528 |  |  | Other liabilities |  | $ | 47,738 |  |  | $ | 14,534 |
Credit contracts |  |  | 104,497 |  |  |  | 106,671 |  |  | Other assets |  |  | - |  |  |  | - |  |  | Other liabilities |  |  | - |  |  |  | 1 |
Mortgage banking |  |  | 7,884 |  |  |  | 18,199 |  |  | Other assets |  |  | 96 |  |  |  | 243 |  |  | Other liabilities |  |  | 13 |  |  |  | 4 |
Total derivatives |  | $ | 1,118,767 |  |  | $ | 945,563 |  |  |  |  | $ | 47,832 |  |  | $ | 14,771 |  |  |  |  | $ | 47,751 |  |  | $ | 14,539 |
(1) The Company had posted collateral of $54.3 million against its net obligations under these contracts at December 31, 2022, and secured its net obligation under these contracts with $4.1 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 years ended December 31 (in thousands):
|  |  |  | Gain (loss) recognized in income |
Undesignated derivatives |  | Line item of gain (loss) recognized in income |  | 2022 |  |  | 2021 |  |  | 2020 |
Interest rate swaps |  | Income from derivative instruments, net |  | $ | 2,035 |  |  | $ | 2,852 |  |  | $ | 4,707 |
Credit contracts |  | Income from derivative instruments, net |  |  | 39 |  |  |  | 74 |  |  |  | 455 |
Mortgage banking |  | Income from derivative instruments, net |  |  | (156 | ) |  |  | (231 | ) |  |  | 359 |
Total undesignated |  |  |  | $ | 1,918 |  |  | $ | 2,695 |  |  | $ | 5,521 |

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