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Derivative Instrument and Hedging Activities (Tables)

12 Months Ended

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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- 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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