XML 45 R36.htm IDEA: XBRL DOCUMENT
v3.23.3

Derivative Instrument and Hedging Activities (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of Company's Outstanding Interest Rate Swaps | The following table summarizes the terms of the Company’s outstanding interest rate swap agreements entered into to manage its exposure to the variability in future cash flows at September 30, 2023 (dollars in thousands):
Effective Date |  | Expiration Date |  | Notional Amount |  |  | Pay Fixed Rate
4/11/2022 |  | 4/11/2027 |  | $ | 50,000 |  |  | 0.787%
1/24/2023 |  | 1/24/2026 |  | $ | 30,000 |  |  | 3.669%
5/5/2023 |  | 5/5/2026 |  | $ | 25,000 |  |  | 3.4615%
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, 2023 and December 31, 2022 (in thousands):
|  |  |  |  |  |  |  | Asset derivatives |  |  | Liability derivatives |
|  | Gross notional amount |  |  |  |  | Fair value |  |  |  |  | Fair value |
|  | September 30, 2023 |  |  | December 31, 2022 |  |  | Balance sheet line item |  | September 30, 2023 |  |  | December 31, 2022 |  |  | Balance sheet line item |  | September 30, 2023 |  |  | December 31, 2022 |
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash flow hedges |  | $ | 105,000 |  |  | $ | 50,000 |  |  | Other assets |  | $ | 8,548 |  |  | $ | 6,725 |  |  | Other liabilities |  | $ | — |  |  | $ | — |
Total derivatives |  | $ | 105,000 |  |  | $ | 50,000 |  |  |  |  | $ | 8,548 |  |  | $ | 6,725 |  |  |  |  | $ | — |  |  | $ | — |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps (1) |  |  | 1,129,212 |  |  |  | 1,006,386 |  |  | Other assets |  |  | 56,724 |  |  |  | 47,736 |  |  | Other liabilities |  |  | 56,725 |  |  |  | 47,738 |
Credit contracts |  |  | 81,858 |  |  |  | 104,497 |  |  | Other assets |  |  | — |  |  |  | — |  |  | Other liabilities |  |  | — |  |  |  | — |
Mortgage banking |  |  | 9,855 |  |  |  | 7,884 |  |  | Other assets |  |  | 218 |  |  |  | 96 |  |  | Other liabilities |  |  | 44 |  |  |  | 13 |
Total derivatives |  | $ | 1,220,925 |  |  | $ | 1,118,767 |  |  |  |  | $ | 56,942 |  |  | $ | 47,832 |  |  |  |  | $ | 56,769 |  |  | $ | 47,751 |
(1) The Company was holding collateral of $67.0 million and $54.3 million against its net obligations under these contracts at September 30, 2023 and December 31, 2022, respectively.
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, 2023 and 2022 (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 |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Interest rate swaps |  | Income from derivative instruments, net |  | $ | 93 |  |  | $ | 317 |  |  | $ | 1,219 |  |  | $ | 1,675 |
Credit contracts |  | Income from derivative instruments, net |  |  | 58 |  |  |  | 3 |  |  |  | 109 |  |  |  | 21 |
Mortgage banking |  | Income from derivative instruments, net |  |  | 68 |  |  |  | (221 | ) |  |  | 90 |  |  |  | (433 | )
Total undesignated |  |  |  | $ | 219 |  |  | $ | 99 |  |  | $ | 1,418 |  |  | $ | 1,263 |

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of interest rate derivatives, including, but not limited to, the fair value of the derivatives, statement of financial position location, and statement of financial performance location of these instruments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + Details
Name: | us-gaap_ScheduleOfInterestRateDerivativesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration