Derivatives and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Offsetting Assets

The tables below present a gross presentation, the effects of offsetting, and a net presentation of the Company’s financial instruments that are eligible for offset in the Consolidated Statements of Financial Condition at March 31, 2022 and December 31, 2021 (in thousands).

	Fair Values of Derivative Instruments as of March 31, 2022
	Asset Derivatives					Liability Derivatives
	Notional Amount		Consolidated Statements of Financial Condition	Fair  value (2)		Notional Amount		Consolidated Statements of Financial Condition	Fair  value (2)
Derivatives not designated as a hedging instrument:
Interest rate products	$	1,200,002	Other assets	$	59,907	$	1,200,002	Other liabilities	$	60,594
Credit contracts	33,621		Other assets	56		99,741		Other liabilities	32
Total derivatives not designated as a hedging instrument				59,963					60,626
Derivatives designated as a hedging instrument:
Interest rate products	460,000		Other assets	19,207		20,000		Other liabilities	60
Total gross derivative amounts recognized on the balance sheet				79,170					60,686
Gross amounts offset on the balance sheet				—					—
Net derivative amounts presented on the balance sheet				$	79,170				$	60,686
Gross amounts not offset on the balance sheet:
Financial instruments - institutional counterparties				$	5,558				$	5,558
Cash collateral - institutional counterparties (1)				62,840					4,630
Net derivatives not offset				$	10,772				$	50,498

	Fair Values of Derivative Instruments as of December 31, 2021
	Asset Derivatives					Liability Derivatives
	Notional Amount		Consolidated Statements of Financial Condition	Fair  value (2)		Notional Amount		Consolidated Statements of Financial Condition	Fair  value (2)
Derivatives not designated as a hedging instrument:
Interest rate products	$	1,188,703	Other assets	$	59,110	$	1,188,703	Other liabilities	$	60,163
Credit contracts	33,683		Other assets	76		97,213		Other liabilities	46
Total derivatives not designated as a hedging instrument				59,186					60,209
Derivatives designated as a hedging instrument:
Interest rate products	250,000		Other assets	7,278		350,000		Other liabilities	2,263
Total gross derivative amounts recognized on the balance sheet				66,464					62,472
Gross amounts offset on the balance sheet				—					—
Net derivative amounts presented on the balance sheet				$	66,464				$	62,472
Gross amounts not offset on the balance sheet:
Financial instruments - institutional counterparties				$	18,618				$	18,618
Cash collateral - institutional counterparties (1)				—					26,566
Net derivatives not offset				$	47,846				$	17,288

(1) Cash collateral represents the amount that cannot be used to offset our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The application of the cash collateral cannot reduce the net derivative position below zero. Therefore, excess cash collateral, if any, is not reflected above.

(2) The fair values related to interest rate products in the above net derivative tables show the total value of assets and liabilities, which include accrued interest receivable and accrued interest payable for the periods ended March 31, 2022 and December 31, 2021.

Offsetting Liabilities

The tables below present a gross presentation, the effects of offsetting, and a net presentation of the Company’s financial instruments that are eligible for offset in the Consolidated Statements of Financial Condition at March 31, 2022 and December 31, 2021 (in thousands).

	Fair Values of Derivative Instruments as of March 31, 2022
	Asset Derivatives					Liability Derivatives
	Notional Amount		Consolidated Statements of Financial Condition	Fair  value (2)		Notional Amount		Consolidated Statements of Financial Condition	Fair  value (2)
Derivatives not designated as a hedging instrument:
Interest rate products	$	1,200,002	Other assets	$	59,907	$	1,200,002	Other liabilities	$	60,594
Credit contracts	33,621		Other assets	56		99,741		Other liabilities	32
Total derivatives not designated as a hedging instrument				59,963					60,626
Derivatives designated as a hedging instrument:
Interest rate products	460,000		Other assets	19,207		20,000		Other liabilities	60
Total gross derivative amounts recognized on the balance sheet				79,170					60,686
Gross amounts offset on the balance sheet				—					—
Net derivative amounts presented on the balance sheet				$	79,170				$	60,686
Gross amounts not offset on the balance sheet:
Financial instruments - institutional counterparties				$	5,558				$	5,558
Cash collateral - institutional counterparties (1)				62,840					4,630
Net derivatives not offset				$	10,772				$	50,498

	Fair Values of Derivative Instruments as of December 31, 2021
	Asset Derivatives					Liability Derivatives
	Notional Amount		Consolidated Statements of Financial Condition	Fair  value (2)		Notional Amount		Consolidated Statements of Financial Condition	Fair  value (2)
Derivatives not designated as a hedging instrument:
Interest rate products	$	1,188,703	Other assets	$	59,110	$	1,188,703	Other liabilities	$	60,163
Credit contracts	33,683		Other assets	76		97,213		Other liabilities	46
Total derivatives not designated as a hedging instrument				59,186					60,209
Derivatives designated as a hedging instrument:
Interest rate products	250,000		Other assets	7,278		350,000		Other liabilities	2,263
Total gross derivative amounts recognized on the balance sheet				66,464					62,472
Gross amounts offset on the balance sheet				—					—
Net derivative amounts presented on the balance sheet				$	66,464				$	62,472
Gross amounts not offset on the balance sheet:
Financial instruments - institutional counterparties				$	18,618				$	18,618
Cash collateral - institutional counterparties (1)				—					26,566
Net derivatives not offset				$	47,846				$	17,288

(1) Cash collateral represents the amount that cannot be used to offset our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The application of the cash collateral cannot reduce the net derivative position below zero. Therefore, excess cash collateral, if any, is not reflected above.

(2) The fair values related to interest rate products in the above net derivative tables show the total value of assets and liabilities, which include accrued interest receivable and accrued interest payable for the periods ended March 31, 2022 and December 31, 2021.

Derivative Instruments, Gain (Loss)

The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income during the three months ended March 31, 2022 and 2021 (in thousands).

		Gain recognized in income on derivatives for the three months ended
	Consolidated Statements of Income	March 31, 2022		March 31, 2021
Derivatives not designated as a hedging instrument:
Interest rate products	Other income	$	366	400
Credit contracts	Other income	(17)		23
Total		$	349	423
	Consolidated Statements of Income	Loss recognized in expense on derivatives for the three months ended
		March 31, 2022		March 31, 2021
Derivatives designated as a hedging instrument:
Interest rate products	Interest expense	$	666	879
Total		$	666	879