XML 72 R35.htm IDEA: XBRL DOCUMENT v3.23.3
Derivatives (Tables)
 9 Months Ended
Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Financial Instruments
The following tables provide details on the Company’s non-designated derivative financial instruments as of the dates presented:
September 30, 2023
Notional AmountAssetLiability
  Interest rate contracts$579,054 $48,635 $48,568 
  Forward commitments226,250 1,118 — 
  Interest rate-lock commitments112,810 1,075 — 
  Futures contracts259,000 — 1,981 
    Total$1,177,114 $50,828 $50,549 
 December 31, 2022
 Notional AmountAssetLiability
  Interest rate contracts$560,310 $45,775 $45,762 
  Forward commitments207,000 306 — 
  Interest rate-lock commitments118,313 1,433 — 
  Futures contracts494,300 — 3,790 
    Total$1,379,923 $47,514 $49,552 
The following presents a summary of the Company's designated cash flow hedges as of the dates presented:
 September 30, 2023December 31, 2022
 Notional AmountEstimated fair valueBalance sheet locationEstimated fair valueBalance sheet location
Interest rate swap agreements-
   subordinated debt		$30,000 $875 Other assets$1,255 Other assets
 September 30, 2023December 31, 2022
 Remaining Maturity (In Years)Receive Fixed RatePay Floating RateNotional AmountEstimated fair valueNotional AmountEstimated fair value
Derivatives included in other liabilities:  
  Interest rate swap
    agreement- fixed rate
    money market deposits		0.891.50%SOFR75,000 (2,556)75,000 (3,693)
  Interest rate swap
    agreement- fixed rate
    money market deposits		0.891.50%SOFR125,000 (4,259)125,000 (6,154)
Interest rate swap
    agreement- subordinated
    debt		0.421.46%SOFR$100,000 $(1,661)$100,000 $(3,830)
     Total0.731.48%$300,000 $(8,476)$300,000 $(13,677)
Schedule of Gains (Losses) Included in the Consolidated Statements of Income Related to Derivative Financial Instruments
(Losses) gains included in the consolidated statements of income related to the Company’s non-designated derivative financial instruments were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
 2023 2022 2023 2022 
Included in mortgage banking income:
  Interest rate lock commitments$(537)$(3,980)$(358)$(7,419)
  Forward commitments1,418 4,795 2,154 57,130 
  Futures contracts(7,009)(10,105)(7,593)(35,805)
  Option contracts— — (1,125)36 
    Total$(6,128)$(9,290)$(6,922)$13,942 
The following discloses the amount included in other comprehensive (loss) income, net of tax, for derivative instruments designated as cash flow hedges for the periods presented: 
Three Months Ended September 30,Nine Months Ended September 30,
 2023 2022 2023 2022 
Amount of (loss) gain recognized in other comprehensive (loss) income, net of tax (benefit) expense of $(35), $145, $(99) and $517
$(101)$409 $(281)$1,466 
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following discloses the amount of (expense) income included in interest expense on borrowings and deposits, related to these fair value hedging instruments:
Three Months Ended September 30,Nine Months Ended September 30,
 2023 2022 2023 2022 
Designated fair value hedge:
     Interest (expense) income on deposits$(1,927)$(331)$(5,204)$377 
     Interest (expense) income on borrowings(977)(181)(2,631)167 
        Total$(2,904)$(512)$(7,835)$544 
Schedule of Derivative Liabilities at Fair Value
The following amounts were recorded on the balance sheet related to cumulative adjustments of fair value hedges as of the dates presented:
Carrying Amount of the Hedged ItemCumulative Decrease in Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Item
Line item on the balance sheetSeptember 30, 2023December 31, 2022September 30, 2023December 31, 2022
Money market and savings deposits196,757 196,520 
(1)
(6,815)(9,847)
Borrowings$97,630 $95,171 
(2)
$(1,661)$(3,830)
(1) The carrying value also includes an unaccreted purchase accounting fair value premium of $3,572 and $6,367 as of September 30, 2023 and December 31, 2022,
respectively.
(2) The carrying value also includes unamortized subordinated debt issuance costs of $709 and $999 as of September 30, 2023 and December 31, 2022, respectively.
Schedule of Offsetting Assets The following table presents the Company's gross derivative positions as recognized in the consolidated balance sheets as well as the net derivative positions, including collateral pledged to the extent the application of such collateral did not reduce the net derivative liability position below zero, had the Company elected to offset those instruments subject to an enforceable master netting agreement:
Gross amounts not offset in the consolidated balance sheets
Gross amounts recognizedGross amounts offset in the consolidated balance sheetsNet amounts presented in the consolidated balance sheetsFinancial instrumentsFinancial collateral pledgedNet Amount
September 30, 2023
Derivative financial assets$49,510 $— $49,510 $9,428 $— $40,082 
Derivative financial liabilities$15,980 $— $15,980 $9,428 $6,552 $— 
December 31, 2022
Derivative financial assets$44,273 $— $44,273 $14,229 $— $30,044 
Derivative financial liabilities$20,251 $— $20,251 $14,229 $6,022 $— 
Schedule of Offsetting Liabilities The following table presents the Company's gross derivative positions as recognized in the consolidated balance sheets as well as the net derivative positions, including collateral pledged to the extent the application of such collateral did not reduce the net derivative liability position below zero, had the Company elected to offset those instruments subject to an enforceable master netting agreement:
Gross amounts not offset in the consolidated balance sheets
Gross amounts recognizedGross amounts offset in the consolidated balance sheetsNet amounts presented in the consolidated balance sheetsFinancial instrumentsFinancial collateral pledgedNet Amount
September 30, 2023
Derivative financial assets$49,510 $— $49,510 $9,428 $— $40,082 
Derivative financial liabilities$15,980 $— $15,980 $9,428 $6,552 $— 
December 31, 2022
Derivative financial assets$44,273 $— $44,273 $14,229 $— $30,044 
Derivative financial liabilities$20,251 $— $20,251 $14,229 $6,022 $—