Balance Sheet Offsetting

3 Months Ended

Mar. 31, 2022

Offsetting [Abstract]

Balance Sheet Offsetting

Balance Sheet OffsettingCertain financial instruments, including derivatives, may be eligible for offset in the consolidated balance sheets and/or subject to master netting arrangements or similar agreements. The Company’s derivative transactions with upstream financial institution counterparties are generally executed under International Swaps and Derivative Association master agreements which include “right of set-off” provisions. In such cases there is generally a legally enforceable right to offset recognized amounts. However, the Company does not offset fair value amounts recognized for derivative instruments. The Company nets the amount recognized for the right to reclaim cash collateral against the obligation to return cash collateral arising from derivative instruments executed with the same counterparty under a master netting arrangement. Collateral legally required to be maintained at dealer banks by the Company is monitored and adjusted as necessary. As of March 31, 2022 and December 31, 2021, it was determined that no additional collateral would have to be posted to immediately settle these instruments.

The following tables present the Company’s asset and liability positions that were eligible for offset and the potential effect of netting arrangements on its consolidated balance sheet, as of the dates indicated:

	As of March 31, 2022
	Gross Amounts Recognized		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts Presented in the Consolidated Balance Sheet		Gross Amounts Not Offset in the Consolidated Balance Sheet				Net Amount
Description							Financial Instruments		Collateral Pledged (Received)
	(In thousands)
Derivative Assets
Customer-related positions:
Interest rate swaps	$	23,725	$	—	$	23,725	$	3,470	$	—	$	20,255
Risk participation agreements	196		—		196		—		—		196
Foreign currency exchange contracts – matched customer book	91		—		91		—		—		91
Foreign currency exchange contracts – foreign currency loan	7		—		7		—		—		7
	$	24,019	$	—	$	24,019	$	3,470	$	—	$	20,549
Derivative Liabilities
Customer-related positions:
Interest rate swaps	$	24,988	$	—	$	24,988	$	3,470	$	21,518	$	—
Risk participation agreements	401		—		401		—		—		401
Foreign currency exchange contracts – matched customer book	78		—		78		—		—		78
Foreign currency exchange contracts – foreign currency loan	16		—		16		—		—		16
	$	25,483	$	—	$	25,483	$	3,470	$	21,518	$	495

	As of December 31, 2021
	Gross Amounts Recognized		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts Presented in the Consolidated Balance Sheet		Gross Amounts Not Offset in the Consolidated Balance Sheet				Net Amount
Description							Financial Instruments		Collateral Pledged (Received)
	(In thousands)
Derivative Assets
Customer-related positions:
Interest rate swaps	$	64,338	$	—	$	64,338	$	1,440	$	—	$	62,898
Risk participation agreements	315		—		315		—		—		315
Foreign currency exchange contracts – matched customer book	61		—		61		—		—		61
Foreign currency exchange contracts – foreign currency loan	—		—		—		—		—		—
	$	64,714	$	—	$	64,714	$	1,440	$	—	$	63,274
Derivative Liabilities
Customer-related positions:
Interest rate swaps	$	17,880	$	—	$	17,880	$	1,440	$	16,440	$	—
Risk participation agreements	580		—		580		—		—		580
Foreign currency exchange contracts – matched customer book	46		—		46		—		—		46
Foreign currency exchange contracts – foreign currency loan	87		—		87		—		—		87
	$	18,593	$	—	$	18,593	$	1,440	$	16,440	$	713