Balance Sheet Offsetting

9 Months Ended

Sep. 30, 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 September 30, 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 September 30, 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
Interest rate swaps	$	5	$	—	$	5	$	—	$	—	$	5
Customer-related positions:
Interest rate swaps	23,818		—		23,818		14		(16,650)		7,154
Risk participation agreements	55		—		55		—		—		55
Foreign currency exchange contracts – matched customer book	428		—		428		—		—		428
Foreign currency exchange contracts – foreign currency loan	54		—		54		—		—		54
	$	24,360	$	—	$	24,360	$	14	$	(16,650)	$	7,696
Derivative Liabilities
Interest rate swaps	$	3,206	$	—	$	3,206	$	—	$	3,206	$	—
Customer-related positions:
Interest rate swaps	82,404		—		82,404		14		2,000		80,390
Risk participation agreements	134		—		134		—		—		134
Foreign currency exchange contracts – matched customer book	414		—		414		—		—		414
Foreign currency exchange contracts – foreign currency loan	132		—		132		—		—		132
	$	86,290	$	—	$	86,290	$	14	$	5,206	$	81,070

	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