Balance Sheet Offsetting

3 Months Ended

Mar. 31, 2025

Certain 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, 2025 and December 31, 2024, 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, 2025
	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	$	404	$	—	$	404	$	—	$	—	$	404
Customer-related positions:
Interest rate swaps	46,885		—		46,885		7,867		(32,117)		6,901
Risk participation agreements	6		—		6		—		—		6
Foreign currency exchange contracts – matched customer book	910		—		910		—		—		910
Foreign currency exchange contracts – foreign currency loan	10		—		10		—		—		10
	$	48,215	$	—	$	48,215	$	7,867	$	(32,117)	$	8,231
Derivative Liabilities
Interest rate swaps	$	4	$	—	$	4	$	—	$	4	$	—
Customer-related positions:
Interest rate swaps	77,803		—		77,803		7,867		353		69,583
Risk participation agreements	6		—		6		—		—		6
Foreign currency exchange contracts – matched customer book	956		—		956		—		—		956
Foreign currency exchange contracts – foreign currency loan	34		—		34		—		—		34
	$	78,803	$	—	$	78,803	$	7,867	$	357	$	70,579


	As of December 31, 2024
	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	$	225	$	—	$	225	$	—	$	—	$	225
Customer-related positions:
Interest rate swaps	57,526		—		57,526		3,368		(48,590)		5,568
Risk participation agreements	4		—		4		—		—		4
Foreign currency exchange contracts – matched customer book	1,990		—		1,990		—		—		1,990
Foreign currency exchange contracts – foreign currency loan	62				62		—		—		62
	$	59,807	$	—	$	59,807	$	3,368	$	(48,590)	$	7,849
Derivative Liabilities
Interest rate swaps	$	5	$	—	$	5	$	—	$	5	$	—
Customer-related positions:
Interest rate swaps	97,594		—		97,594		3,368		130		94,096
Risk participation agreements	4		—		4		—		—		4
Foreign currency exchange contracts – matched customer book	1,980		—		1,980		—		—		1,980
Foreign currency exchange contracts – foreign currency loan	—		—		—		—		—		—
	$	99,583	$	—	$	99,583	$	3,368	$	135	$	96,080