Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments According to Type of Hedge Designation

Our derivative financial instruments according to the type of hedge in which they are designated follows:

	March 31, 2023
	Notional Amount		Average Maturity (years)	Fair Value
	(Dollars in thousands)
Fair value hedge designation
Pay-fixed interest rate swap agreement - commercial	$	6,310	6.1	$	346
Pay-fixed interest rate swap agreements - securities available for sale	148,895		4.6	17,162
Pay-fixed interest rate swap agreements - installment	45,000		2.1	(344)
Interest rate cap agreements - securities available for sale	40,970		5.1	692
Interest rate cap agreements - installment	$	35,000	6.9	$	627
Total	$	276,175	4.6	$	18,483
No hedge designation
Rate-lock mortgage loan commitments	$	29,183	0.1	$	(373)
Mandatory commitments to sell mortgage loans	47,054		0.1	(431)
Pay-fixed interest rate swap agreements - commercial	285,114		6.1	11,489
Pay-variable interest rate swap agreements - commercial	285,114		6.1	(11,489)
Pay-variable interest rate swap agreement	40,000		0.3	(18)
Total	$	686,465	5.1	$	(822)

	December 31, 2022
	Notional Amount		Average Maturity (years)	Fair Value
	(Dollars in thousands)
Fair value hedge designation
Pay-fixed interest rate swap agreement - commercial	$	6,401	6.4	$	447
Pay-fixed interest rate swap agreements - securities available for sale	148,895		4.8	19,906
Pay-fixed interest rate swap agreements - installment	25,000		2.0	77
Interest rate cap agreements - securities available for sale	40,970		5.3	931
Total	$	221,266	4.6	$	21,361
No hedge designation
Rate-lock mortgage loan commitments	19,918		0.1	(1,056)
Mandatory commitments to sell mortgage loans	49,258		0.1	315
Pay-fixed interest rate swap agreements - commercial	279,005		6.0	17,063
Pay-variable interest rate swap agreements - commercial	279,005		6.0	(17,063)
Total	$	627,186	5.3	$	(741)

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

Fair Values of Derivative Instruments

	Asset Derivatives						Liability Derivatives
	March 31, 2023			December 31, 2022			March 31, 2023			December 31, 2022
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
	(In thousands)
Derivatives designated as hedging instruments
Pay-fixed interest rate swap agreements	Other assets	$	17,508	Other assets	$	20,430	Other liabilities	$	344	Other liabilities	$	—
Interest rate cap agreements	Other assets	1,319		Other assets	931		Other liabilities	—		Other liabilities	—
		18,827			21,361			344			—
Derivatives not designated as hedging instruments
Rate-lock mortgage loan commitments	Other assets	—		Other assets	—		Other liabilities	373		Other liabilities	1,056
Mandatory commitments to sell mortgage loans	Other assets	—		Other assets	315		Other liabilities	431		Other liabilities	—
Pay-variable interest rate swap agreement	Other assets	—		Other assets	—		Other liabilities	18		Other liabilities	—
Pay-fixed interest rate swap agreements - commercial	Other assets	13,423		Other assets	17,567		Other liabilities	1,934		Other liabilities	504
Pay-variable interest rate swap agreements - commercial	Other assets	1,934		Other assets	504		Other liabilities	13,423		Other liabilities	17,567
		15,357			18,386			16,179			19,127
Total derivatives		$	34,184		$	39,747		$	16,523		$	19,127

Derivative Instruments, Gain (Loss)

The effect of derivative financial instruments on the Condensed Consolidated Statements of Operations follows:

	Gain (loss) Recognized in Other Comprehensive Income (Loss) (Effective Portion)				Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion)	Loss Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion)					Gain (Loss) Recognized in Income
	Three Month Periods Ended March 31,					Three Month Periods Ended March 31,				Location of Gain (Loss) Recognized in Income	Three Month Periods Ended March 31,
	2023		2022			2023		2022			2023		2022
	(In thousands)
Fair Value Hedges
Pay-fixed interest rate swap agreement - commercial										Interest and fees on loans	$	(101)	$	376
Pay-fixed interest rate swap agreement - securities available for sale										Interest on securities available for sale - tax - exempt	(2,744)		7,547
Pay-fixed interest rate swap agreement - Installment										Interest and fees on loans	(421)		—
Interest rate cap agreements - securities available for sale	$	(572)	$	—	Interest on securities available for sale - tax - exempt	$	(84)	$	—	Interest on securities available for sale - tax - exempt	51		—
Interest rate cap agreements - installment	152		—		Interest and fees on loans	—		—		Interest and fees on loans	(14)		—
Total	$	(420)	$	—		$	(84)	$	—		$	(3,229)	$	7,923
No hedge designation
Rate-lock mortgage loan commitments										Net gains on mortgage loans	$	683	$	(5,370)
Mandatory commitments to sell mortgage loans										Net gains on mortgage loans	(746)		1,974
Pay-fixed interest rate swap agreements - commercial										Interest income	5,574		9,577
Pay-variable interest rate swap agreements - commercial										Interest income	(5,574)		(9,577)
Interest rate swaption agreement										Net gains on mortgage loans	—		(186)
Pay-fixed interest rate swap agreements - mortgage										Net gains on mortgage loans	—		627
Pay-variable interest rate swap agreement										Non-interest expense - other	(18)		—
Interest rate cap agreements										Interest expense	—		222
Total											$	(81)	$	(2,733)