XML 38 R29.htm IDEA: XBRL DOCUMENT v3.22.2.2
DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
9 Months Ended
Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Fair Value of Derivative Financial Instruments and Classification on the Balance Sheet
The following table summarizes the Corporation's derivatives designated as hedges:

 Asset DerivativesLiability Derivatives
 September 30, 2022December 31, 2021September 30, 2022December 31, 2021
 Balance
Sheet
Location
Fair
Value
Balance
Sheet
Location
Fair
Value
Balance
Sheet
Location
Fair
Value
Balance
Sheet
Location
Fair
Value
Cash flow hedges:        
Interest rate swaps on borrowingsOther Assets$167 Other Assets$— Other Liabilities$— Other Liabilities$835 
The table below presents the fair value of the Corporation’s non-designated hedges, as well as their classification on the Balance Sheet, as of September 30, 2022, and December 31, 2021.

September 30, 2022December 31, 2021
Notional AmountFair ValueNotional AmountFair Value
Included in other assets:
Interest rate swaps$1,200,105 $98,280 $1,038,947 $41,133 
Forward contracts related to mortgage loans to be delivered for sale21,333612
Interest rate lock commitments5,24927
Included in other assets$1,226,687 $98,919 $1,038,947 $41,133 
Included in other liabilities:
Interest rate swaps$1,200,105 $98,280 $1,038,947 $41,133 
Forward contracts related to mortgage loans to be delivered for sale8,527172
Interest rate lock commitments16,846357
Included in other liabilities$1,225,478 $98,809 $1,038,947 $41,133 
Summary of Amount of Loss Recognized in Other Comprehensive Income (Loss)
The amount of loss recognized in other comprehensive income (loss) is included in the table below for the periods indicated.
Derivatives in Cash Flow Hedging RelationshipsAmount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives
 (Effective Portion)
Three Months EndedNine Months Ended
September 30, 2022September 30, 2021September 30, 2022September 30, 2021
Interest Rate Products$94 $(20)$507 $22 
Summary of Effect of Derivative Financial Instruments on the Income Statement
The amount of loss reclassified from other comprehensive income into income related to cash flow hedging relationships is included in the table below for the periods indicated.
Derivatives Designated as
Hedging Instruments
Location of Gain (Loss)
Recognized Income on
Derivative
Amount of Gain (Loss) Reclassed from Other Comprehensive Income into Income (Effective Portion)
Three Months Ended
September 30, 2022
Three Months Ended
September 30, 2021
Interest rate contractsInterest Expense$(78)$(266)

Derivatives Designated as
Hedging Instruments
Location of Gain (Loss)
Recognized Income on
Derivative
Amount of Gain (Loss) Reclassed from Other Comprehensive Income into Income (Effective Portion)
Nine Months Ended
September 30, 2022
Nine Months Ended
September 30, 2021
Interest rate contractsInterest Expense$(496)$(779)
The amount of gain (loss) recognized into income related to non-designated hedging instruments is included in the table below for the periods indicated.
Derivatives Not Designated as
Hedging Instruments
Location of Gain (Loss)
Recognized Income on
Derivative
Amount of Gain (Loss)
Recognized Income on
Derivative
Three Months Ended
September 30, 2022
Three Months Ended
September 30, 2021
Forward contracts related to mortgage loans to be delivered for saleNet gains and fees on sales of loans$237 $— 
Interest rate lock commitmentsNet gains and fees on sales of loans(350)— 
Total net gain/(loss) recognized in income$(113)$— 

Derivatives Not Designated as
Hedging Instruments
Location of Gain (Loss)
Recognized Income on
Derivative
Amount of Gain (Loss)
Recognized Income on
Derivative
Nine Months Ended
September 30, 2022
Nine Months Ended
September 30, 2021
Forward contracts related to mortgage loans to be delivered for saleNet gains and fees on sales of loans$993 $— 
Interest rate lock commitmentsNet gains and fees on sales of loans(235)— 
Total net gain/(loss) recognized in income$758 $—