XML 33 R21.htm IDEA: XBRL DOCUMENT v3.22.4
Derivative Instruments and Hedging Activities
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
The following table indicates the amounts representing the value of derivative assets and derivative liabilities for the dates presented:
Derivative Assets
(Included in Other Assets)		Derivative Liabilities
(Included in Other Liabilities)
December 31, 2022December 31, 2021December 31, 2022December 31, 2021
(dollars in thousands)Notional
 Amount		Fair
Value		Notional AmountFair
Value		Notional
 Amount		Fair
 Value		Notional
 Amount		Fair
 Value
Derivatives Designated as Hedging Instruments
Interest rate swap contracts - cash flow hedge$— $— $— $— $500,000 $21,368 $— $— 
Total Derivatives Designated as Hedging Instruments$— $— $— $— $500,000 $21,368 $— $— 
Derivatives Not Designated as Hedging Instruments
Interest rate swap contracts - commercial loans$976,707 $83,449 $1,017,178 $33,528 $976,707 $83,449 $1,017,178 $33,631 
Interest rate lock commitments - mortgage loans126 5 12,148 401 — — — — 
Forward sales contracts - mortgage loans130 2 8,436 4 — — — — 
Total Derivatives Not Designated as Hedging Instruments$976,963 $83,456 $1,037,762 $33,933 $976,707 $83,449 $1,017,178 $33,631 
Total Derivatives$976,963 $83,456 $1,037,762 $33,933 $1,476,707 $104,817 $1,017,178 $33,631 
The following table indicates the gross amounts of interest rate swap derivative assets and derivative liabilities, the amounts offset and the carrying values in the Consolidated Balance Sheets at the dates presented:

Derivatives (included
in Other Assets)		Derivatives (included
in Other Liabilities)
(dollars in thousands)December 31, 2022December 31, 2021December 31, 2022December 31, 2021
Gross amounts recognized$83,449 $33,528 $104,817 $33,631 
Gross amounts offset— — — — 
Net amounts presented in the Consolidated Balance Sheets83,449 33,528 104,817 33,631 
Netting adjustments (1)
(15,196)— (15,196)— 
Cash collateral (2)
(65,065)— (6,307)(33,631)
Net Amount$3,188 $33,528 $83,314 $— 
(1) Netting adjustments represents the amounts recorded to convert derivatives assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance.
(2) Cash collateral represents the amount that cannot be used to offset our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The application of the cash collateral cannot reduce the net derivative position below zero. Therefore, excess cash collateral, if any, is not reflected above.
The following table presents the effect of the cash flow hedges on OCI and on the Consolidated Statements of Comprehensive Income for the twelve month periods presented:
Amount of Loss Recognized in Other Comprehensive Income (Loss)Amount of Loss Reclassified from Accumulated Other Comprehensive Income (Loss) into Interest Income
(dollars in thousands)December 31, 2022December 31, 2021December 31, 2022December 31, 2021
Derivatives in Cash Flow Hedging Relationships:
Interest rate swap contracts - cash flow hedge$(16,806)$— $(72)$— 
Total$(16,806)$— $(72)$— 

Amounts reported in OCI related to derivatives that are designated as hedging instruments are reclassified to interest income as interest payments are received on variable rate assets. During the next twelve months, we estimate that an additional $11.0 million will be reclassified as a decrease to interest income.
The following table indicates the gain or (loss) recognized in income on derivatives not designated as hedging instruments for the years ended December 31:
(dollars in thousands)202220212020
Derivatives not Designated as Hedging Instruments
Interest rate swap contracts—commercial loans$103 $610 $(746)
Interest rate lock commitments—mortgage loans(396)(2,499)1,715 
Forward sale contracts—mortgage loans(2)389 478 
Total Derivatives (Loss) Gain$(295)$(1,500)$1,447