Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosures [Line Items]

The following table summarizes the derivatives outstanding:

(In thousands)	Notional Amount		Balance Sheet Location	Fair Value		Notional Amount		Balance Sheet Location	Fair Value
As of June 30, 2024
Derivatives not designated as hedging instruments
Interest rate derivatives	$	1,402,621	Other assets	$	115,638	$	1,402,621	Other liabilities	$	115,662
Risk participation agreements		91,453	Other assets		89		14,994	Other liabilities		2
Total derivatives not designated as hedging instruments				$	115,727				$	115,664
Netting adjustments⁽¹⁾					24,541					-
Net derivatives in the balance sheet				$	91,186				$	115,664
Derivatives not offset on the balance sheet				$	2,519				$	2,519
Cash collateral⁽²⁾					-					-
Net derivative amounts				$	88,667				$	113,145
As of December 31, 2023
Derivatives not designated as hedging instruments
Interest rate derivatives	$	1,303,711	Other assets	$	95,972	$	1,303,711	Other liabilities	$	95,869
Risk participation agreements		62,112	Other assets		19		16,146	Other liabilities		6
Total derivatives not designated as hedging instruments				$	95,991				$	95,875
Netting adjustments⁽¹⁾					20,849					-
Net derivatives in the balance sheet				$	75,142				$	95,875
Derivatives not offset on the balance sheet				$	2,930				$	2,930
Cash collateral⁽²⁾					-					-
Net derivative amounts				$	72,212				$	92,945

(1)

Netting adjustments represents the amounts recorded to convert derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance on the settle to market rules for cleared derivatives. The CME legally characterizes the variation margin posted between counterparties as settlements of the outstanding derivative contracts instead of cash collateral.

(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 other collateral consists of securities and is exchanged under bilateral collateral and master netting agreements that allow us to offset the net derivative position with the related collateral. The application of the other collateral cannot reduce the net derivative position below zero. Therefore, excess other collateral, if any, is not reflected above.

Not Designated as Hedging Instrument [Member]

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Effect of Derivatives on AOCI and on Consolidated Statement of Income

The following table indicates the gain or loss recognized in income on derivatives not designated as a hedging relationship:

	Three Months Ended June 30,					Six Months Ended June 30,
(In thousands)	2024		2023			2024		2023
Derivatives not designated as hedging instruments:
Increase (decrease) in other income	$	11	$	(7	)	$	86	$	-

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details