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Derivatives
 9 Months Ended
Sep. 30, 2023
Derivatives [Abstract]  
Derivatives DERIVATIVES
To a limited extent, the Company utilizes interest rate swaps contracts with clients and counterparty banks for the purpose of offsetting or hedging exposures arising out of lending and borrowing transactions. The Company offers borrowers interest rate swaps under a "back-to-back" loan hedging program and offsets these "pay floating/receive fixed" contracts with borrowers with "receive fixed/ pay floating" swaps with counterparty banks. The total notional balance of these offsetting hedging contracts was $106.4 million at September 30, 2023. The Company has also hedged the interest rate risk and foreign currency risk on €25.8 million of subordinated debt utilizing a combined cross currency swap/interest rate swap, which has had the effect of hedging the foreign currency risk and fixing the Euribor-based floating rate instrument at a fixed rate of 2.76% through July 2025. The outputs from the Company's NII simulation analysis and MVE modeling reflect the impact of these interest rate/currency swaps, however, the impact is not material. During the year ended December 31, 2022 and the nine months ended September 30, 2023, there were no changes to our hedging program described above. The following table presents the U.S. dollar notional amounts and fair values of our derivative instruments included in the condensed consolidated balance sheets as of the dates indicated:
September 30, 2023December 31, 2022
NotionalFairNotionalFair
Derivatives Not Designated As Hedging InstrumentsAmountValueAmountValue
(In thousands)
Derivative Assets:
Interest rate contracts$106,357 $6,654 $108,451 $6,013 
Foreign exchange contracts37,118 1,809 37,029 1,801 
Interest rate and economic contracts143,475 8,463 145,480 7,814 
Equity warrant assets16,757 3,807 18,209 4,048 
Total$160,232 $12,270 $163,689 $11,862 
Derivative Liabilities:
Interest rate contracts$106,357 $6,485 $108,451 $5,825 
Foreign exchange contracts37,118 446 37,029 81 
Total$143,475 $6,931 $145,480 $5,906 
For further information regarding our derivatives, see Note 1. Nature of Operations and Summary of Significant Accounting Policies of the Notes to Consolidated Financial Statements contained in "Item 8. Financial Statements and Supplementary Data" of the Form 10-K.