Derivative Instruments and Hedging Activities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Notional and Gross Fair Value Amounts of Derivatives used for Hedging | The table below presents the notional and gross fair value amounts of the Company’s derivatives used for hedging as of September 30, 2023:
(1) Recorded in “Other assets” on the Balance Sheet.
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Schedule of Gains (Losses) Related to Fair Value Hedges | The following table summarizes the gains (losses) recognized on the Company’s fair value hedges for both the three and nine months ended September 30, 2023:
(1) Includes accrued interest receivable and accrued interest payable. (2) Recorded in “Interest and fees on loans held for investment at amortized cost” on the Income Statement.
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Schedule of Cumulative Basis Adjustments for Fair Value Hedges | The following table presents the cumulative basis adjustments for fair value hedges as of September 30, 2023:
(1) Represents the amortized cost of the total closed portfolio of loans designated in a portfolio method hedge relationship in which the hedged item is a stated layer that is expected to be remaining at the end of the hedging relationship. At September 30, 2023, the amortized cost of loans designated as the hedged item in the portfolio layer hedging relationship was $1.5 billion.
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