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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Assets at Fair Value
As of June 30, 2024 and December 31, 2023, the following amounts were recorded on the consolidated balance sheet related to cumulative basis adjustments for fair value hedges.
Amortized CostCumulative Amount of Fair Value Hedging Adjustment to Hedged Items
(amounts in thousands)June 30, 2024December 31, 2023June 30, 2024December 31, 2023
AFS debt securities$22,500 $22,500 $508 $941 
Deposits1,183,063 300,000 (939)1,432 
FHLB advances1,200,000 700,000 (6,651)3,206 
Fair Value of Derivative Financial Instruments
The following tables present the fair value of Customers’ derivative financial instruments as well as their presentation on the consolidated balance sheets as of June 30, 2024 and December 31, 2023.
 June 30, 2024
 Derivative AssetsDerivative Liabilities
(amounts in thousands)Balance Sheet LocationFair ValueBalance Sheet LocationFair Value
Derivatives not designated as hedging instruments:
Interest rate swaps and caps (1)
Other assets$20,180 Other liabilities$29,105 
December 31, 2023
Derivative AssetsDerivative Liabilities
(amounts in thousands)Balance Sheet LocationFair ValueBalance Sheet LocationFair Value
Derivatives not designated as hedging instruments:
Interest rate swaps and caps (1)
Other assets$17,903 Other liabilities$27,097 
(1)    Customers’ centrally cleared derivatives are legally settled through variation margin payments and these payments are reflected as a reduction of the related derivative asset or liability, including accrued interest, on the consolidated balance sheet.
Effect of Derivative Financial Instruments on Net Income and Comprehensive Income
The following table presents amounts included in the consolidated statements of income related to derivatives designated as fair value hedges and derivatives not designated as hedges for the three and six months ended June 30, 2024 and 2023.
Amount of Income (Loss) Recognized in Earnings
Three Months Ended June 30,Six Months Ended June 30,
(amounts in thousands)Income Statement Location2024202320242023
Derivatives designated as fair value hedges:
Recognized on interest rate swapsNet interest income$3,563 $6,532 $11,736 $6,832 
Recognized on hedged AFS debt securitiesNet interest income(256)50 (433)(250)
Recognized on hedged depositsNet interest income(1,686)— (1,686)— 
Recognized on hedged FHLB advancesNet interest income(1,621)(6,582)(9,617)(6,582)
Total$— $— $— $— 
Derivatives not designated as hedging instruments:
Interest rate swaps and capsOther non-interest income$63 $165 $735 $140 
Summary of Offsetting of Financial Assets and Derivative Assets
The following tables present derivative instruments that are subject to enforceable master netting arrangements. Customers’ interest rate swaps and interest rate caps with institutional counterparties are subject to master netting arrangements and are included in the tables below. Interest rate swaps and interest rate caps with commercial banking customers are not subject to master netting arrangements and are excluded from the tables below. Customers has not made a policy election to offset its derivative positions.
 Gross Amounts Recognized on the Consolidated Balance SheetGross Amounts Not Offset in the Consolidated Balance SheetNet Amount
(amounts in thousands)Financial InstrumentsCash Collateral Received/Posted
June 30, 2024
Interest rate derivative assets with institutional counterparties$19,876 $(511)$(19,365)$— 
Interest rate derivative liabilities with institutional counterparties$511 $(511)$— $— 
 Gross Amounts Recognized on the Consolidated Balance SheetGross Amounts Not Offset in the Consolidated Balance SheetNet Amount
(amounts in thousands)Financial InstrumentsCash Collateral Received/Posted
December 31, 2023
Interest rate derivative assets with institutional counterparties$17,439 $(500)$(16,939)$— 
Interest rate derivative liabilities with institutional counterparties$500 $(500)$— $— 
Summary of Offsetting of Financial Liabilities and Derivative Liabilities
The following tables present derivative instruments that are subject to enforceable master netting arrangements. Customers’ interest rate swaps and interest rate caps with institutional counterparties are subject to master netting arrangements and are included in the tables below. Interest rate swaps and interest rate caps with commercial banking customers are not subject to master netting arrangements and are excluded from the tables below. Customers has not made a policy election to offset its derivative positions.
 Gross Amounts Recognized on the Consolidated Balance SheetGross Amounts Not Offset in the Consolidated Balance SheetNet Amount
(amounts in thousands)Financial InstrumentsCash Collateral Received/Posted
June 30, 2024
Interest rate derivative assets with institutional counterparties$19,876 $(511)$(19,365)$— 
Interest rate derivative liabilities with institutional counterparties$511 $(511)$— $— 
 Gross Amounts Recognized on the Consolidated Balance SheetGross Amounts Not Offset in the Consolidated Balance SheetNet Amount
(amounts in thousands)Financial InstrumentsCash Collateral Received/Posted
December 31, 2023
Interest rate derivative assets with institutional counterparties$17,439 $(500)$(16,939)$— 
Interest rate derivative liabilities with institutional counterparties$500 $(500)$— $—