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Derivative Financial Instruments (Tables)
9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments According to Type of Hedge Designation
Our derivative financial instruments according to the type of hedge in which they are designated follows:
September 30, 2024
Notional
Amount
Average
Maturity
(years)
Fair
Value
(Dollars in thousands)
Fair value hedge designation
Pay-fixed interest rate swap agreement - commercial$5,745 4.6$239 
Pay-fixed interest rate swap agreements - securities available for sale148,895 3.111,259 
Pay-fixed interest rate swap agreements - installment100,000 2.7(1,741)
Pay-fixed interest rate swap agreements - mortgage
150,000 2.8(2,779)
Interest rate cap agreements - securities available for sale40,970 3.6181 
Total$445,610 2.9$7,159 
Cash flow hedge designation
Interest rate floor agreements - commercial
$325,000 2.5$7,281 
No hedge designation
Rate-lock mortgage loan commitments$26,947 0.1$253 
Mandatory commitments to sell mortgage loans40,399 0.125 
Pay-fixed interest rate swap agreements - commercial492,129 5.2(1,313)
Pay-variable interest rate swap agreements - commercial492,129 5.21,313 
Total$1,051,604 4.9$278 
December 31, 2023
Notional
Amount
Average
Maturity
(years)
Fair
Value
(Dollars in thousands)
Fair value hedge designation
Pay-fixed interest rate swap agreement - commercial$6,033 5.4$349 
Pay-fixed interest rate swap agreements - securities available for sale148,895 3.915,287 
Pay-fixed interest rate swap agreements - installment100,000 3.4(1,228)
Pay-fixed interest rate swap agreements - mortgage
100,000 4.3(2,131)
Interest rate cap agreements - securities available for sale40,970 4.3456 
Total$395,898 3.9$12,733 
Cash flow hedge designation
Interest rate floor agreements - commercial
$150,000 3.5$4,221 
No hedge designation
Rate-lock mortgage loan commitments18,081 0.1173 
Mandatory commitments to sell mortgage loans30,442 0.1(279)
Pay-fixed interest rate swap agreements - commercial379,012 5.97,169 
Pay-variable interest rate swap agreements - commercial379,012 5.9(7,169)
Total$806,547 5.5$(106)
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
Fair Values of Derivative Instruments
Asset DerivativesLiability Derivatives
September 30,
2024
December 31,
2023
September 30,
2024
December 31,
2023
Balance
Sheet
Location
Fair
Value
Balance
Sheet
Location
Fair
Value
Balance
Sheet
Location
Fair
Value
Balance
Sheet
Location
Fair
Value
(In thousands)
Derivatives designated as hedging instruments
Pay-fixed interest rate swap agreementsOther assets$11,519 Other assets$15,636 Other liabilities$4,541 Other liabilities$3,359 
Interest rate cap agreementsOther assets181 Other assets456 Other liabilities— Other liabilities— 
Interest rate floor agreements
Other assets7,281 Other assets4,221 Other liabilities— Other liabilities— 
18,981 20,313 4,541 3,359 
Derivatives not designated as hedging instruments
Rate-lock mortgage loan commitmentsOther assets253 Other assets173 Other liabilities— Other liabilities— 
Mandatory commitments to sell mortgage loansOther assets25 Other assets— Other liabilities— Other liabilities279 
Pay-fixed interest rate swap agreements - commercialOther assets9,101 Other assets12,683 Other liabilities10,414 Other liabilities5,514 
Pay-variable interest rate swap agreements - commercialOther assets10,414 Other assets5,514 Other liabilities9,101 Other liabilities12,683 
19,793 18,370 19,515 18,476 
Total derivatives$38,774 $38,683 $24,056 $21,835 
Derivative Instruments, Gain (Loss)
The effect of derivative financial instruments on the Condensed Consolidated Statements of Operations follows:
Gain (Loss) Recognized in Other
Comprehensive Income (Effective Portion)
Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion)
Loss Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion)Gain (Loss)
Recognized
in Income
Three Month
Periods Ended
September 30,
Three Month
Periods Ended
September 30,
Location of
Gain (Loss)
Recognized
in Income
Three Month
Periods Ended
September 30,
202420232024202320242023
(In thousands)
Fair Value Hedges
Pay-fixed interest rate swap agreement - commercial
Interest and fees on loans$(184)$96 
Pay-fixed interest rate swap agreements - securities available for sale
Interest on securities available for sale - tax - exempt(4,882)926 
Pay-fixed interest rate swap agreements - Installment
Interest and fees on loans(2,421)765 
Pay-fixed interest rate swap agreements - Mortgage
Interest and fees on loans(2,940)785 
Interest rate cap agreements - securities available for sale$(255)$(25)Interest on securities available for sale - tax - exempt$(57)$(55)Interest on securities available for sale - tax - exempt(119)39 
Interest rate cap agreements - installment— — Interest and fees on loans— — Interest and fees on loans— — 
Total$(255)$(25)$(57)$(55)$(10,546)$2,611 
Cash Flow Hedges
Interest rate floor agreements - commercial
$2,999 $(502)Interest and fees on loans$(333)$(17)Interest and fees on loans$(333)$(17)
No hedge designation
Rate-lock mortgage loan commitmentsNet gains on mortgage loans$111 $(147)
Mandatory commitments to sell mortgage loansNet gains on mortgage loans(122)238 
Pay-fixed interest rate swap agreements - commercialInterest income(15,031)$5,579 
Pay-variable interest rate swap agreements - commercialInterest income15,031 (5,579)
Pay-variable interest rate swap agreementNon-interest expense - other— $— 
Total$(11)$91 
Gain (Loss) Recognized in Other
Comprehensive Income (Effective Portion)
Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion)
Loss Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion)Gain (Loss)
Recognized
in Income
Nine Month
Periods Ended
September 30,
Nine Month
Periods Ended
September 30,
Location of
Gain (Loss)
Recognized
in Income
Nine Month
Periods Ended
September 30,
202420232024202320242023
(In thousands)
Fair Value Hedges
Pay-fixed interest rate swap agreement - commercial
Interest and fees on loans$(110)$113 
Pay-fixed interest rate swap agreements - securities available for sale
Interest on securities available for sale - tax - exempt(4,028)550 
Pay-fixed interest rate swap agreements - Installment
Interest and fees on loans(513)1,362 
Pay-fixed interest rate swap agreements - Mortgage
Interest and fees on loans(648)785 
Interest rate cap agreements - securities available for sale$(194)$(438)Interest on securities available for sale - tax - exempt$(167)$(207)Interest on securities available for sale - tax - exempt(81)286 
Interest rate cap agreements - installment— — Interest and fees on loans— — Interest and fees on loans— (14)
Total$(194)$(438)$(167)$(207)$(5,380)$3,082 
Cash Flow Hedges
Interest rate floor agreements - commercial
$246 $(502)Interest and fees on loans$(838)$(17)Interest and fees on loans$(838)$(17)
No hedge designation
Rate-lock mortgage loan commitmentsNet gains on mortgage loans$80 $916 
Mandatory commitments to sell mortgage loansNet gains on mortgage loans304 169 
Pay-fixed interest rate swap agreements - commercialInterest income(8,482)4,694 
Pay-variable interest rate swap agreements - commercialInterest income8,482 (4,694)
Pay-variable interest rate swap agreementNon-interest expense - other— (12)
Total$384 $1,073