XML 40 R31.htm IDEA: XBRL DOCUMENT v3.23.3
DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 9 Months Ended
Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Fair Value of Derivative Financial Instruments and Classification on the Balance Sheet
The following table summarizes the Corporation's derivatives designated as hedges:

 Asset DerivativesLiability Derivatives
 September 30, 2023December 31, 2022September 30, 2023December 31, 2022
 Balance
Sheet
Location		Fair
Value		Balance
Sheet
Location		Fair
Value		Balance
Sheet
Location		Fair
Value		Balance
Sheet
Location		Fair
Value
Cash flow hedges:        
Interest rate swaps on borrowingsOther Assets$— Other Assets$164 Other Liabilities$— Other Liabilities$— 
The table below presents the fair value of the Corporation’s non-designated hedges, as well as their classification on the Balance Sheet, as of September 30, 2023, and December 31, 2022.

September 30, 2023December 31, 2022
Notional AmountFair ValueNotional AmountFair Value
Included in other assets:
Interest rate swaps$1,321,737 $113,691 $1,184,866 $92,652 
Forward contracts related to mortgage loans to be delivered for sale66,30176814,406188
Interest rate lock commitments10,761825,04932
Included in other assets$1,398,799 $114,541 $1,204,321 $92,872 
Included in other liabilities:
Interest rate swaps$1,321,737 $113,740 $1,184,866 $92,652 
Forward contracts related to mortgage loans to be delivered for sale14,847364,48363
Interest rate lock commitments29,3342387,54955
Included in other liabilities$1,365,918 $114,014 $1,196,898 $92,770 
Summary of Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss)
The amount of gain (loss) recognized in other comprehensive income (loss) is included in the table below for the periods indicated.
Derivatives in Cash Flow Hedging RelationshipsAmount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives
 (Effective Portion)
Three Months EndedNine Months Ended
September 30, 2023September 30, 2022September 30, 2023September 30, 2022
Interest Rate Products$(66)$94 $(179)$507 
Summary of Effect of Derivative Financial Instruments on the Income Statement
The amount of gain (loss) reclassified from other comprehensive income (loss) into income related to cash flow hedging relationships is included in the table below for the periods indicated.
Derivatives Designated as
Hedging Instruments		Location of Gain (Loss)
Recognized Income on
Derivative		Amount of Gain (Loss) Reclassed from Other Comprehensive Income (Loss) into Income (Effective Portion)
Three Months Ended
September 30, 2023		Three Months Ended
September 30, 2022
Interest rate contractsInterest Expense$— $(78)
Derivatives Designated as
Hedging Instruments		Location of Gain (Loss)
Recognized Income on
Derivative		Amount of Gain (Loss) Reclassed from Other Comprehensive Income (Loss) into Income (Effective Portion)
Nine Months Ended
September 30, 2023		Nine Months Ended
September 30, 2022
Interest rate contractsInterest Expense$(15)$(496)
The amount of gain (loss) recognized into income related to non-designated hedging instruments is included in the table below for the periods indicated.
Derivatives Not Designated as
Hedging Instruments		Location of Gain (Loss)
Recognized Income on
Derivative		Amount of Gain (Loss)
Recognized into Income on
Derivatives
Three Months Ended
September 30, 2023		Three Months Ended
September 30, 2022
Forward contracts related to mortgage loans to be delivered for saleNet gains and fees on sales of loans$982 $237 
Interest rate lock commitmentsNet gains and fees on sales of loans(100)(350)
Total net gain/(loss) recognized in income$882 $(113)
Derivatives Not Designated as
Hedging Instruments		Location of Gain (Loss)
Recognized Income on
Derivative		Amount of Gain (Loss)
Recognized into Income on
Derivatives
Nine Months Ended
September 30, 2023		Nine Months Ended
September 30, 2022
Forward contracts related to mortgage loans to be delivered for saleNet gains and fees on sales of loans$1,691 $993 
Interest rate lock commitmentsNet gains and fees on sales of loans(133)(235)
Total net gain/(loss) recognized in income$1,558 $758