Derivative Instruments (Tables)
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12 Months Ended |
Dec. 31, 2021 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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Derivative financial instruments |
The following table provides a summary of the Company’s derivatives not designated as hedging instruments as of the dates presented: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Balance Sheet | | December 31, 2021 | | December 31, 2020 | | Location | Notional Amount | | Fair Value | | Notional Amount | | Fair Value | Derivative assets: | | | | | | | | | | Interest rate contracts | Other Assets | | $ | 185,447 | | | $ | 4,711 | | | $ | 222,933 | | | $ | 9,884 | | Interest rate lock commitments | Other Assets | | 310,941 | | | 5,304 | | | 589,701 | | | 19,824 | | Forward commitments | Other Assets | | 280,000 | | | 667 | | | — | | | — | | Totals | | | $ | 776,388 | | | $ | 10,682 | | | $ | 812,634 | | | $ | 29,708 | | Derivative liabilities: | | | | | | | | | | Interest rate contracts | Other Liabilities | | $ | 185,447 | | | $ | 4,711 | | | $ | 222,933 | | | $ | 9,884 | | Interest rate lock commitments | Other Liabilities | | 19,961 | | | 43 | | | — | | | — | | Forward commitments | Other Liabilities | | 320,000 | | | 736 | | | 716,000 | | | 5,090 | | Totals | | | $ | 525,408 | | | $ | 5,490 | | | $ | 938,933 | | | $ | 14,974 | | The following table provides a summary of the Company’s derivatives designated as cash flow hedges as of the dates presented: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Balance Sheet | | December 31, 2021 | | December 31, 2020 | | Location | Notional Amount | | Fair Value | | Notional Amount | | Fair Value | Derivative assets: | | | | | | | | | | Interest rate swaps | Other Assets | | $ | 100,000 | | | $ | 7,016 | | | $ | 175,000 | | | $ | 3,866 | | | | | | | | | | | | Derivative liabilities: | | | | | | | | | | Interest rate swaps | Other Liabilities | | $ | 62,000 | | | $ | 2,902 | | | $ | 87,000 | | | $ | 5,924 | | | | | | | | | | | |
The following table provides a summary of the Company's derivatives designated as fair value hedges as of the dates presented: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Balance Sheet | | December 31, 2021 | | December 31, 2020 | | Location | Notional Amount | | Fair Value | | Notional Amount | | Fair Value | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Derivative liabilities: | | | | | | | | | | Interest rate swaps | Other Liabilities | | $ | 100,000 | | | $ | 5,411 | | | $ | 100,000 | | | $ | 209 | | | | | | | | | | | |
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Gains (losses) on derivative financial instruments included in the Consolidated Statements of Income |
Gains (losses) included in the Consolidated Statements of Income related to the Company’s derivative financial instruments were as follows, as of the dates presented: | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2021 | | 2020 | | 2019 | Interest rate contracts: | | | | | | Included in interest income on loans | $ | 2,027 | | | $ | 2,051 | | | $ | 3,672 | | | | | | | | Interest rate lock commitments: | | | | | | Included in mortgage banking income | (14,563) | | | 15,249 | | | 882 | | Forward commitments | | | | | | Included in mortgage banking income | 5,021 | | | (4,033) | | | 2,506 | | Total | $ | (7,515) | | | $ | 13,267 | | | $ | 7,060 | |
The following table presents the effects of the Company’s fair value hedge relationships on the Consolidated Statements of Income for the periods presented: | | | | | | | | | | | | | | | | | | | | | | | | | | | Amount of Gain (Loss Recognized in Income) | | Income Statement | Year ended December 31, | | Location | 2021 | | 2020 | | 2019 | Derivative liabilities: | | | | | | | | Interest rate swaps - subordinated notes | Interest Expense | | $ | (5,202) | | | $ | (209) | | | $ | — | | | | | | | | | | Derivative liabilities - hedged items: | | | | | | | | Interest rate swaps - subordinated notes | Interest Expense | | $ | 5,202 | | | $ | 209 | | | $ | — | | | | | | | | | |
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Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location |
The following table presents the amounts that were recorded in the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges as of the dates presented: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Carrying Amount of the Hedged Liability | | Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Liability | Balance Sheet Location | December 31, 2021 | | December 31, 2020 | | December 31, 2021 | | December 31, 2020 | Long-term debt | | $ | 93,085 | | | $ | 98,114 | | | $ | 5,411 | | | $ | 209 | | | | | | | | | | |
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Offsetting Assets |
The following table presents the Company’s gross derivative positions as recognized in the Consolidated Balance Sheets as well as the net derivative positions, including collateral pledged to the extent the application of such collateral did not reduce the net derivative liability position below zero, had the Company elected to offset those instruments subject to an enforceable master netting agreement as of the dates presented: | | | | | | | | | | | | | | | | | | | | | | | | | Offsetting Derivative Assets | | Offsetting Derivative Liabilities | | December 31, 2021 | | December 31, 2020 | | December 31, 2021 | | December 31, 2020 | Gross amounts recognized | $ | 8,007 | | | $ | 3,866 | | | $ | 13,436 | | | $ | 21,107 | | Gross amounts offset in the consolidated balance sheets | — | | | — | | | — | | | — | | Net amounts presented in the consolidated balance sheets | 8,007 | | | 3,866 | | | 13,436 | | | 21,107 | | Gross amounts not offset in the consolidated balance sheets | | | | | | | | Financial instruments | 7,208 | | | 3,866 | | | 7,208 | | | 3,866 | | Financial collateral pledged | — | | | — | | | 6,228 | | | 14,042 | | Net amounts | $ | 799 | | | $ | — | | | $ | — | | | $ | 3,199 | |
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Offsetting Liabilities |
The following table presents the Company’s gross derivative positions as recognized in the Consolidated Balance Sheets as well as the net derivative positions, including collateral pledged to the extent the application of such collateral did not reduce the net derivative liability position below zero, had the Company elected to offset those instruments subject to an enforceable master netting agreement as of the dates presented: | | | | | | | | | | | | | | | | | | | | | | | | | Offsetting Derivative Assets | | Offsetting Derivative Liabilities | | December 31, 2021 | | December 31, 2020 | | December 31, 2021 | | December 31, 2020 | Gross amounts recognized | $ | 8,007 | | | $ | 3,866 | | | $ | 13,436 | | | $ | 21,107 | | Gross amounts offset in the consolidated balance sheets | — | | | — | | | — | | | — | | Net amounts presented in the consolidated balance sheets | 8,007 | | | 3,866 | | | 13,436 | | | 21,107 | | Gross amounts not offset in the consolidated balance sheets | | | | | | | | Financial instruments | 7,208 | | | 3,866 | | | 7,208 | | | 3,866 | | Financial collateral pledged | — | | | — | | | 6,228 | | | 14,042 | | Net amounts | $ | 799 | | | $ | — | | | $ | — | | | $ | 3,199 | |
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