XML 22 R13.htm IDEA: XBRL DOCUMENT v3.23.2
Derivative Instruments and Hedging Activities
 6 Months Ended
Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Derivatives Designated as Hedging Instruments
The following table indicates the amounts representing the value of derivative assets and derivative liabilities as of the dates presented:
Derivative Assets
(Included in Other Assets)		Derivative Liabilities
(Included in Other Liabilities)
June 30, 2023December 31, 2022June 30, 2023December 31, 2022
(dollars in thousands)Notional
 Amount		Fair
Value		Notional AmountFair
Value		Notional
 Amount		Fair
 Value		Notional
 Amount		Fair
 Value
Derivatives Designated as Hedging Instruments
Interest rate swap contracts - cash flow hedge$— $— $— $— $500,000 $23,595 $500,000 $21,368 
Total Derivatives Designated as Hedging Instruments$— $— $— $— $500,000 $23,595 $500,000 $21,368 
Derivatives Not Designated as Hedging Instruments
Interest rate swap contracts - commercial loans$932,340 $81,968 $976,707 $83,449 $932,340 $81,968 $976,707 $83,449 
Interest rate lock commitments - mortgage loans— — 126 5 — — — — 
Forward sales contracts - mortgage loans— — 130 2 — — — — 
Total Derivatives Not Designated as Hedging Instruments$932,340 $81,968 $976,963 $83,456 $932,340 $81,968 $976,707 $83,449 
Total Derivatives$932,340 $81,968 $976,963 $83,456 $1,432,340 $105,563 $1,476,707 $104,817 
The following table indicates the gross amounts of interest rate swap derivative assets and derivative liabilities, the amounts offset and the carrying values in the Consolidated Balance Sheets at the dates presented:

Derivatives (included
in Other Assets)		Derivatives (included
in Other Liabilities)
(dollars in thousands)June 30, 2023December 31, 2022June 30, 2023December 31, 2022
Gross amounts recognized$81,968 $83,449 $105,563 $104,817 
Gross amounts offset— — — — 
Net amounts presented in the Consolidated Balance Sheets81,968 83,449 105,563 104,817 
Netting adjustments (1)
(14,942)(15,196)(14,942)(15,196)
Cash collateral (2)
(62,449)(65,065)(8,761)(6,307)
Net Amount$4,577 $3,188 $81,860 $83,314 
(1) Netting adjustments represent the amounts recorded to convert derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance.
(2) Cash collateral represents the amount that cannot be used to offset our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The application of the cash collateral cannot reduce the net derivative position below zero. Therefore, excess cash collateral, if any, is not reflected above.
The following table presents the effect, net of tax, of the cash flow hedges on OCI and on the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three month periods presented:
Amount of Gain or (Loss) Recognized in Other Comprehensive IncomeAmount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Interest Income
(dollars in thousands)June 30, 2023June 30, 2022June 30, 2023June 30, 2022
Derivatives in Cash Flow Hedging Relationships:
Interest rate swap contracts - cash flow hedge$(6,534)$(2,575)$(2,355)$619 
Total$(6,534)$(2,575)$(2,355)$619 
The following table presents the effect, net of tax, of the cash flow hedges on OCI and on the Condensed Consolidated Statements of Comprehensive Income (Loss) for the six month periods presented:
Amount of Gain or (Loss) Recognized in Other Comprehensive IncomeAmount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Interest Income
(dollars in thousands)June 30, 2023June 30, 2022June 30, 2023June 30, 2022
Derivatives in Cash Flow Hedging Relationships:
Interest rate swap contracts - cash flow hedge$(1,752)$(4,619)$(4,203)$725 
Total$(1,752)$(4,619)$(4,203)$725 
Amounts reported in OCI related to derivatives that are designated as hedging instruments are reclassified to interest income as interest payments are received on variable rate assets. During the next twelve months, we estimate that an additional $13.3 million will be reclassified as a decrease to interest income.
The following table indicates the gain or loss recognized in income on derivatives not designated as hedging instruments for the periods presented:
Three months ended June 30,Six months ended June 30,
(dollars in thousands)2023202220232022
Derivatives not Designated as Hedging Instruments
Interest rate swap contracts—commercial loans$— $(61)$— $7 
Interest rate lock commitments—mortgage loans(5)(129)(5)(346)
Forward sale contracts—mortgage loans(2)(194)(2)(5)
Total Derivatives (Loss) Gain$(7)$(384)$(7)$(344)