BALANCE SHEET OFFSETTING

6 Months Ended

Jun. 30, 2022

Offsetting [Abstract]

BALANCE SHEET OFFSETTING

BALANCE SHEET OFFSETTING

The Company does not offset the carrying value for derivative instruments or repurchase agreements on the consolidated statements of condition. The Company nets the amount recognized for the right to reclaim cash collateral against the obligation to return cash collateral arising from instruments executed with the same counterparty under a master netting arrangement. Collateral legally required to be pledged or received is monitored and adjusted as necessary. Refer to Note 6 for further discussion of repurchase agreements and Note 8 for further discussion of derivative instruments.

The following table presents the Company's derivative positions and repurchase agreements, and the potential effect of netting arrangements on its financial position, as of the dates indicated:

							Gross Amount Not Offset in the Consolidated Statements of Condition
(In thousands)	Gross Amount Recognized in the Consolidated Statements of Condition		Gross Amount Offset in the Consolidated Statements of Condition		Net Amount Presented in the Consolidated Statements of Condition		Financial Instruments Pledged (Received)(1)		Cash Collateral Pledged (Received)(1)		Net Amount
June 30, 2022
Derivative assets:
Customer loan swaps - commercial customer(2)	$	7,272	$	—	$	7,272	$	—	$	—	$	7,272
Interest rate contracts(3)	10,909		—		10,909		—		(10,909)		—
Total	$	18,181	$	—	$	18,181	$	—	$	(10,909)	$	7,272
Derivative liabilities:
Customer loan swaps - dealer bank(3)	$	7,322	$	—	$	7,322	$	—	$	—	$	7,322
Interest rate contracts(3)	5,836		—		5,836		—		5,836		—
Total	$	13,158	$	—	$	13,158	$	—	$	5,836	$	7,322
Customer repurchase agreements	$	224,852	$	—	$	224,852	$	224,852	$	—	$	—
December 31, 2021
Derivative assets:
Customer loan swaps - commercial customer(2)	$	19,297	$	—	$	19,297	$	—	$	—	$	19,297
Interest rate contracts(3)	5,589		—		5,589		—		(5,529)		60
Total	$	24,886	$	—	$	24,886	$	—	$	(5,529)	$	19,357
Derivative liabilities:
Customer loan swaps - dealer bank(3)	$	19,485	$	—	19,485		$	—	$	19,485	$	—
Interest rate contracts(3)	7,872		—		7,872		—		6,603		1,269
Total	$	27,357	$	—	$	27,357	$	—	$	26,088	$	1,269
Customer repurchase agreements	$	211,608	$	—	$	211,608	$	211,608	$	—	$	—

(1)    The amount presented was the lesser of the amount pledged (received) or the net amount presented in the consolidated statements of condition.

(2)    The Company manages its net exposure on its commercial customer loan swaps by obtaining collateral as part of the normal loan policy and underwriting practices.

(3)    Interest rate swap contracts were completed with the same dealer bank. The Company maintains a master netting arrangement with each counterparty and settles collateral on a net basis for all contracts.